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The European Commission has launched a new innovation indicator which focuses more on market impact. Top performing countries using the new indicator are Sweden, Germany, Ireland and Luxembourg. These countries are closely followed by Denmark, Finland and the UK. The new indicator is a compilation of Eurostat, OECD and IMF information which measure innovation output more closely and helps complement other indexes such as Innovation Union Scoreboard’s Summary Innovation Index.
Within the indicator’s innovation output measurement are four declared dimensions: patents, skills, trade in knowledge-intensive goods and services and employment in fast-growing firms. The new indicator is a more robust and comprehensive tool for measuring innovation in order to support policy-makers in taking action to reinforce successful mechanisms and to fix policies that prevent innovators from making their ideas into products to be sold to the market. By streamlining measurement tools such as those that analyze innovation output, the EU can develop smart growth and success in its Europe 2020 and Innovation Union initiatives.
The Eurostars programme, targeting SME’s as well as fast-growing firms, contributes substantially to the objectives of maintaining smart growth. It’s success in doing so is indicative of its increased funding through both its member countries and the EU. The new measurement tool is a welcoming sign of continued efforts to better improving innovation policy and the decision making process for those that help create it.
Press Release: Commission launches new innovation indicator