In 2020 the GNP of the United States, the European Union (EU) and China amounted to $20.8bn, $15.3bn and $14.7bn, respectively. Europe with 7% of the world's population produced 21% of the world's scientific publications, ahead of the USA and matching China. But in 2020, among the twenty largest technology brands in terms of capitalization, one was European, with four Chinese companies and one Korean company. Among technology companies ranked by revenue, of the top twenty, only one was European. In 2020, among the top 50 companies by revenue, only 86[VM1] were European, while European venture capital deals accounted for 13% , against 50% for the USA, of an estimated $270 billion total venture capital deals across the world. These indicators, which included the UK as being within the EU for 2020, warn us that despite its history, culture, quality of life and size of its population, Europe must make further efforts to transfer science into technology, innovation and business. This report identifies some of Europe's challenges in this respect, and recommends new initiatives to improve science and technology driven innovation in Europe