HOW CAN EUROPE BE MORE INNOVATE? |
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As a follow up and following new developments, a second summit on innovation was held in May 2012. To generate economic growth, creation of a successful innovation policy is integral to this objective. Examined was what needs to be done to enable the public and private sector to pioneer breakthrough innovations. With policy-makers unable to use large amounts of public money to relaunch their economies, industry players, governments and citizens must engage in a continous reinvention of their activities by finding new ways to share and develop resources. Only this combination of factors will deliver sustainable growth.
Combined strength of EU governments and institutions, when effectively partnered with the business community, can stimulate and foster innovation and entrepeneurship. A new three-tier approach was proposed that aims to improve effectiveness and reduce administration for companies wishing to rely on existing funding tools and other initiatives by EU-institutions. The power of simplicity: Streamlining the EU innovation policy. While many countries in the world make efforts to reach a sustainable growth, the need for a focused approach of innovation policies is more and more obvious in the European Union. Studies that have been carried out so far have confirmed that innovation is the main source for competitive advantage, technological change and economic growth. |
A series of programs and projects has been developed within the EU community to stimulate innovation, which bring just as many implementation challenges. Ernst & Young and the renowned think thank – the Centre for European Policy Studies – have carried out a research on 680 business leaders from 15 EU member states, in order to identify these challenges and the perception on the EU innovation policy. |
The Power of Simplicity study has revealed that only 27% of respondents, many of them decision makers in the private sector – presidents and executive directors are aware of efforts undertaken by the European Commission on the innovation path. 82% believe that community policies in this field are fragmented and poorly coordinated. Moreover, 69% of respondents think there is a disparity between the EU policy and the specific needs of various industry sectors. The global competition and the imperative to keep Europe a pioneer in certain strategic fields placed under the innovation umbrella orients more and more political decision factors and business leaders towards innovators.
With the keynote speech of Barroso, the introduction of the study by CEPS, the presentation by EPS of an advanced fuel cell systems designed to automatically generate, store and provide energy when and where it is needed, a panel debate and the keynote speech by Jimmy Wales, founder of Wikipedia, the conference provided not only insight in the challenges as the complexity of innovation policy, the R&D gap and the sectoral competitivesess and IT issues, but also recommendations: - governments should act as leaders and investors by creating the main building blocks of an.innovative environment; |
The next generation innovation was also discussed during a summit 5 May 2011 with government, business, industry, academics, scholars and civil servants. During this summit, Herman van Rompuy stressed during the keynote speech that we need a European Research
Area by 2014.
'It will be a genuine single market for knowledge, research and innovation. It will create growth and well being. We will also need major joint efforts, time, political and industrial support here. The necessity is uncontested. Economic theories are on the same page (for once !) in their conclusion that technological innovation is a key contributor to long-term well-being. Innovation is needed to create economic growth, but will also help us to meet challenges of ageing populations, of world hunger, of the environment. The existing barriers for a real European Research Area have to be lifted. I think we all know where the problems are in general terms. It is certainly not a problem of inaction. Efforts to support innovation at EU and national levels have been numerous. But efforts remain often too fragmented and not accurate enough'. Now there are profound social and economic shifts, such as the rising economic power of the emerging markets and an aging population in many developed markets, demand a new, more competitive approach. In order to generate growth and prosperity, Europe needs a policy that is market driven and firmly supports an environment of innovation, and transforms these new ideas into new businesses and solutions. |
The website 'THE FUTURE of EU INNOVATION POLICY to SUPPORT MARKET GROWTH' presents our most recent thinking on the subject of innovation, from thought leadership to multimedia presentations and more as part of our overarching Eurozone initiative. Together with the Centre for European Policy Studies (CEPS), a renowned think tank based in Brussels, a was undertaken among industry experts that focused on EU innovation initiatives and identified changes that would lead to more responsive and dynamic innovation policy.
The report of this study asks, what would this policy look like? What needs to be changed for policy to be more effective and create growth? How can innovation policy better consider industry needs and evolving market trends at a very early stage of formulation? At the bottom are some of the highlights. |
Aimed is to make Europe the most innovated region in the world and in doing so, boost economic growth. Now we will have discussions and dialogues in order to create an environment and a culture for that purpose. Knowledge, research, innovation and technology is the point. But of course barrieres has also to be lifted.
Europe's public spending on innovation is behind to US and Japan. Therefore we have to close the innovation gap. It has become of highest political level for European leaders agreed on that. Innovate or decline, there is no choice! |
Andrea Renda explained the next generation innovation policy. We need a helicopter view. We may not loose our scientific and technological supremacy, therefore there should be talk of young innovative companies. Investment in education is lower than in other regions. If we look at past mistakes and current prospects, not only sufficient initiatives were in front, of which too many stranded, but we need to realize that right governance is only a piece of the puzzle. There is fragmentation, also within the EU and there is the phenomenon of emerging issues as internationalization of R&D and open innovation.
The chain is becoming increasingly complex. We have to work on the lack of true internal market, insufficient targeted financial instruments for SME's, innovation platforms and hubs, co-innovation, stronger demand-side policies, efficient PPP's and subsidiarity and governance. Finally, Andrea reviewed the views from industry stakeholders, who joined a questionnaire to gather perceptions on where EU innovation policy should be improved in the years to come. |
During the event, the breakout sesson on 'The future of innovation in Europe' by Fabrizio Cobis was attended.
It is necessary to produce knowledge and to translate this knowledge into value. Constant interaction, supported and boosted by high tech hubs, is required. |
Reports followed from the break-out sessions. 'Do it much more quickly' was an overall credo that rised. Key-outcomes from the sessions 'the future of innovation in Europe', 'financial reporting on an innovative driven market' and 'innovation funding and financial instruments' were: more cohesion and excellence, the matter of clarity, competition of financial markets (cross border operation), initiatives from small regions, too much fragmentation, lack of unify, making it less complex, covering the entire circle from research to market, high difference between market value and book value. The EU and the member states have to do it. |
Innovation policy means to look forward, acting towards global markets and sometimes using recuperation of old ideas, Charles Leadbeater said. It is about the why's, what's, who's and how's.
Innovation exists through curiousity and crisis and is given by the process of profits. We need a culture of curiousity and have to ask ourselves what we have and what we not have (good health systems), what we need (changes) and what is possible. Innovation must be uncomfortable. After all, it will also have a large social and public component, because the main issues are health, aging, climate, cities and education. We will innovate products & services, but also practices. Innovation, the system for the future! |
Europe and the world: larger lags, smaller leads: EU innovation: past mistakes, current prospects: What innovation policy? Towards innovative innovation policy: Government 2.0: anticipating society's needs: Next generation technology transfer: From markets to platforms, networks and hubs: Harnessing the power of demand-side policies: |