The European Union has announced that funding worth €7.75 million will be given to 155 small and medium-sized enterprises from 21 countries, including Israel and Turkey, for innovation studies. The SME Instrument is worth €3 billion over seven years and is part of "Horizon 2020", the EU's biggest ever research and innovation framework with a seven year budget worth nearly €80 billion. The project aims to be a simple and fast way for high-growth business to get investment and support across various industries.