EU’s ‘Innovation Coupons’ Target Estimated $2.63 Trillion Bio-Based Industries OpportunityMay 8th, 2013 | Posted by in Opinion
This is about a very recent, important, European-focused story from the Environmental Leader, which is self-described as the leading daily trade publication keeping corporate executives fully informed about energy, environmental and sustainability news. You could say the article, entitled $8m Project Drives Bio-Based Economy, can’t be very meaningful because it doesn’t involve big money. But this European Commission (EU) project will see fifty Innovation Coupons made available to small- and medium-sized businesses in northwest Europe to conduct feasibility analysis, lab work and pilot tests to demonstrate innovative bio-based technologies.
A comparatively small investment, yes, but backed by at least a couple of big ideas other sovereign governing bodies around the world should note. 1.) The EU totally gets the size and scope of the bio-based economy in Europe. As the story reports, Small and medium business (SMEs) will play a major role in growing Europe’s bio-based industries, projected to be worth more then €2 trillion ($2.62 trillion) by 2020… 2.) This EU project is also very clear-headed in that it doesn’t appear to hinge on bureaucratic selection of specific corporate winners and losers but instead upon the general support of a broad sector. And, 3.) While it is perhaps possible 50 out of 50 pilots won’t strike oil, if you’ll forgive the pun, it is highly unlikely that at least some innovations won’t gain traction and benefit bio-based industries, big and small, everywhere.