The survey, conducted in 28 EU member states as well as Switzerland and the US, was designed to benchmark innovation activities and to explore barriers to commercialisation and the role of public funding in the diffusion of innovation.
It found that lack of financial resources hinders the commercialisation of innovations. While 66 per cent of companies only having introduced at least one innovation in the last three years, 91 per cent of companies say they have not received public financial support for R&D or other innovation activities since January 2011.
And even companies that received financial or non-financial support from governments or administrations are most likely to say this support was not important (67 per cent).
The report went on to say that only 12 per cent of companies have received some kind of support for commercialising their innovative goods or services, with support in training staff how to promote innovative goods or services (six per cent) and assistance meeting regulations or standards (four per cent) as the most common types of support.
European Commission Vice President Antonio Tajani, Commissioner 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”.
It was revealed that companies saying competition in their main market is strong are more likely to have introduced innovation in each of these areas, compared to those that say competition is weak. And companies that have introduced innovation in one area are more likely to have also innovated in the other areas.
Furthermore, manufacturing and retail companies are the most proficient innovators,
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