European Commission Vice President Neelie Kroes is today proposing a number of detailed ideas about new ways to spend EU research money under the EU's proposed new research programme.

Dubbed Horizon 2020 she wants to invest €16bn in digital technology research, out of the €80bn Horizon 2020 proposal. Kroes wants to allocate 5 per cent of the funds for open, disruptive innovation and give financial prizes for those who solve major problems. There will be other cash available for schemes that cut across societal challenges. There will also be moves to develop links between academics and the private sector to ensure they deliver "real products, real services, real jobs".

Kroes wants to ring-fence significant funds for the most high-tech, innovative SMEs (small and medium-sized businesses.) She said that if the EU invests  better, it will innovate better, and we will build a better future.

“The world is changing: the way we innovate needs to change too," she said.