Invest in innovation and SMEs in Europe to create 50m new jobs and an amazing future!

Invest in innovation and SMEs in Europe to create 50m new jobs and an amazing future!

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Magnus Jern started this petition to EU (President of the European Commission) and

“There is no limit to how good things can get for humanity but we also have the capacity to ruin everything.” - Sam Harris, philosopher

The problem

For the past 100 years we have innovated in every area imaginable including e.g. energy, transportation, medicine, food, construction and computers. Many of these innovations are the result of government supported R&D and innovation. The outcome is record low levels of poverty, higher life expectancy, safer transportation, lower pollution, the ability to send information anywhere in the world almost instantly and so many other things.

Despite technological progress, productivity growth has been slow in Europe for decades now. And due to Covid19 we are now at a crossroad in Europe where we can choose between continuing with the same old or create a better future together.

Should we subsidise and save old unsustainable industries like makers of gasoline cars, airlines, tourism, fashion, real estate and unprofitable agriculture? Or should we leapfrog into the future we want with new and future versions of existing industries?

The Challenge

In 1961 JFK committed to putting a man on the moon within a decade. The EU should commit to creating 50m new jobs in a decade and increase annual productivity by 2.5% by doubling down on innovation to super boost the economy. 

We think that this is the perfect time to invest in innovation to solve big problems such as

  • Accelerate the digital transformation in government and create platforms and services that free up resources from pure administrative work
  • Develop and deploy energy solutions to get rid of oil, coal and other CO2 footprint contributing energy sources once and for all
  • Increase the standard of healthcare and medicine for all including telemedicine 
  • Reinvent and create the future methods of transportation  
  • Higher standard, equal and personalised education for all to prepare children and adults for ever changing worklife demand and requirements
  • Other including for example clean water supply, air, oceans, food production, plastic pollution, sustainable tourism, IT security and privacy, construction and more 

Solution

We don’t need to start from zero. Over the past 12 years the EU has developed a world class scheme for innovation among small and medium size businesses. The EIC (European Innovation Council) Accelerator (previously known as the SME instrument) framework created by the EU to stimulate SME R&D and innovation. 

The best thing is that it’s proven to work. With as little as 650m euro per year it has generated hundreds of thousands of new jobs. But currently less than 10% of companies that apply get the money, most companies don’t bother to apply at all for this reason. Furthermore the grants are not available to larger companies. 

Increasing the annual budget for the EIC Accelerator and combined with EIB SME investments to €50Bn per year for the next 3 years could create about 50m jobs in 10 years. With 75% of the funding going to hiring new people the risk is low as most of the money will go straight back into the economy anyway. In addition to this current projection indicates that every 1 euro invested by the EU generates almost €5 in private funding through venture and debt funding as well as IPOs.

What

We want the EU and local country government to immediately put €50Bn out of the trillions currently being spent on saving the economy into innovation.

In 50 years from now our children will read in the history books about how a major crisis was used to reboot innovation in Europe. It’s time to act now to write history!

0 have signed. Let’s get to 200!
At 200 signatures, this petition is more likely to be featured in recommendations!