How can Europe overcome the valley of innovation death?

From the reader. In the midst of geopolitical and technological changes, Europe is desperately looking for sources of growth and competitiveness. At the same time as our global competitors accelerate their investments in research and innovation, Europe risks being left behind. We need to sharpen up!

On Wednesday, we presented to the European Commission the recommendations for the EU Framework Program for Research and Innovation, which is the world’s largest international research funding program. The EU’s framework programs have provided a very important platform for international cooperation and an exceptional competitive advantage for the Union, which is admired elsewhere.

In Europe, especially private investments in research, development and innovation (tki) have lagged behind other international competitors.

Scaling and commercialization a big challenge

Scaling and commercializing R&D results is still a big challenge for Europe. Many promising innovations struggle to overcome the so-called “valley of death”. It is a high-risk and high-investment phase where technology or new solutions are tested and scaled so that their functionality can be demonstrated in real conditions.

R&D activities must be promoted in all its phases without silos – from early research to market launch. This ensures the further development of ideas faster than at present. However, this cannot be achieved by increasing support only for individual researchers and companies.

It has been surprising that research collaboration and public-private partnerships have been neglected in the recent debate. They enable cooperation across geographical borders, bring together resources and know-how, harmonize the research and innovation strategies of public and private actors across Europe and attract private investments.

No EU country can promote such activities alone. That is why joint projects or partnership programs of private and public sector actors should not be underestimated in the preparation of the EU’s future RTD framework program.

Research and development investments are crucially important for the EU

Finnish and Swedish companies already benefit significantly from the EU’s tki framework program. With the help of joint projects and cross-sector partnerships, companies can share risk, take advantage of world-class technology infrastructures and find partners in international networks.

We will join Ursula von der Leyenin and Mario Draghin to conclude: research, technology and innovation are crucial for securing the EU’s competitiveness, prosperity and well-being.

Therefore, strengthening the EU’s tki framework program is the best investment we can make for the future, competitiveness, security and sustainable development of our continent.