TNO Chairman Backs Wopke Hoekstra for EU Innovation Commissioner
The Hague, Friday, 16 August 2024.
TNO Chairman Tjark Tjin-A-Tsoi advocates for Wopke Hoekstra as EU Innovation Commissioner, citing the need for Europe to match America’s aggressive innovation policies. Tjin-A-Tsoi emphasizes the importance of risk-taking and venture capital in driving innovation, contrasting with Europe’s risk-averse culture.
The Importance of Innovation in Europe
Tjin-A-Tsoi highlighted the critical role that innovation plays in maintaining Europe’s competitive edge on the global stage. He pointed out that while the United States pursues aggressive innovation policies, Europe has been more conservative, often shying away from risky investments. This conservative approach, according to Tjin-A-Tsoi, has hindered Europe’s ability to lead in sectors that require significant venture capital and bold decision-making.
Comparing Innovation Policies
In the United States, innovation is driven by a culture that embraces risk and allocates substantial venture capital to emerging industries. Tjin-A-Tsoi noted that this willingness to invest in high-risk ventures has led to rapid advancements and economic growth. In contrast, European countries, including the Netherlands, have a strong risk management culture that often avoids high-risk policies. ‘We need to change our mindset towards risk,’ Tjin-A-Tsoi said during his interview on Sven op 1[1].
The Case for Wopke Hoekstra
Wopke Hoekstra, the Dutch nominee for EU Commissioner for Innovation, is seen by Tjin-A-Tsoi as the ideal candidate to spearhead this transformation. Hoekstra’s experience as a former Minister of Foreign Affairs and his involvement in addressing key European challenges such as climate change and economic growth make him well-suited for the role. Hoekstra has previously emphasized the need for the EU to set clear targets and rules to achieve climate neutrality by 2050[2].
A Vision for Bold Investments
Tjin-A-Tsoi’s vision for European innovation includes not just creating funding pools but also setting the right conditions to encourage bold investments. He suggested that pension funds, which are traditionally conservative, should allocate a small percentage of their capital to high-risk, high-reward ventures. ‘Even one percent from pension funds can result in significant financial support for innovative projects,’ he explained[1].
Proposed Innovation Norm
To further emphasize the urgency, Tjin-A-Tsoi proposed an ‘innovation norm’ similar to NATO’s defense spending requirement. He suggested that Europe should legally mandate a minimum of three percent of GDP to be spent on innovation. ‘This would create a sense of urgency and ensure sustained funding for innovative projects,’ he added, though he expressed skepticism about the likelihood of such a norm being implemented[1].
Conclusion: A Call to Action
As Europe faces numerous challenges, from economic stagnation to climate change, the call for bold innovation policies is more critical than ever. Tjin-A-Tsoi’s endorsement of Wopke Hoekstra for EU Commissioner for Innovation is a call to action for Europe to adopt a more aggressive stance on innovation. By fostering a culture that embraces risk and ensuring substantial investment in emerging sectors, Europe can reclaim its position as a global leader in innovation.