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Deputy Managing Director of the European Fund for Strategic Investments Iliyana Tsanova ©EIB

The EU is moving in the right direction to expand innovation finance, Deputy Managing Director of the European Fund for Strategic Investments Iliyana Tsanova said at the annual Webit.Festival Europe in Sofia. Despite this positive trend, she adds, “the 3 Fs – Funding, Fragmentation and Frame of Mind” are the main challenges for the EU to become a global innovation hub.

In response to these obstacles, the EU has emphasised research and development in the proposal for the next EU budget. “On the policy side, the EU strategies aim to address many of the challenges related to fragmentation of the European digital market,” Tsanova said.

“Frame of mind does not change overnight,” she said. “Technological developments and digitalisation change the way we live, and we have no choice but to embrace these changes.”

“Those who do not,” she added, “are likely to fall behind.”