L 347[174 Official Journal of the European Union 20.12.2013 REGULATION (EU) No 1292/2013 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 11 December 2013 amending Regulation (EC) No 294/2008 establishing the European Institute of Innovation and Technology (Text with EEA relevance) THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty on the Functioning of the European Union, and in particular Article 173(3) thereof, Having regard to the proposal from the European Commission, After transmission of the draft legislative act to the national parliaments, Having regard to the opinion of the European Economic and Social Committee (1), Acting in accordance with the ordinary legislative procedure (2), Whereas: (1) The Europe 2020 strategy for smart, sustainable and inclusive growth assigns a prominent role to the European Institute of Innovation and Technology ("the EIT") which contributes to a number of flagship initiatives. (2)  During the period from 2014 to 2020 the EIT should contribute to the objectives of the "Horizon 2020 - The Framework Programme for Research and Innovation" established by Regulation (EU) No 1291/2013 (?) of the European Parliament and of the Council ("Horizon 2020") by integrating the knowledge triangle of higher education, research and innovation. (3)  In order to ensure a coherent framework for participants in Horizon 2020, Regulation (EU) No 1290/2013 of the European Parliament and of the Council (¥ (Rules for Participation’) should apply to the EIT. (4)  The rules concerning the management of intellectual property rights are defined in the Rules for Participation. (5)  The rules concerning the association of third countries are defined in Horizon 2020. () O] C 181, 21.6.2012, p. 122. (%) Position of the European Parliament of 21 November 2013 (not yet published in the OJ) (®) Regulation (EU) No 1291/2013 of the European Parliament and of the Council of 11 December 2013 establishing Horizon 2020 - The Framework Programme for Research and Innovation (2014-2020) (See page 104 of this Official Journal) () Regulation (EU) No 1290/2013 of the European Parliament and of the Council of 11 December 2013 laying down the rules for the participation and dissemination in "Horizon 2020" — the Framework Programme for Research and Innovation (2014-2020) (See page 81 of this Official Journal) contained (6) (10) (11) (12) (13) The EIT should foster entrepreneurship in its higher education, research and innovation activities. In particular, it should promote excellent entrepreneurial education and support the creation of start-ups and spin-offs. The EIT should directly engage with national and regional representatives and other stakeholders from across the innovation chain, generating beneficial effects on both sides. In order to render such dialogue and exchange more systematic, an EIT Stakeholder Forum should be established, bringing together the wider community of stakeholders around horizontal issues. The EIT should also carry out information and communi- cation activities targeting relevant stakeholders. The EIT should promote an appropriately balanced participation between the different actors from the knowledge triangle involved in the Knowledge and Inno- vation Communities ("KICs"). Furthermore, it should promote strong participation from the private sector, in particular micro-fsmall and medium-sized enterprises ("SMEs"). The scope of the EIT contribution to the KICs should be defined and the origins of the KICs' financial resources clarified. The composition of the EIT bodies should be simplified. The functioning of the EIT Governing Board should be streamlined and the respective roles and tasks of the Governing Board and the Director should be further clarified. New KICs, including their priority fields and the organi- sation and timing of the selection process, should be launched on the basis of modalities defined in the Strategic Innovation Agenda following an open, trans- parent and competitive process. The KICs should broaden their educational activities to enhance the skills base across the Union, by providing professional and other appropriate training courses. Cooperation on the organisation of monitoring and evaluations of the KICs between the Commission and the EIT is required in order to ensure coherence with the overall Union-level monitoring and evaluation system. In particular, there should be clear principles for monitoring the KICs and the EIT.