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Times may be hard, but it remains possible to be innovative, Henry Chesbrough, the father of Open Innovation and ESADE Visiting Professor, tells Science|Business.

With their promise of energy self-sufficiency and job creation, smart grids are seen as the next industry gold rush.

Today in Munich, GE calls on European researchers and innovators: Pitch in your ideas to a €160 million open innovation challenge, and help build the electricity grids of the future.

Today in Munich GE launches a $200M venture fund for smart grid technology. Can this also help electrify Europe’s innovation machine?

GE’s $200M call for entrepreneurs to bring their smart grid technologies is also a challenge to the whole system of research, development and innovation in Europe.

Ireland has launched a €500 million innovation fund as a lure to attract international venture capital firms to set up European operations in the country.

GE is joining four US VCs in putting up $200M for open innovation in electricity generation, transmission and use, to deliver the environmental promise of smart electricity grids.

As research takes centre stage in economic strategy, the European Commission is making moves to turn its ideas on how to promote innovation into reality.