Europe produces more research papers than the US or Japan but needs
an influx of venture capital to turn inventions into commercial success,
according to Máire Geoghegan-Quinn, EU commissioner for research,
innovation and science.
Geoghegan-Quinn cited the example of the MP3 standard for compressing audio files, which was invented in Europe but commercialised in the US.
"This has to change. If we could deliver a large and harmonised single market for services, together with a European venture capital market, just imagine how much we could achieve," she said at the American Chamber of Commerce in Brussels today (18 February).
The commissioner's voice adds to growing clamour to link public and private venture capital funds in a concerted effort to boost innovation in Europe.
Private sector investors and high-level policymakers will meet in Brussels on 2 March to discuss ways of boosting long-term venture capital investment in the EU. However, risk adversity and limited experience in fund management mean Europe remains a tough place for innovative businesses to raise money.
To read the full, original article click on this link: Innovation chief: Venture capital can turn science into commerce | EurActiv
Author: EurActiv
