Europe has set its sights on becoming a leader in innovation and research, and boasting the most dynamic, knowledge-based economy in the world by 2010. What challenges does this entail? And how do foundations come in? With the launch of the European Forum on Philanthropy and Research Funding in December 2007, the autumn 2007 issue of EFFECT, published by the EFC, takes a look at what foundations are already doing to support and cultivate research and innovation, and what the future holds for them in this area.