EC report documents how R&I are essential for EU's prosperity and social model
The European Commission (EC) has published the latest edition of the Science, Research and Innovation performance of the EU (SRIP) 2018 report. The SRIP report, published on 20 February 2018, analyses Europe’s performance dynamics in science, research and innovation and its drivers, in a global context. It documents how Europe's economic prosperity and social model rely on its ability to create and disseminate innovation. At the same time, the EU needs to fully embrace emerging innovations and technologies in order to overcome a severe productivity problem and to sustain the current economic growth.
The SRIP report proves 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 (23%), and in the number of researchers. But it also highlights its weaknesses in transforming this excellence into innovation and entrepreneurship leadership.
To address this gap, the Report points out a number of actions the EU needs to adopt to become a frontrunner in innovation:
- prioritise innovation investment both in national and EU budgets;
- introduce new approaches to innovation support that can maximise the impacts of public investment and leverage more private innovation investment, notably by adopting a mission oriented approach that sets the direction of public investment and reconnects science and innovation with citizens; and 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
- foster innovation-friendly business environment, by fulfilling the European Single Market and supporting reforms that improve the functioning of markets.
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