Supporting innovation in Europe’s capital

In these challenging economic times, it's important to focus not just on today's immediate problems, but on innovating for the future and for growth. European Commission President José-Manuel Barroso and Commissioner Máire Geoghegan-Quinn are to be commended for tackling this long-term challenges by hosting an Innovation Summit today in Brussels.

We were delighted that our Executive Chairman, Eric Schmidt, was invited to give one of the keynote speeches. Eric outlined a pro-innovation agenda, focusing on how governments can identify “smart problems” and steer entrepreneurial energy in a productive direction.

Data is key, Eric said. Today’s computing power, including on mobile phones, makes it possible to address problems in new ways by taking advantage of the vast datasets available and in so doing identify big opportunities. And decisions driven by data need to measured carefully: "GDP measures, for example, may not be enough, as the productivity benefits of IT adoption in the workplace and the uncounted consumer benefits from online services are not included in such estimates.(for details, see the McKinsey Study for IAB Europe).."

Eric set out an agenda designed to take advantage of data-driven innovation:

1. Education: “We need to invest in training a new generation of smart problem-solvers, and encourage innovative methods for teaching and learning.”
2. Copyright and other Internet issues: Eric called on Europe to implement a regulatory framework which fosters cloud computing and other innovations.
3. Patents: Europe should avoid following the U.S. lead on patents. “I don’t want to get too far into the intricacies of the various debates underway on patent legislation, but here is my top advice - don’t copy the US. You’re still light years ahead of us!,” Eric said.
4. Culture of entrepreneurship: Governments should provide support and investment for world-class clusters of innovation, like the UK government’s Tech City initiative in East London. We’re a sponsor and active participant in Tech City - and in France, we’re backers of the Startup Cafe resources center for entrepreneurs, as well as the Le Camping incubator.

Europe’s future need not be one of crisis - but one of innovation, Eric concluded. Europe has the talent. It has the human potential. Now the task is to summon new thinking and leadership at every level in society to ensure that the full promise of technology is unlocked.

Posted by Simon Hampton, Director, European Public Policy and Government Affairs