Within eighteen months after the EIT is established, a first set of two or three KICs will be selected "in areas that help the European Union to face current and future challenges", such as climate change, renewable energy and the next generation of information and communication technologies.
Further KICs will then be selected after the adoption of the first "Strategic Innovation Agenda" (SIA), which is the "policy document outlining the priority fields of the EIT for future initiatives". The EIT must draw up an SIA by mid-2011 at the latest and every seven years thereafter. Parliament and the Council shall then adopt this agenda, acting on a proposal from the Commission.
The Commission estimates that the institute will need an overall budget of €2.4 billion for the first six years, to be funded from a combination of private and public sources.
The Commission set up an identification committee early in February which is to nominate the 18 experts for the EIT's first Governing Board within about four months.
The European Council will then take a decision on where the EIT's governing body will be located. During the debate in Parliament some MEPs proposed Strasbourg, the Polish city of Wroclaw, the Hungarian capital Budapest or the Austrian capital Vienna as possible seats for the EIT's governing board.