EU commission's doomsday talk on innovation 'exaggerated'

Europe is facing an “innovation emergency”, according to the European Commission. But researchers and industry leaders - and the facts - paint a less gloomy picture.

The first time EU research commissioner Maire Geoghegan-Quinn spoke the alarming words was in early October 2010 at the launch of the executive’s new, seven-year innovation strategy.

“Business R&D in the EU is 66 percent lower than in the US and 122 percent lower than in Japan, as a share of GDP. And venture capital f...