LUDWIGSHAFEN, GERMANY – Innovation plays a crucial role in creating sustainable economic growth. Yet we continue to see, particularly in the European Union, obstacles being placed in the way of those best positioned to invent new products, services, or ways of doing business. At the heart of the issue appears to be the fear of risk. But investors, managers, and entrepreneurs must take risks if their ideas stand any chance of achieving commercial success.
Nowhere are these concerns more discussed, and less understood, than in Europe. Innovation has been placed at the heart of Europe 2020, the European Commission’s growth strategy for the EU. But, despite the fact that European scientific research is among the most advanced in the world, Europe lags behind its global competitors in its ability to bring these innovations to the market.