The European Institute for Innovation and Technology (EIT), has announced that they have approved their first supervisor board, comprised of 18 European experts on subject matter including economics, research, and university education. They will have their first meeting on September 15 in Budapest. As described in this article: The supervisory board will be responsible for deciding on the EIT's overall strategy and the selection, coordination and evaluation of its operational centres, to be known as "Knowledge and Innovation Communities" (KICs). These time-limited KICs, each with a different major focus (climate change, energy, IT) and each with members from companies as well as from colleges, universities and research institutions, are "to generate and promote innovation in key areas of economic and societal interest." Funding for this venture is estimated at around '380 million with 15 million allocated for administrative purposes. Hungary was chosen after much debate, since they have been a member state of the EU since 2004, and had yet to be home to any EU agency. Other countries vying for the recognition of being the base for EIT included Austria, and Poland.