Security as a field of innovation is a keystone for protection of EU citizens and represents a strong market for new products, the worldwide size of which is estimated to be over €35 billion. Europe has been lagging behind in terms of developing innovation in its security technology industry. GSC and Forrester research into venture capital investment in security companies between 2008-2009 shows that 89% of IT-security venture funding happened in the USA, with only a meager share occurring in Europe.
Competitions are increasingly recognized as an effective way of promoting innovation. For the last twenty years the prize industry has boomed, increasing more than 15-fold. The US Space and Security authorities have been supporting world leading competitions for many years. The Obama administration has re-authorised the America COMPETES act to support innovation and innovators. Is it time for Europe to catch up?
The "European Security Challenge" project looks at innovation from a European perspective, investigating the opportunities on offer for EU policy makers and innovators through the use of competitions.
Press Release (pdf 2.2mb)