Ambitious young Australian scientists look out - the European Union wants to hear your riskiest, most ground-breaking research ideas.
The European Research Council has opened up one of its funding streams to allow Australian scientists to apply as part of international teams.
It is also negotiating to make Australia an associated nation for EU research purposes, opening up even more opportunities for Australian scientists to work and collaborate around the globe.
ERC president Jean-Pierre Bourguignon says the money available is good but the process is highly competitive.
"People know to be successful at the ERC, if you're not coming with something ambitious then you have no chance," he told AAP.
"You really have to come with something which has the potential of being ground-breaking."
Australian scientists can now be part of teams applying for the grants, which close in November.
Professor Bourguignon says it is more likely the ERC will see applications from Australians in 2019, once they've had more time to prepare.
He said the majority of funding went to scientists early on in their careers.
"Two-thirds of our money goes to people typically below 40 years of age," he said.
"You don't have to wait until you are with white hair like me to apply.
"We really want to push the young people to really come up with their really most ambitious ideas."
The EU is the world's largest investor in research and science, with the Horizon 2020 program funded to provide $120 billion over seven years.
Australia has strong links to Horizon 2020 with more than 180 researchers working with Europeans as part of the program.
Horizon 2020 funds projects including the Copernicus satellite program, which provides unprecedented coverage to monitor drought conditions, the growth of the Great Barrier Reef, and track natural disasters such as Cyclone Debbie.
Prof Bourguignon said the current free trade deal negotiations between the EU and Australia were separate to the research discussions, but he hoped the "flow" of goodwill between the two parties would help smooth the path.
