ABSTRACT
In this paper, we provide a practical insight into how innovation takes place in Europe, and with particular reference to Spain. Our objective is to contrast various types of information including (i) European Research and Development (R&D), innovation policy and activities, (ii) related R&D Key Performance Indicators (KPIs) as published by official institutions, and (iii) impact of innovation activities as measured by economic indicators. Our main observation is that there is a significant gap between European R&D investments made and the impact on the economic competitiveness of Europe. The underlying cause for these phenomena is mostly cultural, manifested by a mindset of European researchers who are more oriented towards research and less towards technology transfer and entrepreneurship. Changing such a mindset requires changes in the educational system, as well as in policy framework of European R&D and national R&D programs. The findings are based on 15 years of experience in R&D and innovation in the ICT sector, and hence cannot be generalized regarding other sectors.
