Europe has plenty of world-class research, talent and creativity. However, too often ideas originating in Europe are turned into economic success by others, elsewhere. This is because European innovators face barriers here and find it difficult to bring their ideas to life. As a result, the Commission proposeda new European innovation act to help Europe's most innovative ideas be developed, financed and scaled up in Europe.

To strengthen the EU innovation system, the proposal will address two main challenges. Firstly, it willhelp innovative companies access financingby

This can unlock €10.2 billion per year in additional financing and generate around €35 million in administrative cost savings.

Second, it willestablish a common approach for research and development procurement that

With this, companies could expect €25.92 billion in additional annual profits, while public buyers could save €1 billion per year.

The European innovation act is an element of thecompetitiveness compass, to strengthen the EU's long-term competitiveness, prosperity and technological sovereignty. In parallel, the Commission will help innovators accelerate the transformation of innovative ideas into market solutions through a specific proposal on regulatory sandboxes.

Press release - Commission proposes new European Innovation Act to help innovative European ideas grow and compete globally

Questions and answers on the European Innovation Act

Factsheet on the European Innovation Act