Sunday, May 07, 2006

Europe's government-funded research

I saw yet another item about how European governments think science, technology (IST) and innovation are their ticket to a renaissance in the 21st century. The EU, through its framework programs, are funding private and academic research to the tune of a billion Euros a year, and there's more to be had for the asking in Germany, France, UK and everywhere else.

Good research does come out of this. I know of two such projects: CoBIs and PROMISE. Slashdot reports a cool EU project every other week or so. But there is pretty much no quick commercialization of this research. Venture capital in Europe is still struggling and the society still frowns upon failed entrepreneurs.

It will take 3-5 more years for Europe to figure this out, but if it does, in the next 10 years, European innovation will be front-page news on a daily basis and more than a few Google's will emerge.

US venture capitalists should be smart and look at the European government-funded research and nurture it - there's some good stuff going on there.

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