Published on 8 July 2024, the 2024 European Innovation Scoreboard (EIS) is an informational report by the European Commission which provides a comparative assessment of the Research and Innovation performance of EU Member States – as well as neighbouring European and selected third countries. The report crucially analyses the relative strengths and weakness of individual states’ national innovation systems in order to illustrate the challenges that need to be addressed to foster greater innovation.  

In the face of multiple European challenges, from recovering from the pandemic, Russia’s war of aggression in Ukraine, and soaring energy costs, the EU’s innovation performance improved by 0.5 percentage points, with most EU member states demonstrating steady growth. 

Denmark retained the first place as the most innovative EU Member State, followed by Sweden and Finland. Estonia overtook the EU’s innovation performance increase of 10 percentage points with an increase of 27 percentage points from 2017 to 2024. The steady growth has been attributed to its strong tech-based start-up ecosystem, SME support, and policy interventions – resulting in reclassification of the country from a Moderator Innovator to a Strong Innovator!  

Despite an increase the EU’s overall innovation performance and strong growth identified in several states, progress was not equal with 11 Member States experiencing a slight decline in innovation performance. In the global context however, the EU maintained its position as a strong innovator notably, steadily closing the gap with some of its competitors including Switzerland – Europe’s most innovative country – and South Korea. The EU’s strong performance has been attributed to its SME sector which notably continues to introduce product and process innovations and environment related technologies – contributing to growth and underscoring European commitments to sustainability.  

You can read the full report here.  

To find out how SMEs can contribute to Europe’s twin transitions and create a more resilient European economy, stay tuned for more updates on the 2024 SME Assembly – hosted by the Hungarian Presidency in Budapest this November!