Ernst & Young’s international magazine
Next generation innovation policy
The future of European organisations and corporations is interlinked with the ability of Europe’s policy-makers to create the environment for innovation to flourish.
Innovation is key to long-term growth. It has been a priority for European policy-makers since the Lisbon strategy was launched in 2000, and a number of EU initiatives have been developed over the past decade. However, now is the time to take a fresh look at a dynamic and renewed policy to drive innovation. Why?
Because profound social and economic shifts, such as the rising economic power of the emerging markets and an aging population in many developed markets, demand a new, more competitive approach.
In order to generate growth and prosperity, Europe needs a policy that is market driven and firmly supports an environment of innovation, and transforms these new ideas into new businesses and new solutions.
Together with the Centre for European Policy Studies (CEPS), a renowned think tank based in Brussels, we have undertaken a study among industry experts that focuses on EU innovation initiatives and identifies changes that would lead to more responsive and dynamic innovation policy.
Our report asks, what would this policy look like? What needs to be changed for policy to be more effective and create growth? How can innovation policy better consider industry needs and evolving market trends at a very early stage of formulation?
Understanding the causes of the current ‘innovation gap’ in Europe is the first step toward finding an acceptable solution. But, because markets and technologies constantly evolve, it makes little sense to look at only the economy of today. Governments also need to strengthen their engagement with and understanding of future market developments. This can be achieved through continued dialogue with European companies to understand the rapid changes that are occurring in the markets of tomorrow, and the competitive position that European organisations must maintain to meet future industry and consumer needs.
The future of European organisations and corporations is interlinked with the ability of Europe’s policy-makers to create the environment for innovation to flourish. We look forward to participating in the discussion.