In October, we organised an event in Gothenburg, Sweden, to ignite discussions on what lies ahead for the European innovation from the Swedish point of view. The afternoon event was well attended and filled with excellent keynotes, networking and insightful discussions.
In our afternoon event, we were delighted to have an excellent lineup of speakers and panellists who provided a variety of insights on the topic at hand.
Open innovation is key
Malin Persson, a Board professional and a former Volvo executive, started the afternoon by highlighting the importance of open innovation and why it is a must for all companies who want to thrive. Embracing innovation in small steps is in fact more fun and cheaper than innovation by taking fewer giant steps. She said: “Innovation must be part of the company culture for it to be successful. Innovation is not a one-person show.”
According to Malin, it is vital to build up competencies and good networks to succeed. Applying for public funding and joining a network that innovates together offers a brilliant opportunity to extend the market and further enhance the company’s skills and knowledge by learning from likeminded peers.
Europe needs to change and invest more in green transition to be competitive
In his keynote, Jakop Dalunde, a former member of the European Parliament noted that the emission trading system (ETS) currently contributes very little to energy intensive industries. Therefore, changes to the ETS are inevitable, but what exactly they will be, remains to be seen. If we do not change the way we work in Europe, we will struggle to be able to compete with the US and China. For instance, it should become easier for companies to establish and scale up in different parts of Europe, not just within one country. Another challenging area for Europe is linked to the outcomes of research. As it is, the US is more efficient than Europe in bringing the research outcomes available to the companies.
As for the future of green transition, Jakop Dalunde noted: “If Europe is going to be a leader in the green transition, we need to increase the investments into the gross domestic product (GDP) ratio and truly invest in the green transition. Swedish companies are very valuable, whether it is steel, batteries or cement. These companies can play an important role in the European green transition. Therefore, participation in programmes such as Innovation Fund or Horizon Europe is crucial.”
Public funding opens doors to other types of funding
Per Sonesson, Head of Public Funding at Stegra (formerly H2 Green Steel) shared the company’s journey on accessing the largest funding globally in year 2023, partly with the support from Spinverse. He explained that although the European Public funding obtained was not very significant compared to their project’s overall budget, it played an important role in attracting other types of funding such as loans and investments. He also highlighted the importance of somewhat criticized state aid as a prerequisite to obtain other funding. He noted: “The funding from the Innovation Fund that Spinverse has helped us to unlock has been essential for the financing process. It has helped us reach a financial close and it will basically help us complete our project. The support with Spinverse has been of great value to us as a company.”
How to keep Sweden at the top of innovation?
Principal Consultant Magnus Andersson from Spinverse raised some questions to think about. Will Sweden be able to remain one of the top innovative countries? Will we fall behind in accessing available EU funding due to the lack of project proposals submitted? The lack of engagement among the innovative Swedish private sector translates into much more than deficit in euros — we are also missing out on the opportunity in utilising European experts and infrastructure as well as in developing, accessing and demonstrating to new markets. What is more, we will miss out on engaging in the work regarding standards, regulation and policies.
The speakers of the event were joined by John Rune Nielsen, CEO at Swedish Environmental Research Institute IVL, to discuss the importance of sustainability, competitiveness and resilience in the future Europe as well as the insights offered by the Mario Draghi report. The speakers agreed that Swedish research institutes and companies should make a stronger effort to get better results for Sweden in applying for and obtaining EU funding.
Jakob Dalunde pinned down the key takeaway of the day: “Participation in European support systems such as Innovation Fund and Horizon Europe brings in cash, but it is not only that. It is the network and relationships you will build with the researchers, institutions and companies from other parts of Europe. This is part of creating a stronger European ecosystem of green innovation.“
More information: EU competitiveness: Looking ahead