European Innovation Act
Europe produces significant amounts of high-quality research and innovation, but only a limited share is translated into successful products and services in the market. At the same time, the EU remains dependent on suppliers outside the Union, an issue that has recently received increased attention in Brussels.
In September, the European Commission proposed a new Innovation Act. It will help innovative ideas developed in Europe reach the market faster and scale across borders. It will also give innovators a better opportunity to grow and invest. The aim is to strengthen the EU's long-term competitiveness, prosperity and technological sovereignty.
Briefly about the new legislation:
There is currently no EU framework that comprehensively addresses the main barriers to the development, testing and scaling up of innovative goods and services. The overall objective of the initiative is to strengthen the functioning of the internal market, while contributing to increased economic security and resilience in the EU. To achieve these objectives, the EU will:
1. Establish a common procedure for procurement in research and development (R&D), including so-called pre-commercial procurement .
2. Establish a European centre of excellence for financing based on intellectual property rights (IP), as well as a common framework for valuing IP across the EU.
The new legislation aims to make financing more accessible while strengthening demand for European solutions. It will also make it easier for public buyers from Member States to make joint R&D purchases. The combined measures are expected to contribute to a cumulative GDP growth of up to €452 billion and create around half a million new jobs in the Union.
EEA relevance
The European Commission has marked the European Innovation Act as EEA-relevant, and proposes a harmonised European framework for public procurement in research and development. For Norwegian start-ups and companies, this could in the long term provide better access to European markets and financing opportunities. However, it is not yet clear to what extent Norwegian suppliers will have access to R&D procurement under the proposed rules. It is also uncertain to what extent Norwegian players will have access to the proposed EU framework for the valuation of intellectual property rights and the services from the Competence Centre for IP-based financing. The proposal proposes that the Competence Centre will provide services to, among others, innovative enterprises established in a Member State. How these provisions are possibly incorporated into the EEA Agreement, and what adjustments are made, will therefore be important to follow in the further process.
Read more here:
European Innovation Act - Research and innovation - European Commission