Technological innovations such as nanotechnology and/or biotechnology are being developed at such a rapid pace that they present a challenge to health and environmental risk assessment. Because of this rapid rate of innovation, a gap can arise between technological innovations and the development of suitable risk assessment tools and frameworks. A way to minimise this gap is (a) for industry to try to reduce uncertainties and risks to human and environmental safety, starting at an early phase of the innovation process and covering the whole innovation value chain (or life cycle for product development) (the ‘Safe(r)-by-Design’ concept, SbD); and (b) for regulators to anticipate the regulatory challenges posed by innovations such as innovative nanomaterials (NMs) and nano-enabled products, their applications and potential safety issues (Regulatory Preparedness, RP). These two distinct components together form a ‘Safe(r) Innovation Approach. The purpose of this report is twofold: firstly, to support innovation and ensure that nanomaterials and advanced materials are developed in a safe and sustainable way supported by a circular economy, and secondly to identify and prioritise the elements to be considered for safety and sustainability.