European Commission announces new European Innovation Agenda

Recently, the European Commission announced plans for a new European Innovation Agenda, aiming to make the EU a global leader for innovation both in science and technology and business. The agenda will assist the EU in creating innovative technologies and commercialising them to meet the pressing concerns and consumer demand.

The European Commission was established in 1958 and is the executive of the EU, acting as a cabinet government. In total, 32,000 civil servants work in the European Commission and are tasked with helping the EU move towards a better future. Europe aspires to be the region where the top talent collaborates with the top businesses to produce ground-breaking, cutting-edge solutions all over the continent that will inspire the rest of the world.

The new European Innovation Agenda comes as a result of the 2022 Science, Research and Innovation Report, which analysed the EU’s innovation performance on a global level. The report states five ways in which Europe can become more sustainable, resilient, and competitive while also improving the quality of life for people living there.

Innovation is a major factor in success in the world of business, especially in competitive fields. For the EU to remain competitive on a global scale, innovation is a must. Further education in innovation and business can’t be overlooked. A growing number of businesses are looking to recruit people that understand how to gain a competitive advantage through the proper use of resources. A corporate innovation course is an excellent way to prepare for a successful career in business and ensure you have the tools needed to thrive in a dynamic business landscape.

Why is Europe Focusing on Innovation?

According to Mariya Gabriel, Commissioner for Education, Research, Culture, Education and Youth, research and innovation are key to building a strong and sustainable future for Europe. The necessary transitions for green and digital processes can’t be attained without strong research and innovation systems. Therefore, the EU is looking to introduce new policies, schemes, and concepts to encourage and reward innovation.

The 2022 Science, Research and Innovation Report focuses on five key areas that can be improved upon. These are:

• Helping achieve green and digital economies that lead to greater prosperity while leaving no one behind
• Preparing for changes, including expected and unexpected - secure economies should be resistant to change, and diversified supply chains will help to address future issues
• Investing more in people, businesses, and institutions to encourage innovation and lead to greater job creation rates
• Connecting individuals and organisations to access and share skills and knowledge, and reduce gaps between regions and countries
• Ensuring that the right institutional and financial framework are established to target priority areas, reducing inequality

How Will Innovation Be Encouraged in the EU?

Practical steps to encourage innovation include providing better education and training to rising talents, revising regulatory sandbox conditions, simplifying listing procedures, and establishing clearer innovation vocabulary metrics to improve access to capital for startups and small businesses. Funding for startups is one of the factors in innovation, and the EU still lags behind the US and China when it comes to funding and investment in growing companies.

Additionally, the EU would like to ensure the attraction of new talent and the development of existing talent within the continent. Through a series of initiatives such as an innovation intern scheme for startups, the EU hopes that it can foster a greater culture of innovation through technology in growing businesses while attracting non-EU talent. On top of this, other ideas such as leadership and women’s entrepreneurship schemes will boost the rate at which talent is developed within Europe.

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