Deriving new anticipation-based policy instruments for attracting research and development and innovation in global value chains to Europe

Abstract

Abstract In this paper, we discuss new anticipation-based policy instruments to improve the attractiveness of Europe for innovative activities in a world of accelerating innovation. The case studies and interviews with company representatives which we collected in relation to developments in Global Value Chains (GVC) show a high level of interest in these new anticipatory policy instruments. Since the companies analysed are active in different sectors and Research and Development and Innovation (R&D&I) Global Value Chains, we suggest that the policy instruments and options discussed be linked with current and future sectoral initiatives organised within the framework of the Smart Specialisation Strategy. This gives numerous established and new stakeholders from business, politics, science and society across Member States, regions and cities, and from outside the EU, the chance to develop bright ideas for new products, services, processes and employment, and to work in a well-structured and open-minded environment. In addition, this participatory, foresight-based approach helps regions to approach their development systematically in new fields of innovation and industry which are appropriate for the region s innovation ecosystem and for their stakeholders. This approach fits very well with the new innovation and foresight labs which are currently extremely popular in companies highly active in R&D&I. These labs have a highly experimental character and lots potential for game-changing innovations. The same approach might be necessary for an ambitious policy to upgrade European industry and R&D&I capabilities in order to tap into transnational corporations GVCs by creating a process for engaging, anticipating, assessing and responding on an ongoing basis.