The Commission grapples to find Innovation fair for all
A key plank of the EU2020 - the latest overarching strategy to marry economic growth with environmental sustainability- is fostering innovation. It is well known that Europe does not currently have the framework or funding in place to compete with the United States when it comes to research and innovation, and it is now facing increasing competition from emerging economies. With this in mind, the Commission is due to release its Innovation Action Plan in the coming weeks. The paper, which will touch on the work of a number of DGs within the Commission, will look to take forward Europe's innovation plan and in the process will impact on public procurement, intellectual property rights, EU patents, use of raw materials and financing and venture capital to name but a few.
The good news for the Commission is that broadly speaking, it enjoys huge support from stakeholders for the principle of boosting innovation - indeed, GE's latest 'Innovation Barometer', found that over three quarters the 240 opinion leaders polled, view innovation as the key driver to a green economy and job creation.
The bad news, however, is that you can't be all things to all men and with a dossier so broad in its remit the Commission will encounter numerous battles. While green economic growth is the panacea for all, there are already examples of tension between promoting high tech and environmental concerns, not least in the use of nanotechnology. Boosting the image of entrepreneurs - which will be vital to job creation - has not traditionally sat well with trade unions. Where will the money come from to fund SME growth when traditional sources of finance are under increasing pressure to reserve capital? How can public procurement, in an age of austerity, realistically look beyond cost to innovation? The dossier, if nothing else, will be a key indicator as to how well-aligned the Commission is when fighting battles on so many fronts.
Michael Cooper
Senior Consultant
September 17 2010