European Commission | The EU’s Plan to Grow Innovation in Europe

Europe has plenty of world-class research, talent and creativity. However, too often ideas originating in Europe are turned into economic success by others, elsewhere. This is because European innovators face barriers here and find it difficult to bring their ideas to life. As a result, the Commission proposed a new European innovation act to help Europe’s most innovative ideas be developed, financed and scaled up in Europe.

To strengthen the EU innovation system, the proposal will address two main challenges. Firstly, it will help innovative companies access financing by

• promoting a common EU framework to value intellectual property
• creating a digital marketplace connecting buyers and sellers of intellectual property
• offering expert support to help companies bring their ideas to the market

This can unlock €10.2 billion per year in additional financing and generate around €35 million in administrative cost savings.

Second, it will establish a common approach for research and development procurement that

• will provide greater legal certainty
• help new technologies reach the market faster
• make it easier for public buyers from different EU countries to jointly carry out Research and Development procurements.

With this, companies could expect €25.92 billion in additional annual profits, while public buyers could save €1 billion per year.

The European innovation act is an element of the competitiveness compass, to strengthen the EU’s long-term competitiveness, prosperity and technological sovereignty. In parallel, the Commission will help innovators accelerate the transformation of innovative ideas into market solutions through a specific proposal on regulatory sandboxes.

Compliments of the European Commission