Open Science, Open Innovation and Open to the World
"Open Innovation" refers to a specific, strategic opening of innovation processes: knowledge producers, funding bodies and (potential) users work together crossing boundaries of organisations, sectors or disciplines to develop new products and services. Starting point for commissioner Moedas’ open innovation strategy is the finding that there is a gap between the European high quality research with excellent results and – compared internationally – the low European innovation level (e. g. in the field of market creating innovation). A regulatory environment that hinders innovation processes and difficult access to venture capital are some of the reasons mentioned.
- European Innovation Council (EIC): An important project of commissioner Moedas to support these market creating innovations in Europe is the planned implementation of a European Innovation Council (EIC). The EIC shall support innovative projects/businesses (e. g. through the concentration of existing EU funding programmes) and offer advice (e. g. referring to the improvement of the regulatory framework in regard to innovation). To establish the EIC a number of pilot actions are being prepared under the last Work Programme of Horizon 2020 (2018-2020) (e. g. bottom-up calls under the SME instrument and the establishment of a High Level Group dealing with the structure of the EIC).
- "Fund of Funds": To establish better access to venture capital for innovative companies (in particular startups) in Europe the EU Commission together with the European Investment Fund (EIF) presented a so called Funds-of-Funds-programme for (private) institutional investors. The programme shall enable them to invest in these (EIF-backed) funds of funds that invest venture capital in innovative businesses. The Fund of Funds will be co-funded by the EU Commission and the EIF.