Spintronics, or spin electronics, is a rapidly emerging research area that can significantly enhance speed and memory while decreasing power consumption in the next generation of nanoelectronic devices. It is focused on the intrinsic spin of the electron and its associated magnetic moment in addition to its electric charge. The majority of spintronics concepts rely on magnetic conductors, which are magnetically ordered and are electrically conducting. The latter makes it simpler to induce and measure spintronics effects. The EU-funded MAGNEPIC project plans to demonstrate the potential of magnetic insulators for spintronics devices by developing novel electrical means to control magnetization.