Innovation Policy Development Support Group, composed of European Union Leading start-ups have produced a report in support of a single European innovation ecosystem, Mintos said.
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The report sets out key directions and flagship projects, including a proposal for an easy way for innovative companies to access the EU market as a single market in which innovation testing is possible in a uniform way across Europe.
Maria Gabriela, EU Commissioner for Innovation, Research, Culture, Education and Youth, and a group of 35 Europe’s most successful companies have presented a comprehensive, action-oriented report, Next Innovation EU, detailing plans to improve Europe’s single innovation ecosystem. The founders and business leaders proposed 8 flagship projects to be implemented in the coming years to give Europe a leading role in the digital and sustainable world of the future. These include the proposal by financial technology start-ups for an EU-wide sandbox, which would allow companies to try out new innovative products with a wider audience and effectively expand their scale.
The new report argues that the current EU market is fragmented and that regulations vary from country to country, leaving the EU behind competitors elsewhere who can test products more quickly, gain experience and scale, and ultimately buy or compete more aggressively with European companies.
The report says the problem would be solved by an EU-wide sandbox acting as a “one-stop shop” for any company, as it would automatically allow companies to offer innovative products and services across the EU (subject to certain conditions) as soon as they are adopted.
“Europe needs a simple way for companies offering innovative services and products to access the EU market as a single common market,” says the Latvian start-up.Mintos “ co-founder Mārtiņš Valters.
“New product and service ideas should be able to be tested across Europe, regardless of where the company is located in the EU, with the opportunity to do so really quickly. Wait months or often more than a year to get approvals or feedback from different regulators scattered across “In many cases, there can be a death sentence for innovative ideas. An EU – wide sandbox would allow both businesses and individuals to adopt new innovative solutions in the EU much faster and in an unrestricted way,” he said.
One of the preconditions for the introduction of a sandbox is an agreement on the areas and sectors in which innovative companies should have access to an EU-wide sandbox.
“As a minimum, they must be companies operating in the financial, technology and transport sectors,” Walter said. “On the EU side, legislation should also apply which stipulates that the regulatory authorities of individual EU Member States do not have obstacles to the services provided by a company if the company is admitted to an EU-wide sandbox. Relevant trade associations should both actively promote and assist companies. so that they can apply for EU – wide sandboxing, “he said.
The report states that the objectives can be achieved in two ways. The first concerns the central EU body in each sector, which hosts the company in the EU sandbox. The second option would be for the regulator in each Member State to decide on admission, which would then be applicable to other Member States.
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