Turning an inventive idea into a high-tech product more quickly: the European Union wants to help companies market their innovations through a new European Innovation Council and more than 2 billion euros (2.3 billion dollars) in EU funds by 2020.
EU Research, Science and Innovation Commissioner Carlos Moedas presented plans on Monday in Brussels to expand the initiative, which is already running in a pilot phase.
The goal is for Europe to lead the way when it comes to future technologies such as artificial intelligence, biotechnology or zero-emission energy, Moedas said.
The EU is not only putting money on the table, but creating a "whole innovation system," he added. Decisions will be made not only based on written applications, but also following direct discussions with innovators.
A new type of financing will also be offered for the first time - a mix of public funds and equity investments. This will allow much more money to be mobilised and innovations to be scaled up quickly. In successful cases, the EU will receive a share of the profits, which in turn can be invested into new projects, Moedas said.
Business experts are meant to help the EU seek out projects and act as advisers for three to four years at a time.
Europe is home to around 7 per cent of the world's population, but accounts for about 20 per cent of global spending for research and development, according to the EU.
But Europe has to do more when it comes to fast implementation, Moedas said. From 2021, the European Commission wants to provide a total of 100 billion euros in funding under the EU's new seven-year budget.
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