The key challenges posed by the globalised economy such as increased economic competition, the need for lifelong education or access to energy make it necessary for Europe to find new ways to provide responses to these trends. Europe needs to become more inventive, to react quickly to changing market conditions and consumer preferences, to become an innovation-friendly society. The central importance of innovation in improving the performance of the European economy has been recognised since the original launch of theLisbon agenda in 2000. However, the analysis of the results of the Lisbon process in 2004 concluded that, though the ideas and goals were still appropriate, significant progress had not been made due to lack of ownership, commitment and investment by the different partners in the Member States and regions.