In a forward-looking move, the European Commission adopted the New European Innovation Agenda in July 2022. It plans to position Europe as a global innovation leader, particularly in the realm of deep tech innovation and startups. Deep-tech innovation, rooted in cutting-edge science, technology, and engineering, holds the potential to offer transformative solutions to global challenges. Especially by combining advances in the physical, biological, and digital domains.

Innovation thrives well in a crossed-sector environment, where cross-pollination of ideas is a driving force behind disruptive breakthroughs, not always limited to a specific field.

Advantages of New Innovative Waves

The New European Innovation Agenda focuses on two promising waves of innovation.

1.The DIGITAL AGE INNOVATION

Building on the pillars of supercomputing, artificial intelligence, and automation, this wave is expected to impact productivity across various sectors (incl. services) and revolutionize basic sciences across all fields.

2.The DEEP SCIENCE INNOVATION

Characterized by breakthroughs in biotechnologies, nanotechnologies, new materials, and other sciences, it is reshaping innovations in critical areas like health, food, environment, and mobility.

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Focus on Different Areas

While the positive effects of the waves will take time to materialize, the agenda seeks to overcome obstacles, particularly in technology adoption and diffusion.

In particular, the New Innovation Agenda aspires to:

• IMPROVE ACCESS TO FINANCE
  The agenda aims to enhance access to finance for European start-ups and scale-ups by mobilizing untapped sources of private capital and simplifying listing rules.
• FACILITATE EXPERIMENTATION
  Innovators will be encouraged to experiment with new ideas through regulatory sandboxes, providing a safe and controlled environment for testing innovations.
• BUILD REGIONAL INNOVATION
  The agenda seeks to create “regional innovation valleys” that will strengthen and connect innovation players throughout Europe, including regions that have been lagging behind.
• ATTRACTING AND RETAINING TALENT
  Initiatives will be launched to train 1 million deep tech talents, increase support for women innovators, and explore innovative stock options for start-up employees.
• IMPROVE POLICY FRAMEWORK
  Clearer terminology, indicators, and data sets, along with policy support to member states will be used to foster innovation. Innovation policy is a crucial policy area with significant EU initiatives and investments. This is complemented by the work of the European Research Area (ERA) aiming to build a true European single market for research and innovation.

The agenda revolves around five flagships, each with 25 dedicated actions. These include:

• mobilizing institutional and private investors to support deep-tech start-ups,
• facilitating innovation through experimentation spaces and public procurement,
• accelerating innovation in European Innovation Ecosystems.

Key players to support innovation

Europe’s innovation toolkit has evolved significantly over the years.

Initiatives like Horizon Europe’s Innovative Europe pillar, the European Innovation Council, and the European Institute of Innovation and Technology (EIT) are playing vital roles in supporting start-ups, scale-ups, and SMEs.

The INNOVATIVE EUROPE PILLAR
Thanks to it, both existing and new tools to support start-ups, scale-ups and small and medium-sized enterprises (SMEs) have been developed and used.

The EUROPEAN INNOVATION COUNCIL (EIC)
With the substantial budget of €10 billion, the EIC aims to support innovation across its entire lifecycle, from research to scaling up businesses.

The EUROPEAN INSTITUTE OF INNOVATIO AND TECHNOLOGY (EIT)
Through the creation of new Knowledge and Innovation Communities (KICs), the EIT has expanded its tasks. Including ones focusing on the culture and creative sector. This move aimed at regional disparities and enhancement of the entrepreneurial and innovation capabilities of higher education institutions.

The EUROPEAN INNOVATION ECOSYYSTEMS INITIATIVE
Under Horizon Europe, the initiative is used by the EU to establish better-connected and more efficient innovation ecosystems. These ecosystems aim to facilitate the growth of companies, foster innovation, and promote collaboration among various national, regional, and local innovation stakeholders.

Aid for the Ukrainian Innovation Community

The recent geopolitical events, including Russia’s invasion of Ukraine, have added urgency to Europe’s need for innovation. The EU has stepped up its support for the Ukrainian innovation community, recognizing their valuable contributions to research and innovation in the region. The EU has allocated €20 million to support Ukrainian start-ups through the European Innovation Council, alongside other initiatives like ERA4Ukraine and Horizon4Ukraine.

Fostering Innovation with the BUILD Project

The BUILD initiative, a Coordination and Support Action (CSA) project funded by the Horizon Europe, is one example of the many projects focusing on innovation. Our goal is to contribute to the innovation development by fostering the implementation of innovation procurement, bridging the gap between demand and supply.

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https://ec.europa.eu/commission/presscorner/detail/en/IP_22_4273