Funding allows for capitalising on innovation

Most companies have not received public financial support for R&D or other innovation activities since January 2011, according to the 2014 Innobarometer survey on ‘The role of public support in the commercialisation of innovations’.

According to the European Commission, access to finance is still the main obstacle encountered by companies in the commercialisation of their products or services. However, 66% of companies say that they have introduced at least one innovation in the last three years.

The survey was designed to benchmark innovation activities and to explore barriers to commercialisation and the role of public funding in the diffusion of innovation. It was conducted in the 28 EU member states, Switzerland and the USA.

European Commission Vice-President Antonio Tajani, responsible for Industry and Entrepreneurship, said: “Innovation plays a pivotal role in sustaining and improving Europe’s overall competitiveness and growth. We need to work closely with member states to help SMEs gain access to credit so as to empower them to successfully commercialise their innovations.”

For 61% of companies, innovative goods or services contributed 25% or less to annual turnover in 2013, while more than three quarters of companies say management (87%) and employees (78%) contributed to the development of ideas for innovations.

The survey also revealed that most companies (91%) say they have not received public financial support for R&D or other innovation activities since January 2011 and even companies that did receive public support for commercialising their innovations are most likely to say this support was not important (67%).