EU Driving Innovation: Building the Economy of the Future

Written by | Tuesday, November 7th, 2017

The European Commission is going to spend €30 billion during 2018-2020 to kick-start a European Innovation Council in order to drive high-profile scientific breakthroughs such as the research of exoplanets and gravitational waves. Over the next three years, the EU wants to focus on a few selected areas such as migration, climate, clean energy, security and digital economy. The initiative will also be more geared towards boosting breakthrough, market-creating and innovation.

Carlos Moedas, Commissioner for Research, Science and Innovation, commented that artificial intelligence, genetics, and blockchain were at the core of today’s most promising breakthrough innovations. “Europe is a world leader in science and technology and will play a major role in driving innovation. The Commission is making a concerted effort – including with the European Innovation Council, which takes its first steps today – to give Europe’s many innovators a springboard to become world leading companies.”

Since the beginning of its mandate, the Juncker Commission has been working hard to provide Europe’s innovators and entrepreneurs opportunities to thrive. Now, the Commission is mobilizing €2.7 billion to support high-risk, high-gain innovation to create the markets of the future. Moreover, it seeks to make better use of its “crack the challenge” prizes to deliver breakthrough technology solutions to pressing problems faced by our citizens.

Focusing on political priorities, the 2018-2020 work program will concentrate on fewer topics with more money backing them up, thus directly supporting the Commission’s political priorities. The Commission is planning to support a low-carbon climate-resilient future, circular economy, digitizing and transforming European industry and services, security union and migration. The climate package will get the biggest funding – €3.3 billion.

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