high-tech skills and human capital are required arguably also for successfully doing business in the digital age.
Deloitte analysis Innovative and growth-oriented SMES and entrepreneurs often depend on capital from external sources as they do not have their own resources
crowdfunding might be one of the solutions for restoring capital to entrepreneurs and SMES. According to the 2012 Crowdfundingframework. eu report‘A framework for European crowdfunding'
crowdfunding can not only provide start-up capital for SMES and entrepreneurs, it includes several nonfinancial benefits:
In this respect, the 2012 report‘A framework for European 20 Directive designed to improve the quality of information provided to investors by companies wishing to raise capital in the European union (2003/71/EC
and opening up international markets. 3. Access to finance and capital to improve lending to the real economy by better mobilising
and targeting public resources. 4. Human capital and skills equipping the labour force for industrial transformations,
Support Member States in defining eligibility criteria for potential entrepreneurs (startup capital, type of business, controlling interest, business plan requirements, etc.
whether private capital can be used to expand the passive broadband infrastructure, for example, the civil engineering elements of the infrastructure.
and management 6. 2 Mentoring and networking ICT entrepreneurs identify their greatest needs as start-up capital and opportunities to network with business people and other technology entrepreneurs.
www. iyfnet. org/build-your-business 6. 5 Mobile resources An increasing number of mobile phone resources are enabling entrepreneurs to access capital,
Social capital and collaborative/peer learning Source: Authors In the context of youth employment, it is important to consider the benefits that participating in collaborative learning can offer.
This is especially true for young entrepreneurs who have less social and financial capital, smaller business networks,
access to low interest capital through loans or credit; seed funding; grants; reduced tariffs and taxes;
Venture capital Financial capital invested in start-up companies. Web 2. 0 Websites that allow users to interact,
Seeded with capital from the Lions club and the United nations Development Programme, the company improves health conditions
/2011 balance sheets to return capital to investors. The results were often commoditization, price competition, little true innovation, slow organic growth
Root Capital accomplishes a similar objective by providing financing to farmers and businesses that are too large for microfinance Creating Shared Value-Harvard Business Review Page 10 of 13 http://hbr. org/2011/01/the-big-idea-creating-shared-value/ar
Since 2000, Root Capital has lent more than $200 million to 282 businesses, through which it has reached 400,000 farmers and artisans.
Root Capital regularly works with corporations, utilizing future purchase orders as collateral for its loans to farmers
The partnerships bring in NGOS like Technoserve and Root Capital, as well as government officials, to work on precompetitive issues that improve the cluster and upgrade the value chain for all participants.
Anania@ec. europa. eu Dr. Antonella Passani Head of Society, Innovation and Social Capital Unit T6 Ecosystems srl a. passani@t-6. it Abstract:
and human capital because its outputs and its activities are not leading to this kind of impacts. 5. At this point the SAT will show all the questions related to the impact dimensions selected by the project representatives. 6. The data inserted by CAPS representatives will be elaborated in real time by the SAT
Society and Social Capital research unit at T6 Ecosystems, a research SME based in Rome, Italy.
These include an increase in social capital, i e. the immaterial wealth derived from having links with certain people as a means to reach other people,
Portes, A. 1998)' Social Capital: Its Origins and Applications in Modern Sociology'.'Annual Review of Sociology.
or the UK's Big Society Capital fund and India's Inclusive Investment Fund. They combine investments in new hardware
and Assessment Model to assess the social capital and wellbeing of local areas. What is measured?
loans and capital to budding entrepreneurs from ethnic minority backgrounds who are‘un-bankable'.'Through this support, they have set up micro enterprises and built up a successful credit record.
and capital to clients but has helped already to raise the profile of microfinance in Sweden.
Launchpad (http://launchpad. youngfoundation. org/about/about-launchpad) is a platform that develops promising ideas into new ventures by providing funding, social capital and entrepreneurial expertise.
with a focus on human capital. It combines technological and social innovation. More than 3 000 people were involved in consultations which included surveys of citizens, interviews with experts, consultation committees and talks with organisations such as trade unions and business representatives.
Social innovation is conceived often to address complex social problems which call for investment into human capital, skills, institutions, organisational structures, technology, equipment, infrastructure etc. at the same time.
be it human capital investment or infrastructure, and this aspect has to be taken into account during the design of operational programmes.
109 3. 2. 8. Best practice sharing between Member States regarding the use of capital accumulated in social enterprises and in particular asset locks...
and the economic spheres. 7 The economic concepts of capital and investment have become social policy instruments
, capital and people) at the heart of the EU's Single Market are seen commonly as economic instruments to favour increased competition,
but also overdependence on grants from charities, foundations and public support, in particular when growth capital is needed to engage in long-term ventures.
and the harnessing of contributions to expansion capital from a variety of sources. The Social Business Initiative has addressed also the question of the status of social enterprises (mapping)
I O N A d E C a D E O F C H A n G E s 2020 Strategy should aim to invest in human capital
and participation) and social issues need innovative solutions (innovation is an effective way to address evolving social issues and making the most of our human capital).
which has accentuated the gap between the important long-term returns on human capital and social investments on the one hand and the necessity of keeping public budgets in balance on the other hand,
Also under Horizon 2020, a new prize for the European capital of Innovation will enhance the role of cities as ecosystems driving innovation.
Euveca invest in unlisted companies with limited access to capital, which employ fewer than 250 people
and the technical assistance and business development services of JASMINE help (non-bank) microcredit institutions to provide small loans to those who lack access to traditional capital (like social entrepreneurs).
in order to assess the volume of funds which are potentially available as a potential source of funding for social enterprises. 3. 2. 8. Best practice sharing between Member States regarding the use of capital accumulated in social enterprises
Building on a growing social capital, the EIP's genuine focus is on long-term societal challenges related to an ageing population.
Civil society lacks the capital, skills and resources to take promising ideas to scale. Rising costs The prospective cost of dealing with these issues threatens to swamp public budgets,
both start-up capital in the short term and income streams over the longer term. A network and communications model to develop
what we refer to as the venture's‘relational capital'.'A staffing model including the role of volunteers.
Their limitation is that the founder's influence tends to decline over time (as new capital is brought in),
The best forms of ownership and governance reinforce relational capital, creating a source of resilience for
of engagement and capital. Most businesses see AGMS as an annoying necessity where small shareholders can vent their anger.
Image courtesy of Danone Communities. 4 74 THE OPEN BOOK OF SOCIAL INNOVATION Relational capital New ventures put much of their energy into securing financial capital money to invest in fixed assets on the one hand
But relational capital is just as important. This is both the knowledge and trust built up between a venture and its users and suppliers,
Conventional accounting takes little account of this intangible capital, yet in all social ventures it is the foundation of their strength,
We use the concept of relational capital to capture the quality of relationships within which economic exchanges take place.
but there are many alternative means of generating income, not least through the strengthening of the venture's relational capital through a policy of open information. 142) Formation for developing skills and cultures.
Raising capital may involve some compromise with the providers of capital, but the goal should always be to find ways for the core finance to come from those who share the venture's mission.
This is how My Football Club raised enough capital to purchase Ebbsfleet United. 149) Public share issues are most suitable at times of expansion,
This new director is given enough start-up capital and decides what he/she needs in terms of staff and equipment.
and some rough assessments of the relational capital they bring. Not surprisingly, these tools and approaches are rare
networks, and capital to stimulate innovation, and accelerate the creation and growth of successful Canadian enterprises.
6 The household on the other hand that most distributed of economic systems generates ideas but on its own lacks the capital, surplus time,
Strategic issues Innovation in the public sector always risks being a marginal add-on smallscale in terms of funds, commitment of people and political capital.
investments combining tranches with different rates of risk/return and different sources of capital (philanthropic, public, private) such as Blueorchard (Switzerland) or Big Issue Invest in the UK. 367
370) Securitising future payment'streams to provide investment capital, as with the Prime Carbon scheme in Australia which contracts sequestered carbon from microbial treatment of agricultural soils to large companies on a five year basis,
New Philanthropy Capital in the UK and Geneva Global in the US perform this role. 414) Giving
and New Philanthropy Capital in the UK. Packages of support A network of support services for grant-based organisations has developed,
and growth capital to established social enterprises with the ambition and potential, both to scale up their businesses and maximise their social impact.
154 New Economics Foundation (NEF) 49 New Philanthropy Capital 171; 175 New york's Open Book 154 New zealand Police Act Wiki 42-43 Niagara Peninsula Homes 206 Nike Foundation 113 Nobel prizes 169
84 Regulation & Legislation 161-162 Relational Capital 74-77 Report Empty Homes 18 Research & Mapping 17-20 Risk 54;
and accessible capital, and it will be impeded where capital is monopolized by urban elites or government. In politics and government, the conditions are likely to include competing parties, think tanks, innovation funds, contestable markets,
and plentiful pilots, as well as creative leaders like Jaime Lerner in Curitiba or Lee Myung-bak in Seoul.
Wikipedia defines it as financial capital provided to early-stage high-potential, growth start-up companies.
capital throughout later stages is needed. Literature and research has shown that many start-ups fail. A study by Allman Law, conducted in 2013
human capital, diffused knowledge and skills; technical infrastructures; entrepreneurial culture; and critical mass of available services.
14.1 2. 3 2. 0 0. 3 Slovenia (0. 0) Paid-in min. capital(%of
no bribes No professional fees unless services required by law Paid-in minimum capital(%of income per capita) Deposited in a bank
or with a notary before registration (or within 3 months) Has a start-up capital of 10 times income per capita.
costs 4. 6%of income per capita and requires paid-in minimum capital of 13.8%of income per capita (figure 2. 1). Most indicator sets refer to a case scenario in the largest business city of an economy,
Figure 2. 1 What it takes to start a business in Spain Paid-in minimum capital(%of income per capita:
Madrid Start-up Capital: 10 times GNI per capita Table 2. 2 Summary of time, cost and procedures for starting a business in Spain No.
Notary costs approximately €500 (depending on the amount of the share capital and complexity of the operation) and registration costs EUR 155 to EUR 300 (depending on the amount of the share capital) Agency:
Doing Business 2015 Spain 49 PROTECTING MINORITY INVESTORS Protecting minority investors matters for the ability of companies to raise the capital they need to grow,
and Australia, Colombia and 110 other economies have paid no-in minimum capital requirement (table 15.1 in the Doing Business 2015 report).
the 95th percentile is used for the indicators with the most dispersed distributions (including time, cost, minimum capital and number of payments to pay taxes),
the UNEP Program CCSL (2008) and the international conference Changing the Change, within the framework of Torino World Design Capital'(2008.
the UNEP Program CCSL (2008) and the international conference Changing the Change, within the framework of Torino World Design Capital'(2008.
SMES fare poorly compared with large firms in access to capital, the fruits of research and development (R&d), high quality networks and information technology (IT) systems,
The EU sank nearly €1. 9 trillion into ICT capital in 1995-2001, an average growth rate of over 19%per year.
Other European countries are also investing large amounts of capital in ICT goods and services. 2 ICT gross fixed capital formation in the EU totalled nearly €1. 9 trillion in 1995-2001,
Ahmad, et al, 2004 2ahmad, et al, 2004 The Economist Intelligence Unit 2004 15 Reaping the benefits of ICT Europe's productivity challenge To reap the benefits of ICT we must invest in the parallel areas of organisational capital
The amount of equity capital available for new and early-stage ventures in Europe is beginning to increase and, according to the European Venture capital Association,
the development of these technologies may have a positive contribution in meeting social challenges, for instance by potentially revolutionising work, changing structural relationships between labour and capital,
as well as the formation and exploitation of social capital and cultural identities (Ellison et al. 2011; Oh et al. 2014;
and Human Capital, Ann Harbor: UMI, 1974, pp. 81-90. As of 08/03/2013: http://www. nber. org/chapters/c2963 Beckett, C,
Cambridge university Press Brooks, R.,Population Aging and Global Capital Flows in a Parallel Universe, IMF Staff Papers, Vol. 50, No. 2 (2003), pp. 200-221.
Gil de Zúñiga, H.,Jung, N. and Valenzuela, S. 2012), Social media Use for News and Individuals'Social Capital, Civic Engagement and Political Participation.
"Social Capital and Well-being In times of Crisis."Journal of Happiness Studies: 1-18. Hennig-Thurau, T.,Malthouse, E. C.,Friege, C.,Gensler, S.,Lobschat, L.,Rangaswamy, A,
. and S. Kc,"Global human capital: integrating education and population,"Science, Vol. 333, No. 6042, Jul 29, 2011, pp. 587-592. http://www. ncbi. nlm. nih. gov/pubmed/21798940 50
. & Vitak, J.,Online Social network Sites and the Concept of Social Capital, Frontiers in New Media Research, 15,115, 2010.
Speculations for a new research programme,"Wittgenstein Centre for Demography and Global Human Capital, International Conference:
putting at risk its outlook for productivity, growth, human capital development and job creation. This report, part of the World Economic Forum's Fostering Innovation-driven Entrepreneurship in Europe project, examines
with a particular focus on access to capital for entrepreneurs across the European union Scale up Enabling ventures to scale,
in particular to be able to secure the required financial and human capital and increase the likelihood for the business to break even Scale up Assessing success factors in enabling a business to expand in terms of market access,
or join entrepreneurs Improve access to capital for business foundation Identify and realize mutually beneficial partnerships Stand up Start up Scale up Serial entrepreneurship Individual factors Ecosystem factors 4 5 6 Regulatory framework Market framework Network access 1 2
This section focuses on access to capital as a key bottleneck in starting a company:
and other forms of growth capital require evidence of successful operation and profits that indicate future success at larger scales.
%This section examines the reasons for this contraction in access to capital in further depth,
venture capital and banks. 20 Enhancing Europe's Competitiveness The challenge of access to capital Mediocre long-term performance dampens capital supply
despite a number of recent success stories The quality of ventures demanding capital and the return expected of them in prevailing market conditions play a key role in determining access to capital.
and other asset managers Corporate investors Insurance companies Pension funds Banks Capital markets Academic Inst.//Endowments/Foundations Sovereign wealth funds Supply of business angel financing:
project interviewees and workshop participants did not see the actual availability of business angel capital for seed
but the extent of the difference between Europe and the United states does indicate greater difficulty in accessing growth capital in Europe. 42 17 23 31 35 43 29 30 21 9 6
individuals Fund of funds/other asset managers (including PE houses other than fund of funds) Corporate investors Insurance companies Pension funds Banks Capital markets Academic institutions/Endowments and foundations
Practices to Collaboratively Promote Access to Capital, with Examples Source: Project Team Financing phase Actors Seed/early stage Later stage
and 14%in the US. 48 We need to strengthen access to capital across the region beyond the early stage by creating a partnership between public and private investors in a new European fund-of-funds for venture capital Dörte Höppner, Chief executive,
The CEO-Collaborative Forum (CEO CF) is where CEOS from high-growth companies convene to explore practical solutions to critical problems about finance, raising capital, shareholder issues, their board growth strategies
Among other things, we wish to further explore the opportunities for working with the Danish pension sector to provide capital to high-potential SMES and start-ups.
we need to increment alternative sources of capital to finance entrepreneurship, and we must act decisively in nurturing the best investment environment possible.
and Employment, introducing an assertive agenda along three key intervention areas (human capital, R&d and financing),
79%say that it is difficult to start one's own business due to a lack of available financial support. 65 48%think it is very important to help private investors unlock capital in Europe
Moreover, connecting actors to improve access to capital is of key importance to enable progress towards a more transparent, single European market for risk finance.
and large businesses to network Helping private investors"unlock"capital in Europe and direct it towards venture markets Supporting entrepreneurs to access skilled employees to join their ventures Providing mentoring to new founders Providing more opportunities for potential entrepreneurs to obtain practical experience in an innovative business
Adecco, INSEAD, Human Capital Leadership Institute (2013), Global Talent Competitiveness Index Barclays report, written by The Economist Intelligence Unit (2014), Start me up:
Center Telefonica José María Álvarez-Pallete López, Chief operating officer Javier Santiso, Director, Innovation Funds, Venture and Growth Capital 60 Enhancing Europe's Competitiveness The World
19 The Needs of Technology Developers Looking Beyond Seed Capital...21 The Added Value of R&d for Lead Technology Users...
One of the most important implications of globalisation is that the comparative advantage of OECD nations is shifting away from traditional factors of production, such as land, labour and capital, towards knowledge-based economic activities.
Substituting capital and technology for labour, along with shifting production to lower-cost locations has resulted in waves of corporate downsizing throughout Europe and North america.
1) capital equipment or input-embodied innovation, and (2) design innovation. In capital equipment based innovation firms acquire new process technologies or intermediate products
capital and land because the value of knowledge is intrinsically uncertain and its potential value is asymmetric across economic agents. 9 Investing in new knowledge is a risky activity that most SMES cannot justify.
Other key factors generating new economic knowledge include a high degree of human capital, a skilled labour force,
and high investments in human capital. -Continual innovation. Both the nature of the products, as well as production and organisation methods, are continually being improved.
are principally are intangible assets like proprietary knowledge or a position of market leadership or human capital.
Globalisation has shifted clearly the comparative advantage of OECD countries away from traditional inputs of production land, labour, capital and toward knowledge.
so is by increasing the amount of capital available for access to or investment in innovation and new firm creation.
The Needs of Technology Developers Looking Beyond Seed Capital 73. Several studies have shown that public funding in the form of R&d grants plays a decisive role as seed financing for high tech and potentially high growth SMES.
It is worth mentioning that R&d grants are considered often by these start-up ompanies as cheap sources of seed capital
Governments should encourage such a trend by improving the conditions for private capital investments to support SME innovation. 77.
Public R&d grants were the only viable source of seed capital in Europe during most of the eighties and early nineties, a period during which high tech,
First, the amount of European seed capital from nongovernment sources has been rising constantly. Although these sources of seed capital are much more expensive than a public R&d grant
or loan (EVCA figures show that seed capital funds earned in 1998 about 36%on their invested capital per annum),
they are obtained easily and can be spent with great flexibility (within the limits of a business plan).
since these firms do not have the cash flow or capital to initiate R&d activities,
But the emergence of private capital sources reduced the necessity of public grants for this group.
if no seed capital is available, its development should be stimulated. 98. The second group, the leading technology users, has benefited the most from the recent SMEFRIENDLY programmes introduced by many OECD countries.
WK1 36 Zucker, L.,Darby, M. and Armstrong, J.,1994,‘Intellectual Capital and the Firm:
& González, 2012) and the social capital its network creates (Stam & Elfring, 2008) exerts a contingent effect on the link between EO and performance.
Social Capital, Structural Holes and the Formation of an Industry Network. Organization Science, 8 (2), 109-125.
The moderating role of intra-and extraindustry social capital. Academy of Management Journal, 51 (1), 97-111.
Human capital and the labour market, by Karen Chapple and Sergio Montero-Muñoz. Chapter III: The contribution of research organisations, by David Wolfe.
6 Human capital and the labour market...6 Contribution of research organisations...7 Entrepreneurship...9 SME development...
HUMAN CAPITAL AND THE LABOUR MARKET...32 Introduction...32 Policy issues...32 Assessment of the region...
127 Human capital and labour market...128 Contribution of research organisations...128 Entrepreneurship and start-ups...130 SME development...
i) the impact of human capital and the labour market on entrepreneurship and SME development; ii) the contribution of research organisations to entrepreneurship and SME development;
Human capital and the labour market The Andalusia labour market is affected by structural weaknesses High levels of unemployment,
the quality of human capital has improved not proportionally. The region has experienced actually a reduction in post-compulsory school and university attendance,
Human capital needs to be upgraded so as to compete with the rest of Spain and the EU. The quality of universities needs to be enhanced The university system 10 public universities with a total of approximately 230 000 students depends on the Regional Ministry of Economy,
Box 1. Main policy recommendations Human capital and labour market Link training programmes more effectively with sectors in order to improve firm productivity and innovation
and relatively backward economy was the outflow of human capital to Spanish growth poles, especially to the north and Northeast regions and to Madrid.
The rapid growth in the real estate component of Gross Capital Formation during 2000 to 2005 reinforces this notion of fragility as the collapse of those economies dependent on property price inflation has been the worst among others across Europe.
The challenges faced by new and small firms in terms of emergence and growth in a knowledge-based global economy with specific reference to human capital;
The three critical input factors in a region that impact on and influence new firm creation and innovative growth of SMES are human capital, R&d and institutional capability.
Figure 1. A Schemata for Reviewing the Andalusia Economy Human Capital and the Labour market It is recognised now well that the set of technical, cognitive, facilitative and operational skills competencies and knowledge,
The higher the level of human capital the greater is the return for both the firm (in terms of productivity) and the individual (in terms of higher wages.
This simple equation is prevalent in most of the literature on the subject of human capital.
It is argued also that higher levels of human capital help to generate new, high impact firms and it is this group of firms that create new jobs
2008) Human Capital and the Labour market Research and development Institutions: Framework and Governance Start-ups/New Firm Formation Existing Firms Innovation, Entrepreneurship and Economic Development Networks Input Factors for Framework Conditions Key Drivers of Innovation
and Economic Development Outcomes More recently it has been noted that human capital also plays a key role in promoting
The formation of human capital in this context is a function of both formal skills development
such as social capital and networks vital to both the creation and growth of firms in regions dominated by a high concentration of firms.
As more closely discussed in the thematic chapter on human capital, there are four labour market-related factors most critical to entrepreneurship in all its forms:(
depending on local institutional capacity, the value of human capital, the structure of the local industry, national immigration policy, local framework conditions,
i) human capital and labour market issues affecting entrepreneurship and SME development; ii) the contribution of research organisations to entrepreneurship and SME development;
i) human capital and the labour market; ii) contribution of research organisations; iii) entrepreneurship and new start ups;
HUMAN CAPITAL AND THE LABOUR MARKET Introduction Human capital development and labour market dynamics play a key role in a knowledge-based global economy.
This chapter describes the state-of-the-art in academic research on human capital, with a particular focus on the labour market characteristics of successful regional innovation systems.
We first examine debates about human capital generally then turning to the debates about labour market preparation for entrepreneurship.
Role of human capital in the knowledge economy: Debates in the literature Higher levels of human capital create returns not only in terms of worker productivity but also of higher wages (Becker, 1965.
With the advent of the knowledge economy, the overall premium to higher education has increased sharply (Carnoy, 1994.
wages are bid up for those workers who possess high levels of human capital while, due to falling demand,
Role of human capital in entrepreneurship and innovation Although research has confirmed long the importance of human capital to business productivity,
less is known about the role of human capital in fostering entrepreneurship. From the few studies that exist,
it is clear that successful entrepreneurship stems from a relatively broad conception of human capital as not just education and training,
Not surprisingly, then, investment by firms in their employees‘human capital has been shown to encourage innovation and entrepreneurship (Sevilier, 2006.
Human capital that combines education and experience gives employees the adaptiveness so key to entrepreneurship (Wright, Hmieleski, Siegel and Ensley, 2007.
Andalusia presents an example of=badly used human capital‘:‘as the educational attainment of resident workers has increased,
There are three Regional Ministries involved in human capital development in Andalusia: The Ministry of Education;
Figure 8. Regional Agencies involved in human capital development Source: Personal elaboration based on the competencies of the three regional ministries as listed in www. juntadeandalucia. es as of July 2010.
As the literature on entrepreneurship and human capital indicates RETA is suited particularly well for this role because of the breadth of its networks,
but also by fostering low-tech innovation. 10 Policy recommendations In the area of human capital and the labour market,
but should help coordinate the regional conversation about human capital development related to entrepreneurship. In particular it can play a pivotal role by helping to link vocational training to the many other efforts.
However, only a few localization training programs exist, leading to a human capital deficit in this area. Certificate programs in the U s.,Ireland, Germany, the U k,
Entrepreneur Human Capital Inputs and Small Business Longevity. The Review of Economics and Statistics, 72,4: 551-559.
Human Capital. New york: Columbia University Press. Carnoy, M. 1994. Faded Dreams: the Politics and Economics of Race in America.
Knowledge-intensive entrepreneurship and human capital. Journal of Small Business and Enterprise Development 10,4: 426-434.
From Human Capital to Social Capital: A Longitudinal Study of Technology-Based Academic Entrepreneurs Entrepreneurship:
Human Capital Investment, Entrepreneurship and New Firm Creation. Unpublished paper. Shrader, R c. & Siegel, D. 2007.
Assessing the Relationship between Human Capital and Firm Performance: Evidence From Technology-Based New Ventures.
The role of human capital in technological entrepreneurship. Entrepreneurship Theory & Practice 31,6: 900-910.
The third generation of innovation approaches focuses on the role of shared knowledge and learning processes and the importance of building relationships and social capital between key actors and institutions.
It could improve the quality of human capital working in the firms by providing them with technically trained university students;
Europe-Reflections on Social Capital, Innovation and Regional Development. Nowy Sacz: Wyzsza Szkola Biznesu National-Louis University.
Invest more in human capital through better education and skills. The recent global crisis has
but this is likely to be hampered, to some extent, by the relatively low levels of human capital in the region.
if it is to utilise the growing pool of idle human capital in the medium to long term.
the level of local human capital, whether or not in employment, needs to be upgraded. Despite the recent catch up effect driven by higher levels of business activity (e g. construction and tourism sectors) and GDP per capita (now 80%of the EU average),
Human capital needs upgrading so as to compete with the rest of Spain, the EU and further afield,
start-up capital is low, and record-keeping, accounting and taxation are straightforward. By contrast, setting-up a legal entity is a more demanding affair,
This resulted in a shift of resources, particularly of capital and labour, from the more productive and internationally competitive sectors of the economy.
i) human capital and labour market; ii) research organisations; iii) entrepreneurship and start-ups; iv) SME development.
Human capital and labour market Three key issues have emerged in the area of human capital and labour market:
and draw in to the region a greater pool of human capital. But an exclusive focus on such a strategy could be at odds with the actual requirements for the region in terms of its economic development today.
Box 6. Main policy recommendations Human capital and labour market Link training programmes more effectively with sectors in order to improve firm productivity and innovation,
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