EU Advocacy » Y 2000 Declaration » Invention & Innovation
Millennium Declaration:
Our vision on INVENTION and INNOVATION
Invention and innovation is a significant driving force behind every nation and creates its wealth. These give rise to new products and services that may be derived from entrepreneurship. Entrepreneurs require freedom operate and a suitable environment. In order to release SMEs full innovative potential the following are required:
- Access to capital
- Easy and proper protection of intellectual property rights
- Tax incentives for research and development
- Co-operation with government institutions and universities.
- Competitive tax and employment environment.
Learning from the past
For far too long, too many grants to help invention and innovation have been spread in too many programmes at EU and national level. These grants are quite often nothing more than disguised state aids for major firms in close contacts with government departments.
At the same time, use of tax incentives to boost invention and innovation are underused in most parts of the EU. It is now clearly recognised that this approach has had significant impact on the capacity of the USA to successfully enter the age of information technology before any other nation.
Small businesses in the EU who have the flexibility to innovate do not benefit from current innovation policies. This is also being reinforced by the fact that there are too many burdens and costs to protect properly and the results of invention and innovation.
Key policy recommendations for the future
- Set up ambitious tax incentive schemes for innovation in small businesses throughout the EU. Use the BEST process to help Member States implement such schemes
- Set up a simple, transparent and cost effective regulatory environment for the protection of all types of intellectual property rights.
- Increase the level of risk capital financing available small businesses throughout the EU by establishing new forms of guarantee scheme.
Page last updated: 11/01/2007 4:50:20 PM