The draft Innovation Act also aims to boost startups through intellectual property
The European Commission is seeking to allow public bodies to directly finance innovative new products, according to a draft of the upcoming Innovation Act seen by Euractiv.
The new bill, which the Commission is now set to propose in September, seems to be aimed at two specific goals: to provide public bodies with a way to finance new products even if they don’t yet exist on the market, and to give startups a way to secure financing based on their research.
The EU is currently seeking new measures to help its startups and innovative companies become more competitive, a challenge Europe has struggled with. In addition to “EU Inc”, which would establish an EU-wide entity to streamline the formation of new companies, the Commission is establishing a multi-billion-euro Scaleup Europe Fund to provide much-needed financing.
The Innovation Act is yet another piece of this puzzle as the EU seeks to spur economic growth.
