47. The role of companies is critical for the success of the EIT, can you detail what kind business model would be required for this KIC, what kind of relations between the third sector entities and companies?

Answer: 

The choice of an appropriate form for the legal entity for a Knowledge and Innovation Community is crucial. It integrates the partners into a partnership and is the intermediary for any communications between the EIT and the partnership. The legal structure chosen by each Knowledge and Innovation Community reflects the initial commitment of the various partners and its business model. But more importantly, it has a bearing on their performance and long-term commitment. In addition, the choice of legal entity determines the governance structure of the Knowledge and Innovation Community. Whatever the structure, its leading principle must be business-like logic and flexibility to take quick decisions. The KIC may autonomously decide on the governance structure adopted, as well as draft and approve its bylaws regulating the partnership and business model, as long as the EIT good governance principles are respected.