The Three Os: Open Innovation
The book Open Innovation, Open Science, Open to the World - a vision for Europe brings together some of the key conceptual insights behind the "Three Os" and highlights actions that are already taking place or are being prepared at time of publication in May 2016.
The basic premise of Open Innovation is to introduce more actors in the innovation process so that knowledge can circulate more freely and be transformed into products and services that create new markets, fostering a stronger culture of entrepreneurship.
The chapter on Open Innovation discusses how the concept has evolved, sets out the links to Open Science and Open to the World, and discusses the practical steps that the Commission will take to create a European Open Innovation ecosystem, in the context of the priorities of the European Commission.
Open Innovation in detail
Click on a heading below to find out more about each area of Open Innovation. You can also show or hide all the sections.
» Regulatory reforms
Scientific Advice Mechanism
The aim of the Scientific Advice Mechanism is to support the Commission with high quality, timely and independent scientific advice for its policy-making activities. This will contribute to the quality of EU legislation, in line with the Better Regulation agenda.
Better regulations for innovation-driven investment
The Commission Staff Working Document 'Better regulations for innovation-driven investment
at EU level' presents, for the first time, an in-depth analysis of how the regulatory environment at EU level can hamper, or indeed stimulate, innovation. It builds on the outcome of consultations that took place during the past year with Member States, and a range of organisations and industry stakeholders. These exchanges and the analysis performed by the European Commission services have helped build an evidence base, in the form of case studies, across different sectors and provide a basis for debate and action at political level.’
Policy Support Facility
The Horizon 2020 Policy Support Facility (PSF) was launched in March 2015 as a new instrument that gives Member States and countries associated to Horizon 2020 practical support to design, implement and evaluate reforms that enhance the quality of their R&I investments, policies and systems. Such reforms concern, for example, the stimulation of stronger and closer links between science and business or the introduction of performance-based funding of public research institutes.
To do so, the PSF provides Member States and countries associated to Horizon 2020 with access to independent high-level expertise and analyses through a broad range of services such as Peer Reviews of the national R&I systems, support to specific reforms or project-based mutual learning exercises.
In addition, the PSF offers a Knowledge Centre.
» Boosting private investment in research and innovation
European Venture Capital Fund of Funds
“Why a Fund of Funds? First, EU VC funds are still relatively small. Their average size is around only 60 million euros − just half the size of the USA's. This limits their ability to make the larger investments needed as companies scale-up. Second, this smaller market struggles to attract funds from major institutional investors (just a 5 billion euro market in Europe compared to 26 billion in the US). In fact, over 30% of venture capital is funded by the public sector in Europe and that needs to change. Third, European VC funds still face many trans-national barriers.”
Carlos Moedas, speech 'Financing ideas from Europe', Innovative Enterprise Conference, The Hague, 31 March 2016
Maximising the use of EFSI
EFSI (the European Fund for Strategic Investments) is an initiative launched jointly by the EIB Group - European Investment Bank and European Investment Fund - and the European Commission to help overcome the current investment gap in the EU by mobilising private financing for strategic investments. EFSI is one of the three pillars of the Investment Plan for Europe that aims to revive investment in strategic projects around Europe to ensure that money reaches the real economy.
» Maximising Impacts
Seal of Excellence
The Seal of Excellence is a quality label awarded to project proposals submitted for funding under Horizon 2020 that succeeded in passing all of the selection and award criteria but which could not be funded with the available budget. The Seal identifies promising project proposals and recommends them for funding from alternative sources, whether public or private, national, regional, European or international.
European Innovation Council
Positive steps have been taken in recent years to integrate an innovation component into EU programmes and policies, in particular Horizon 2020. However, the array of support mechanisms can be difficult to navigate, and lacks the flexibility and responsiveness that disruptive innovation requires.
Commissioner Moedas launched the Call for Ideas for a European Innovation Council to support Europe's most promising innovators at the Science|Business Annual Conference in Brussels. He said that "Europe has excellent science, but we lack disruptive market-creating innovation. This is what is needed to turn our best ideas into new jobs, businesses and opportunities." The Call for Ideas is online and the deadline for responses is 29 April 2016.