Presentation to Joint Committee on Jobs, Enterprise & Innovation 2013 The need for an Open Innovation Model to drive economic development in the South East
Presentation to the Joint Oireachtas Committee on Jobs, Enterprise & Innovation by Dr Willie Donnelly, Head of Research & Innovation/Director of TSSG, Waterford Institute of technology (WIT
How do we align skills provision with enterprise needs now and into the future? 6
Enterprise and Innovation and to contribute to the development of the South East Economic Development Strategy Report.
Economic growth is increasingly related to the capacity of regional economies to change and innovate. Regions and cities have become the primary spatial units where knowledge is transferred,
and competition to attract investments and talents takes place. The EU Innovation Union Flagship emphasises the smart specialisation of regions as key to future competitiveness
The economic development of the South East requires investment into its research and development infrastructure, the creation of human capital and the enticement of genius and expertise into the South East Region.
Strategies are required to drive investment in indigenous enterprise, attracting of relevant foreign direct investment (FDI), the commercialisation of research and the professionalising of manufacturing and services across a range of sectors.
The challenge to support the growth, development and sustainability of the South East is to mesh these activities together
Fragmentation of effort can be overcome by bringing the stakeholders together to develop and implement an integrated strategy for the economic development in the Region
and an investment plan to attract the best scientists, engineers, professionals and entrepreneurs to the Region
and considerable experience of translating this into benefits for society and the economy. Over the last 12 years, the Institute has secured through competitive bidding on a national and European level in excess of â 112 million in external research funding.
The guiding principle in the development of WIT€ s research environment has been the prioritisation of its research activities in critical areas (most notably ICT/mobile networks and services and pharmaceutical science)
for research and innovation excellence through the creation of an integrated environment where entrepreneurs, business start-ups,
Sustainable economic growth is increasingly related to the capacity of regional economies to change and to innovate.
This means that a much greater effort needs to be put into creating an environment that promotes research,
innovation and development delivering high quality sustainable economic growth. Further strengthening and investment in the research and innovation infrastructure and capacity within the South East Region is critical to its future.
Particular focus must be given to those sectors which have the potential for regional economic growth particularly the sectors of ICT, biopharmaceuticals and advanced manufacturing.
The South East Region must also leverage its natural resources maximising opportunities for growth in agriculture and tourism and planning for associated new industries such as ICT for agriculture
Eco-Innovation and ICT for tourism WIT€ s research strategy promotes strategic orientated research focusing on those areas of economic importance for the Region.
The prioritised areas of ICT (mobile networks and services) and pharmaceutical and molecular biotechnology research have developed into large-scale research centres of international reputation and with a strong interdisciplinary focus.
The Institute recognises the regional opportunities in agriculture and new sustainable product and services (Eco-Innovation.
WIT is providing national leadership in the areas of ICT for agriculture, Eco-Innovation and ICT for Health care Services in partnership with regional stakeholders
However through extensive collaboration with enterprise and industry experts, the model incorporates reference points to the industry state of the art
The model has created a Mobile Services Cluster in the South East employing over 120 research engineers where previously no such industry existed.
The Arclabs entrepreneurial development programme (New Frontiers/South East Enterprise Platform Programme has created 84 new businesses in the past 6 years with a combined turnover of â 29 million,
enterprise support framework and active approach to engagement has transferred know-how and intellectual property to more than 110 multinational and indigenous enterprises throughout the country in the recent past
which recently announced a â 7 million investment by international venture capital firms and the creation of an additional 100 jobs.
Investments to support SME engagement and networks are a priority of the Arclabs open innovation model.
WIT has a strong track record of engaging with SMES supported by the enterprise support
Arclabs supports the concept of a one stop shop for entrepreneurs and indigenous enterprise. The incorporation of academic researchers, entrepreneurs, high potential start-ups and multinational industries in a shared network supports an open innovation environment with the free flow of ideas
and transferring IP and know-how into new products and services The challenge for the South East is that the majority of indigenous industries
and their capacity to integrate the know-how from the Institute†s research community is limited. We have overcome this limitation by customising the IP
In many cases we have worked with companies to redesign their products and services in line with new technologies and business opportunities (such as the cloud.
The demand for support in the SME sector is evidenced high by the fact that WIT has completed more than 240 Enterprise Ireland supported Innovation Voucher projects with SME companies
Ongoing continuous proactive engagement between academia, enterprise support and research funding agencies and indigenous industry is essential to ensuring sustainable growth of indigenous industry
Three parallel processes that must be adopted to make the Region attractive to FDI investment are;(
How do we align skills provision with enterprise needs now and into the future The South East Region has a lower than average participation rate in higher education.
Springboard provides people with the opportunity to re-skill and get back to work, thus contributing to building Ireland†s future.
In particular WIT has focused on providing such programmes in the areas of ICT, financial services and business information systems, lean manufacturing, e-Marketing, innovative technologies and entrepreneurship
which requires investment. In addition to its cohort of more than 7300 full time students, WIT has registered over 1, 400 part-time undergraduate students and 316 (full-time) and 403 (part-time) postgraduate students on masters and Phd level programmes.
Increasingly these programmes are developed in partnership with regional stakeholders delivering customised curriculum reflecting their needs.
The creation of the Technological University of the Southeast is a key requirement for the economic development and enhancement of the human capital capacity of the Southeast.
business and entrepreneurship producing industry ready graduates and new innovation models that drive the economic development of the Region.
stakeholders should encourage it knowing that the circulation of knowledge, skill and labour is what is required to build regional wealth and sustainability
and implementation of an integrated investment strategy for the South East Region capable of building an open innovation region.
Such a strategy requires a greater alignment of the role of stakeholders including government, industry and higher education.
WIT€ s research and innovation model has proven its ability to create real economic growth. Investment is required now to scale the model across the Region accelerating its economic impact
Appendix A: An Overview of Research & Innovation at WIT WIT is the largest third level education provider in the South East Region with a learner community of 7, 300 full-time and approximately 1, 400 part-time students.
Enterprise Ireland Government agencies †the Environmental protection agency, the Department of agriculture, Fisheries & Food, COFORD, Failte Ireland, Teagasc
The Framework Programme is a complex environment and competition for funding through its various themes and instruments is increasing,
particularly as many governments around Europe cut national research funding levels. The principles underpinning the programme-to ensure added value at EU level through collaborative efforts
and knowledge exchange with research partners, regional and national stakeholders and industry. In particular through EU Framework Programmes and the SFI Strategic Research Clusters Programme, WIT through the TSSG as an established record of large scale research collaborations with multinationals such as IBM, Cisco, and EMC.
WIT has developed 3 Technology Gateway Centres funded by Enterprise Ireland in the areas of telecommunications and mobile services (TSSG), applied materials (SEAM) and pharmaceutical and molecular biotechnology (PMBRC.
These centres in particular have strengthened considerably the extent of the Institute†s research engagements with regional and national indigenous enterprises particularly in the ICT/software, industrial technologies, medical devices and pharmaceutical sectors
and innovation capacity WIT continues to target opportunities for collaboration funded through Enterprise Ireland†s Innovation Partnership and Innovation Vouchers Programmes.
Furthermore WIT€ s New Frontiers Programme (formerly the South East Enterprise Platform Programme (SEEPP), which has been running for more than 10 years,
continues to be a regional flagship programme providing enterprise education, mentoring and support facilities to regional entrepreneurs each year
The Centre†s core expertise focuses on telecommunication networks, security and mobile services. Since its foundation in 1996, TSSG has become an important catalyst for driving economic change in the South East Region,
TSSG has fostered carefully communication with industry, research bodies, and policy makers, and with those connections it has created a powerful business resource for Industry,
since September 2004, a taught MSC in Computing, specialising in Communications Software, with a thematic research focus on communications management, service development, security and new developments in ubiquitous and pervasive computing.
and Enterprise Ireland (EI) commercialisation funds. Our research has attracted expatriates to return to Ireland, and has inspired the best and brightest global foreign nationals to live
Applied research (with an emphasis on addressing industrial problems through prototype development and an impact on standards and industrial forums and the establishment of international industrial linkages
Pre-product development (with an emphasis on the production of industrial strength prototypes that fit the product roadmaps of key industrial players
Commercialisation, entrepreneurship and technology transfer support (with an emphasis on building successful spin out and spin-in companies
The TSSG has transformed the ICT landscape of the South East through the creation of a cluster of mobile Services High Potential Start-ups in the Waterford Region
including Feedhenry who recently announced that it was creating an additional 100 jobs as a result of a â 7million investment by international venture capitalists.
The impact of this innovation platform was acknowledged recently by Enterprise Ireland in the Public Accounts Debate. â€oewaterford is a shining example of how co-locating the incubation centre with the institute has led to the establishment of a software industry that probably should not have existed in Waterford.
Mr. Gearã id Mooney, Director of ICT Commercialisation, Enterprise Ireland, Committee of Public Accounts Debate, 31 january 2013
Science Foundation Ireland (SFI), the Technological Sector Research Strand III initiative and Enterprise Irelands Capital Equipment Grant for the Institutes of Technology
The Centre aims to promote regional economic activity, through the creation of a strong applied research base
In a project funded by the Enterprise Ireland Innovation Voucher scheme, the PMBRC isolated and identified 3 impurities in a tablet product being developed by Eirgen Pharma Ltd.
and aimed at the research needs of our customers. Project areas include Development of Finite element analysis models to diagnose
SEAM is funded under the Enterprise Ireland†s Technology Gateway Programme. Since its inception in 2009 SEAM has worked with more than 60 companies throughout the country
It is estimated that each job in the Health Services sector supports 1. 18 jobs elsewhere in the economy.
The purchasing power of hospital employed staff has been estimated as worth more than â 242.34 million to the south East economy
WIT€ s role in Supporting the Health Related Economy WIT supports regional health related services and companies through two mechanisms †its health focused research activity and the development of human capital in health services and health
related industries through its provision of undergraduate and postgraduate education and research training programmes. The Institute has seen a substantial growth of its health care research agenda over the last five years.
Its provision of nursing registration programmes (General, Psychiatric and Intellectual Disability Nursing) within the Region ensures that hospitals across the Region can attract sufficient numbers of new graduate recruits to support clinical services
and ensuring that local young people from low and middle income background have the opportunity to train as nurses within their own region
Equally its†recognised expertise in innovative educational approaches such as multiple intelligence teaching and learning, work based learning and telehealth, assists local clinical services, both public and private,
to attract inward investment to support the development of new services and thereby create employment.
HSE SE and local telehealth industries to provide research support for the development and use of mobile health technologies within clinical services.
The bringing together of academic, clinical and industry applied expertise not only makes this a significant development for the support of clinical services
There are major opportunities for the Region to develop novel community based systems for health care management
Continued investment within the Region in human capital development in the Nursing and Health care professions through education and research will be paramount to ensuring the development and clustering of technology related service industries in the South East
The recent investment that the European commission has made in funding a series of workshops entitled Week of Innovative Regions in Europe 2013 (WIRE 2013) is testament to the importance the Commission is placing on regions.
and benchmark innovation performance at regional level†(p. 6). The same report reiterated that â€oeinnovation is a key factor determining productivity growth (p. 9)
The issue with considering the South East as a Follower-high is that it could be overlooked as a region that needs further investment
RIS (2012) based on its analysis of 570 regions states that their findings â€oeconfirm that capital regions are more innovative than non-capital regions†(p. 17
if a nurturing culture and environment do not exist to generate commercial output and jobs from the education, scientific research, and publications
Regional competitiveness is not simply resulting from a stable macroeconomic framework or entrepreneurship on the micro-level.
New patterns of competition are recognizable, especially at the regional level: for example, geographical concentrations of linked industries, like clusters, are of increasing importance
The Centre for Enterprise Development & Regional Economy (CEDRE), WIT The Centre for Enterprise Development & Regional Economy (CEDRE) at the School of business in WIT plays a major role in WIT€ s mission to be a major contributor to the economic growth and development of Ireland†s
South East Region. With extensive expertise amongst its academic and research staff WIT is well-resourced to be a key force in supporting,
promoting and developing entrepreneurship in the Region. CEDRE provides a framework and environment for entrepreneurs, researchers,
academics and policy makers/implementers to engage in a mutually complementary manner to support economic development in the Region
The overall aim of CEDRE is to make a contribution to the development of entrepreneurship education and research.
analysing the direct impact of MCES on the creation of new ventures in their host regions,
creating a framework for the growth of entrepreneurship and examining the impact of entrepreneurship education on entrepreneurial activity.
Because of the importance, within the EU of regional development, investigations into such thematic research areas have received extensive funding from the EU via FP6 (Regions of Knowledge), FP7 (Regions of Knowledge),
Entrepreneurship in Europe June 2014 Â World Economic Forum 2014-All rights reserved No part of this publication may be reproduced or
3fostering Innovation-driven Entrepreneurship in Europe Contents Preface 3 Preface 5 Executive Summary 7 Section One:
-driven Entrepreneurship: Stand up Start up, Then Scale up 11 Survey Results: Assessing Conditions for Innovation -driven Entrepreneurship
across Europe 14 Stand up: Fostering an Entrepreneurial Mindset and Culture across the Continent 18 Start up:
Ventures 24 Scale up: The Collaborative Road to Sustainable Growth 32 Section Three: Perspectives from Policy-makers
Entrepreneurship 50 Section Five: A Look ahead †Opinion Pieces on the Future of Innovation 55 Conclusion
If the culture of entrepreneurship in Europe were as robust and ambitious as that of Israel?
Europe†s economy and society? It is reasonable to assume that European output and productivity growth would be significantly
Innovation-driven Entrepreneurship in Europe†project, examines what steps can be taken to fire up Europe†s competitiveness and
serial entrepreneurs and fast-growing, scalable ventures. It finds that, for a truly innovative Europe to compete successfully on
partner to improve conditions for innovative ventures at all stages of the entrepreneurial life cycle. As such, this report will be a
collaboration across different disciplines and stakeholders. The report is the outcome of close engagement between the Forum†s
innovation-driven entrepreneurship, and through a new research project focused on open innovation ecosystems in Europe.
Illustration of Challenges and Approaches to Fostering Innovation-Driven Entrepreneurship Source: Project Team F Innovation capabilities in Europe influence
Eurostat statistics on enterprises in the European union 1. Source: 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 F Stand up, Start up, then Scale up A European Agenda to Foster Innovation Driven Entrepreneurship
5fostering Innovation-driven Entrepreneurship in Europe Executive Summary Produced as part of the World Economic Forum†s project
â€oefostering 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 and comparator economies such as the United states. The report suggests a forward-looking
agenda designed to contribute to Europe†s competitiveness and growth by encouraging a robust environment of
ambitious, serial entrepreneurs who envisage, create and scale innovation-driven ventures In addition to extensive inputs from the Forum†s Members
Global Shapers, Young Global Leaders, Network of Global Agenda Councils and leading policy-makers across Europe
the findings in the report have benefitted from data gathered from over 60 structured interviews and eight interactive
workshops (convened in Bad Ragaz, Berlin, Brussels Dalian, Davos, Geneva and London) as well as an online
Fostering innovation-driven entrepreneurship in Europe requires a comprehensive view of the entire entrepreneurial life cycle. 1
-driven entrepreneurial venture can be divided into three phases †stand up, start up and scale up (see Figure 1). The
create scalable entrepreneurial ventures †Start up †Gathering the resources to start a business with a particular focus on access to capital for
entrepreneurs across the European union †Scale up †Enabling ventures to scale, with a particular focus on collaborations that simultaneously improve the
innovation capacity of all partners to create growth and jobs across the region Stakeholders have significant scope to positively influence
external factors affecting each of these phases. Survey responses from across Europe show that participants
practices have been identified to foster entrepreneurship in such a way as to encourage serial entrepreneurs to interact
the factors that comprise a supporting environment for entrepreneurs to develop and scale ideas Policy-makers, business leaders and individuals are
entrepreneurship in Europe Section three summarises contributions from the highest levels of policy-making, including European heads of
entrepreneurship, and that a large number of relevant priorities are already on the policy agenda. These
better conditions for cross-stakeholder or cross-regional collaboration between different actors In addition to policy-makers†ongoing efforts, private actors
of educational or financial opportunities for prospective entrepreneurs. Further, a number of leading multinationals are actively incorporating support for entrepreneurs into
capabilities of new ventures and to engage with local communities in new ways To more effectively and efficiently support innovation
-driven 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
affecting entrepreneurship initiatives across Europe. Three key elements of this agenda are relevant to the entire
More explicit criteria that can help stakeholders identify and invest in momentum-building entrepreneurship initiatives are needed
Connect: In order to overcome the challenge of fragmented European markets and entrepreneurial support services stakeholder need to create better and new connections
across countries, sectors and programmes that meet key criteria. 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: Building on an enabling network, stakeholders must be encouraged and supported to collaborate and partner
across initiatives, regions, organization types and sectors to achieve scale and momentum for new ventures and ideas
Supporting the innovations of today in isolated sectors is not enough †Europe needs to create ecosystems that
infrastructure and its applications for enterprises continue to develop, the transaction costs of collaborations will
term for successful innovation environments attuned to the breakthroughs yet to materialize This report aims to spur debate on the most effective ways
entrepreneurship across Europe. While the emphasis is particularly on start-ups and small and medium-sized
momentum to tackle the key challenges and opportunities for promoting innovation-driven entrepreneurship in Europe
The Forum and its partners will continue to support this work, in particular through further research and dialogue on
7fostering Innovation-driven Entrepreneurship in Europe Section One: How Innovation Capabilities Infl uence the Competitiveness Divide
advanced economies, and in the Eurozone in particular where growth rates remain low and unemployment stubbornly high.
its competitiveness and set its economy on a more solid footing. This is due, in part, to continued uncertainty about
competition in the services sector and fragmentation of markets in key strategic sectors The Global Competitiveness Report 2013-2014 (Figure 2
-added, innovation-rich products and services. While fi ve out of the 10 most innovative countries of the world are
European, many other European economies have much ground to cover. This result is confi rmed by the Forum†s
indicates that Europe has the greatest gap with benchmark economies and the greatest divergence between its
member states with regard to measures of â€oesmart†growth particularly with reference to the digital agenda and innovation This report aims to show how to further improve innovation
ventures. Countries that have developed less innovation capabilities must be aided in their efforts to catch up while leading innovators must be supported to continue
environment Health and primary education Higher education and training Goods market efficiency Labor market efficiency Financial market
environment Labor market effi ciency Business sophistication Health and primary education Financial market development Innovation Switzerland Israel
Entrepreneurship: Stand up Start up, Then Scale up 8 Enhancing Europe†s Competitiveness 9fostering Innovation-driven Entrepreneurship in Europe
Section Two: A Life cycle Approach to Fostering Innovation -driven 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
and making it a viable venture, in particular to be able to secure the required financial and human capital and
increase the likelihood for the business to break even †Scale up †Assessing success factors in enabling
particular identifying and realizing win-win opportunities for collaboration between market leaders and market disruptors
inputs, transformation processes and customer demand necessary to found and develop a venture †Network access refers to the availability of supporting
partners, advisers and enablers who transfer know-how and create opportunities for growth Figure 4: A Life cycle Model for Entrepreneurship6
Source: Project Team For the purpose of this report, innovation is considered in a broad sense as the capability to manage an idea or
services or business models, leading up to successful commercialization. Entrepreneurship is defined as â€oethe pursuit of opportunities beyond the resources you currently
control. †10 Turning an innovative idea into economic activity creates companies, economic growth and jobs. However, the
entrepreneurial life cycle is designed not to end at the successful scaling of a venture. The goal of a healthy
and robust entrepreneurial ecosystem is to foster serial entrepreneurs who persevere over multiple ventures and
upon achieving success, continue to support entrepreneurial activities as investors, mentors and role models 11.2013/45764d 5
Promote starting a venture or join entrepreneurs Improve access to capital for business foundation Identify and realize
mutually beneficial partnerships Stand up Start up Scale up Serial entrepreneurship In di vi du al fa ct or
s Ec os ys te m fa ct or s 4 5 6 Regulatory framework
Market framework Network access 1 2 3 Attitude Skills Cultural framework Phase Focus area Figure 5:
Overview of Participants by Region; n=1, 132 Source: 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 (JA
-YE) Europe, and the European Confederation of Young Entrepreneurs (YES) to survey a broad range of Europeans
with experience or interest in entrepreneurship Conducted in February and March 2014, the online survey
starting a venture but not done it yet (see Figure 6 20 25 17 14
my own venture I started and ran my own business but now am doing something
%11fostering Innovation-driven Entrepreneurship in Europe After asking respondents about what influenced their motivation to engage in entrepreneurial activities (see page
promoting entrepreneurship, starting a business, and scaling a venture Overall across Europe, conditions were perceived most
positively for the stand up phase, with only 30%claiming that conditions were either very or somewhat unfavourable
it came to conditions in their environment †66%said they perceive favourable conditions for stand up, with the
World Economic Forum European Survey on Fostering Innovation-driven Entrepreneurship 2014 When comparing the assessment of conditions between
entrepreneurs from these economies to Central and Eastern European (CEE) countries to take advantage of lower fixed
and labour costs when starting or scaling a venture. A country-wise split of results is given in Figure 9. Perceived
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
World Economic Forum European Survey on Fostering Innovation-driven Entrepreneurship 2014 Southern Europe Central and Eastern europe, Turkey
13fostering Innovation-driven Entrepreneurship in Europe Stand up: Fostering an Entrepreneurial Mindset and Culture across the Continent
15fostering Innovation-driven Entrepreneurship in Europe It takes an entrepreneurial mindset to found a company
innovation-driven venture Three core factors to foster entrepreneurial culture The decision to become an entrepreneur or join an
innovative entrepreneurial venture is complex. 13 This analysis focuses on three categories of individual factors that were
†A positive attitude towards entrepreneurship and risk as an enabler for selecting an entrepreneurial career with
or interest in entrepreneurship revealed that the top three motivators to â€oestand up†are: to work independently and
The Six Influencing Factors of Innovation-driven Entrepreneurship Source: Project Team Interestingly, although the least motivating factor indicated
%when looking at the opportunity cost of the decision, the same group said that relative to
other career opportunities, engaging in entrepreneurial activities is less attractive in terms of job security (64 %financial benefits (29%)and long-term career prospects
respondents potentially joining an entrepreneurial venture as an employee (37%)than those starting their own
-driven entrepreneurship, as well as those mechanisms that help protect against the employment and financial risks of
creating or joining a new venture 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
is crucial for successful entrepreneurship. Consider this Employees of the Finnish start-up Rovio had developed 51
entrepreneurship •Perceived risk •Personality type •Determination 1 Skills •Markets/business intelligence •Management skills
activity, it is the quality of entrepreneurship that determines whether a company will become a multinational some
Entrepreneurship schools and universities Possessing the skills to found and operate a business is an important complement to the attitude of risk
Entrepreneurship education is undergoing steady development in Europe, but there remains room for further expansion in primary, secondary and tertiary contexts
entrepreneurship education was one of the most meaningful forms of prior exposure to entrepreneurship for 54%of the
respondents. The European commission endorses this by 20 20 19 19 17 16 15 15 15 14 14 12 12 12 11 11 10 10 10 10
You have the opportunity to take over your family business You thought about it or you took steps to start a business
Entrepreneurship in the EU and Beyond, European commission stating: â€oeinvesting 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 and essential skills and attitudes, including creativity, initiative, tenacity, teamwork
understanding of risk and a sense of responsibility. †18 Cultural/Social framework: Drawing attention to entrepreneurial career options
entrepreneurship, and how much support they get along the way. One aspect of this is the attention paid by Europeans
services that benefit everyone and 87%believe they create jobs, professionals (such as architects, lawyers, doctors and
that encouraged them to start their own venture. Early exposure to entrepreneurship, entrepreneurial thinking and
peer-level success stories is therefore key to transmitting an entrepreneur-friendly culture. As mentioned above, this
17fostering Innovation-driven Entrepreneurship in Europe 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
and talent, promoting entrepreneurship by providing access to broad and dynamic networks and by influencing policy. 23
Junior Achievement Young Enterprise Europe is Europe†s largest provider of entrepreneurship education programmes. It reached 3. 1 million students
in 2012.24 IMPÂ rove offers intrapreneurial experiences (that is behaving like anâ entrepreneur while working within a
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. EYIF has rapidly become the leading foundation for youth
Partnering across stakeholder groups to improve regulatory framework Start-up Europe was launched in March 2013 with
entrepreneurship ecosystems in Europe, with a focus on tech start-ups. 29 The European Digital Forum is a first-of-its kind think
Public Systematic entrepreneurship education throughout the curriculum, tailoring content to market needs Initiatives exist in a dozen countries on cooperation
competitions, certification of entrepreneurship skills the setting-up and running of student training firms 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 â
2. 17 billion for the period 2007-2013. Achievements include numerous projects with universities and
entrepreneurship education, and the European SME Week with 1, 562 events across and beyond Europe in
Ventures 18 Enhancing Europe†s Competitiveness 19fostering Innovation-driven Entrepreneurship in Europe Figure 12: Overview of Start-up Phase
Source: Project team, based on financing stage overview by OECD39 In di vi du al fa
Incubators Business Angels Availability of and access to capital Venture capital Loans Loss zone Profit zone
Start up: Supporting the Establishment and Initial Expansion of Innovation-driven Ventures In the second, â€oestart up†phase of the entrepreneurship life
cycle ecosystem factors play a crucial role. This section focuses on access to capital as a key bottleneck in starting
a company: 79%of Europeans specify access to finance as an issue preventing them from starting
or expanding a business. 29 While regulatory frameworks are cited often also as a barrier to business setup and operation in Europe
these are very heterogeneous across European countries †for example, in some countries, all the necessary licenses required to start a business to manufacture small IT devices
drawn from incubators and business angels. Venture capital is primarily available in Europe to ventures that are past the
â€oeproof of concept†stage, while bank loans and other forms of growth capital require evidence of successful operation
and profits that indicate future success at larger scales Even though major cities are booming, venture capital
supply has decreased by 56%since 2007 The EU is home to 19.0 million micro companies (those
with less than 10 employees), constituting the preponderant majority of the 20.6 million SMES in Europe in 2013.31
How many businesses are set up in a given period varies across Europe: in Spain and Italy, fewer businesses were
from 36,700 to 44,200 per year. 33 Yet, venture capital fundraising in the early and expansion stages amounted to
access to capital in further depth, considering the drivers of the overall situation and segmenting the analysis by actors
with a focus on the role of business angels, venture capital and banks 20 Enhancing Europe†s Competitiveness
The quality of ventures demanding capital and the return expected of them in prevailing market conditions play a
not lack capital, but there is a lack of appetite to invest in entrepreneurial ventures as an asset class, partly due to a
perception of low returns for investors. Indeed, from 1980 to 2012 and including the years of the financial crisis, venture
funds reported an average internal rate of return of only 1. 27%,with the top quartile earning 18.49%.34 However
venture capital segment has seen a number of notable successes such as Supercell and Spotify. Many European venture capital experts say the sector is stronger than the
long-term data indicate Today, non-European investors recognize Europe†s strong development. Take digital as an example.
Matthias Ummenhofer, Head, Venture capital, European Investment Fund Figure 13: New Venture Funds Raised in Europe by Investors,
2007-2013 (Incremental Amount Raised Per year in Billion Euro and as a Percentage of Total
European Private Equity and Venture capital Association (EVCA New VC funds raised in EU-28 (in bn. â
business angel investments only amounts to approximately 10%of the overall market estimate of â 5. 1 billion for 2012.38
actual availability of business angel capital for seed and early-stage financing as a key issue.
-typical angel investments (up to around â 500,000) but smaller than the deal size typical of venture capital funds
operating in Europe (from â 3-5 million up. 39 In the aftermath of the crisis, government agencies provide
a key share of venture capital As mentioned above and displayed in Figure 13, the supply
of venture capital has seen a sharp decline in recent years Part of it is linked to higher levels of risk aversion following
regulatory burden. 39 This drop in private investment has seen the role of government agencies in venture capital
raised from institutional investors increase from pre-crisis activity of 14%in 2007 to 38%in 2013.
of the venture market †government agencies†financing volumes are limited typically †in the case of the German
21fostering Innovation-driven Entrepreneurship in Europe The sources of financing for European venture funds differ
strongly between European regions, as shown in Figure 14 While in Germany, Austria and Switzerland (DACH), as in
the United kingdom and Ireland, less than 20%of venture funds have come from government agencies, such agencies
for venture funds in Southern Europe (22%of financing and Central and Eastern europe (CEE)( 26%),giving an
Sources of Funds †European Venture Funds by Region41 (Percentage of Total Incremental Fundraising, 2007
European Private Equity and Venture capital Association (EVCA Figure 15: Imbalance between Seed and Follow-on Rounds by Number and Region
European Private Equity and Venture capital Association (EVCA; National Venture capital Association/Thomson Reuters Europe†s next challenge is to increase the number of high
-growth businesses receiving financing rounds Further financing challenges appear when start-up businesses attempt to scale their activities.
capital in Europe. 42 17 23 31 35 43 29 30 21 9 6 10
venture capital Access to bank loans Belgium Slovenia Portugal Croatia Spain Romania Lithuania Russia Greece Ireland Brazil
Increased demand for collateral after the economic crisis restricts access to bank loans for entrepreneurs The European Small Business Finance Outlook 2013 and
the financial and economic crisis continues to impact capital supply by influencing financing conditions. In particular greater demand for collateral by banks has made it more
difficult to access credit. 43 In some countries, such as the United kingdom, potential difficulty with access to bank loans is alleviated by easier
access to venture capital. However, as Figure 16 indicates restricted access to bank loans and venture capital reflects
Europe†s competitiveness divide, with Northern European countries being among global leaders in access to venture
capital and loans The growing number of legislative initiatives in the wake of the financial
crisis has amplified the burden for long -term investors. Capital standards like Basel III and Solvency II have pushed
impacting private equity and venture capital Andrã Loesekrug-Pietri, Managing Partner, A CAPITAL Figure 16:
Access to Venture capital and Bank Loans in EU-28, the United states and BRIC Countries (Brazil, Russia
India, China), Average of Survey Respondent Scores per Country Survey questions: Access to venture capital: In your country, how easy is it for entrepreneurs with innovative
but risky projects to find venture capital 1=extremely difficult, 7=extremely easy; Access to bank loans:
In your country, how easy is it to obtain bank credit with only a good business plan and
no collateral?(1=extremely difficult, 7=extremely easy Source: Global Competitiveness Index 2013-2014 23fostering Innovation-driven Entrepreneurship in Europe
Table 2: Practices to Collaboratively Promote Access to Capital, with Examples Source: Project Team Financing phase
Actors Seed/early stage Later stage and expansion stage Private Focusing on private actors The European Business Angel Week will increase visibility of
angel investments; 140 events were held in 34 countries in November 2013.44 Using crowdfunding. In a large number of emerging
platforms, both funding needs and funding purposes are communicated through an open call to a forum †the crowd
In 2012, global crowdfunding reached $ 2. 7 billion raised of which some 44%was lending and 4%equity.
crowdfunding grew 81%in 2012, accelerating from 64 %growth in 2011, while European crowdfunding volumes
grew slower †65%to $945 million. 45 At the current market development stage, due diligences for lending and equity
crowdfunding can be an issue due to the low market power of individual investors. 46 Offering alternative instruments to classic loans â€
joining private investments Co-investment funds provide 1) the opportunity to invest in larger companies and 2) increased potential to diversify
investment amounts. Take the EBAN/EIF collaboration between business angels and the EIF, for example. In
Portugal, business angels invested â 2 million on average prior to the launch of a co-investment initiative;
afterwards the average investment became â 11 million. In the United Kingdom, the Scottish Co-Investment Fund (SCF) is a
£72 million equity investment fund. In venture capital, for example, the fund invests £0. 5-2. 0 million in deals of £2
-10 million. The fund operates at minimal cost on a fully commercial basis Offering combined support services and financing
A growing number of European accelerators and incubators can combine financial support with networking, mentorship and physical space for entrepreneurs.
A recent study by Telefonica indicates that over the past five years, the number of incubators and accelerators has increased at
an annual rate of 29%to an overall number of 260 start-up programmes in Europe, compared with around 200 in the
United states **Incubator: provision of physical space, usually without funding but with mentorship network, informal event
programmes, consulting services, investor exposure and public funding links. Accelerator: provision of pre-seed investment, usually taking a minority share in the start-up
start-ups profit from both events and mentoring Source: Salido, Sabã¡s and Freixas (2013), â€oethe Accelerator
and Incubator Ecosystem in Europe, †Telefonica Creating and aligning partnerships between companies universities and research organizations
Finland is a leading country in innovation cooperation between companies and the research sector. In SMES
an investment of â 1 by Finland†s funding agency Tekes produces â 21 of turnover annually;
for every euro invested by Tekes, companies increase their own R&d expenditure by two euros.
A total of 47 of the 50 fastest growing companies in Finland are Tekes customers.
These successes are linked not to higher spending; in relation to gross domestic product, public funding for R&d activities in
Finland is compared 3 with 7%on average in the EU and 14%in the US. 48
â€oewe need to strengthen access to capital across the region beyond the early stage by creating a
partnership between public and private investors in a new European fund-of-funds for venture
capital†Dà rte Hà ppner, Chief executive, The European Private Equity and Venture capital Association (EVCA â€oewe need more of a pan-European mentality, both
on the investor†s and on the entrepreneur†s side. †Karen E. Wilson, Senior Fellow, Bruegel, and Organisation for
â€oewe invest in the business environment to create a feeling of opportunities. †Ali Babacan, Deputy Prime minister of Turkey
25fostering Innovation-driven Entrepreneurship in Europe When helping SMES in Europe, we should not lose sight of those entrepreneurs who
opportunities for European SMES and start-ups by providing access to digital tools, training and mentorship to ensure
fuelling the European economy Jan MÃ hlfeit, Chairman, Europe, Microsoft Corporation Benefit for large corporates Benefit for entrepreneurs Risk to one or both partners
entrepreneurial ventures Access to finance Loss of reputation if collaboration fails, loss of investment/independence
Ideas/concepts, possibilities to test ideas quickly and outside complex structures access to technology, rapid prototyping
Access to business partners, opportunity to demonstrate capabilities and to create success cases for marketing
entrepreneurial ventures, the ventures must scale well beyond simply being viable, local businesses employing a handful of people and serving a small customer base
start-up partner to profit from the resources and backbone of the large corporation partner. This section therefore
that enable the scaling of innovative ventures to the benefit of all parties concerned Table 3:
and innovators can create opportunities throughout the value chain. Collaboration may occur in many areas
business opportunities. Negotiating and fixing contracts needs to offer mutual benefits within a lean process to
World Economic Forum European Survey on Fostering Innovation-driven Entrepreneurship 2014 Innovation funnel Ecosystem influencing
•Know of and profit from corporate search fields for innovation Entrepreneur perspective Large corporate
opportunities for collaboration 83 10 %255 30 %249 29 %186 22 %42 5 %40 5
survey on innovation-driven entrepreneurship had partnered with a large corporation or organization in a former venture
Respondents report that a lack of transparency and visibility of opportunities (39%),a weak culture of collaboration (34
%and the difficulty of setting up and operating collaborations 32%)inhibit this type of partnership
improve opportunities to bring ideas to market (80%),to access customers outside local markets (69%)and to
access finance (68 %Specific challenges per dimension are shown in Table 4 27fostering Innovation-driven Entrepreneurship in Europe
Table 4: Challenges Guiding Entrepreneurs and Large Corporations in Partnerships Source: Project Team Dimension Challenges for large corporates Challenges for entrepreneurs
Know of and profit from corporate search fields for innovation Entrepreneurs in start-ups/innovative SMES need
opportunities †e g. by creating separate units for venturing or R&d collaboration. The independence of these units has been highlighted as an
external work being seen as competition and a threat to one†s own organization should be
unique innovation-driven business models. Marketing and sales activities related to the results of the collaboration need to be considered as early as possible so as to allocate resources accordingly
employees, partners and customers Barclays Open Innovation: 55 The project began with a survey of business units, which
the opportunity to change, for example, the camera or the memory card without having to change the entire phone.
29fostering Innovation-driven Entrepreneurship in Europe Dimension Practice/example Developing culture and organization (continued Ensuring senior executive support for external collaborations
scouting trip to Israel, attended by BT€ s Technology, Services & Operations Chief Architect This senior level sponsorship provided access to the right operational teams, and led to
Running an entire division aimed at providing digital services to UK SMES helps senior executives understand the perspective of smaller companies
and willingness to realize opportunities. †Thomas Mà ller-Kirschbaum, Corporate Senior vice-president, Research & development/Sustainability, Henkel
startups to help the organisation foster these kinds of opportunities. †Miles Kirby, Managing director of Qualcomm Ventures, responsible for investments in Western and Eastern
Europe â€oeto systematically foster collaboration between large companies and entrepreneurs we have to start with specific topics †e g. 3d printing †around which co-creation
opportunities. Large companies can provide the challenges and can provide the market needs to give those ideas a direction.
convene to explore practical solutions to critical problems about finance, raising capital shareholder issues, their board growth strategies and other challenging real-life issues
They receive peer-collaborative feedback from an experienced community of CEOS Startup Europe Partnership is a platform where startups meet corporates, with a goal
services from startups), strategic investments and eventually acquisition. 56 â€oefinding the right entry point and the right champion is crucial:
Google Ventures uses algorithms with data from academic literature or from due diligences As summarized in The New york times:
than investment and scalability potential for the innovations being developed by them. In this new phase in our venturing
Telefonica Wayra is an accelerator programme with a strong brand and a global approach Wayra as a brand stands on its own two feet and has its own prestige.
Javier Santiso, Managing director, Global Affairs and New Ventures, Telefonica; Young Global Leader â€oegetting to a draft contract needs to be a question of days, not months †otherwise
the opportunity to accelerate processes is turned into a risk. †Fridolin Stary, Senior vice-president, Research and development, Wacker Chemie
31fostering Innovation-driven Entrepreneurship in Europe Dimension Practice/example Developing collaboration and exploiting results Being adaptable to the needs of the partner,
safeguarding IP rights as a basis for a future-proof business model ABB/Fastned: 61 ABB delivers multi-standard 50 kw fast chargers for electric vehicles and
know-how and a network to take the product to customers at a global level. Both parties
33fostering Innovation-driven Entrepreneurship in Europe 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 innovation
-driven entrepreneurship, the World Economic Forum conducted interviews with a wide range of leading European policy
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
Key activities on an agenda to foster innovation-driven entrepreneurship in Europe: What should policy-makers be doing?
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,
-stakeholder or cross-regional collaboration between various actors Daniel Calleja Crespo Director-General Enterprise and Industry
Directorate -General, European Commission Neelie Kroes Vice -President and Commissioner for the Digital Agenda, European
Economy of Portugal David Willetts Minister of state for Universities and Science of the United Kingdom Figure 19:
Director-General, Enterprise and Industry Directorate-General, European Commission The role of innovation-driven entrepreneurship in your economy:
â€oemore than 20 million SMES in Europe have a key role to play in fostering innovation.
of their customers. It is no surprise that innovative SMES are the main driver for growth.
A recent success in fostering entrepreneurship: â€oesupporting business scale up is a big challenge in many smaller
In this context, a new regulation on venture capital funds has been approved recently: fund managers can now have a European passport and market their funds across the EU. â€
Every European region needs an environment conducive to business start-up and successful in mobilizing talent.
Key activities on an agenda to foster innovation-driven entrepreneurship in Europe: â€oewithin the new 7-year
-driven entrepreneurship in start-ups and established enterprises. Funding will be channelled to innovation projects supported by a convincing business plan.
Projects could be between â 0. 8 and â 3. 0 million, of which up to 70%could be
substantial investments from other sources Under Horizon 2020, about â 140 million is expected to be allocated until 2020 for â€oecluster facilitated projects for new
The new programme for the Competitiveness of Enterprises and SMES (COSME) running from 2014 to 2020 with a
and venture capital to SMES and will work in conjunction with Horizon 2020 In early 2013, the Commission launched a public consultation on how to foster the supply of long-term financing and to
information between banks and SMES, and crowdfunding. Based on the public consultation, the Commission proposed specific actions in March 2014 to stimulate new and different ways of unlocking long-term financing
35fostering Innovation-driven Entrepreneurship in Europe Toomas Hendrik Ilves President of Estonia The role of innovation-driven entrepreneurship in your economy:
â€oeinnovation-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.
In our terminology, they are called †growth clients††emerging and fast-growing ambitious enterprises. For emerging enterprises it means that by the end of the second year of operation
their estimated annual sales must exceed â 200,000 and their export intensity must be at least 25%.
%Today, there are almost 2, 600 enterprises meeting these criteria. Our main task is to help them increase their innovative skills,
enhance development activities and help them enter exports markets. †A recent success in fostering entrepreneurship:
â€oeenterprise Estonia has established a network of salaried professional export advisers residing in major target markets,
who provide advice and market information, as well as assistance in finding export partners. The service is partially free (initial advice) and partially for a fee (partner search and market
enterprises is expressed by entrepreneurs†expectations concerning the increase in employee numbers as well as their ambitions on the international market.
in countries at the same development level, expectations of early-stage enterprises concerning a fast increase in employee
Key activities on an agenda to foster innovation-driven entrepreneurship in Europe †Enterprise Development Programme:
An all-in-one policy instrument, based on strategic client management by Enterprise Estonia, providing coaching and grants to individual enterprises for activities ranging from R&d and
innovation to export marketing †Cooperation programmes (focusing on smart specialization areas: 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 â 120 million for business angel co-investment, venture capital and
expansion capital (of this, â 60 million is public money. In addition, the Baltic Innovation Funds (for Estonia, Lithuania
and Latvia) has a volume of â 200 million for later stage and bigger investments
(of which â 100 million is public money). †Figure 20: Toomas Hendrik Ilves, President of Estonia, delivering his speech at the project workshop
during the World Economic Forum Annual Meeting 2014 36 Enhancing Europe†s Competitiveness Jyrki Katainen
Prime minister of Finland The role of innovation-driven entrepreneurship in your economy: â€oeinnovation-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. Forty-six per cent of all Finnish enterprises had innovation activity
related to products and processes in 2008-2010. The number of innovative high growth companies that grow over 20
%a year during a three-year period is approximately 200-300. These companies could be seen as truly †innovation-drivenâ€
companies. Innovation expenditure reported by enterprises totalled â 7. 3 billion in 2010. †A recent success in fostering entrepreneurship:
â€oethe Vigo accelerator programme for innovative, high-growth companies has attracted a great deal of direct foreign investment in Finnish start-ups.
For instance, the flagship enterprise Supercell received a â 1 billion investment from Japanese investors. This proves that the quality of deal flow has improved
Several Vigo teams have raised also their own small-scale funds. †Current and future challenges of high priority on the policy agenda:
â€oethere is still a lot to do for streamlining public services for companies, and the capital market needs support (public financing).
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.
The access to finance of early-phase start-ups is always problematic and there is still a funding gap. â€
Key activities on an agenda to foster innovation-driven entrepreneurship in Europe: â€oethe overall policy is that
the government encourages Finnish companies to seek new growth markets and to renew their businesses through
public incentives and services. Innovation policies are at the core of this process. The government support system for
enterprises is easy and simple to use, 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 37fostering Innovation-driven Entrepreneurship in Europe Neelie Kroes Vice-president and Commissioner for the Digital Agenda, European commission
The role of innovation-driven entrepreneurship in your economy: â€oeit†s quite simple †it†s about growing the economy
and solving our social challenges. If we just do the same things over and over again, or just open corner shops, then we
will have limited artificially growth and we will be stuck with some real social problems. †A recent success in fostering entrepreneurship:
â€oei†m not sure there are any government-led major successes. The crisis has forced more people to be entrepreneurs,
so that is a silver-lining on what has otherwise been a terrible time The internet generally is a platform that has reduced massively barriers to being an entrepreneur.
Governments that have worked to spread broadband, keep the internet open and introduce net neutrality can take a good deal of the
atmosphere of debate around entrepreneurship. That is a long, thankless task, but it†s important. â€
Key activities on an agenda to foster innovation-driven entrepreneurship in Europe: â€oethe Startup Manifesto by
The role of innovation-driven entrepreneurship in your economy: â€oeentrepreneurs play a key role in securing
competition and innovation in the 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
A recent success in fostering entrepreneurship: â€oein 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:
â€oeas in many other countries, innovative Danish entrepreneurs can find it difficult to finance their business projects.
including loans, guarantees and venture investments, to help tackle the issue. Furthermore, the Danish regions are
exploring the opportunity to include successful serial entrepreneurs and professionals from large, existing companies in
Key activities on an agenda to foster innovation-driven entrepreneurship in Europe: â€oethe Danish Ministry of
Among other things, we wish to further explore the opportunities for working with the Danish pension
sector to provide capital to high-potential SMES and start-ups It is crucial that the Danish knowledge institutions cooperate with business
global knowledge economy Open and innovative large companies play a vital role in the emergence and development of entrepreneurial ecosystems
This should be supplemented by a highly developed market for venture capital, being the second cornerstone, and a
39fostering Innovation-driven Entrepreneurship in Europe Antã nio Pires de Lima Minister of Economy of Portugal
The role of innovation-driven entrepreneurship in your economy: â€oeinnovation-driven entrepreneurship played a central role during the recent period of strong economic adjustment, where, leveraged by its effects, the Portuguese
economy suffered structural changes: becoming a highly exporting, increasingly innovative and entrepreneurial economy Our exports have grown significantly (at the fastest pace in EU15,
and have increased their technological profile). Our innovation performance posted the highest growth in the EU,
and Portuguese SMES are introducing product and process innovations much more intensively than their EU counterparts (Portugal 48%vs EU 34%.
%Portugal is steadily becoming an innovation-driven start-up nation (in 2013 there were 35,000 new companies incorporated)
and entrepreneurship is the driving force behind employment and job creation in Portugal. †A recent success in fostering entrepreneurship:
â€oeportugal 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
SMES, a reduced tax rate for companies with reduced profits, and a set of dedicated instruments to support patenting
The new Tax Investment Law will introduce radical policy measures, such as 0%corporate tax rate for start-ups in the first three years of operation and a
level of collaboration and industry-science linkages, we need to increment alternative sources of capital to finance
entrepreneurship, and we must act decisively in nurturing the best investment environment possible Against this background, the government recently launched its Industrial Development Strategy for Growth and
Employment, introducing an assertive agenda along three key intervention areas (human capital, R&d and financing), and
Key activities of an agenda to foster innovation-driven entrepreneurship in Europe: â€oerecognizing that the
importance of the innovation-driven entrepreneurship phenomena is transnational, Portugal, Spain and Italy, with the
and Entrepreneurship, are closely collaborating to jointly develop an economic and industrial policy agenda for the South of Europe.
The adequate promotion of a consistent innovation-driven entrepreneurship policy requires us to focus on five defining
environment. †40 Enhancing Europe†s Competitiveness Mark Rutte Prime minister of The netherlands The role of innovation-driven entrepreneurship in your economy:
â€oeinnovation-driven entrepreneurs introduce new products, new services and new methods, thereby making a significant contribution to the Dutch 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: â€oerecent 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.
These sectors are stimulated to remain highly competitive by intensifying cooperation between knowledge institutions, the government
ambitious growth strategy, 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: â€oethe Dutch government is
This has been achieved with a new Dutch Venture Initiative for scaling up successful businesses and a new instrument aimed at the proof-of-concept phase
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
Diminishing the barriers to entrepreneurship and growth Our long-term aim is to develop a functional ecosystem for ambitious entrepreneurs, with good opportunities for high
potentials to become entrepreneurs and realize their growth potential. The Dutch government is committed to seeking
opportunities to optimize the framework conditions to better accommodate the needs of high-potential firms. To achieve
this, there is an ongoing dialogue with the relevant stakeholders to discuss factors that hamper growth
41fostering Innovation-driven Entrepreneurship in Europe Bohuslav Sobotka Prime minister of the Czech republic The role of innovation-driven entrepreneurship in your economy:
â€oeinnovation-driven entrepreneurship is one of the most important drivers for sustainable development of the economy in the Czech republic.
This is reflected in several strategic initiatives (esp. the National Reform Programme, National Innovation Strategy and International Competitiveness
Strategy), as well as in the overall â€oe3i vision†(innovation, institutions, infrastructure) for the enhancement of the
A recent success in fostering entrepreneurship: â€oethe 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
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 high
and growth companies to explore international opportunities e g. in Silicon valley. †Current and future challenges of high priority on the policy agenda:
for effective collaboration and better mutual understanding between public research and enterprises, effective use of existing science and technological infrastructure,
Another difficulty seen by enterprises is increasing cost and impaired access to funding. However, the problems faced relatively differ among enterprises of
different sizes, in particular, with micro entrepreneurs seeing easier access to funding as absolutely crucial. Almost 25
With the growing size of an enterprise, the importance of this issue decreases while the
relevance of other difficulties increases, including severe competition, availability of skilled employees and managers, and
Key activities on an agenda to foster innovation-driven entrepreneurship in Europe: â€oekey activities in relation
to innovation-driven entrepreneurship can be seen mainly in a better motivation and support of a) the foundation of
of several stakeholders, mainly the media, but also other actors who can motivate highly-skilled people to found an
spinoffs or of the situation for seed and early-stage financing for technology-intensive ventures,
foundation and growth of entrepreneurial ventures of different groups of entrepreneurs within the country and offers
The role of innovation-driven entrepreneurship in the economy: â€oeinnovation-driven businesses of all sizes display
time, on an economy-wide scale, innovation has contributed as much as 70%to the UK€ s economic growth.
products or services over the past year. †A recent success in fostering entrepreneurship: â€oein 2011,27%of small business innovators considered the non
-availability of finance a significant obstacle to innovation. The british Business Bank was launched in 2013 to address this
2013, it supported over £650 million of total lending and investment. †Current and future challenges of high priority on the policy agenda:
including the economy, taxation, regulations, competition and cash-flow issues. There were also a number of barriers that innovative SMES experience over and above those that
Key activities on an agenda to foster innovation-driven entrepreneurship in Europe: â€oethe UK government†s Small
43fostering Innovation-driven Entrepreneurship in Europe Section Four: A European Agenda to Foster Innovation -driven Entrepreneurship
Focus Connect Partner 44 Enhancing Europe†s Competitiveness 45fostering Innovation-driven Entrepreneurship in Europe Section Four:
A European Agenda to Foster Innovation -driven 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
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 regions. 64 This section presents an overview
of the core ideas within the focus, connect and partner agenda, then explores how these ideas can be applied to
entrepreneurship initiatives Working towards the goal of a more integrated innovation ecosystem in Europe requires an active discussion on
entrepreneurship initiatives in the region. The following criteria can help gauge the potential of a proposed
network of initiatives for entrepreneurship Establishing a visible, inclusive network of public and private initiatives is considered to be somewhat important or very
universities, business angels, accelerators, incubators venture capitalists and corporate intrapreneurs Currently, it takes significant research to appreciate
for example, the number and type of public and private mentoring initiatives available for entrepreneurs in a given
mentoring services as well as those trying to bring together different mentoring initiatives. 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:
entrepreneurship across Europe %59 29 7 12 1 +89 No opinion Very low potential Very high potential
communication and exchange, the network could evolve and govern itself according to various innovation focus areas.
relevant stakeholders, including entrepreneurs, interested businesses, civil society stakeholders, investors and potential mentors. Emerging examples of resources and
partnership networks are detailed below Partner: 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. Increasing transparency across relevant activities and support services should therefore be complemented and followed by active partnerships between
stakeholders. Linking stakeholders and programmes across countries, sectors, industries and areas of focus can help
activities that produce tangible results achieve greater scale and momentum. Fully 80%of project survey participants
see significant potential to improve the level and impact of collaboration between entrepreneurs, universities, large
very important to provide more opportunities for potential entrepreneurs to obtain practical experience in an innovative
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.
Starting with local networks between schools universities and entrepreneurs, this type of intervention could scale up to influence
the culture among entire populations Research shows that individuals are most influenced by those they regard as their
that promotes entrepreneurship Partner to encourage active engagement in start-ups as employees and as founders.
experience in a start-up environment, for example through internship programmes or employment opportunities. These experiences build on school-based
help private investors unlock capital in Europe and direct it towards venture markets. 44%highlight the importance of
capital is of key importance to enable progress towards a more transparent single European market for risk finance
new models of co-investment by complementary resources in order to improve capital supply. European states have shown massive engagement to
support entrepreneurship. Co-investment models, both those enabling the state 47fostering Innovation-driven Entrepreneurship in Europe
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 Connecting and partnering to help
entrepreneurs scale up Only 31%of companies have an unbroken record of revenue growth in years two to five of their existence. 66
Furthermore, European SMES often seem to hit a ceiling beyond which they do not grow.
own accelerator or incubator; they need different points of access to the world of start-ups, while start-ups need a way to
and services The best way of doing this is to align on a standard format to systematically
realize specific opportunities to step up collaboration between entrepreneurs and large corporations, starting with a specific
from educational support to financing opportunities for prospective entrepreneurs As the figure shows, willingness to support initiatives
those who currently run their own ventures. While 55%of respondents say they would be willing to provide mentoring
would be willing to provide more opportunities for potential entrepreneurs to obtain practical experience in an innovative
The key to success of this agenda is mobilizing stakeholders who are willing to promote it in multiple contexts.
various stakeholders across Europe Figure 24: Survey Results: Personally, to Foster Entrepreneurship I Would be Willing to Engage in the Following Action This
Year(%of respondents; n=632 Source: World Economic Forum European Survey on Fostering Innovation-driven Entrepreneurship 2014
27 28 43 28 31 55 46 49 52 Improving access to tools and training on how to partner
between large businesses and entrepreneurial ventures Creating more transparency about what new ventures and established businesses are looking for in terms of potential partners
Creating more opportunities for entrepreneurs and large businesses to network Helping private investors"unlock"capital in Europe
and direct it towards venture markets Supporting entrepreneurs to access skilled employees to join their ventures
Providing mentoring to new founders Providing more opportunities for potential entrepreneurs to obtain practical experience in an innovative business or start-up
Tailoring the education curricula in schools and universities to focus on the skills that entrepreneurs require
Raising awareness of entrepreneurial success stories that potential entrepreneurs can relate to and be inspired by
great opportunity 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
49fostering Innovation-driven Entrepreneurship in Europe Innovation-driven entrepreneurship in Europe depends in large part on how well
we can prepare this generation of digital natives to turn their ideas into action. It
Entrepreneurship is not just a mindset, it is a set of important skills and competences that can be learned.
expose them early on to this opportunity Caroline Jenner, Chief executive officer, Junior Achievement-Young Enterprise (JA-YE) Europe
Various forms of women-led economic activity are important to the growth agenda But the greatest impact could be delivered by increasing the number of women
-funded and women-led high-growth enterprises. To this end public funds could be to
used to leverage private funds and create innovative funding schemes such as women-friendly SME financing facilities, microfinance institutions, venture capital
funds and innovation grants all linked to business mentoring and training of substantial scale and availability for women entrepreneurs who want to take their
in Europe to foster entrepreneurship Ann Mettler, Executive director, Lisbon Council We need to think in terms of innovation
for sustainable economic growth Clayton Christensen, Professor of Business Administration, Harvard Graduate school of Business Administration It†s time for a fundamental change of
51fostering Innovation-driven Entrepreneurship in Europe Section Five: A Look ahead †Opinion Pieces on the Future
Today, the benchmarks for successful entrepreneurial ecosystems and innovation hubs tend to be Silicon valley and Tel aviv.
as leading practice in innovation and entrepreneurship and consider the forces that might shape the future of
European stakeholders must prepare for new public and private-sector activities that will unleash future waves of
of the sharing economy (in the form of Airbnb and Uber is challenging government and industry approaches in the
well as relationships to new ideas to fulfil the demand for continued growth and productivity in European economies
Understanding, anticipating and shaping these shifts will be critical to ensuring that Europe prepares ecosystems ready
Entrepreneurship Change the Potential and Impact of Government Resources Bruno Lanvin, Executive director, European Competitiveness Initiative, INSEAD
Today, with the need to invest in innovative economies and innovative governments higher than ever, a key
a digital environment. Efforts to share government -owned data intelligently can also help in this respect
criminality or available services, for example) and â€oeopengov†(in which collaborating with local citizens and communities provides bottom-up validation and
government authorities in a digital environment †Back-burners: These are mostly efforts and initiatives
stakeholder communities (including business and civil society), because the duration of the policies required will exceed often that of their electoral
best fit in a future global knowledge economy. For example, a key issue to be considered in such a
today and tomorrow) in terms of entrepreneurship innovation and leadership skills, but also of dynamic cross-sectoral re-skilling?
competition, whereas the recent experience of Switzerland indicates that public opinion may be blinded by short-term concerns about â€oemassive
entrepreneurship. Building a truly integrated single European digital market relying on a first-class shared broadband infrastructure would offer a powerful
of economic growth, innovation and technological progress, they have brought much good to humanity. But as the financial crisis of 2008 has demonstrated, large
traditional and nontraditional stakeholders and the environment, and a change of outlook among the top
management What might these changes look like over the next 20 -30 years? Consider what may be considered a rather
that harness â€oeswarm Economics, †with hundreds of thousands of individuals coming together to solve the highest value problems, animating the notion that
harvest participatory business models, with benefits ranging from supply chain savings to local economic inclusiveness Box 2:
Economics, Grenoble Graduate school of Business France, and Instructor, Harvard university Extension School, USA Olaf Groth, Professor for Global Strategy, Innovation
Management and Economics, HULT International Business school, USA 53fostering Innovation-driven Entrepreneurship in Europe 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
developing economy multinationals finding advantage in harvesting opportunities in diverse parts and corners of their economies.
At first, new forms of communication and coordination meant that the benefits of acquisition outweighed the challenges of organizational complexity
but over time it has led to the creation of indefensible bureaucratic mega-organizations. By the early 2020s
many major global conglomerates were still struggling with smaller, specialist challengers, yet found it increasingly hard to justify the cost or complexity of
absorbing new ventures In the second phase, a new set of challengers has emerged to disrupt this â€oegreat Wall†versus â€oespecialistâ€
treated societies, markets and stakeholders as a â€oecoral Reef†consisting of diverse pockets of opportunity.
Such organizations have mastered the ability to spark, incubate and funnel â€oecambrian Explosions†of cross-fertilization creativity and innovation between converging domains
and push factors from the current environment are creating an impetus for future organizations to master
changes that characterize the business environment for multinationals and SMES alike, organizations that are able to innovate cooperatively amid contextual changes
venture: market risk, technology risk and team risk What does this mean for how organizations operate
environment, Cambrian Corporations will need to develop their foresight, design and synthesis capabilities. These capabilities trump more â€oepure-play, †exclusionary and
enterprise system must be set up so as to continuously scan Coral reefs of relationships, niches, innovation nooks and crannies, spanning many different sectors and
reassemble and qualify new ventures for disruptive value creation, feasibility and scalability. To achieve this
organizations will need to configure themselves in nodal patterns of many smaller project or programme entities
closely connected with their stakeholders and broader society. New social and economic challenges will emerge, driven by how political systems and economic
opportunity interact with shifts such as cloud computing social networking, the internet of things, synthetic biology the makers movement and advanced manufacturing.
infrastructure, energy, communication, finance and human networks, they will spark a myriad of issues for
as opportunities to create positive externalities by solving problems. Due to the uncertainty and complexity of these
sets of stakeholders that are contributing to or are impacted by convergence issues 54 Enhancing Europe†s Competitiveness
Realizing scale economies will have to happen through shared infrastructure systems with other corporations and civic and financial institutions that are modular
solutions and potential profits pop. To realize those â€oefast Emerging Profits, †the Cambrian Corporation would
need to govern itself in such a way that agility, sensing and capacity for pivots at speed are the overriding
Corporation will require a business model that creates incentives, assigns roles, creates value and distributes payoffs.
individuals and corporations would become investment relationships in which individuals dedicate capacity and skills in a corporate ecosystem.
will invest in co-learning/co-creation environments and competency development for project-focused networks and communities.
scale economies across these different parts of the Coral Reef and the different convergence spaces will be highly
In this way, problem stakeholders can become solution co-innovators in a sustained fashion and the role of the
55fostering Innovation-driven Entrepreneurship in Europe Conclusion Over the course of 2013 and 2014, the Forum†s â€oefostering
Innovation-driven Entrepreneurship in Europe†project has drawn on survey data, structured interviews, workshops and
1. Fostering innovation-driven entrepreneurship in Europe requires a comprehensive view of the entire entrepreneurial life cycle, comprising â€oestand up, â€
to understanding the different phases of a new venture, and by influencing both individual and contextual factors that
entrepreneurship in Europe that can and should be harnessed As the examples of leading practices, policy-maker
do more to support innovation-driven ventures in Europe Stakeholders should tap into this motivation at scale to
create the most supportive environment possible for each life cycle phase, including shifting social and cultural factors
to increase the ambition and inclusiveness of entrepreneurial activities and inspire many more â€oeserial entrepreneurs†in
innovation-driven entrepreneurship in Europe stakeholders need to focus, connect and partner creating greater transparency and increasing
collaborations across sectors Just as SMES in Europe tend towards being sub-scale, so too do programmes supporting European entrepreneurs
improving entrepreneurial environments 4. Supporting the innovations of today in isolated sectors is not enough †Europe needs to create
supporting environment for entrepreneurship and innovation today is not enough. Major changes in what is regarded
European stakeholders must be prepared to harness these shifts, rather than block them, to ensure that Europe regains
partner on innovation-driven entrepreneurship, the World Economic Forum will take this research further in the form
1. The entrepreneurial life cycle is defined here as including the factors influencing an individual to turn an idea into economic activity or
and the factors related to the successful growth of a venture 2. It is important to note that both entrepreneurship
and innovation are very broad concepts with many definitions. Entrepreneurial thinking can and does occur in a broad variety of contexts and organizational forms in a nonlinear way.
4. United nations Economic commission for europe (2012), Fostering innovative entrepreneurship †Challenges and Policy Options 5. http://ec. europa. eu/enterprise/policies/sme/facts-figures-analysis
/6. EIM Business & Policy Research (2011), Do SMES create more and better jobs 7. See Eurostat database
14. â€oejust 17.3%of young Europeans believe there are good business opportunities available and that they have the skills and
%†http://www. gemconsortium. org/news/783/europe%E2%80%99s-young-people-fear-business failure-and-lack-of-start
-up-skills, GEM Consortium (2013), Global Entrepreneurship Monitor 15. Diedrichs, E. 2013), Do SMES lose their appetite for innovation during the economic crisis?
Blog on Innovationmanagement. se 16. Stam, E. et al. 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 and Innovation (VRWI
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
Eurydice (2012), Entrepreneurship Education at School in Europe 57fostering Innovation-driven Entrepreneurship in Europe 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
OECD (2013), Entrepreneurship at a Glance 36. Office for statistics Berlin (2012; KKR (2013), Digitalization in Europe †Unlocking Europe†s Entrepreneurial Potential
EVCA (2012), Pan-European Private Equity Performance Benchmarks Study, p. 4 38. Interview with Luis Galveias, Director of Secretariat, EBAN;
s and Freixas (2013), The Accelerator and Incubator Ecosystem in Europe, Telefonica, p. 2 41.
s and Freixas (2013), The Accelerator and Incubator Ecosystem in Europe, Telefonica 43. OECD (2013), Science, Technology, and Industry Scoreboard
Massolution. com (2013), The Crowdfunding Industry Report 46. Interview with Karen E. Wilson, Senior Fellow, Bruegel, and OECD
and highlights opportunities to collaborate and challenges of collaboration from an entrepreneurial perspective 52. Dugan and Gabriel (2013), Special forces Innovation:
Case study provided by Jean-Marc Frangos, Managing director, External Innovation, BT Technology, Services and Operations 58.
New york times (2013), Google Ventures Stresses the Science of the Deal, not the Art of the Deal
Case study input by Leo Smit, Branding and Communications Director, DSM Innovation Center 63. Case study provided by Thomas MÃ ller-Kirschbaum, Corporate Senior vice-president, Research & development/Sustainability
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
In recent years, 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
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
Finally, the following reports give a deeper understanding of the entrepreneurial environment in Europe †Adecco, INSEAD, Human Capital Leadership Institute (2013), Global Talent Competitiveness Index
†Barclays report, written by The Economist Intelligence Unit (2014), Start me up: Creating Britain†s entrepreneurial
ecosystem †Chesbrough (2006), Open Business models: 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 in the EU and Beyond, available at:
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: http://eur-lex. europa. eu/Lexuriserv/Lexuriserv. do? uri=COM: 2012: 0795: FIN:
†Foundation for Entrepreneurship Young Enterprise Denmark (2013), Impact of Entrepreneurship Education in Denmark â€
59fostering Innovation-driven Entrepreneurship in Europe Acknowledgements Adviser and Knowledge Partner: A t. Kearney Kai Engel, Partner and MD, Germany, Lead Partner for
expansion of Innovation-driven Ventures Martin Bruncko, Cofounder and Chief executive officer Nubi, United kingdom; Young Global Leader
Management and Economics, HULT International Business School, USA Mark Esposito, Associate professor of Business and Economics, Grenoble Graduate school of Business, France
and Instructor, Harvard university Extension School, USA Survey partners JA-YE Europe Caroline Jenner, Chief executive officer Elina Konstantinou, Director of Communications
Elena Tosheva, President, JA-YE Europe Alumni Research+Data Insights, a Hill+Knowlton Strategies company
Communications Barclays Antony Jenkins, Group Chief executive Derek White, Chief Design Officer Arian Lewis, Director, Partnerships
BT Technology, Services and Operations European Institute of technology Daria Golebiowska-Tataj, Executive Board member European Private Equity and Venture capital Association
DÃ rte HÃ ppner, Secretary-general Cornelius MÃ ller, Head of Research Henkel Kasper Rorsted, Chief executive officer
Javier Santiso, Director, Innovation Funds, Venture and Growth Capital 60 Enhancing Europe†s Competitiveness The World Economic Forum gratefully acknowledges
the contributions to the European Agenda to Foster Innovation-driven Entrepreneurship by the Global Shapers Hubs in Brussels, DÃ sseldorf, Geneva, Genoa
Lisbon, London, Madrid, Torino, Vilnius and Zurich, as well as the following individuals and organizations
Annette Beck, Senior Director, Entrepreneurship, Ewing Marion Kauffman Foundation, USA Jean-Claude Burgelman, Head, Unit C2, DG Research and
Blair L. Fortner, Global Chief Economist, Monsanto Company, USA Hamish Forsyth, Cofounder and Director, Strategy
Communications, Adecco Group, Switzerland Tim Hunt, Principal Scientist, Cancer Research UK, United Kingdom; Nobel laureate Toomas Hendrik Ilves, President of Estonia
Miles Kirby, Managing director, Qualcomm Ventures, United Kingdom Karl-Ludwig Kley, Chairman of the Executive Board, Merck
-Chair of the Governors for Information and Communication Technologies Industries 2013 Bruno Lanvin, Executive director, IECI, INSEAD, France
Communication Networks, Content and Technology Belgium Antã nio Pires de Lima, Minister of Economy of Portugal
Benoit Potier, Chairman and Chief executive officer, Air Liquide, France Subramanian Rangan, The Abu dhabi Crown prince Court Endowed Chair in Societal Progress, INSEAD, France
Services, BT, United kingdom Tobias Schmidtke, Senior Consultant, A t. Kearney Germany Bohuslav Sobotka, Prime minister of the Czech republic
Matthias Ummenhofer, Head, Venture capital, European Investment Fund, Luxembourg 61fostering Innovation-driven Entrepreneurship in Europe Jeroen Van der veer, Executive Member of the Governing
Board, European Institute of Innovation and Technology Hungary; Global Agenda Council on New Energy Architecture
Robert van Hoesel, Founder, Young Creators Peter van Kemseke, Deputy Head, Cabinet of the President
Global Agenda Council on Fostering Entrepreneurship and Global Agenda Council on Europe 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, Tuspark Research Institute for
Entrepreneurship, Stanford Graduate school of Business USA Habib Haddad, Chief executive officer, Wamda, United Arab Emirates Jian Han, Associate professor of Management;
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 Intellectual Property Organization WIPO), Geneva
and Technology Entrepreneurship Development Board Department of Science and Technology, Government of India Allon Raiz, Chief executive officer, Raizcorp, South africa
Thom Ruhe, Vice-president, Entrepreneurship, Ewing Marion Kauffman Foundation, USA Phanindra Sama, Chief executive officer, Pilani Soft Labs
for Enterprise and Industry, European commission, Brussels Ding Chun, Dean, Centre for European Studies, Fudan University, People†s Republic of china
M. Willem van Eeghen, Lead Economist, Office of the Chief Economist for the Europe and Central asia Region, World
Bank, WASHINGTON DC Maria Fanjul, Chief executive officer, entradas. com, Spain Charles Grant, Director, Centre for European Reform (CER
Economy and Geopolitics, Spain Mark Spelman, Global Managing director, Accenture, United Kingdom Pawel Swieboda, President, demoseuropa-Centre for
63fostering Innovation-driven Entrepreneurship in Europe Project Team The project team â€oeenhancing 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
Entrepreneurship in Europe, and Management consultant A t. Â Kearney Editing Ann Brady, Head of Editing, World Economic Forum
Incorporated as a not-for-profit foundation in 1971 and headquartered in Geneva Switzerland, the Forum is
Overtext Web Module V3.0 Alpha
Copyright Semantic-Knowledge, 1994-2011