The European Commission has released details of its European Institute of Innovation and Technology (EIT), which it claims is rapidly taking shape.

EIT, which comprises 18 members drawn from business, research and higher education, held its first meeting yesterday in Budapest following a short opening ceremony.

The new group discussed how the board should go forward, and how it should select and manage its proposed Knowledge and Innovation Communities. These are described as public-private networks of universities, research organisations and businesses, and are expected to start operating in 2010.

EIT said that it is seeking to create a network of representatives from those parties represented on its board, or what it calls the Knowledge Triangle.

The institute expects to create a good foundation for research and innovation, adding that this unified European network would "further bridge the innovation gap between the EU and its major international competitors".

Businesses, it said, would gain from exposure to up-to-date and relevant research findings, which they could then commercialise with first mover advantages.

The research organisations, for their part, will benefit from additional resources and improved networking. EIT is backed with almost £200m in funding.

The group expects to tackle issues including climate change, renewable energies and the next generation of information and communication technologies.

EIT will present a draft seven-year plan of innovation to the European Council and the European Parliament by 2011 at the latest.