The competition, funded by the European Union's Horizon 2020 research and innovation programme - with a budget of almost 80 billion euros for the period 2014-2020 - recognises European cities that develop innovation ecosystems to address public challenges and improve people's lives. Thus, along with Valencia, the other finalists in this year's edition are Milan (Italy), Reykjavik (Iceland), Vienna (Austria), Cluj-Napoca (Romania), Espoo (Finland), Ghent (Belgium), Groningen (Netherlands), Helsingborg (Sweden), Leeuwarden (Netherlands), Leuven (Belgium) and Linz (Austria).
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