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Glossary

Innovation Union (IU)

  • Posted on: 27.02.2015
  • Abbreviation: IU

Website: Link

The Innovation Union (IU) is one of the seven flagship initiatives of Europe 2020 strategy for smart, sustainable and inclusive growth.IU was introduced in order to (1) enhance Europe’s scientific capacity, (2) remove obstacles blocking the access of innovative products and practices to markets and (3) further developpublic and private sectorresearch cooperation across Europe.

To achieve those goals the Innovation Union Plan set five key priorities:

(1) Strengthening Europe's knowledge base by aligning European and national research policies, facilitating researchers' mobility, supporting business-academia collaborations or promoting the independent ranking for universities, in other words completing the fragmented nature of the European Research Area ERA (connect).

(2) Getting good ideas to marketby stimulating private sector investment as well as European venture capital investment;

(3) Maximising regional and social benefits by involvingall relevant stakeholders - national and regional authorities across Europe - in innovation, thus avoiding an "innovation divide" between different regions;

(4) Introducing European Innovation Partnerships which bring together public and private actors at EU, national and regional levels to tackle challenges such as climate change, energy and food security, health and an ageing population;

(5) Enhancing international collaboration by allowing third country participation to R&D programmes and addressing such cooperation in a European and not a national level.

For an overview of theprojectsoperating under the IU framework please follow this link.

Funding IU

Funding mechanisms that support the implementation of IUprojects are among others Horizon 2020 and the European Structural and Investment Funds (ESIF).

For more information please visit Innovation Union's website.