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In this report, for presentation to the Commissioner at the annual Science|Business Horizon 2020 conference on 16 February 2016 in Brussels, we suggest that an EIC focus on two fundamental problems: encouraging more breakthrough innovations, and scaling them up quickly within Europe and beyond. This requires tackling many sub-issues: market barriers, funding shortfalls, skills gaps, poor visibility, uncoordinated policies. But if we are to go through the political effort of creating a new agency – or deciding not to do so – there should be a clear, simple objective. In just four words: scale up breakthrough innovations.