Why innovate? What are the challenges for Europe?

Innovation is often presented as a kind of magic potion for rescuing our societies from stagnation. But does everyone using that word have the same understanding of it? Is there awareness of the benefits but also the risks and the prerequisites for success? The concept of innovation, what it is and what it is not, and the reasons for lesser European performance when compared with the USA, are reviewed.

The evolution of concepts and practices described up to the current paradigm of “open innovation” and its different variants, in which networking plays an increasingly vital role. Lastly, the fundamental question of the purpose of innovation is raised. Beyond the necessary industrial renewal of our economy, its major purpose is to contribute to the solution of the major challenges that our world is facing.