The EU grant intends to co-finance the operation of a prize awarding mechanism for innovative applications developed by companies and entrepreneurs and based on the EU GNSS technologies (EGNOS and GALILEO) that will promote industrial innovation and the uptake of high-technologies across Europe.

The grant shall be used by the beneficiary(ies) organization to fund an EU-wide prize-awarding scheme by complementing resources made available by other public or private organizations rewarding the development of specific GNSS applications. The grant aims also to improve the quality of submitted ideas as well as the number of prize applications from all EU Member states and other countries.

This prize award scheme intends to foster the emergence of new applications based on both GALILEO and EGNOS and also to support the EU GNSS industry.