Bringing bright people together who have bright ideas usually sparks innovation.  At a recent event in Brussels staged by Science Business, leaders from business, academia, and the public sector gathered to discuss how to stimulate innovation in the economy.  Today, governments are looking for answers as to how to best stimulate the economy and investments in science, research and entrepreneurship are highlighting a new way forward.  Today, there is €200 billion available globally for research projects and grants for start-ups businesses.

Here in Europe there are many examples of successful programmes that light up innovation.  Initiatives like Scottish Enterprise are investing in academic proof of concept models that lead to university spin-outs, job creation and growth.  The European Union is providing financial support and services to get new businesses started.  And, organisations like Eureka are linking together country funds for industrial R&D initiatives to make it easier for entrepreneurs to tap resources to bring innovations to market. There are many other programmes if one takes the time to investigate it and tap into the resources available.

However, the question is whether such government initiatives are the best way to light up creativity and create innovation.  Many research projects are risky and take considerable capital to get started.  In these difficult times, this can be a hurdle.  Government programmes can provide the fuel to get early stage ideas off the ground while providing the fertile ground on universities to get innovation started.  If executed in the right way, the government backed innovation initiatives can generate 10 times the value back by creating further investment from industry and job creation.  That sounds like a good investment.