The role of innovation can be found to be extremely significant in the area of the digital economy which seems to be the future of the economies of all developed and developing nations across the world. Innovation can be built up by mobilizing and allocating the available resources in the economy, and boosting creativity by forecasting and responding to the demands in the most value reaping and competitive manner. As such, the inclusion of the innovation factor in the aspects of all the growth drivers of the competition policy would help to enhance the effectiveness of the policies in the contemporary economic situations. Thus, it can be summarized from the above discussion that the innovations and modifications in the policies of the European Union, especially in the competition policies can act as critical drivers for the success of the economy in the contemporary environment. The factor of innovation can lead to added efficiency and impacts of the existing competition policy of the Union and as such, distinct changes should be made in the competition policy as a way of delivering better results and negating the economic risks like market failures, redundancies in the economic constructs and competition distortions in the economy. However, the European Commission should make sure that the competition policies are formulated in a manner such that the aids can be provided to the entities functioning in the economy in a transparent, unbiased and nondiscriminatory manner and all the strategies.