compared to the US and also to some Asian economies. For example, while the US are home to companies such as Google, Microsoft and Amazon
since the definition of gazelles includes for example new companies that grow from ten to 18 employees within three years reaching a size that does still not make much difference from a regional or national economy point of view.
or economy outside the government. 13 Policies include, but are limited not to, taxation, regulation, expenditures, legal requirements and prohibitions,
One with OECD economist Jonathan Potter, one with US venture capital and innovation policy advisor Burton Lee,
Unfortunately this picture is only a fragment as four of the six largest European economies (Germany, France, UK,
A study by the Finnish Ministry of the Economy published in 2011 found that in the period 2006-2009,691 newly founded companies fulfilled the OECD criteria for high growth,
for high-growth innovative SMES v1. 6 27 A Kauffmann Institute study of the US economy in 2010 with data for 2007 contained 5. 5 million firms.
and only in large diversified metropolitan regions. 42 Several studies by the Finnish economist Erkko Autio published in 2007 substantiated the importance of a small share of high-growth enterprises for overall
some argue that governmental policy for promoting technological entrepreneurship can contribute to the vitalisation of the national economy through the generation of new jobs
and implementation in order for economies to take full advantage of their entrepreneurial potential. 54 The study
connecting 37 national and international financiers with 25 Finnish growth companies. 75 At the beginning of 2008 the innovation department of the Ministry of Employment and the Economy established a division for growth ventures.
There are empirical indications that a well-functioning venture capital market is conducive to growth not only of single companies but also of national economies:
So the general lesson is that policies for high-growth of SMES may seek to diversify a national economy's key sectors.
Some economists take the opinion that only the market can determine what the optimal amount of entrepreneurship is.
This position is supported by US economist Scott Shane: Getting economic growth and jobs creation from entrepreneurs is not a numbers game.
These countries are however very different in terms of population, economy and the prime criterion here SME policies:
has been a major policy player in promoting growth of SMES and the Korean economy at large. SMBA applies more than 100 SME promotion measures.
Korea's overseas market development policy has transformed the country from being poverty-stricken into the world's 15th largest economy.
The new focus is on the promotion of Global Star SMES as the backbone of the economy.
The introduction of policy schemes for supporting this group of enterprises will probably impact the Korean economy dramatically in the coming years.
References This case study has been conducted by Yoo Soo Hong, Director of the Institute for Global Innovation Economy (IGIE),
These employ 60%of Singapore's workforce and contribute an approximate value-added of 40%to the local economy.
of the local economy. Consequently, investments by Singapore's government are expected to rise steadily. However, as there are no evaluations of government support available,
/Singapore Budget 2010-Towards An Advanced Economy: Superior skills, Quality Jobs, Higher Incomes<http://www. mof. gov. sg/budget 2010/download/FY2010 FLYERS FOR BUSINESSES. pdf>Singapore's National Day Rally 2010, Part 2:
Why Venture capital is Essential to the Canadian Economy-The Impact of Venture capital on the Canadian Economy.
The Economic Importance of Venture capital Backed Companies to the U s. Economy, 2008, June at http://www. asiaing. com/venture-impact-the-economic-importance-of-venture-capital-backedcompanies-to-the-u-s-ec
(i e. corporate groupings) in stimulating the domestic economy. The new concept guiding SME policies became to develop
revised in July 2010, specifically identifying SMES as one of the main drivers of the economy.
Second, they should pioneer new frontiers, especially in the areas of inbound tourism and local economy revitalisation.
Ministry of Economy, Trade and Industry (www. meti. go. jp) White paper on Small and Medium Enterprises in Japan:
Ministry of Economy, Trade and Industry (www. meti. go. jp)( p40 70 in 2009wp) Ministry of Education, Culture, Sports, Science and Technology (MEXT.
the consulting branch of the Institut der deutschen Wirtschaft (IW, Institute for the German Economy).
which was established in 2005 with the objective of identifying trends and challenges of structural changes of the economy.
Policies for high-growth innovative SMES v1. 6 88 tribute the bulk of new jobs in a national economy, it would be a waste of resources to foster specifically those companies that would grow anyway.
Economists suggest that policy should not principally favour SMES. Which type of enterprise generates most innovations
Since there are empirical findings supporting the importance of high-growth SMES for employment in developed national economies,
Ministry of Education and the Ministry of Employment and the Economy: Evaluation of the Finnish National Innovation System Full Report.
Ministry of Employment and the Economy (2011: Growth Enterprise Review 2011. Finnish: Kasvuyrityskatsaus 2011. Available at http://www. tem. fi/files/29659/TEM KASVUYRITYSKATSAUS 2011. pdf. Policies for high-growth innovative SMES v1. 6 100 Moore, Geoffrey (1998:
High-growth firms and the future of the American economy. Kauffman Foundation Research Series: Firm Formation and Economic growth.
Ministry of Employment and the Economy of Finland, http://www. tem. fi/?/l=en&s=2383, last accessed May 2011.
Interviews Jonathan Potter, OECD, Senior Economist, Local Economic and Employment Development. 1 june 2010. Burton Lee, Innovarium Ventures, 17 august 2010.
and immigrants provided by the Ministry of Employment and the Economy. http://www. yrityssuom i. fi***Vigo,
by Finnish Ministry of Employment and Economy The programme bridges the gap between early stage technology firms
The Finnish Ministry of Employment and Economy launched the Vigo Programme in 2009. PROFICT Partners Oy manages the execution of the program.
that have a disproportionately higher impact on the metro area economy. East asia China Zhongguancun Science Park (ZSP) Gazelles Plan The Zhongguancun Science Park (ZSP) in Beijing initiated a Gazelles Plan in July 2003 to subsidise qualified high
as a bidirectional and levelled relationship between the economy and higher education has developed still not everywhere in Hungary,
and industries of the national economy within the regions concerned that often no more than 3
and in terms of taxes in total3 at 0. 1). R&d activity is distributed in an extremely uneven way in a national economy
or semi-periphery of the global economy) start to gear their production directly to the global marketplace
we made a sectoral breakdown within the manufacturing industry (C) of the national economy: zzcf Manufacture of pharmaceuticals zzci Manufacture of computer, electronic and optical products zzcl Manufacture of transport equipment zzcj Manufacture of electrical equipment zzd Electricity, gas
and active in manufacturing sector of the national economy (2011). Source: The National Innovation Office RDI Observatory's own calculations based on HCSO data The relative share of the rest of the country The relative share of Pest County The relative share
The relative share of Budapest, Pest County and the rest of the country of the key indicators of companies engaging in R&d and active in the manufacture of electrical equipment sector of the national economy, 2011.
The relative share of Budapest, Pest County and the rest of the country of the key indicators of companies engaging in R&d and active in the information and communication sector of the national economy, 2011.
and communication se ctor of the national economy. 16 1. The position of Ce ntral Hungary within the RDI landscape of Hungary 11 We explored this sector, its significance for the national economy and its RDI
The relative share of Budapest, Pest County and the rest of the country of the key indicators of companies engaging in R&d and active in the professional, scientific and technical activities sector of the national economy, 2011.
The overall conclusion from the above is that in the case of the Hungarian national economy,
as the evident existence of significant disproportions-which can be as much as twofold at a national level-can also be explained by structural differences between the regional economies concerned.
as a bidirectional and levelled relationship between the economy and higher education has developed still not everywhere in Hungary,
From this it is evident that those sectors of the national economy which satisfy public requirements, such as electrical energy, gas and steam supply, air conditioning;
The county by county distribution of companies engaged in the sectors of the national economy such as the manufacturing of computer, electronic and optical products, electrical energy, gas and steam supply and air conditioning, water supply, professional
In an economy characterised by over-concentration to begin with, R&d is distributed spatially even more unevenly in any case, thus conducting a regional analysis with an RDI focus is justified
as a bidirectional and levelled relationship between the economy and higher education has developed still not everywhere in Hungary,
The Office operates under the direction of the Minister for National Economy. Main activities of the National Innovation Of fice:
and are being used to co-fund digitisation activities as part of projects having an impact on the regional economy.
two of the essential requirements of the RIS3 exercise are predicated on highly questionable assumptions References Cooke, P. and K. Morgan (2000) The Associational Economy:
The Strategy draws on the priorities set by the Government Strategy,‘Building Ireland's Smart Economy A Framework for Sustainable Economic Renewal'.
The Waterford Knowledge Campus has the potential to be a significant element in driving the knowledge economy in the region,
The Higher education, Research and development and the Training and Skills sectors are key drivers of the regional economy
Retailing is a major contributor to the regional economy and is a significant factor in achieving the vitality and viability of town and city centres.
Section 6 The provision of advanced communications infrastructure is vital to the region and to the development of a knowledge economy.
1. To develop the Smart Economy. 2. To improve transport infrastructure and services. 3. To deliver first class energy
and‘Building Ireland's Smart Economy A Framework for Sustainable Economic Renewal.''In addition, the following guidance documents have been issued by the Department of the Environment, Heritage and Local government,
and progressing of social and economic policies as well as a productive and competitive economy and the availability of rewarding employment opportunities.
and provide for major investment in the rural economy; Invest in long-term environmental sustainability to achieve our national goal of preserving the integrity of our natural environment for future generations as well as meeting our international responsibilities and Climate Change obligations;
1. 4. 2 Economy At September 2009,202, 500 people were employed in the region (Q3nhs, Jul-Sept 2009.
the downturn since then in the economy has resulted in increasing levels of unemployment and the number of unemployed stands at 36,100 or 15.1%(Q3nhs, July-Sept 2009).
Population & Regional Profile 2. 1 National Population Growth Patterns Public policies and investments, the performance of the economy and national, regional and local planning policies have changed over the last six
Notwithstanding the challenges Ireland currently faces, maintaining as far as possible investment in capital infrastructure (until recently one of the highest in Europe relative to the size of the economy,
tourism and leisure. 2. 2. 2 Employment and Economic Development The regional economy of the Southeast is based primarily on agriculture, manufacturing and services, tourism, fishing and aquaculture.
and tourism, will also be critical to the success of the regional economy. 2. 2. 3 Agriculture, Rural Development and the Marine Agriculture The agriculture and food sector accounts for a significant proportion of output
Population & Regional Profile 33 The Regional Authority has stated previously its objective to maintain the rural economy which is vital to the future economic,
Traditional rural based sectors of employment in agriculture, forestry and fishing will continue to have key roles as a base for strong and diversified rural economies.
together with significant and developing sectors such as tourism, enterprise, local services and other sources of off-farm employment, will be the mainstays of a strong rural economy.
Fishing Fishing Ports are an important part of the economy along the Southeast coast, with Duncannon,
However, lower than average participation in third-level education and a high rate of graduate migration away from the region are inhibiting the further development of third and fourth-level education and the emergence of the knowledge economy in the region.
Potential for development of the Green Economy and renewable energies. 10 Potential for sustainable development of
Providing for world class higher education, research and development and links to the knowledge economy. Tackling inequality, educational disadvantage and social deprivation by providing improved public services and social and community infrastructure.
Regional Development Strategy 47 A3 Promotion of the Knowledge Economy through increasing high-level research and development in the Higher and Further Education Institutes and developing industry academic co-operation
in order to improve and revitalise cities, towns and neighbourhoods and support local economies. B6 Ensuring the availability and affordability of housing in cities,
D5 Development of the Green Economy in rural areas; actively promoting the exploitation of wind energy and other forms of renewable energy as valuable regional assets in appropriate locations.
This campus will accommodate the knowledge economy by linking academia with entrepreneurship and foreign direct investment.
and smaller settlements both to support local economies and to accommodate additional population in a way that supports the viability of public transport and local infrastructure and services such as schools and water services.
development plans need to seek a balance between supporting a well-diversified rural economy and the protection of the environmental assets that attract visitors to an area. 57 Regional Planning Guidelines for the Southeast Region 2010-2022 Section 3:
which has impacted negatively on the regional economy. The Regional Authority, together with public and private agencies in the region, is determined to address the circumstances
The RPGS, including the Economic Strategy demonstrate how the Southeast Region can participate in‘Building Ireland's Smart Economy'the Government Strategy for Sustainable Economic Renewal.
The economic strategy will be sustained by a renewed emphasis on the knowledge economy high level research, enhanced access by road, rail, the Regional Airport and region's ports at Rosslare, Waterford and New Ross.‘
‘Building Ireland's Smart Economy A Framework for Sustainable Economic Renewal'sets out five priorities for action:
1. Securing the Enterprise Economy and Restoring Competitiveness; 2. Building the Ideas Economy Creating‘The Innovation Island';
'3. Enhancing the Environment and Securing Energy Supplies; Increasing the production and use of renewable energies;
There are also many indigenous SMES (Small to Medium Enterprises) that play a significant role in the regional economy, some
and the‘Spirit of Enterprise'initiative) already demonstrate its commitment to the five priority areas for action set out above in the Government Strategy‘Building Ireland's Smart Economy A Framework for Sustainable Economic Renewal'.
The Waterford Knowledge Campus has the potential to be a significant element in driving the knowledge economy in the region,
The types of industries that now offer long-term prospects for generating revenues are in the new technologies and knowledge based areas such as Information and Communications technology, Medical Devices, Biotechnology, Pharmaceuticals, the Green Economy
Rural development in the areas of renewable energy and development of regional food production will support the regional economy and sustainable economic development;
and would enable the rural economy to be more robust and less sensitive to changes in outside markets.
to determine spin-off effects and impacts for the local economy and tourist sectors. There is a significant opportunity for planning authorities, the Department of Communications, Energy and Natural resources,
Research and development and Training 4. 6. 1 Higher and Further Education Building the knowledge economy is a long-term investment.
and to develop a basis for creating knowledge driven competitive advantage across all sectors of the economy. 4 Advice to the Minister for Education & Science on the application by Waterford Institute of technology for designation as a University, JM Consulting
is critical to the development of the Knowledge Economy in the Southeast Region and the Regional Authority supports the following strategic objectives:
Employment & Economic Development Strategy 69 4. 6. 2 Research & development Ireland's emphasis on the knowledge economy is a key target of future economic development.
Dublin City and the larger suburban centres in the Greater Dublin Area. 4. 8 Tourism The role of tourism in the development of the economy of the Southeast has very significant potential.
Manufacturing continues to make an important contribution within the economy of the Southeast and represents a key competency for the region.
Employment & Economic Development Strategy 74 Contributing 9%to overall employment, the agricultural sector remains a significant part of the Southeast economy.
Strategy‘Building Ireland's Smart Economy A Framework for Sustainable Economic Renewal'.'Local authorities should have regard to the Guiding Principles of the Regional Economic Strategy as they apply to each sector of the economy
and to the Regional Competitiveness Agenda developed by Forfás (Section 4. 10) and make provision for economic
and the significant potential of tourism to contribute to the rural economy. Provision should also be made for new uses of agricultural land,
Tourism The significant role of tourism in the regional economy is recognised and its future development requires that local authorities, Fáilte Ireland Southeast,
Infrastructure 2. 1 National Population Growth Patterns Public policies and investments, the performance of the economy,
Notwithstanding the challenges Ireland currently faces, maintaining as far as possible investment in capital infrastructure (until recently one of the highest in Europe relative to the size of the economy
An accessible library service for local communities is an important base for the knowledge economy.
are recognised increasingly as essential resources that sustain our economy, society and individual well being. Woodlands and forests store carbon, wetlands and coastal zones provide buffers against flooding,
and the provision of open space in rural areas will contribute to the rural economy and, importantly,
Implementation 1323 1. TO DEVELOP THE SMART ECONOMY A. Developing the innovation potential in the region
Implementation 2. 1 National Population Growth Patterns Public policies and investments, the performance of the economy,
Notwithstanding the challenges Ireland currently faces, maintaining as far as possible investment in capital infrastructure (until recently one of the highest in Europe relative to the size of the economy
CEO & Founder, Europe Unlimited 6 Over the last two decades Europe has struggled to align the best of its social models with the needs of a rapidly transforming economy.
This holds for companies, for regions, for national economies and even more so for the European union as a supranational entity with an outstanding responsibility for the creation of a prolifi c vision targeted by its institutions
this report creates essential prerequisites for the design of promising conditions concerning the transformation of Europe towards a knowledge-based and future-oriented economy.
The third sector is acknowledged as a stakeholder in the European economy, on an equal footing with business and public administration.
and technology to how an innovative mind-set can trigger broader systemic changes in society and the economy.
Many countries and regions are developing innovation policies, with fast developments in emerging economies such as China and Brazil.
But Europe has achieved not its full goal of being the most competitive global knowledge economy
and engage older people in our societies and economies. Future of the young Countries as diverse as Spain
which in our world could represent‘creative destruction'to borrow a phrase from the economist Schumpeter.
University of Rotterdam, presentation to Netherlands Centre for Social Innovation. 2 The Social Economy in the European union:
Summary of the Report drawn up for the European Economic and Social Committee by the International Centre of Research and Information on the Public, Social and Cooperative Economy (CIRIEC.
The 20th century electricity grid needs to be transformed for the green economy, for large-scale renewable energy generation, for mass electric transport, for zero emission homes,
They can be part of how to adapt cities and lifestyles to a low carbon economy.
yet the intellectual property economy still is stifl ed by an opaque and asymmetric functioning with correspondingly very signifi cant lost opportunities and value for Europe in the increasingly critical knowledge economy:
In the new knowledge-dominated economy, research and its commercialisation are global by nature so is the scale of resources needed to successfully deploy the vision outlined here.
and thereby change our economy and society. The Panel has worked with the notion that innovation will create a new future,
This is closest to the approach in the tradition of the economist Schumpeter, which views innovation as essential to economic and societal transformations over periods of historical time.
but not seen as leading to fundamental changes in economies. Indeed, economics generally tackles issues of technology, labour and growth in relation to an explanation of individual behavior and price mechanisms,
The Economist started a new‘Schumpeter'column in Fall 2009, in recognition that business is also about innovation, entrepreneurship and creative destruction and not just about competitive regulation and investor behaviour.
In his most famous phrase he likened capitalism to a perennial gale of creative destruction (The Economist 2009.
thus that the economy keeps changing, and thereby creating new futures. Nelson (1996: 87) argues that this is Schumpeter's most consistent and elaborated argument about innovation and economic transformation,
and economies can take a narrow corridor for growth between bubble and stagnation, seen over historical time.
especially fi nance and the public sector. These issues are of primary importance to how the economy changes especially after the fi nancial and industrial crises starting in 2008.
Innovation and entrepreneurship continue to disrupt the economy, thereby sometimes fundamentally changing activities and moving the economy in new directions.
Innovations can be defi ned as novelty across a number of dimensions of relevance to the economy.
From an economist's perspective, one needs to diff erentiate the idea (invention) from the economically viable outcome (innovation.
towards a synthesis of capitalist development and the economy as a whole'in Hanusch, H. and A. Pyka (2007.
The Economist (2009. Schumpeter: Taking fl ight. Schumpeter Column September 17th, 2009 Edler, J. and L Georghioiu (2007.‘
Flexibility and Stability in the Innovating Economy. Oxford university Press. Nelson, R. 1996. The Sources of Economic growth.
CEO & Founder, Europe Unlimited Over the last two decades Europe has struggled to align the best of its social models with the needs of a rapidly transforming economy.
opportunities and threats of the Catalan economy taking into account the different sectors and technological capabilities.
This analysis identifies three main vectors that provide the structure for the activities that will enable the Catalan economy to successfully tackle the major social and economic challenges of the 21st century:
Catalonia is a country with an industrial base and an open, competitive and sustainable economy that combines talent, creativity, a diversified business fabric and its own excellent research system within the framework of a dynamic
and to reorient the Catalan economy towards a growth model that is smarter, more sustainable and more inclusive.
públiques Digital agenda Entrepreneurship Eco-innovation (green economy) Non-technological innovation Training and talent Tools Leading sectors Emerging activities Crosscutting enabling technologies
-Analysis of the Catalan economy: strengths, weaknesses, opportunities and threats. -Analysis of the leading sectors and capacities in crosscutting enabling technologies.
Europe 2020 The European economies face major challenges, in both the short and long terms. The immediate priority is a return to growth and job creation,
Figure 1. Global Challenges Facing the European Economies Budgetary consolidation and structural reforms are necessary conditions to ensure the competitiveness of the European economies,
but they are not sufficient. The European union (EU) response to the major challenges posed takes the form of the Europe 2020 Strategy
Europe 2020 Job creation and poverty reduction More efficient investment in researchand innovation Promoting a lowcarbon economy and competitiveindustry 1. Framework 12 Within this framework, Innovation Union, one of the seven
over the 2014-2020 period the structural funds will provide an essential tool for reorienting the European economies,
low energy-intensive economy in all sectors. 5. Promoting climate change adaptation, risk prevention and management. 6. Protecting the environment
SME competitiveness and promoting a low-carbon and low energy-intensive economy (thematic objectives 1, 2, 3 and 4),
and energyintensive economy in all sectors 5. To promote climate change adaptation and risk prevention and management 6. To protect the environment
which is the Catalan Government's roadmap for relaunching the economy and reorienting the production sector towards a smarter, more sustainable and more inclusive economic model.
employment and training, social cohesion, innovation and knowledge, entrepreneurism, internationalisation and the green economy. Within the ECAT 2020 framework and based on a shared vision of the country towards the year 2020, RIS3CAT promotes:
and coordinated by a Steering committee formed by representatives from the ministries of Economy and Knowledge and Business and Labour (see Section 4, Governance).
opportunities and threats to the Catalan economy based on SWOT analyses carried out previously in Catalonia and on
see the document Process of Drafting RIS3CAT. 2. Structure 2. Structure 22 2. 1. Vision 2020 As can be observed from the description of the distinctive characteristics of the Catalan economy and the analysis of its strengths, weaknesses,
opportunities and threats (see the document Analysis of the Catalan economy: strengths, weaknesses, opportunities and threats), the Catalan economy is diversified highly
and open with a large industrial base. Within a context of globalisation and recession, the Catalan production system is undergoing a process of structural change:
Analysis of the Catalan economy has led to the identification of three key vectors that will enable Catalonia to successfully tackle the great social
but also direct benefits for individuals and society as a whole. 2. Structure 23 3. The third vector is the firm commitment to transforming the Catalan economy towards a green economy.
the green economy offers promising niches for specialisation and generates opportunities to improve and enhance efficiency in all economic sectors.
Figure 7. Vectors Driving the Transformation of the Catalan Economy The shared vision for the country towards 2020 takes into account all these elements.
Vision 2020 Catalonia is a country with an industrial base and an open, competitive and sustainable economy that combines talent, creativity, a diversified business fabric and its own excellent research system
The three vectors that drive the transformation of the Catalan economy (industrial tradition quality of life and the green economy) and the implementation of the seven criteria listed below enables the identification of seven leading sectors in
which Catalonia has competitive advantages, critical mass and future opportunities. 1. Critical mass in different sectors, measured in terms of number of companies, employment and gross added value,
Innovative public procurement Specialisation and territorial competitiveness projects (PECT) Public policies Digital agenda Entrerpreneurship Eco-innovation (green economy) Non-technological innovation
-Efficient use of resources (green economy. There follows a description of the general characteristics of each of these tools (T)
Within the context of the global economy and the knowledge society, it also becomes essential to strengthen the international dimension of business innovation.
of the Green Economy) Eco-innovation includes all innovations that reduce the use of natural resources and emissions of hazardous or pollutant substances over the entire life cycle of products and processes.
-Economic (reduction in the costs of energy and raw materials through more efficient use of resources, the creation of opportunities in new markets and the generation of new jobs linked to the green economy.
There are many different measures to promote the transition towards a green economy: -Technical and financial support for research and development, pilot tests and dissemination and marketing of sustainable technologies, products and services (for example, technologies to improve water, energy and waste management,
-Support for ICT uses that benefit the green economy (smart electricity networks and transport systems.
and incorporating highly-qualified personnel into the production system are also essential requirements for strengthening the competitiveness of the Catalan economy.
and is present in all spheres (the economy, the media, the new technologies, higher studies, etc.).
the Directorate General for Economic policy and Promotion, attached to the Ministry of Economy and Knowledge;
the Directorate General for Research, also attached to the Ministry of Economy and Knowledge; and the Secretariat for Business and Competitiveness (Ministry of Business and Labour.
Based on the SWOT analysis of the Catalan economy RIS3CAT defines four strategic objectives and four pillars of action that structure public policies aimed at advancing towards Vision 2020.
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