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This week saw the European Innovation Summit take place in Warsaw and Brussels, where participants discussed the role of people and talent for innovation and the challenges of innovation funding and financing. Prof. Danuta Hübner, MEP, shares her observations after moderating debates about the future of innovation in the EU.

Europe is trying to put its economy back on the track of long-term sustainable growth. It is facing the grand challenge of rising unemployment and of the need to enhance its competitiveness in the global context. Innovation is the only way to go for Europe. Not only is innovation a global trend, but it's decisive for Europe from a perspective of sustained growth and the creation of sustainable jobs that are not lost to emerging economies tomorrow.

It is hard to think of a single policy field that would not benefit from innovation. We should, however, not think too lightly about innovation. It does not just entail placing a new product on the market; innovation requires a system for new ideas and their conversion into successful products and services.

We all know that growth will not happen without the commitment of the private sector, but despite the fact that innovation may principally be a task for private entrepreneurs, it is up to public authorities to create conducive regulatory frameworks to provide guarantees that reduce the risk that naturally accompanies innovation.

Fortunately, we do not have to start from scratch. European regional policy has ensured over the past decade that the foundations are in place everywhere in Europe, and regions have broadly seized the opportunities presented to them. We know that economic recovery will be slower, patchier, and less effective if addressed only at European or national level.

In fact, innovation-led growth is increasingly place-based, with regions and cities taking the lead. Regions and cities are places where universities and talents, entrepreneurial spirit, social innovation, attractive lifestyles and innovation funding schemes come together. Reaching out to social businesses would be a good choice, to have the support of society for innovation and to reduce the risk of an innovation divide.

Danuta Maria Hübner, MEP, is a Polish economist and politician and Chair of the Committee on Rural Development at the European Parliament. Poland currently holds the EU Presidency.

All views expressed within this article are those of the writer and not of the BBC.