Woensdag 14-10-2009   - Europa -   The European Investment Fund (EIF) should be expanded to fund corporate ventures and innovation projects, according to a panel of experts brought together by the EU executive.


The EU executive will produce a European Innovation Act by next spring, which will bring together efforts to make Europe more competitive. This process is being led by the European Commission's enterprise directorate.

Last month, outgoing Commission Vice-President for Enterprise Günter Verheugen described Europe's innovation policy as "a mess", noting that up to 12 commissioners have a stake in this cross-cutting area.

The EU executive's education arm is currently finalising an 'Innovation Manifesto' which has been drafted by a 27-strong group of Ambassadors for Creativity and Innovation.

Meanwhile, Research Commissioner Janez Poto?nik this week endorsed a report by BusinessEurope designed to craft a more favourable innovation ecosystem.

José Manuel Barroso, president of the European Commission, plans to reconfigure the incoming college of commissioners to put greater focus on innovation policy.

The group, which includes policymakers and leading thinkers from the world of innovation, said the EIF should be used to accelerate pan-European venture capital funds. The EIF's role should be broadened to create funds "with the critical mass of resources and expertise to operate on a transnational basis funds and specialise in future growth markets".

A report produced by the panel is the result of a brainstorming session on the future of innovation in Europe and is expected to have a major influence on the shape of the European Innovation Act, which will be launched in spring 2010.


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