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Citizen today, July 2012 - Investing in EU innovation - EY - Global

Citizen today, July 2012

Investing in EU innovation

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A smarter and more streamlined innovation policy will underpin a much needed economic resurgence.

With Europe facing a stalling economy and ever-increasing competition from rapid growth markets, a simpler and streamlined innovation policy would accelerate the drive for much-needed economic growth.

Recommendations for EU innovation

We propose a new, three-tier approach to EU innovation. It aims to improve its effectiveness and reduce administrative burdens for companies wishing to rely on existing funding tools and other initiatives by EU institutions.

Layer 1: Governments should act as leaders and investors by creating the main building blocks of an innovative environment — world-class R&D infrastructure, a high-performing education system and research and innovation-friendly legal rules.

Layer 2: This is where governments remove the bottlenecks to the growth of innovative firms, also creating funding and facilitating initiatives to strengthen links between researchers, entrepreneurs and private investors, possibly with the help of public funds and tax credits.

Layer 3: Policy-makers would have the key task of “nudging” existing innovation efforts toward long-term policy goals and a better mix of supply and demand-side measures to stimulate business investment in new technologies and innovative products and services. There would also be a more strategic use of public procurement and the launch of a limited number of partnerships to address Europe’s key technological challenges.

A smarter and more streamlined innovation policy will underpin a much needed economic resurgence and leave the EU better placed to derive competitive advantage from the continuing opportunities of globalization.

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