How purpose-led missions can help Europe innovate at scale

Submitted by Alina Danieles… on 25 February 2020

Acknowledging the importance of innovating at scale in stregthening Europe's economic position relative to other global powers, the McKinsey & Company report "How purpose-led missions can help Europe innovate at scale" authored by Ilan Rozenkopf, Pal Erik Sjatil and Sebastian Stern addresses the challenge that European business is facing i.e. building new leading clusters or companies that can innovate at scale.

While political initiatives to improve conditions for innovation at scale in Europe are underway both at national and EU level - with financial instruments such as Horizon Europe research and innovation (R&I) program and €100 billion (2021–27) budget proving that improving competitiveness and innovation as well as boosting digital education and infrastructure are high on the European Commission’s agenda, the authors believe these initiatives require time to take effect and that an additional approach for innovation at scale in Europe to add to and complement the ongoing efforts can help.

Building on a concept originally proposed by Professor Mariana Mazzucato, the study introduces the concept of “missions”—bold and inspirational initiatives to collaborate at scale on socially and economically important topics capable of attracting public support. "This approach can help Europe address its innovation challenge in its own distinctive way, marshalling resources and harnessing ideas and diverse cultures in a set of common ambitions and could also compensate for structural disadvantages relative to China and the United States".

Please read the full report here

The article was published on website here. © 1996-2020 McKinsey & Company

(Cover image: ©Alexander Spatari/Getty Images)

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