Driving European innovation

This summer, the European Commission launched its?New European Innovation Agenda. This initiative brings down Europe’s greenhouse gas emissions and fast-tracking digital transformations within European economies while guaranteeing Europe’s security within sectors we cannot function without. I have often blogged about following your dreams, the importance of good timing, and surrounding yourself with a solution-driven team, ideas that this Agenda supports. I believe positioning start-ups and innovation at the forefront when tackling our most pressing social issues is key to building a prosperous future.

My native Iceland has strongly emphasized innovation and cultivated a strong start-up culture.?Iceland’s start-up ecosystem?is a regional leader in innovation, ranked 41st place globally and 17th in Western Europe. From founding Alvotech in Iceland, and now, almost ten years later, being the first dually listed company with Nasdaq and Nasdaq Nordic Growth Markets, I know just how vital a well-functioning innovation ecosystem is to success.

European policymakers have spoken about the need to boost Europe’s ‘innovation ecosystem,’ which I agree with as innovation would expand the industrial sector, stimulate production and exports, and the foundation for new knowledge-based jobs, as well as support economic growth.

The New European Innovation Agenda outlines five flagships of focus, many of which I have addressed as milestones we reached in the businesses I have founded over the years. Amongst other initiatives, access to investors and funding, highlighting the importance of procuring and retaining talented team members, and perhaps most importantly, addressing the innovation divide will look to exhilarate the innovation ecosystem across industries.

I started with a mission to improve people’s lives worldwide, encouraging everyone to follow their vision. I was up against all the odds, yet I never gave up and always stayed true to my calling. Therefore, my advice would be to keep ambitious and dare to dream. Do not be put off by critics; build a team dedicated to your vision. Challenge conventional ideas and never leave something you can do today for tomorrow.

Ultimately, the objective of this initiative, and others like it, is to encourage broader economic returns from technology regarding productivity and to create new jobs. Our mission should be to support innovation, fuel productivity, welcome a competitive environment between businesses, share value-adding data, and grow our collective knowledge by assisting entrepreneurs and start-up companies while learning from them. People that dare to follow their dreams are the people that will find new ways to approach social challenges, and I encourage actions to support them.