On July 5th, the Commission adopted a New European Innovation Agenda to put Europe at the forefront of a new wave of deep technology innovation and start-ups. This will help Europe develop new technologies to address the most pressing social challenges and bring them to market. The New European Agenda for Innovation aims to position Europe as a leader in the global innovation scene. Europe aims to be a place where the best people work with the best companies to create breakthrough and innovative solutions across the continent where deep innovation thrives and inspires the world.
Europe strengthens its central role in shaping the transition between green and digital by being at the forefront of a new wave of innovation, especially deep technology innovation that requires breakthrough R&D and large capital investment. Deep innovation strengthens Europe’s technological leadership and creates innovative solutions to imminent social challenges such as climate change and cyber threats.
The European Innovation Agenda will capitalize on five different main aspects:
- Improve access to funds European start-ups and by mobilizing unused private capital sources and simplifying eligibility rules;
- Improve conditions for innovators to try new ideas through regulatory sandboxes;
- Helps the creation of “cluster of innovation” that strengthens and better connects innovation actors across Europe, including those that are behind;
- Prevent brain drain, by training skilled workers in Europe, strengthening support for female innovators, and driving innovation through stock options for start-up employees;
- Making the policy framework clearer with distinct terms, indicators, datasets, and political support to Member States.
Such initiative is complemented by the actions of the European Research Area (ERA), which aims to build a true European single market for research and innovation. The actions of the European Innovation Agenda will be grouped into five key areas: leveraging the strengths of the EU’s domestic market, strong industrial base, talents, stable institutions, and democratic societies to drive deep European innovation.
Be sure to be up to speed by reading the full agenda here.