Abstract:

In a remarkably short time, economic globalization has changed the world’s economic order, bringing with it new opportunities and challenges. Europe cannot compete in this new environment unless it becomes more innovative and responds more effectively to citizen’s needs and preferences.

With strong competitive pressure from globalization, Europe’ s future economic growth will increasingly have to come from innovation in products, services, and business models. This is why innovation has been placed at the center of the Europe 2020 strategy for growth and jobs. The Innovation Union aims to improve conditions and access to finance for research and innovation in Europe in order to ensure that innovative ideas can be turned into products and services that create growth.