European innovation initiative launched
The European Commission today tabled its ‘Innovation Union’ initiative, which sets out a strategic approach to challenges such as climate change, energy and food security, health and an ageing population.
In a statement today, the Commission said it will use public sector intervention to stimulate the private sector and to “remove bottlenecks which stop ideas reaching the markets.”
These barriers can include lack of finance, fragmented research systems and markets, underuse of public procurement for innovation and slow standard setting.
Commissioner for Research, Innovation and Science, Máire Geoghegan-Quinn said if Europe is not transformed into an Innovation Union, economies will “wither on the vine while ideas and talent go to waste”.
“Innovation is the key to building sustainable growth and fairer and greener societies. A sea change in Europe’s innovation performance is the only way to create lasting and well-paid jobs that will withstand the pressures of globalisation,” added Geoghegan-Quinn.
Key elements in the Innovation Union include European Innovation Partnerships, cross-border venture capital regimes, the step-up of current research initiatives, a major research programme on public sector and social innovation, modernisation of Europe’s intellectual property regime and a review of structural funding and state-aid frameworks.
A new study has shown that meeting the Europe 2020 target of increasing R&D investment to 3pc of GDP could create 3.7m jobs and increase annual GDP by up to €795bn by 2025.
The Innovation Union will be discussed at the Competitiveness Council on October 12 and at the European Council in December. Progress will be monitored as part of the governance of the Europe 2020 Strategy. An annual Innovation Convention will discuss the state of the Innovation Union.