The European Commission has proposed a European Innovation Act designed to make it easier for promising technologies and research developed in Europe to obtain financing, reach the market and expand within the European Union.
The Commission says European innovators often struggle to turn research and creative ideas into economic success inside the EU. The proposal therefore focuses on removing barriers that can push innovative companies and investment elsewhere.
One part of the plan would improve access to finance through a common EU framework for valuing intellectual property, a digital marketplace connecting buyers and sellers of intellectual property and expert support for companies bringing ideas to market.
The Commission estimates that these measures could unlock EUR 10.2 billion in additional financing each year and produce around EUR 35 million in annual administrative savings.
A second part would establish a common approach to research and development procurement, providing greater legal certainty, helping new technologies reach the market more quickly and making joint procurement by public authorities in different EU countries easier.
The Commission estimates that companies could gain EUR 25.92 billion in additional annual profits while public buyers could save EUR 1 billion per year.
The European Innovation Act forms part of the EU's Competitiveness Compass and is intended to strengthen long-term competitiveness, prosperity and technological sovereignty.