Research, development and innovation across the European territories

Investment in research and innovation is one of three headline indicators identified as an
important aspect of an overall growth and jobs strategy within the Smart Growth pillar
of the EU2020S. Combined with more efficient use of resources, innovation is
conceived as the key mechanism through which the European Union will become
increasingly competitive and through which economic recovery will occur. Ahlstrom
(2010: 10) argues that “steady economic growth generated through innovation plays a
major role in producing increases in per capita income. Small changes in economic
growth can yield very large differences in income over time, making firm growth
particularly salient to societies”. Research, development and innovation thus has the
potential to help deliver on at least some of the smart, inclusive and sustainable goals of
the EU2020S. Strong local economies are required to ensure global competitiveness
(Territorial Agenda 2020) and the Innovation Union flagship initiative identifies 34
action points to improve the conditions and access to finance for research and
innovation in Europe, facilitating the transfer of innovative ideas into products and
services that will create growth and jobs (European Commission, 2010a).