The EU Commission has decided to form an European Institute of Technology (EIT), and it could start operations in two years. States have already agreed on the scheme, but the European Parliament has yet to approve. EIT will be made of KICs (knowledge and innovation communities) working in a particular field of interest. KICs are partnerships between academic institutions, businesses and other stakeholders. The goal of the move is of course to fill the gap with its major competitors in terms of technology, innovation and knowledge. The EU Commission will fund €309m to help cover the costs of the EIT' s, with further funding coming from a "variety of sources".