The advent of the 21st century has seen economies worldwide increasingly investing towards developing smart and sustainable innovations for addressing social and environmental challenges such as climate change, adapting to demographic change, public health care an well-being etc. These challenges, often referred to as 'grand challenges' are extremely complex in nature and require dynamic collaborations between the state and private actors to explore and exploit new areas of growth, and develop suitable solutions for the same. Through mission-oriented innovation, policy makers provide a framework for systematically implementing mission-led research to bring together the willing public and private actors to create system-wide transformations across the entire value chain. By virtue of its abundance of knowledge, skills and resources, the European Union provides a fervent ground for implementing mission-oriented innovation to address grand challenges, but this fragmentation could also make it an extremely complex scenario to do the same. However, through public funds such as the Horizon 2020 framework programme, the public sector can provide a foundation for initiating mission-oriented policies by funding the early, high-risk and uncertain stages of innovation, which private organizations and SMEs can capitalize on to develop smart innovations. In order to do so, the public sector must possess the appropriate set of dynamic capabilities for bringing private actors to actively work towards developing solutions for addressing grand challenges. Additionally, the fragmentation of knowledge and skills available across member nations of the European Union, industrial sectors or technologies differ, making it highly probable that the degree of private participants in mission-oriented innovation also differs. This thesis identifies the extent of private participation in European mission-oriented innovation by qualitatively analyzing data extracted from the European Commission's Community Research and Development Information Service (CORDIS) database. A descriptive statistical analysis of the data extracted from CORDIS has identified the current degree of private participation in initiatives encompasses in the Horizon 2020 framework programme. This study identifies the proportion of private participation in the various member states of the European Union and across different societal challenges. It also, identifies the participation of SMEs and incumbent in these initiatives. Based on the results obtained, this study discusses its implications for mission-oriented innovation and provides a scope for possible areas for future studies. Additionally, this study goes one step further to analyze the CORDIS database to understand it benefits and shortcomings. Lastly, this study also provides recommendations for steering policies in a more effective to better suit actors/researchers/policy makers from specific regions or sectors. The results can be utilized by researchers to conduct studies to identify the dependent variables that directly affect the participation of private actors, which can open up areas of research to understand what factors drive the participation of actors in mission-oriented policies. It also provides insights on the possibilities of using the CORDIS database for steering mission-oriented research.