This midterm assessment, part of the overall interim evaluation of Horizon 2020, looked into Horizon 2020’s 'InnovFin' financial instruments and considered priorities for the remainder of the 2014-20 programming period. The following questions guided the assessment:
• How relevant have Horizon 2020's financial instruments been to market needs?
• How coherent is InnovFin, both as a group of financial instruments and with respect to other EU schemes, such as EFSI and COSME, and national support programmes?
• How effective and efficient has the implementation of InnovFin been?
• What is the EU added value of InnovFin?
The main conclusion of the study is that InnovFin represents a significant development in the provision of EU-supported innovation financing, successfully building on and overcoming the limitations of the earlier generation of financial instruments. The study makes a total of 15 recommendations to improve the targeting and functioning of InnovFin.