The new European Innovation Agenda: deep tech as a key instrument of societal change

In the aftermath of the pandemic, and with somber perspectives of a financial recession to come, all coupled with Russia’s war in Ukraine and global geopolitical unrest, there is a dire need for hope and the aspiration to a better future.

The new European Innovation Agenda has an ambitious goal: fostering deep tech innovation as a key lever of radical change, so that new technologies can address our most pressing societal challenges, from climate change to supply chain security. The agenda is articulated in five key pillars:

• Improving access to finance for deep tech start-ups and scale-ups;
• Helping innovators experiment with new ideas through dedicated regulatory tools and public procurement;
• Creating “regional innovation valleys” that will strengthen and better connect innovation players through Europe, including in regions lagging behind;
• Attracting and retaining deep tech talents, alongside increasing support for women innovators;
• Improving policy making tools and providing policy support to European countries.

These pillars represent a public-private partnership that aims to place Europe at the forefront of active environmental stewardship and inclusive technology solutions. Commissioner Gabriel, in support of this agenda, has focused on pursuing key goals in empowerment for women, sustainability, and a human-centric approach toward policy and investment.

In particular, Commissioner Gabriel has been a longtime advocate for women in digital and in entrepreneurship to be better represented and recognized. She has taken part in campaigns such as No Women No Panel, which raises awareness on having gender balance in panels and public events, and she has spearheaded EU-wide programs for women in deep tech such as Women TechEU.

In fact, the case for supporting more start-ups led by women is not only a matter of inclusivity, but increasingly a business one. Studies have shown that tech companies built or run by women are more capital efficient, with higher revenues, and more likely to survive.

The European Union is now increasingly taking the lead in this purpose-driven approach to technology. It now hopes to further collaborate with global innovation hubs (such as California, from its outpost at the EIT Hub Silicon Valley) to mainstream this unique blend of thoughtful public policy, impact-driven venture capital, courageous funders and social-minded corporations.