The View | Why Europe is falling behind US and China in global innovation race
- Europe’s innovation lag comes from complacency rooted in the belief that scientific achievements will inevitably translate into innovation and foster economic growth
- However, science alone is not enough to promote deep tech innovation
Considered one of the most pivotal events in human history, the Industrial Revolution accelerated economic growth and life expectancy throughout Europe and the United States. The development of pre-industrial technologies often involved altering or combining existing technology until a desired outcome was achieved, usually through trial and error, without necessarily understanding how it worked. These solutions were low-tech.
However, the advent of scientific thinking provided insight into how the world actually worked, extending the boundaries of inventors’ imaginations. Deep tech innovation was born: a science-based approach focused on technologies most likely to work and the conception of new technology, limiting trial and error.
While Europe was benefiting from the Industrial Revolution thanks to deep tech innovations, China continued to innovate relying on a trial-and-error approach, leading to a significant development gap.