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of Entrepreneurship, Blackwell, Oxford, pp. 26-44. Dobbs, M. and Hamilton, R. T. 2007), Small business growth:
Dyer, W. G. Jr and Handler, W. 1994), Entrepreneurship and family business: exploring the connections, Entrepreneurship Theory and Practice, Vol. 19 No. 1, pp. 71-84.
Edquist, C. 1997), Systems of innovation approaches their emergence and characteristics, in Edquist, C. Ed.),Systems of Innovation:
Freel, M. 2000), External linkages and product innovation in small manufacturing firms, Entrepreneurship & Regional Development, Vol. 12 No. 3, pp. 245-66.
spatial and functional patterns, Entrepreneurship & Regional Development, Vol. 10 No. 4, pp. 297-312.
an empirical analysis of patterns and determinants, Entrepreneurship & Regional Development, Vol. 11 No. 4, pp. 281-300.
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acted as a research and teaching assistant in SME management (2001-2003) and in entrepreneurship and local economic development (2003-2005),
and lecturer in entrepreneurship (2005-2009) at the Department of Business and Management, University of Kuopio, Finland,
and from 2009 as a lecturer in entrepreneurship at the Department of health Policy and Management, University of Kuopio, Finland (1. 1. 2010 Department of health and Social Management,
and a professor of entrepreneurship and regional development at the Department of Business and Management, University of Kuopio, Finland (2003-2009) and from 2009 a professor of entrepreneurship and regional development at the Department of health Policy and Management
Research conducted by Hannu Littunen has focused mainly on factors relating to new firms'birth and success, entrepreneurship and regional development.
He has published in several international journals such as International Entrepreneurship and Management Journal, International Journal of Entrepreneurial Behaviour and Research, Small Business Economics, Journal of Small Business and Enterprise
Development, Entrepreneurship and Regional Development, Family business Review, Finnish Journal of Economics, and Academy of Entrepreneurship/International Journal of Entrepreneurship.
Prior to starting work at the University, he worked in various organizations in both public and private sectors in Finland.
World Journal of Entrepreneurship, Management and Sustainable Development 11:1, 48-63. Abstract Full Text PDF 3. Hermann Frank, Dietmar Roessl. 2015.
Journal of Innovation and Entrepreneurship 2 16. Crossref 22. Fulya Sarvan, Gözde Gül Baser, Can Deniz Köksal, Eren Durmus, Onur Dirlik, Murat Atalay, Fulya Almaz. 2012.
Journal of Small Business & Entrepreneurship 25,451-477. Crossref 29. Insu Cho, Heejun Park, Jeongil Choi. 2011.
promoting SMES and flexicurity-Promoting entrepreneurship & SME development-Promoting employability & adaptability-Flexicurity: a win-win for all Creating a competitive greener economy-Towards a greener economy-Future transport policy Fully exploiting the Single Market Competitiveness in the global market Overall,
as less competitive markets, more regulatory requirements and fewer available sources of finance make the European operating environment for businesses comparatively less conducive for entrepreneurship.
High-impact Entrepreneurs Who Transform Industries 5 Michael Drexler Senior Director, Head of Investor Industries, World Economic Forum As the third report in a longstanding engagement with entrepreneurship
It is interconnected this nature that makes entrepreneurship such a fascinating endeavor. In order to thrive, entrepreneurs need the right support from policy makers, the right partnership with other enterprises,
High-impact entrepreneurship involves a network of actors in the best spirit of the World Economic Forum's multi-stakeholder framework.
The debate on entrepreneurship often focuses on jobs, and sometimes apps or IPOS. We believe this is too narrow
In this report, they come together for a privileged glimpse into high-impact entrepreneurship. This work could never have been done without the generosity of our longstanding partner EY,
and will continue to explore the potential of disruptive and transformative entrepreneurship in our work going forward.
Why we are interested This report forms the third phase of the World Economic Forum's research on entrepreneurship
Global Entrepreneurship and Successful Growth Strategies of Early-Stage Companies, in collaboration with Stanford university and Endeavor Global, examined the dynamics of companies in the first five years of their existence.
We are aware of a vast and impressive body of research on entrepreneurship, some of which we have contributed over the last few years,
. 1. Comparison of OECD high-impact firms with EOY contestants The Pioneer of highimpact entrepreneurship by Linda Rottenberg, CEO and Cofounder,
Endeavor coined the term"high-impact entrepreneur"ten years ago to help differentiate between the different types of entrepreneurship.
creation High-impact entrepreneurship creates significant wealth for successful founders with a consistent two thirds of the annual Forbes Billionaires list having built their own fortune in this way.
However, a hallmark of high-impact entrepreneurship is the vast scope and ambition of their enterprises that allow others to share in this wealth creation early employees in technology firms being a good example,
A whole field of impact entrepreneurship and social entrepreneurship has evolved over the last decades. Magic johnson Enterprises is a good example of this trend (see box.
offering first a view on how the contestants score on high-impact entrepreneurship where metrics offer some insight.
while at times also observing the limits of a pure analytical approach in an area as complex as highimpact entrepreneurship.
This is high-impact entrepreneurship in action. Average (median) return on assets Frontier 30 (14.2) S&p500:
we can corroborate what will come as little surprise to those active in the field of entrepreneurship.
when it comes to entrepreneurship other than the recommendation to reach out, engage in an informed dialogue,
Pinelli has briefed on trends in entrepreneurship, innovation, economic growth, and those driving global activity in the IPO market to a number of organizations and governments:
Chair of the Network for Teaching Entrepreneurship (NFTE; and Member of the Steering committee, World Economic Forum.
where he leads entrepreneurship initiatives in partnership with the World Economic Forum, including the release of Entrepreneurial Ecosystems Around the Globe and Early-Stage Company Growth Dynamics-the Entrepreneur's Perspective (World Economic Forum report, January 2014).
Rebecca Hiscock-Croft Rebecca Hiscock-Croft is a Senior Strategic Analyst with global accounting and consulting firm Ernst & young (EY) in New york. She focuses on entrepreneurship and capital markets for the firm
a nonprofit organization transforming economies around the globe through high-impact entrepreneurship. With offices in 20 countries, Endeavor supports over 500 entrepreneurial firms that collectively command US$ 6 billion in annual revenue and provide over 225,000 people with high-quality jobs.
Rottenberg is considered one of the world's most dynamic experts on entrepreneurship and emerging markets
Rhett Morris As the Director of Endeavor Insight, Rhett Morris leads its research on high-impact entrepreneurship
Insight Report Enhancing Europe's Competitiveness Fostering Innovation-driven Entrepreneurship in Europe June 2014 World Economic Forum 2014-All rights reserved.
REF 160614 In collaboration with A t. Kearney Fostering Innovation-driven Entrepreneurship in Europe 3 Contents Preface 3 Preface 5 Executive Summary 7 Section One:
A Life cycle Approach to Fostering Innovationdriven Entrepreneurship: Stand up, Start up, Then Scale up 11 Survey Results: Assessing Conditions for Innovationdriven Entrepreneurship across Europe 14 Stand up:
Fostering an Entrepreneurial Mindset and Culture across the Continent 18 Start up: Supporting the Establishment and Initial Expansion of Innovation-driven Ventures 24 Scale up:
A European Agenda to Foster Innovation-driven Entrepreneurship 50 Section Five: A Look ahead Opinion Pieces on the Future of Innovation 55 Conclusion 56 Endnotes 58 Further Reading 59 Acknowledgements 63 Project Team
If the culture of entrepreneurship in Europe were as robust and ambitious as that of Israel?
This report, part of the World Economic Forum's Fostering Innovation-driven Entrepreneurship in Europe project, examines
both by continuing to promote its work around innovation-driven entrepreneurship, and through a new research project focused on open innovation ecosystems in Europe.
We at the Forum hope you will join us to help realize better conditions for world-leading innovation in Europe, in line with the Forum's motto, Entrepreneurship in the Global Public interest.
Illustration of Challenges and Approaches to Fostering Innovation-Driven Entrepreneurship Source: Project Team F Innovation capabilities in Europe influence the Competitiveness Divide1 Innovation score:
Entrepreneurship in the EU and beyond, European commission 2. Source: Global Entrepreneurship and the Successful Growth Strategies of Early-Stage Companies, World Economic Forum A Life cycle Approach to Fostering Innovation-Driven Entrepreneurship:
Stand up, Start up, then Scale up A European Agenda to Foster Innovation-Driven Entrepreneurship 11 22 44 57 1 Innovation Fostering Innovation-driven Entrepreneurship in Europe 5 Executive Summary
Produced as part of the World Economic Forum's project Fostering Innovation-Driven Entrepreneurship in Europe,
this report addresses the challenge of lagging European performance with regard to the region's innovation capabilities and the conditions for scalable entrepreneurship.
As section one illustrates, this challenge includes persistent innovation divides between European economies as well as between Europe overall
Fostering innovation-driven entrepreneurship in Europe requires a comprehensive view of the entire entrepreneurial life cycle. 1 Section two describes how the life cycle of an innovationdriven entrepreneurial venture can be divided into three phases stand up,
In each phase of the life cycle, challenges and examples of practices have been identified to foster entrepreneurship in such a way as to encourage serial entrepreneurs to interact meaningfully with other economic actors,
Policy-makers, business leaders and individuals are motivated significantly to improve the conditions for entrepreneurship in Europe. Section three summarises contributions from the highest levels of policy-making
The contributions show that public sector leadership are highly aware of the need to foster innovation-driven entrepreneurship,
To more effectively and efficiently support innovationdriven entrepreneurship in Europe, stakeholders need to focus, connect and partner.
Section four proposes a pan-European agenda for more effectively promoting innovation-driven entrepreneurship, designed to harness the potential of stronger private engagement with various private and public actors,
and overcome the challenge of geographical fragmentation affecting entrepreneurship initiatives across Europe. Three key elements of this agenda are relevant to the entire entrepreneurial life cycle:
and invest in momentum-building entrepreneurship initiatives are needed. Connect: In order to overcome the challenge of fragmented European markets and entrepreneurial support services,
A more transparent, inclusive and Europe-wide database and network of initiatives would greatly assist in promoting innovation-driven entrepreneurship. 6 Enhancing Europe's Competitiveness Partner:
This report aims to spur debate on the most effective ways to improve the enabling conditions for innovation-driven entrepreneurship across Europe.
and opportunities for promoting innovation-driven entrepreneurship in Europe. The Forum and its partners will continue to support this work,
Fostering Innovation-driven Entrepreneurship in Europe 7 Section One: How Innovation Capabilities Infl uence the Competitiveness Divide Despite signifi cant efforts to restore economic dynamism through macroeconomic interventions and structural reforms,
A Life cycle Approach to Fostering Innovation-driven Entrepreneurship: Stand up, Start up, Then Scale up 8 Enhancing Europe's Competitiveness Fostering Innovation-driven Entrepreneurship in Europe 9 Section Two:
A Life cycle Approach to Fostering Innovationdriven Entrepreneurship: Stand up, Start up, Then Scale up Innovation is driven by many actors,
including companies, academic institutions and individuals. Although some large corporations are strong innovators, small and medium enterprises (SMES) are frequently the source of ideas for products brought to market by large corporations. 4 In Europe,
Entrepreneurship is defined as the pursuit of opportunities beyond the resources you currently control. 10 Turning an innovative idea into economic activity creates companies, economic growth and jobs.
and realize mutually beneficial partnerships Stand up Start up Scale up Serial entrepreneurship Individual factors Ecosystem factors 4 Regulatory 5 6 framework Market framework Network access 1 Attitude
World Economic Forum European Survey on Fostering Innovation-driven Entrepreneurship 2014 Figure 6: Overview of Demographic Information Source:
World Economic Forum European Survey on Fostering Innovation-driven Entrepreneurship 2014 Survey Results: Assessing Conditions for Innovation-driven Entrepreneurship across Europe To better understand the motivations
and external factors influencing European entrepreneurs and to test project hypotheses, the Forum partnered with Research+Data Insights, Junior Achievement-Young Enterprise (JAYE) Europe,
or interest in entrepreneurship. Conducted in February and March 2014, the online survey received 1, 132 responses from across Europe,
64 Male Female Participants by gender(%)Participants by age group(%)Participants by background(%)Fostering Innovation-driven Entrepreneurship in Europe 11 After asking respondents about what influenced their motivation to engage in entrepreneurial activities
promoting entrepreneurship, starting a business, and scaling a venture. Overall across Europe, conditions were perceived most positively for the stand up phase,
World Economic Forum European Survey on Fostering Innovation-driven Entrepreneurship 2014 When comparing the assessment of conditions between different countries and regions within Europe, Northern European countries (Denmark, Finland, Iceland,
World Economic Forum European Survey on Fostering Innovation-driven Entrepreneurship 2014 Figure 9: Conditions per Country and Life cycle Phase based on Countries with More than 20 Responses (average of responses;
World Economic Forum European Survey on Fostering Innovation-driven Entrepreneurship 2014 Southern Europe Central and Eastern europe, Turkey Western europe Northern europe Germany, Austria, Switzerland
1, 031 Overall average for North america 3. 8 3. 8 3. 7 36 Fostering Innovation-driven Entrepreneurship in Europe 13 Stand up:
Fostering an Entrepreneurial Mindset and Culture across the Continent 14 Enhancing Europe's Competitiveness Fostering Innovation-driven Entrepreneurship in Europe 15 It takes an entrepreneurial mindset to found a company,
A positive attitude towards entrepreneurship and risk as an enabler for selecting an entrepreneurial career with relevance throughout the process.
or interest in entrepreneurship revealed that the top three motivators to stand up are: to work independently
or Joining a Market Innovator The Six Influencing Factors of Innovation-driven Entrepreneurship Source: Project Team Interestingly,
%These results indicate that policy-makers might do well to focus on attracting new entrepreneurs by reinforcing the non-pecuniary benefits of innovationdriven entrepreneurship,
Challenges for promoting entrepreneurship Attitude: People are risk-averse and aim less for radical innovation Fear of failure is a key dimension frequently shown to be a roadblock for entrepreneurship,
and seems to be more prevalent in Europe than in other regions. 14 Studies have found evidence that the recent economic turbulence has resulted in entrepreneurs taking less risk overall.
as overcoming and learning from failure is crucial for successful entrepreneurship. Consider this: Employees of the Finnish start-up Rovio had developed 51 programmes, none
Impact Attitude Perceived reward/status of entrepreneurship Perceived risk Personality type Determination 1 Skills Markets/business intelligence Management skills Social skills Creativity
it is the quality of entrepreneurship that determines whether a company will become a multinational some years after foundation or not.
Entrepreneurship schools and universities Possessing the skills to found and operate a business is an important complement to the attitude of risktaking and perseverance that successful entrepreneurs display.
Entrepreneurship education is undergoing steady development in Europe, but there remains room for further expansion in primary, secondary and tertiary contexts.
which reveals that entrepreneurship education was one of the most meaningful forms of prior exposure to entrepreneurship for 54%of the respondents.
Entrepreneurship in the EU and Beyond, European commission stating: Investing in entrepreneurship education is one of the highest return investments Europe can make
Whether or not they go on to found businesses or social enterprises, young people who benefit from entrepreneurial learning develop business knowledge
which determines individual attitudes towards entrepreneurship, and how much support they get along the way. One aspect of this is the attention paid by Europeans to the possibility of a career as an entrepreneur.
Early exposure to entrepreneurship, entrepreneurial thinking and peer-level success stories is therefore key to transmitting an entrepreneur-friendly culture.
Fostering Innovation-driven Entrepreneurship in Europe 17 Table 1: Practices in collaboratively promoting entrepreneurship and entrepreneurial careers, with examples Source:
Project Team Actors Leading initiatives to foster attitude, skills and cultural/social framework Leading initiatives to foster regulatory framework, market framework
and talent, promoting entrepreneurship by providing access to broad and dynamic networks and by influencing policy. 23 Publicprivate Public-platforms to connect private actors with schools and private universities to set up education programmes,
student projects or events to inspire talent with success stories Junior Achievement Young Enterprise Europe is Europe's largest provider of entrepreneurship education programmes.
Over 3, 500 companies in more than 30 countries have used IMP rove. 25 The European Forum for Entrepreneurship Research (EFER) has trained 472 professors in entrepreneurship,
organizes events and publishes regularly on entrepreneurship since its founding in 1987.26 Large-scale event series to promote entrepreneurship Global Entrepreneurship Week,
the world's largest campaign to promote entrepreneurship, inspires and connects potential future entrepreneurs. It has held approximately 35,000 events in 125 countries. 27 Bottom-up networks of entrepreneurs providing bottom-up policy support European Young Innovators Forum (EYIF) is building innovation ecosystems
in Europe by encouraging young Europeans to take more risks in innovation and entrepreneurship, and encouraging governments, businesses, society and individuals to support
and reward such risk-taking through policy frameworks and access to mentors, finance and markets.
and connect local entrepreneurship ecosystems in Europe, with a focus on tech start-ups. 29 The European Digital Forum is a first-of-its kind think tank dedicated to empowering tech entrepreneurs and growing Europe's digital economy..
30 Public Systematic entrepreneurship education throughout the curriculum, tailoring content to market needs Initiatives exist in a dozen countries on cooperation between education and business, entrepreneurial competitions, certification of entrepreneurship skills
and teacher training and support. 31 Comprehensive entrepreneurship programmes The Entrepreneurship and Innovation Programme under the European Competitiveness and Innovation Framework Programme (CIP) had a budget of € 2. 17 billion
and non-governmental organizations to improve entrepreneurship education, and the European SME Week with 1, 562 events across and beyond Europe in 2012.
and Initial Expansion of Innovation-driven Ventures 18 Enhancing Europe's Competitiveness Fostering Innovation-driven Entrepreneurship in Europe 19 Figure 12:
and Initial Expansion of Innovation-driven Ventures In the second, start up phase of the entrepreneurship life cycle ecosystem factors play a crucial role.
thereby exacerbating the challenge of accessing growth capital. 40 Fostering Innovation-driven Entrepreneurship in Europe 21 The sources of financing for European venture funds differ strongly between European regions,
Global Competitiveness Index 2013-2014 Fostering Innovation-driven Entrepreneurship in Europe 23 Table 2: Practices to Collaboratively Promote Access to Capital, with Examples Source:
The Collaborative Road to Sustainable Growth 24 Enhancing Europe's Competitiveness Fostering Innovation-driven Entrepreneurship in Europe 25
World Economic Forum European Survey on Fostering Innovation-driven Entrepreneurship 2014 Innovation funnel Ecosystem influencing factors Individual influencing factors 1 Attitude 2 Skills
respondents to the Forum's survey on innovation-driven entrepreneurship had partnered with a large corporation or organization in a former venture.
%Specific challenges per dimension are shown in Table 4. Fostering Innovation-driven Entrepreneurship in Europe 27 Table 4:
Project Team Fostering Innovation-driven Entrepreneurship in Europe 29 Dimension Practice/example Developing culture and organization (continued) Ensuring senior executive support for external collaborations BT
Fridolin Stary, Senior vice-president, Research and development, Wacker Chemie Fostering Innovation-driven Entrepreneurship in Europe 31 Dimension Practice/example Developing collaboration and exploiting results Being adaptable to the needs
Perspectives from Policy-makers Fostering Innovation-driven Entrepreneurship in Europe 33 Section Three: Perspectives from Policy-makers A fresh view on successes and future challenges in fostering entrepreneurship To gain a deeper insight into national and regional priorities,
as well as the focus areas for policies relevant to innovationdriven entrepreneurship, the World Economic Forum conducted interviews with a wide range of leading European policymakers from member states and the European commission.
This section showcases selected results from four areas of discussion: The role of innovation-driven entrepreneurship in the economy:
Which role does driven innovation entrepreneurship play for your economy? Could you estimate what proportion of SME employees in your country are working in innovation-driven SMES?
A recent success in fostering entrepreneurship: Which recent success in improving conditions for innovation-driven entrepreneurship in your country would you like to highlight?
Current and future challenges of high priority on the policy agenda: What are the key challenges faced by entrepreneurs in your country?
Key activities on an agenda to foster innovation-driven entrepreneurship in Europe: What should policy-makers be doing?
What activities by other actors will be crucial to support policy-makers in improving the environment for innovation-driven entrepreneurship?
In general, policy-makers highlighted the important role of entrepreneurship for the European economy. Key activities on the policy agenda include steps to tailor education to the needs of entrepreneurial careers,
interventions to improve access to finance, labour market interventions to improve access to talent, and projects to improve framework conditions for crossstakeholder or cross-regional collaboration between various actors.
-driven entrepreneurship in your economy: More than 20 million SMES in Europe have a key role to play in fostering innovation.
A recent success in fostering entrepreneurship: Supporting business scale up is a big challenge in many smaller markets.
Key activities on an agenda to foster innovation-driven entrepreneurship in Europe: Within the new 7-year European research and innovation programme, Horizon 2020, around €3 billion will be spent specifically on innovationdriven entrepreneurship in start-ups and established enterprises.
Funding will be channelled to innovation projects supported by a convincing business plan. Projects could be between €0. 8 and €3. 0 million,
Fostering Innovation-driven Entrepreneurship in Europe 35 Toomas Hendrik Ilves President of Estonia The role of innovation-driven entrepreneurship in your economy:
Innovation-driven entrepreneurship is seen as a key driver of growth for the years to come.
The recently adopted‘Estonian Entrepreneurship Growth Strategy 2020'marks innovative enterprises as a key target group.
A recent success in fostering entrepreneurship: Enterprise Estonia has established a network of salaried professional export advisers residing in major target markets,
Key activities on an agenda to foster innovation-driven entrepreneurship in Europe: Enterprise Development Programme:
Incentivizing co-creation, including programmes to support innovation clusters Entrepreneurship promotion: Promoting entrepreneurship as a career choice and raising general awareness on entrepreneurship Start-up Estonia programme:
Promoting the creation and growth of enterprises with global ambition Venture funds: Including a fund of funds of €120 million for business angel co-investment, venture capital and expansion capital (of this,
of Finland The role of innovation-driven entrepreneurship in your economy: Innovation-driven entrepreneurship is one of the key focus areas in the Finnish government's economic policy.
Most of the economic policy measures that the government takes include the aspect of supporting innovation.
A recent success in fostering entrepreneurship: The Vigo accelerator programme for innovative, high-growth companies has attracted a great deal of direct foreign investment in Finnish start-ups.
One of the biggest challenges is to harness the potential of Finland's high R&d input (3. 55%of GDP in 2012) into successful entrepreneurship.
Key activities on an agenda to foster innovation-driven entrepreneurship in Europe: The overall policy is that the government encourages Finnish companies to seek new growth markets
and the taxation base is broad and simple for companies and supports growth entrepreneurship. The goal is that Finland should have one of the best framework conditions for entrepreneurship and high growth enterprises in the world.
Figure 21: Jyrki Katainen, Prime minister of Finland, delivering his speech at the project workshop during the World Economic Forum Annual Meeting 2014 Fostering Innovation-driven Entrepreneurship in Europe 37 Neelie
Kroes Vice-president and Commissioner for the Digital Agenda, European commission The role of innovation-driven entrepreneurship in your economy:
It's quite simple it's about growing the economy and solving our social challenges.
A recent success in fostering entrepreneurship: I'm not sure there are any government-led major successes. The crisis has forced more people to be entrepreneurs,
And the European commission and existing entrepreneurs are also working to change the culture and the atmosphere of debate around entrepreneurship.
Key activities on an agenda to foster innovation-driven entrepreneurship in Europe: The Startup Manifesto by leading European entrepreneurs is a great road map for changes we can all make.
Sass Larsen Minister for Business and Growth of Denmark The role of innovation-driven entrepreneurship in your economy:
In recent years innovation-driven entrepreneurship has become an important part of Danish policy. In December 2012 the Danish government published a national innovation strategy,‘Denmark A Nation of Solutions'.
'A recent success in fostering entrepreneurship: In 2009, the Danish Foundation for Entrepreneurship launched a national strategy for entrepreneurship in education and training.
A result of this is an increase in entrepreneurship courses embedded in the education system from 8%in 2009-2010 to 15%in 2012-2013.
Impact measurements from the foundation show a high, positive view in students'intentions and attitude towards entrepreneurship.
Current and future challenges of high priority on the policy agenda: As in many other countries, innovative Danish entrepreneurs can find it difficult to finance their business projects.
Key activities on an agenda to foster innovation-driven entrepreneurship in Europe: The Danish Ministry of Business and Growth has announced that the access to equity finance,
Fostering Innovation-driven Entrepreneurship in Europe 39 António Pires de Lima Minister of Economy of Portugal The role of innovation-driven entrepreneurship in your economy:
Innovation-driven entrepreneurship played a central role during the recent period of strong economic adjustment,
and entrepreneurship is the driving force behind employment and job creation in Portugal. A recent success in fostering entrepreneurship:
Portugal has been referenced as a country with complete incentive support schemes for innovation and entrepreneurship by providing a well-balanced mix of financial (direct and indirect) and nonfinancial measures specifically tailored to cover every phase of the innovation value chain.
More recently, the government launched a set of incentive measures. The corporate tax reform introduced a simplified reporting system for SMES, a reduced tax rate for companies with reduced profits,
we need to increment alternative sources of capital to finance entrepreneurship, and we must act decisively in nurturing the best investment environment possible.
Key activities of an agenda to foster innovation-driven entrepreneurship in Europe: Recognizing that the importance of the innovation-driven entrepreneurship phenomena is transnational, Portugal, Spain and Italy,
with the express support of the EU Vice-president for Industry and Entrepreneurship, are closely collaborating to jointly develop an economic and industrial policy agenda for the South of Europe.
We will need a bolder attitude in implementing a convergent growth model, both through national and regional policies as well as a coordinated effort on a European level, in particular through the EU Competitiveness Council.
The adequate promotion of a consistent innovation-driven entrepreneurship policy requires us to focus on five defining factors to successfully reindustrialize Europe:
and an enabling business regulatory environment. 40 Enhancing Europe's Competitiveness Mark Rutte Prime minister of The netherlands The role of innovation-driven entrepreneurship in your economy:
Among the innovation-driven economies in the EU-28, The netherlands is the most entrepreneurial economy in terms of new and nascent entrepreneurship according to the Global Entrepreneurship Monitor.
A recent success in fostering entrepreneurship: Recent successes by The netherlands in improving the conditions for innovation-driven entrepreneurship are the top sector approach, valorization grants and an action plan for skilled technical workers.
The top sector approach focuses on nine sectors that are highly competitive in the global market.
the ambitious entrepreneurship programme has been developed. The programme tries to identify and reduce barriers to growth
Key activities on an agenda to foster innovation-driven entrepreneurship in Europe: The Dutch government is actively pursuing measures that should better enable high-potential companies to realize their potential.
Valorization and entrepreneurship education will be provided fully at knowledge institutions. Entrepreneurship education will focus more on entrepreneurial skills.
Access to The netherlands: High potentials and innovation-driven entrepreneurs are expected to be able to obtain a one-year visa for The netherlands this year.
Diminishing the barriers to entrepreneurship and growth. Our long-term aim is to develop a functional ecosystem for ambitious entrepreneurs,
Fostering Innovation-driven Entrepreneurship in Europe 41 Bohuslav Sobotka Prime minister of the Czech republic The role of innovation-driven entrepreneurship in your economy:
Innovation-driven entrepreneurship is one of the most important drivers for sustainable development of the economy in the Czech republic.
A recent success in fostering entrepreneurship: The most important success can be seen in the rising awareness in the society,
including the media, of the relevance of entrepreneurship which should motivate more individuals to start their own company.
A recent success especially for innovation-driven entrepreneurship can be seen in the enlargement of support activities by the government with programs such as the Czechecosystem that offers coaching schemes for hightech start-ups
Key activities on an agenda to foster innovation-driven entrepreneurship in Europe: Key activities in relation to innovation-driven entrepreneurship can be seen mainly in a better motivation
and support of a) the foundation of innovation-driven start-ups and b) a better motivation of SMES to enhance
e g. for academic spin-offs. 42 Enhancing Europe's Competitiveness David Willetts Minister of state for Universities and Science of the United kingdom The role of innovation-driven entrepreneurship in the economy:
A recent success in fostering entrepreneurship: In 2011,27%of small business innovators considered the nonavailability of finance a significant obstacle to innovation.
Key activities on an agenda to foster innovation-driven entrepreneurship in Europe: The UK government's Small Business:
Fostering Innovation-driven Entrepreneurship in Europe 43 Section Four: A European Agenda to Foster Innovationdriven Entrepreneurship Focus Connect Partner 44 Enhancing Europe's Competitiveness Fostering Innovation-driven Entrepreneurship in Europe 45 Section Four:
A European Agenda to Foster Innovationdriven Entrepreneurship The need for a coherent European agenda: focus, connect and partner A comprehensive approach to fostering innovation-driven entrepreneurship in Europe requires addressing the key challenges across all three of the stand-up,
start-up and scale up phases. Building on input from policy-makers, 10 hubs of the World Economic Forum's Global Shapers Community across Europe (a distinguished group of under-30 year-olds from diverse backgrounds), civil
society organizations, academia, and corporate representatives, opportunities in three main categories emerge: Focus: Identifying and specifying explicit criteria for recognizing
and investing in momentum-building entrepreneurship initiatives Connect: Developing a transparent, inclusive, Europe-wide database and network of initiatives for entrepreneurship Partner:
Developing entrepreneurship initiatives that achieve both scale and momentum by connecting stakeholders better Together, focusing stakeholders on what works at scale,
connecting actors and developing effective partnership approaches can lead to a more integrated innovation ecosystem that can contribute to growth in European industries
and investing in momentum-building entrepreneurship initiatives Working towards the goal of a more integrated innovation ecosystem in Europe requires an active discussion on the criteria required to assess the effect of ongoing entrepreneurship initiatives in the region.
Europe-wide database and network of initiatives for entrepreneurship Establishing a visible, inclusive network of public and private initiatives is considered to be somewhat important or very important by 89%of survey participants (Figure 23).
A network connecting entrepreneurship initiatives could lower this kind of transaction cost and improve transparency. Figure 23 Agenda to Foster Innovation-driven Entrepreneurship:
Connect and Partner; n=805 Source: World Economic Forum European Survey on Fostering Innovation-driven Entrepreneurship 2014 Partner:
Potential to improve collaboration between entrepreneurs, universities, large companies and academic institutions within your country(%)Connect:
inclusive network of public and private initiatives designed to support entrepreneurship across Europe(%)59 29 7 2 1 1+89 No opinion Very low potential Very high potential
Developing entrepreneurship initiatives that achieve both scale and momentum by connecting stakeholders better The ultimate goal of this report is integrated a more European innovation ecosystem that supports serial entrepreneurs.
and generally foster positive individual and societal attitudes towards entrepreneurship. A key opportunity to create awareness of opportunities exists in entrepreneurship schools and universities.
Strengthening this connection has an effect for both the next generation labour force and the education system. Teachers and professors can be trained as entrepreneurship developers to inspire
and encourage potential entrepreneurs to take action. Entrepreneurship can be shown as the ability to navigate increased complexity, overcome career barriers,
and more closely leverage personal strengths. Moreover educational institutes provide a good opportunity to measure entrepreneurial attitude in a forward-looking way by assessing children's mindset in school.
relatable ways could do much to foster a culture that promotes entrepreneurship. Partner to encourage active engagement in start-ups as employees and as founders.
European states have shown massive engagement to support entrepreneurship. Co-investment models, both those enabling the state Fostering Innovation-driven Entrepreneurship in Europe 47 to join hands with private actors to top up investments
and those making it possible for private actors to join forces to support entrepreneurship, can have multiplier effects.
Investments in pan-European fund structures support the above-mentioned development towards a European single market for risk finance.
Personally, to Foster Entrepreneurship I Would be Willing to Engage in the Following Action This Year(%of respondents;
World Economic Forum European Survey on Fostering Innovation-driven Entrepreneurship 2014 27 28 43 2831 55 464952 Improving access to tools and training
Global Shapers Hub, Torino Every young person should attend at least one action-driven entrepreneurship class during their education.
Global Shapers Hub, Geneva Quotes from Global Shapers on the European Agenda Fostering Innovation-driven Entrepreneurship in Europe 49 Innovation-driven entrepreneurship in Europe depends in large
It starts from a very young age Entrepreneurship is not just a mindset, it is a set of important skills
Daria Golebiowska-Tataj, Executive Member, Governing board, European Institute of Innovation and Technology We need to work on connecting the dots in Europe to foster entrepreneurship.
A Look ahead Opinion Pieces on the Future of Innovation 50 Enhancing Europe's Competitiveness Fostering Innovation-driven Entrepreneurship in Europe 51 Section Five:
what is perceived currently as leading practice in innovation and entrepreneurship, and consider the forces that might shape the future of governments and corporations in terms of innovation.
will driven Innovation Entrepreneurship Change the Potential and Impact of Government Resources? Bruno Lanvin, Executive director, European Competitiveness Initiative, INSEAD Observers of Europe's history have noted often that,
how much will need Europe (today and tomorrow) in terms of entrepreneurship, innovation and leadership skills, but also of dynamic cross-sectoral re-skilling?
but they have at hand a whole panoply of new tools to foster, lead and even incarnate innovation and entrepreneurship.
Entrepreneurship in Europe 53 The transition to this scenario has occurred in two phases. First, between 2014 and 2020, large multinationals have come under increasing pressure to embrace smaller, emerging clusters of innovators.
Fostering Innovation-driven Entrepreneurship in Europe 55 Conclusion Over the course of 2013 and 2014, the Forum's Fostering Innovation-driven Entrepreneurship in Europe project has drawn on survey data, structured interviews,
1. Fostering innovation-driven entrepreneurship in Europe requires a comprehensive view of the entire entrepreneurial life cycle,
business leaders and individuals are motivated significantly to improve the conditions for entrepreneurship in Europe that can
and inclusiveness of entrepreneurial activities and inspire many more serial entrepreneurs in Europe. 3. To more effectively and efficiently support innovation-driven entrepreneurship in Europe,
A look towards the future reveals that optimizing Europe's supporting environment for entrepreneurship and innovation today is not enough.
connect and partner on innovation-driven entrepreneurship, the World Economic Forum will take this research further in the form of a new project focusing on Open Innovation Ecosystems.
and the factors related to the successful growth of a venture. 2. It is important to note that both entrepreneurship
Cyprus, Greece, Italy, Malta, Portugal, Spain. 4. United nations Economic commission for europe (2012), Fostering innovative entrepreneurship Challenges and Policy Options. 5. http://ec. europa
GEM Consortium (2013), Global Entrepreneurship Monitor. 15. Diedrichs, E. 2013), Do SMES lose their appetite for innovation during the economic crisis?
2012), Ambitious Entrepreneurship A Review of the academic literature and new directions for public policy, Report for the Advisory Council for Science and Technology Policy (AWT) and the Flemish Council for Science
European commission (2013), Entrepreneurship 2020 Action Plan, Reigniting the entrepreneurial spirit in Europe. 19. European commission (2012), Entrepreneurship in the EU and beyond, Flash Barometer 354, http://ec. europa. eu/public opinion/flash/fl 354 en. pdf. 20. http://www. mentorsme. co
. uk/.21. http://enternships. com/.22. https://www. founders4schools. org. uk/.23. http://www. campus-party. eu, leweb. co,
Eurydice (2012), Entrepreneurship Education at School in Europe. Fostering Innovation-driven Entrepreneurship in Europe 57 32. http://ec. europa. eu/cip/eip/.
/33. European commission (2011), Business Dynamics: Start-ups, Business Transfers and Bankruptcy, p. 57.34. Eurostat statistics on EU companies by size segment. 35.
OECD (2013), Entrepreneurship at a Glance. 36. Office for statistics Berlin (2012; KKR (2013), Digitalization in Europe Unlocking Europe's Entrepreneurial Potential. 37.
Entrepreneurship in the EU and beyond. 66. Foster, G. et al. 2011), Global Entrepreneurship and the Successful Growth Strategies of Early-Stage Companies, World Economic Forum. 67.
Johnston, S b. 2011), Where Good Ideas Come From, Riverhead Trade. 68. WIPO (2013), World Intellectual Property Indicators-2013 Edition. 69.
many influential publications on the subject of entrepreneurship have been published. The World Economic Forum has been addressing entrepreneurial ecosystems in several interactive formats and reports.
These include the reports Global Entrepreneurship and Successful Growth Strategies of Early-Stage Companies (2011) and Entrepreneurial Ecosystems Around the Globe and Company Growth Dynamics (2013),
opportunities and measures to improve entrepreneurship education. Work on specific regions includes Accelerating Entrepreneurship in the Arab World,
which highlights 10 recommendations to promote vibrant entrepreneurial ecosystems across the region. At the European level, the Start-up Manifesto of the Leaders Club of European Entrepreneurs, created by the Vice-president of the European commission, Neelie Kroes
How to Thrive in the New Innovation Landscape, Harvard Business school Press Cornell University, INSEAD, World Intellectual Property Organization (2013), The Global Innovation Index European commission (2012), Entrepreneurship
http://ec. europa. eu/public opinion/flash/fl 354 en. pdf European commission (2013), Entrepreneurship 2020 Action Plan, Reigniting the entrepreneurial spirit in Europe, available at:
PDF Foundation for Entrepreneurship Young Enterprise Denmark (2013), Impact of Entrepreneurship Education in Denmark 2013 INSEAD, World Economic Forum (2013), The Global Information technology Report
Papers, No. 9 Fostering Innovation-driven Entrepreneurship in Europe 59 Acknowledgements Adviser and Knowledge Partner:
Economic Forum gratefully acknowledges the contributions to the European Agenda to Foster Innovation-driven Entrepreneurship by the Global Shapers Hubs in Brussels
Member, Executive Committee, Royal Philips, Netherlands Annette Beck, Senior Director, Entrepreneurship, Ewing Marion Kauffman Foundation, USA Jean-Claude Burgelman, Head
, European Investment Fund, Luxembourg Fostering Innovation-driven Entrepreneurship in Europe 61 Jeroen Van der veer, Executive Member of the Governing board, European Institute of Innovation and Technology, Hungary;
Cofounder and Vice-president, European and Legal Affairs, European Young Innovators Forum, Belgium The project team expresses its gratitude to the Forum's Global Agenda Council on Fostering Entrepreneurship and Global Agenda
Global Agenda Council on Fostering Entrepreneurship Virginia Cha, Chief, Research and Innovation, Institute of Systems science, National University of Singapore, Singapore Hongbo Chen, Vice-Dean
and Dhirubhai Ambani Fellow in Entrepreneurship, Stanford Graduate school of Business USA Habib Haddad, Chief executive officer, Wamda, United arab emirates Jian Han, Associate professor of Management;
Co-Director, Centre on China Innovation, China Europe International Business school (CEIBS), People's republic of china Krisztina Z Holly, Adviser, National Advisory Council for Innovation and Entrepreneurship
, USA Daniel Isenberg, Professor of Entrepreneurship Practice, Babson Executive Education, Babson college, USA Guriqbal Singh Jaiya, Director-Adviser, Innovation and Technology Sector, World
and Technology Entrepreneurship Development Board, Department of Science and Technology, Government of India Allon Raiz, Chief executive officer, Raizcorp, South africa Linda Rottenberg
Cofounder and Chief executive officer, Endeavor, USA Thom Ruhe, Vice-president, Entrepreneurship, Ewing Marion Kauffman Foundation, USA Phanindra Sama, Chief executive officer, Pilani Soft Labs Pvt.
-driven Entrepreneurship in Europe 63 Project Team The project team Enhancing European Competitiveness: Fostering Innovation-driven Entrepreneurship in Europe includes the following individuals at the World Economic Forum (in alphabetical order:
Nicholas Davis, Director, Head of Europe Caroline Galvan, Economist, Global Competitiveness and Benchmarking Network Peter Gratzke, Senior Project Associate, Investors Industries Team Thorsten
Project Manager, Enhancing European Competitiveness, Fostering Innovation-driven Entrepreneurship in Europe, and Management consultant, A t. Kearney Editing Ann Brady, Head of Editing, World Economic Forum Fabienne Stassen, Editor Proof Creative Floris Landi, Graphic Designer
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