Research and Innovation Innovation Union Competitiveness papers Issue 2013/3 Europe's competitive technology profile in the globalised knowledge economy EUROPEAN COMMISSION Directorate-General for Research and Innovation Directorate
Economic Analysis and Indicators Europe's competitive technology profile in the globalised knowledge economy Innovation Union Competitiveness papers Issue 2013/3 Europe Direct is a service to help you find answers to your questions about the European union.
5 1. Europe's position in the globalised knowledge economy...6 2. Technology profiles of the world's major knowledge centres...
With the economic crisis in Europe and the US, activities for incremental innovation are located increasingly close to the more dynamic Asian markets.
which relies on a larger part of the economy producing knowledge-intensive and high valueadded goods and services.
Porter, 1990) This paper presents an overview of technology development in Europe in this context of a global knowledge economy.
The underlying hypothesis is that periods of deep economic crisis have accelerated historically technological change, at the same time transforming the broader economy. 2 An evidence-based approach is important for going beyond simplistic concepts,
and the results indeed show a more multifaceted picture of Europe. 1 Castells, 1996; Expert group to the European commission, 1997.2 Schön, 2009.
Introduction 6 Europe's compet it ive technology prof i l e in the global ised knowledge economy 1. Europe's position in the globalised knowledge economy The total
the largest increase of the world share has been among the BRIS countries and in other knowledge-growth countries in the world, possibly the first significant signs of the rising importance of these countries in the global knowledge economy.
%The main expansion is found in Japan, China and other developed Asian economies. 3 PCT:
ii) Other Developed Asian Economies does not include SG and TW;(iii) BRIS does not include India and South africa.
ii) Other Developed Asian Economies does not include SG and TW;(iii) BRIS does not include South africa.
-28 United states Japan China Other Developed Asian Economies (KR+SG+TW) BRIS (BR+RU+IN+ZA) Rest of the World (5) Researchers (FTE
although investments have fallen with the current economic downturn Concerning FDI, the data shows that the EU is still the main destination in the world,
At the same time, emerging economies such as China and India have increased their share of total world FDI inflows.
firms from emerging economies are increasingly acting as FDI investors Even though non-EU firms increasingly consider comparative advantages for investment in geographical areas other than the EU, the EU remains the major destination for foreign direct investments of US firms.
-10%2004 2005 South korea 8 Europe's compet it ive technology prof i l e in the global ised knowledge economy This signals a shift from the traditionally perceived position
etc. an increasing interest from emerging economies is seen in investments in technology and knowledgeintensive fields.
With the economic crisis, outward foreign direct investment flows of European firms have reached the level of FDI flows inside the European union In 2008,
The internationalisation of the economy has moved to cover the higher end of the value chain,
i l e in the global ised knowledge economy While EU firms invested € 13.2 billion in the US,
and Industrial Scoreboard datasets, see Azagra-Caro, J. and Grablowitz, A.,2008.12 Europe's compet it ive technology prof i l e in the global ised knowledge economy between the two data sets,
even surpassing the US following the economic crisis. Technology production in the US, when measured in PCT patent applications,
was affected more heavily by the economic crisis, although there has also been a clear recovery trend since 2010.
i l e in the global ised knowledge economy Economic transformation addressing societal challenges may come from Asia Figures 10 and 11 below highlight the accelerating progress of Asia in transformative technologies linked to major societal
Contrasting with the slow move from the traditional technology leaders of the US and the EU, the figures below outline a major geographic strategic shift in the world's knowledge economy in the decade to come.
The trend of an increasing world technology share of Asian economies is also clear at this level.
16 Europe's compet it ive technology prof i l e in the global ised knowledge economy The EU is not focusing on these transformative technologies.
'18 Europe's compet it ive technology prof i l e in the global ised knowledge economy Figure 14:
Clean transport strengths (share of S&t in ERA), 2000 11 20 Europe's compet it ive technology prof i l e in the global ised knowledge economy
and demand with networked specialisation The demographic evolution in developed economies is leading to an ageing population, with public health systems under increasing cost pressure.
Innovation medicine relevant specialisation of European countries 22 Europe's compet it ive technology prof i l e in the global ised knowledge economy cancer, immune-mediated
However, Asian economies are growing very swiftly and have already overtaken the technology lead of Europe and the US in certain sectors.
while Asian economies have taken the lead in ICT and reached a technology position on par with the Western block in green energy, environmental technologies, materials and space.
while the Asian economies are specialised in ICT, energy and the environment. However, Europe has the potential to strengthen its competitive position in these converging technologies relevant for societal challenges and emerging growth markets.
Conclusions 24 Europe's compet it ive technology prof i l e in the global ised knowledge economy Azagra-Caro, J. and Grablowitz, A. 2008)‘ Exploring data on business R&d:
Economy, Society and Culture',Volume I: The Rise of the Network Society, Blackwell Publishers Ltd, Oxford, UK Expert group report to the European commission,
Press, New york Schön, L. 2009)‘ Technological Waves and Economic growth Sweden in an International Perspective 1850-2005',paper 2009/06, Circle, Lund University Stehrer, R
'paper presented at the European commission Mutual Learning seminar 2012 References European commission Europe's competitive technology profile in the globalised knowledge economy Luxembourg:
10.2777/29715 This article analyses Europe's competitive technology profile in the context of a globalised knowledge economy and increasingly tougher world competition for the upper end of the global value chains.
IT--facilitated clusters is emerging that could bring significant economic growth and wealth to sector participants.
identifies cluster stakeholders, describes factors that influence cluster success, and proposes a programme of research to guide future policy-making in the creative,
and stakeholder interests and influence Determine factors that stimulate enterprise start-up, growth and success Evaluate the need for short--term
the significant contribution that this hybrid sector delivers to an economy as a whole can be recognised. 1 Chair of Tech City UK 2 Economist, 21st Sept 2013,
The authors have been observing these clusters for some time including direct involvement and interaction with cluster stakeholders and enterprises themselves.
Thus, the search is for explanations that reveal mutual benefits to cluster members and their broader stakeholders.
for the purposes of our discussions we are considering groups of enterprises producing a critical mass of business activity that have significant impact on the local economy through investment, employment, infrastructure and profitability.
Here, the protagonist can see how the development of a digital local economy could respond to addressing a problem,
and often anchored by one or a small number of key stakeholders. A good example to consider is the recent re--generation project in Salford, Greater manchester.
economy and ecosystems, and is our third case history at Appendix‘A'.University--Based Technology Enterprise Centres/Parks/Incubators Centres of academic excellence usually universities
The government has realised that the economy could be benefit from connecting the two booming clusters.
Economist, 21st Sept 2013, p30) Figure Four, below, models this type of cluster. Multiple Clusters Many clusters develop a strong identity with a specific industry educational technology in Birmingham, Marketing and Advertising in Bournemouth,
Stakeholder Interests and Influence With recognition of the potential economic value that creative, digital clusters can bring to local,
regional and national economies there is a discernible interest by various stakeholders to engineer the development of viable and sustainable enterprise ecosystems.
We identify these stakeholders who may hold an interest and influence in the development of a successful, sustainable creative, digital cluster.
Business schools can certainly offer a great deal in providing executive education programmes to the stakeholders identified above
Whatever stakeholder position the reader adopts, the development of successful creative, digital clusters represents a major strategic leadership challenge to ensure that the opportunities for high--value employment,
green economic growth and impressive returns in investment are lost not. The authors are keen to discuss with readers how the research agenda can be progressed.
The authors are quite clear where they stand this is an opportunity for all stakeholders to take advantage of the benefits that these clusters Bring to help leaders develop successful businesses
and what impact they have on local and national economies. Various credible sources have offered data and insights as we have referred to in this paper
with Tracy Emin at the vanguard, moved in during the economic downturn of the early 1990s.
Primary References Economist, 21st Sept 2013, p 30 Tech Nation‘Powering the Digital economy'www. TECHCITYUK. COM https//www. gov. uk/government/news
Exploring the impact of open innovation on national systems of innovation A theoretical analysis Yuandi Wang a, Wim Vanhaverbeke a b c, Nadine Roijakkers a a Hasselt University, Faculty of business Economics
First, it encourages OI scholars to conduct their research within a broader economic growth perspective as this paper reveals that OI practices are connected closely to a country's specific innovative context.
Its ultimate goals are economic growth, job creation, and acquisition of international skills. Each innovation system performs differently in achieving its supposed aims.
The majority of these central labs were dismantled especially during the 1990s as big companies were pressured by shareholders to focus on short-term profits.
and further improve NSI effectiveness. 3. 8. Benefiting from strong specialisation in innovative labour Economists have shown that the growth of a more complex division of labour is closely bound to the growth of total production and trade
the economy of specialisation was confined largely within firms 74. A study by Arora et al. 75 shows that a decline of research productivity inevitably occurs
Here, they stressed the role universities play in technical innovation and knowledge-based economies. Such networks are popular in NSI research.
industries, and national economies. In this study, we examine how open innovation practices in firms have an impact on the regional or national systems of innovation (NSI.
G. Dosi (Ed.),Technical Change and Economic theory, Pinter Publishers, London, 1988.41 M. P. Hekkert, S. O. Negro, Functions of innovation systems as a framework
The Politics of State Policy Innovation, Louisiana State university Press, Baton rouge, 2007.46 C. Freeman, Continental, national and sub-national innovation systems complementarity and economic growth, Res.
NBER Innovation Policy & the Economy, 2 (1), MIT Press, Cambridge MA, 2002, pp. 51 77.49 H. Chesbrough, Open Business models:
Evolutionary Economics and Path Dependency, Elgar, Cheltenham, 1997.61 R. Rothwell, Successful industrial innovation: critical factors for the 1990s, R&d Manage. 22 (1992) 221 239.62 W. Nasierowski, F. J. Arcelus, On the efficiency of national innovation systems, Socioecon.
S&t Indicators for the Knowledge-Based Economy OECD, Paris, 1996.64 M. E. Porter, The Competitive Advantage of Nations, Free Press, New york, 1990.65 C. Freeman
Rev. 50 (4)( 2009) 68 77.73 J. Stiglitz, C. E. Walsh, Economics, third edition W. W. Norton & Company, New york, 2002.74 D
The Economics of Innovation and Corporate Strategy, MIT Press, Cambridge and London, 2001.76 D. A. Levinthal, J. G. March, The myopia of learning, Strategic Management Journal
in the Economics of Innovation Series, Elgar, Cheltenham, UK; Northampton, MA, 2006.82 K. D. Backer, Open Innovation in Global networks, OECD, Paris, 2008.83 OECD, Open Innovation in Global network, OECD, Paris, 2005.84 C
Michael Golz, CIO Americas, SAP Born to be digital 25 Chart 8 Business relationship of CIOS with internal and external stakeholders 58%73%Chief executive officer (CEO) 63%75%Chief
which makes a closer link to the CEO or other key executive stakeholders more vital.
economics or physics, there is typically a dimension beyond IT to their studies. For example, Jeanette Horan, CIO at American IT company IBM, did a bachelor's degree in mathematics,
DANSK IT 1975 1982 Master of Economics, University of Aarhus 1989 MDP program, Cranfield University Diego Calegari IBM 2013 today Spanish South america CIO Executive
The Economist, 27 may 2013. Further reading Ready for take off? How to make the business fly, EY, 2014.
The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over.
We develop outstanding leaders who team to deliver on our promises to all of our stakeholders.
and Academy of Economies Studies from Bucharest Oncioiu Florin Rzvan University of Agronomic Sciences and Veterinary medicine of Bucharest Romania Innovation is a broad concept
259 The creation of new businesses is necessary for the renewal and modernization of the economy but not sufficient.
and the suburb economy, comparing that between the income tax and gray economy. The Northern states with large amount of social expenses in the brut profit have increased also suburb economies.
Suede, Norway and Finland, have gray economies of 19, %while USA or Switzerland only 8, 8%of the total economy.
In spite of reducing the income tax and those on the profit to 16%,Romania with assistance expenses of 38
6%has a suburb economy of 34,4%.%It is very logical why a company manager to be very reticent to legalize his affair,
as long as due to the fiscal reform it has a reduction for taxes, incomes and contributions by 2, 2%of the brut profit,
In Romania was created a vicious circle where the state is ensuring the minimum financial resources for stimulation of knowledge-based economy
for Romania the small and medium businesses are representing the engine of the economic growth and a vector for disseminating the research and development results.
A high degree of innovation is considered to f make the economy more‘competitive'.'Innovation will not only support the development of new products or increase the productivity of labor and capital,
but also bring more economic growth, employment, a better balance of payments, improve the labor conditions etc. There is clearly a link between microeconomic issues such as entrepreneurial startups and macroeconomic performance.
This is especially the case in a small open economy operating in this type of market as is illustrated by the case of Romanian References 1. Biatour, Bernadette and Kegels, Chantal and Vandecandelaere, Siska (2006.
The irish economy is operating within tough budgetary conditions and fiscal constraints. The Government's response includes its Building the Smart Economy
which identifies the importance of returning to export-led growth3, and budgetary steps taken in December 2009.
and was used to inform stakeholder consultation and workshops Regional Competitiveness Agendas Volume II: Realising Potential for each region:
Ireland's enterprise structure is shifting as services contribute a greater proportion to overall economic growth.
In knowledge intensive and service oriented economies, what actually happens at the level of the regions will increasingly account for the success of the national economy in the first place10.
Sustainable Recovery and Growth: The Enterprise Agenda The Government's Building the Smart Economy identifies the importance of returning to export-led growth
and the enterprise agencies have a crucial role to play in leading and supporting that objective.
Region as an important region in its own right, given Dublin's significance as an international city and its own challenges and potential in that context. 10 NESC (2008: 178) The irish Economy in the Early 21st
Regions that support strong and dynamic enterprises are crucial to Ireland's return to overall economic growth.
Rising Unemployment and Reskilling The current economic downturn has resulted in a significant increase in unemployment across the country, primarily within construction, retail/hospitality and manufacturing activities.
The current economic downturn the pace at which unemployment has been increasing and uncertainty have exacerbated fears and a call for action.
These include non-formalised and ad hoc relationships between key stakeholders; reactionary rather than strategic collaborations;
challenges in achieving buy in from stakeholders; the requirement for effective leadership and management of expectations;
Innovation Many of the regional stakeholders view HEIS as the primary source of innovation, although international research shows that it is one source only (and not a primary source) 20.
In relation to the role of HEIS, stakeholders highlighted the real challenges for SMES to access and absorb the‘appropriate'Intellectual Property.
Enterprise Related Regionally Based Initiatives As a developed economy (facing significant challenges in the current economic downturn) successful enterprise development is premised upon enhanced skills and innovation, leading to improved productivity and competitiveness.
These initiatives bring together a range of stakeholders, for a variety of reasons, for example: to respond to a particular need and/or crisis (e g.
and within the Doehlg structure that harnesses the range of stakeholders required to deliver, at the regional level, on a cohesive and coordinated enterprise focused agenda.
manufacturing remains an important part of the economy of the West. Manufacturing employment declined however over the 1998-2008 period in line with the decrease nationally Medical Devices is the most significant employer within the exporting sectors
Discussions at the workshop and through one-to-one consultations demonstrated an understanding and'maturity'across a wide range of stakeholders of the importance of innovation to the future growth of the region
OVERVIEW, FINDINGS & ACTIONS 28 Key points of interest and potential The absence of a university within the region has been cited by regional stakeholders as a significant deficit
the agricultural sector remains a significant part of the Southeast economy. Strong international players in the food processing industry provide a solid platform for future growth
Key Actions (Extract) The enterprise development focussed Spirit of Enterprise Forum is an initiative that has brought together the relevant stakeholders over the past 3 years,
In terms of economic activity, the most prominent sectors in employment terms are the public sector, the financial services sector,
Unlike most other regions in Ireland, the East's employment was not dominated by construction sector during Ireland's period of rapid economic growth.
and articulate the skills needs for the local economy and encourage and promote a strategic response from existing local FORFÁS REGIONAL COMPETITIVENESS AGENDAS:
Sectoral Opportunities 9the Bio-economy 10agri-Food 10bio-energy 12tourism 13internationally Traded Services (excluding ICT) 15ict Services & Software 16lifesciences 185.
We have seen already the impacts in terms of a decline in economic activity and increases in unemployment. The more recent downturn in employment is marked particularly in both the construction
The Government's'Building the Smart Economy'document identifies the fundamental importance of returning to export-led growth.
Methodology Desk-based research and one-to-one consultations with a range of stakeholders were undertaken to outline the current status of the region and highlight opportunities and challenges specific to it.
and within the context of the current economic downturn, it is even more challenging. Having said that, there are a number of global drivers that will continue to have implications for how companies will do business in the future3,
Services contribute a higher proportion to GDP in developed economies driven by consumer demand, increased disposable incomes and a demand for‘personalised'solutions.
is to shift economic growth toward export oriented sectors and activities and to stimulate employment opportunities in particular.
and more recently, software development provide a strong platform for future growth in emerging convergent sectors. 9`A workshop for key economic stakeholders was held in Kilkenny on 9th june 2009 10 The sectors listed should not be considered an exhaustive listing,
SOUTHEAST 10 The Bio-economy In its long term strategy, Towards 2030: Teagasc's Role in Transforming Ireland's Agri-Food Sector and the Wider Bioeconomy11,
Agribusiness also plays a significant role as part of a wider‘bio-economy, 'as scientific advances, consumer trends
and the wider Bio-economy 13 Although this does not take into account contributions toward corporation tax Significant Future Potential‘Agriculture, forestry,
Teagasc's Role in Transforming Ireland's Agri-Food Sector and the wider Bio-economy FORFÁS REGIONAL COMPETITIVENESS AGENDA:
SOUTHEAST 11 As with many other sectors of the economy, agribusiness faces difficult trading conditions today.
Commodity prices are low for agricultural goods with strong competition arising from low cost production locations.
SOUTHEAST 13 development of niche areas within bioenergy, waste management, bioenvironmental monitoring and high value commodity products from biomass,
and one which is likely to have positive spillovers into other aspects of the region's economy and society,
Realising Potential Some challenges need to be addressed to enhance the contribution of tourism to the region's economy:
A joint approach needs to be taken to developing the Southeast's tourism products by stakeholders and tourism promoters for the successful exploitation of particular market segments, especially domestic holidaymakers.
what has been called‘The New Software Economy'19. This new context sees a number of trends that provide both opportunities and challenges for software companies,
The companies typify the kind of activities associated with the‘new software economy'and include: Nubiq mobile website generation and personalisation;
To achieve Ireland's ambition as outlined in the Smart Economy, the business environment needs to continuously evolve to meet these changing needs to provide a dynamic environment that is supportive of early start ups and entrepreneurial activities,
Leadership and Strategic Capacity The ability of a region to realise its economic potential hinges very much on the ability of key regional stakeholders to act cohesively-in support of key enterprise sectors/activities with potential for growth,
and there are good examples of where the regional stakeholders have acted collaboratively to achieve certain regional goals-for instance,
The regional stakeholders also need to consider the unique urban configuration within the region and how the other strong centres in the Southeast along with the Gateway can operate more effectively in concert to achieve critical mass.
SOUTHEAST 27 Skills and Education As in the rest of the economy, the Southeast is facing a major skills deployment issue over the medium term.
and other interested stakeholders representing business, local authority and community interests. Skills related labour market interventions at both national and regional level will need to realise the following aims:
and other stakeholders. Initiatives such as the North West Cross-Border Workforce Development Forum can be important tools in identifying how the existing skills base can be reoriented towards areas of growing skills demand within the region26.
Further development of tourism-related opportunities will require a specific focus-in conjunction with Fáilte Ireland and other relevant stakeholders.
There are many actions that can be taken at a regional level, with the relevant regional stakeholders acting collaboratively,
Focusing on business sectors that are matched closely with the emerging needs of the economy and that can operate competitively in global markets from an Irish base.
Pursuing Ireland's policy of becoming a knowledge-based economy by actively building world-leading clusters of knowledge-based activities.
Compiling up-to-date statistics and facts for research into industry, the economy and foreign direct investment in Ireland.
The role of the Business Development Manager in each region is to liaise with Industry stakeholders to provide support in developing businesses capability and standards to support business goals, service standards, profitability and longterm sustainability,
It includes inputs from Enterprise Ireland (EI), IDA and SFI, Fás, the HEA and Fáilte Ireland and other stakeholders,
involving the enterprise agencies, local authorities and other regional stakeholders. A2. Accelerated Development of the Waterford Gateway A review of the Planning and Land use and Transport Strategy (PLUTS) and the Strategy for Economic, Social and Cultural Development of Waterford City 2002-2012 should be undertaken under the auspices
and other relevant stakeholders as and when appropriate. Tourism: build on the progress achieved to date under the Fáilte Ireland operational plan for the region.
SOUTH EAST EMPLOYMENT ACTION PLAN FORFÁS 1. Background and Context Introduction All of the regions in Ireland have potential for economic growth and employment creation.
ongoing structural adjustment within the regional economy and the region's unique locational factors, including a dispersed urban configuration with a less than dominant regional Gateway and for many parts of the region, international accessibility
EI has 430 clients in the region employing 18,237 people, with exports of over €2. 2bn and purchases of €2bn in the economy.
The project is being undertaken by the Centre for Enterprise Development and Regional Economy (CEDRE), School of business, WIT in partnership with the School of management and Business, Aberystwyth University, Wales.
For the region overall, retention rates to Junior and Leaving certificate mirror the national average (Appendix 3). These improvements are linked most likely to the decline in the economy,
The occupational profile in the South East (as in all regions) has been affected by the economic downturn.
Employment in these types of occupations is highly dependent on personal expenditure in the local economy, which is impacted directly by employment losses more widely.
Completing the Atlantic corridor from Galway to Waterford (including the N25) remains an important medium-term priority for the development agencies to support sustained economic growth and job creation.
with the potential 14 Irish Maritime Transport Economist, April 2011 15 According to Cruise Ireland, cruiser traffic to Ireland created an economic benefit of around €60million (Ibid) 16 Reducing the high
IDA Ireland and Waterford Institute of technology have entered into a Memorandum of Understanding (MOU) to develop this site as Waterford Knowledge Campus. The MOU sets out the development objectives of the campus to host the knowledge economy,
engineering and construction within the region may find increased application in the context of opportunities in the green economy.
This presents a number of challenges for the region including reduced disposable income and its impact on the local economy and increased pressure on state services.
Agribusiness also plays a significant role as part of a wider‘bio-economy, 'as scientific advances, consumer trends
and in-region stakeholder consultation carried out as part of the Forfás Regional Competitiveness Agendas (2009)
Teagasc's Role in Transforming Ireland's Agri-Food Sector and the wider Bio-economy 21 CSO, QNHS.
Fishing Ports are an important part of the economy along the South East coast, with Duncannon,
which is focused on the development of niche areas within bioenergy, waste management, bioenvironmental monitoring and high value commodity products from biomass,
There is also a greater focus on enhanced efficacy of treatments 27 Programme for Government focuses on the application of technological innovation in established sectors of the economy like energy generation and supply
and one which also offers positive spillovers into other aspects of the region's economy and society, such as quality of life improvements for the region's permanent residents,
Realising Potential Some challenges need to be addressed to enhance the contribution of tourism to the region's economy:
A joint approach needs to be taken to developing the South East's tourism products by stakeholders and tourism promoters for the successful exploitation of particular market segments, especially domestic holidaymakers.
What has been termed‘The New Software Economy'36 sees a number of trends that provide both opportunities and challenges for software companies,
The companies typify the kind of activities associated with the‘new software economy'and include: Nubiq mobile website generation and personalisation;
Engineering-The Green Economy (Level 9) 30 Places Higher Certificate in Good Manufacturing Practice and Technology Biopharma-Pharmachem (Level 6) 15 Places Jobbridge
and skills levels in line with the National Skills Strategy and the needs of the‘Smart Economy'.
despite some set-backs arising from the global economic crisis. Gartner predicted that the global outsourcing industry would see a 10-15 percent annual growth over five years up to 2013
Considerations for Ireland As a developed economy the sustainability of the sector in Ireland requires that companies based here continue to evolve to deliver the more complex,
it will be for the higher education institutions in the region to work collaboratively towards the achievement of this status. 70 8. Local Governance The ability of a region to realise its economic potential hinges very much on the ability of key regional stakeholders to act cohesively-in support of key enterprise
Despite the challenges of regional cohesion, there are good examples of where the regional stakeholders have acted collaboratively to achieve certain regional goals-for instance,
involving the enterprise agencies, local authorities and other regional stakeholders. 74 A2. Accelerated Development of the Waterford Gateway A review of the Planning and Land use and Transport Strategy (PLUTS) and the Strategy for Economic, Social and Cultural Development of Waterford City 2002-2012 should be undertaken under the auspices
and other relevant stakeholders as and when appropriate. Tourism: build on the progress achieved to date under the Fáilte Ireland operational plan for the region. 69 Including entrepreneurship,
or value-creating performance, of an economy. However, GVA is an imperfect value creation 71 The value of the region's output less intermediate materials
evolving Risks Leveraged by infrastructure and processes Data security, IP leakage Target Economies of scale Domain expertise Depth not size Challenges Attrition, wage inflation Skills availability, regulatory limitations
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