The European Innovation Council (EIC) should support breakthrough innovation for the benefit of all, the independent High-Level Group of Innovators has said.

The group – which comprises successful innovators, entrepreneurs and venture capitalists from across the EU – has also recommended that all relevant EU funding schemes are brought into a single, fit-for-purpose ‘one-stop shop’ for innovation financing.

This would involve major reforms to introduce excellence, flexibility and agility (for example to combine grant financing with venture capital investments).

Carlos Moedas, commissioner for research and innovation, said: “This first set of key recommendations is a substantial contribution to the current debate on a future European Innovation Council. They come at a critical time in the preparations for the next EU programme and provide very clear views on what is needed for Europe to lead on breakthrough innovation.”

Dr Hermann Hauser KBE, co-founder of Amadeus Capital Partners and chair of the group, added: “It is my great pleasure to present our first set of recommendations on how to make Europe the global leader for breakthrough market-creating innovation. To that end, Europe must set up a European Innovation Council as a key pillar of the next EU framework programme, to focus on excellence even where there is high risk, to empower innovators, to provide them with simple yet powerful tailor-made financial support from start-up to scale-up, and reinforce the EU innovation ecosystems.”

The High-Level Group of Innovators, which launched at the beginning of the year, is now preparing a full set of recommendations for its next meeting in January.

These will feed into the preparation of the commission’s proposals for the ninth research and innovation framework programme, to be presented by mid-2018.

The creation of a European Innovation Council forms part of the commission’s Start-up and Scale-up strategy.

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