EU: Research and innovation essential for prosperity

EU: Research and innovation essential for prosperity
The ‘Science, Research and Innovation performance of the EU, 2018’ (SRIP) analyses Europe’s performance dynamics in science, research and innovation and its drivers, in a global context.

Europe has a unique opportunity to lead the next wave of breakthrough research and innovation where digital technologies meet the physical world in areas such as digital manufacturing, AI, or the Internet of Things (IoT).

The research and innovation penetrating all sectors of economy and society needs to translate its global scientific leadership into innovation and entrepreneurial leadership. This is one of the findings of the Science, Research and Innovation performance of the EU (SRIP) 2018 report.

The report by the European Commission documents how Europe’s economic prosperity and social media rely on its ability to create and disseminate research and innovation. The EU needs to fully embrace emerging innovations and technologies in order to overcome a severe productivity problem.

Carlos Moedas, Commissioner for Research, Science and Innovation, said: “With growth, jobs and investments coming back, Europe’s lost decade is over. We now have to make sure this growth continues through support to key drivers of prosperity: research and innovation. We need to make sure that breakthrough innovations in Europe with potential to create new markets can quickly be scaled up, such as we are already doing with the European Innovation Council Pilot, run under our research and innovation programme Horizon 2020.”

What does the report show us?

The recent report highlights that Europe is a global leader in scientific excellence – nearly one third of all high-quality scientific publications worldwide are European – in terms of public investment in research and innovation and the number of researchers.

The report also highlights the weakness in transforming this excellence into innovation and leadership. To address the gap the report points out a number of actions the EU needs to adopt to become a leader in innovation:

  • Prioritise innovation investment both in national and EU budgets;
  • Introduce new approaches to research and innovation support that can maximise the impacts of public investment and leverage more private innovation investment, supporting the identification and scale-up of breakthrough market creating innovations;
  • Adapt regulatory frameworks to incentivise innovation by ensuring that new regulation assesses its full impact on innovation while minimising regulatory uncertainty for innovators; and
  • Adopt an innovation-friendly business environment by fulfilling the European Single Market and supporting reforms that improve the functioning of markets.

The ‘Science, Research and Innovation performance of the EU, 2018’ (SRIP) analyses Europe’s performance dynamics in science, research and innovation and its drivers, in a global context.

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