The European Commission adopted a New European Innovation Agenda to position Europe at the forefront of the new wave of deep tech innovation and start-ups.
- It will help Europe to develop new technologies to address the most pressing societal challenges, and to bring them on the market.
- The New European Innovation Agenda is designed to position Europe as a leading player on the global innovation scene. Europe wants to be the place where the best talent work hand in hand with the best companies and where deep tech innovation thrives and creates breakthrough innovative solutions across the continent that will inspire the world.
- The key 10 elements of the EU’s plan for a “New European Innovation Agenda”:
1) More tens of €billions in funding for startups
2) More funding for late-stage funds, too
3) A fresh Listings Act
4) More (fire)power to women
5) Stock options: The European Commission’s plan is to establish a working group on stock options under the EIC Forum to (finally) “tackle the administrative barriers that currently limit the uptake of employees’ stock options across the EU”
6) The never-ending quest for talent
- the European Institute of Innovation & Technology (or EIT) will advance an initiative to target 1 million deep tech talents over a 3-year period across all EU Member States.
- the EIC and the EIT will launch an innovation intern scheme in Q3 2023 (targeting hundreds of researchers and students), while the Commission intends to design an “EU Talent Pool’
7) Valleys of deep tech innovation as far as the eye can see: At least €10 billion will be made available to Member States for this effort, along with €100 million from Horizon Europe and €70 million from the ‘Interregional Innovation Investments’ instrument.
8) Bolstering ‘domain-specific’ ecosystems
- Drawing on a €200 million top-up from Horizon Europe, the number of ‘Hydrogen Valleys’ in the EU will be doubled to reach a total of 50 by 2025.
- The plan also mentions more than €43 billion worth of investment to support the policy ambitions of the EU Chips Act in the period up to 2030
9) Regulatory sandboxes
10) Policy, informed by data
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