The European Union is boosting its budget to support innovation against the backdrop of intensifying global competition. To compete effectively in the international markets, the EU needs to deepen its innovativeness and risk-taking capability to compete in a market defined by new technologies. The European Innovation Council is meant to turn Europe’s scientific discoveries into businesses that can scale up faster. In the pilot phase, the European Innovation Council is set to become a full-fledged platform, albeit it is currently still at its pilot phase.
