To respond to the challenges posed by the current geopolitical context – marked by strong uncertainties and a profound realignment of economic and trade relations at a global level – the event “Competitiveness and innovation: the European response”, promoted by the European Investment Bank (EIB) and the Bank of Italy, was held today in Rome. A moment of discussion between institutions, businesses and investors to discuss the strategic role of finance in the development of a European ecosystem capable of promoting innovation, enhancing human capital and accompanying the growth of new technological champions. The proceedings opened with the speech of the Governor of the Bank of Italy, Fabio Panetta, which focused on “what fuels the innovative potential of an economy and the role of the public sector in stimulating it”. Panetta stressed that “European public spending on research and development is comparable to that of the United States, but often less effective. It must be strengthened and, above all, better targeted”. Furthermore, according to the governor, “public intervention alone will not be enough; it is urgent to complete the construction of a fully integrated European capital market, capable of channeling savings towards high-potential entrepreneurial projects. Only a renewed push for innovation will be able to relaunch productivity, guarantee growth and ensure that Europe plays a stable leadership role over time”.
Giancarlo Giorgetti, Minister of Economy and Finance, then underlined: “Innovation is an essential driver for ensuring strategic autonomy, competitiveness and growth. The European Union, with the Report on the Future of European Competitiveness first and then with the Compass for Competitiveness, has finally equipped itself with a multi-year framework to relaunch competitiveness and innovation on our continent. We must encourage creativity, the desire to do business and innovation, also understood as the valorization and development of human capital, facilitating access to credit and risk capital needed to make investments”. The institutional session was closed by Gelsomina Vigliotti, Vice President of the EIB, who highlighted the strategic role of the Bank of the European Union in promoting innovation, supporting companies in the most crucial moments of their development. “Addressing global challenges and seizing future opportunities requires a collective vision: innovation must be at the heart of our industrial and financial policies. This is why the EIB is preparing to launch TechEU, an ambitious European package to support innovation. The aim is to mobilise €250 billion over the next three years, supporting innovative companies throughout their life cycle, from the early stages to stock market listing. A concrete commitment to building a more competitive, dynamic and resilient Europe”, he said.
Deborah Revoltella, Director of the Economics Department of the EIB, and Sara Formai and Ilaria Supino, advisor to the Bank of Italy, then presented insights produced by their respective institutions that highlight the strengths and weaknesses of the technological innovation chain in Europe and Italy, with the aim of identifying priorities for action to promote the development of an internationally competitive ecosystem. Revoltella highlighted how Europe maintains an advantage in basic research, but encounters difficulties in translating scientific innovation into commercial applications. Italian and European manufacturing companies still show a limited propensity to adopt new technologies compared to international competitors. For example, the EIB survey shows that approximately 25-35 percent of companies declare that they use artificial intelligence, compared to 40 percent in the United States. EIB data also indicate that, in recent years, Italian companies have increased investments in digital, while they are still behind in those related to climate change: only 46 percent dedicate resources to energy efficiency, compared to 65 percent at European level.
In particular, young and innovative companies continue to encounter difficulties in accessing credit, a criticality that the EIB addresses with dedicated tools for SMEs. In this context, Revoltella drew attention to the new initiatives promoted by the European Commission and the EIB to support innovation throughout the company life cycle, focusing on greater integration of capital markets and the expansion of the use of tools such as venture capital and venture debt, which are essential to strengthen competitiveness and productivity. Sara Formai and Ilaria Supino instead discussed the results of analyses conducted by the institute’s researchers with the aim of identifying the main factors that slow down the innovation process in Italy. In particular, they highlighted how the adoption of advanced technologies by Italian companies is increasing, although there is still a delay compared to other economies in the euro area. The performance in terms of quality publications in the STEM area is significant, despite the low level of spending on tertiary education; patent activity is limited, reflecting the country’s sectoral specialization in mature sectors and the low level of spending on research and development, especially in the private sector. On the financing side, the venture capital sector plays a fundamental role in supporting companies with high innovation potential.
A segment that has seen significant expansion over the last ten years, both in terms of investment volume and number of financed companies, although the Italian market is limited in size in international comparison. The second part of the day was dedicated to dialogue between the protagonists of the Italian entrepreneurial ecosystem and the world of venture capital. There were two thematic panels: the first, moderated by Alexander Izzo, EIB Director responsible for Equity, Growth and Project Finance, explored the theme of innovation financing, comparing the experience of entrepreneurs and investors operating at the most advanced edges of technology. Among the speakers, those of Alice Mariotti, Vice President of Liftt; Claudia Pingue head of the Technology Transfer fund at Cdp Venture; Andrea Rocchetto, Ad of Ephos; Diana Saracens, Ad of Panakes; and Claudio Spadacini, CEO of Energy Dome; they explained how Italian startups manage, despite a thousand difficulties, to compete globally, also thanks to the support of innovative investment tools.
The second panel, moderated by Roberto Torrini, head of the Economic Structure Service of the Bank of Italy, addressed the challenges related to the double transition – ecological and digital – highlighting how sustainability is now inextricably linked to the ability to innovate. The speakers, including Lucia Aleotti, Vice President of Confindustria for the Study Center; Luca de Angelis, CEO of Tech Europe Foundation; Alexandra Lanza, Senior Partner of Prometeia; Mark Taisch, President of Made Competence Center; and Simone Ungaro, Co-General Manager Strategy & Innovation of Leonardo, discussed how emerging technologies can contribute to a greener, more efficient growth model independent of global tensions. The event attracted great interest from the business and financial world, confirming the centrality of the innovation theme in the Italian and European political and economic agenda.
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