Innovation, McKinsey: “Europe lags behind China and the United States”

Marco Piccitto, director of the McKinsey Global Institute, guest of Sky TG24 Business: “In our continent we need more investments on a scale as in the USA”. Watch the video

Europe needs more large-scale investment, as is already the case in the United States. This is the warning from Marco Piccitto, director of the McKinsey Global Institute, guest of the episode of Sky TG24 Business. “You need scale and speed. The scale is given by agencies that push innovation in an integrated way, as has been the case in the United States for years “.

The European Chips Act goes in the right direction

The EU Chips Act, the package of over 43 billion euros wanted by the European Commission to reduce the gap of the Old Continent in the field of semiconductor production and to avoid dependence on Asian countries, can be a beacon. “On chips, the European scale is finally comparable to the American one. I think the reason for the Chips act is more to secure the value chain rather than innovation, because the chip is now a basic technology, albeit an important one, “said Piccitto. Large investment programs, such as that of chips, could also be adopted for other technologies, according to the director. integrated purchasing plans. “In the United States 45% of the purchasing budget is federal, in Europe only 0.2% is federal. For companies, having a single buyer means having a much more attractive standard ”.

Europe still lags behind China and the United States

According to Piccitto, the gap in the field of innovation between the Old Continent and Asia and the United States is still very large. “We analyzed the 10 most innovative technologies, such as block chain, cyber security and applied artificial intelligence. If we compare Europe, the United States and China, our continent is only ahead on 2 and behind on at least 8 technologies. As Europe, we are ahead on the green tech side and on the search for innovative materials, but we are far behind on other technologies ”.

The other themes of the episode

In the episode of Sky TG24 Business on October 19 (review it here), there is also space for comments on the markets with Orietta Ceriani from Capital Markets range and to the Truss government’s turnaround on fiscal policies with Francesco Castelli, Head of Fixed Income Banor Capital.