Europe lacks the market-creating innovation needed to turn the best ideas into new businesses and high-quality jobs, according to the European Commission’s European Innovation Scoreboard report. The region is less innovative than Australia, Canada, Japan, South Korea and the US, and while it maintains a performance lead over China, that advance is decreasing rapidly.
Brussels says there’s a need to ensure that at the local, regional, national and EU level innovative companies have “access to the right employees with the right skills, to academic communities, other innovators and business partners, to the right investors and finance, and to the right political support for venturing into new markets in Europe and beyond”.
As part of the EC ‘Start-up and Scale-up’ initiative, the Commission is launching a pan-European ‘Venture Capital Fund of Funds’ to provide funding for innovative, high-risk, high-potential projects. In addition, the European Innovation Council, is looking to “champion breakthrough market-creating innovation and listen, harness and add value to the ideas of Europe's entrepreneurs and innovators”, according to the report.