A new EC report, The role and internationalisation strategies of multinational , scrutinises the nature of industrial innovation in Europe. Today, pharmaceuticals and biotechnology, automotive, IT hardware, electronics and electrical equipment are the most internationalised industries. The report is published as part of European Commission DG Enterprise and Industry’s global review of innovation policies. Jointly prepared by the Austrian Institute of Economic Research (WIFO) and the Nordic Institute for Studies in Innovation, Research and Education, it is based on extensive literature survey complemented by new empirical evidence. The lessons from this report may have implications for academic research that is likely to result in technology transfer of research into innovative solutions.