special way its economy The total population of the islands in 2011 reached 1. 113.114 inhabitants
Regional sheets of the New Economy. N-economy The equipment and use of ICT in households, has increased in Balearic
Islands in the last years Source: Regional sheets of the New Economy. Baleares. N-Economics.
June 2012 SOCIO ECONOMIC DIAGNOSIS Population and territory Information Society
    The  Smart  Grids  Debate  in  Europe
  Essential  for  the  transformation  of  the  European
 Stakeholders  present  in  the  debates  at  EU  level
 Economics  Ià W  in  Germany  1989- †2004 Â
 stakeholders  have  different  although  mostly  not  explicit  visions
 stakeholders  in  the  discussion  on  smart  grids  at
 stakeholders  and  is  now  gaining  such  a  momentum
 stakeholders  in  different  countries  with  differ- †ent
 stakeholders  there  seems  to  be  a  growing  acknowledgement
 stakeholders  is  the  Smart  Grids  European  Technology  Platform
 stakeholders. 34  Its  mission  however   includes  ensuring  that
 Stakeholders  present  in  the  debates  at  EU  level
 stakeholders  are  represented  The  most  important  ones  are
 stakeholders  involved  shows  that  overall  the  directly  interested
 Economy  55  has  produced  a  series  of  pilot
 economies  † have  started  to  look  at  smart
 stakeholders  is  the  Global  Smart  Grid  Federation69 Â
 stakeholders  share  this  vision  When  consumers  start  to
 stakeholders  different  models  are  being  proposed  and  discussed
 stakeholders  more  directly  involved  only  have  started  to
 stakeholders  involved  •cultural  gaps  between  policy  and
 stakeholders  the  cul- †tural  reluctance  and  the
 stakeholders  are  unhappy  with  this  lack  of  transparency
 stakeholders  involved  raising  awareness  for  the  issues  and
 stakeholders  positions  and  suggestions  A  key  difficulty  is
 stakeholders  have  different  although  mostly  not  explicit  ideas
 Economy  Survive  on  Renewable  Energies  Inwind  Chronicle  New
*Full professor of Applied Economics, University of Basque Country (infyde@infyde. eu **Phd Researcher, INFYDE (jonatanpaton@infyde. eu
takes place at a territorial level in economic activities, scientific areas and technological domains that are potentially competitive and generators of new
scientific areas and economic activities) where the region is competitive The search for opportunities through the exploitation of the territorial related
It is, in fact, the traditional dilemma about what kind of agglomeration economies to exploit (Frenken et al. 2007:
location economies (promoting sectorial specialization); ) urbanization economies (promoting sectorial diversification) or related variety exploitation (finding a balance between the above two above.
In this context, a strategy for smart specialization may focus on seeking specialized diversification behind the related variety of a given territory
of the economy (knock-on effects Exploiting the possibilities of regional related diversity can lead to radical
economy A high specialization also brings further weakness to potential crisis, technical changes and cycles It is difficult to identify the entrepreneurial discovery
economy A"global"dimension of governance will allow the prioritized specialization to be consistent in the global context
The approach of governance in an open economy is still not widespread although its success depends on its
RIS3 seems to have prioritized sectors with a very clear share in total economy agro industry, automotive, tourism and experience) and others with positive
could be developed jointly by different regions), the open economy dimension of the strategies (e g. collaboration potential with other Spanish regions but
Journal of Business and Economics Del Castillo, J. & Paton, J. 2012. Entrepreneurial discovery process in the Basque Country:
Economists Policy Brief 9 june 2009 Frenken, K.;Van Oort, F. G. & Verburg, T. 2007.
economic growth. Regional Studies 41 (5: 685†97 http://dx. doi. org/10.1080/00343400601120296 IPTS (2012) â€oeguide to research and innovation strategies for smart specialisation RIS3€
Bilbao. 9th conference developments in Economic theory and policy †EHU/Cambridge. June 2012 Paton, J. 2013) Smart Specialisation and RIS3:
Technopolis (2006) Strategic Evaluation on Innovation and the knowledge based economy in relation to the Structural and Cohesion Funds, for the programming period 2007-2013.
no differences between regions with urbanization economies from those characterized by specialisation economies 9 Key Enabling Technologies known as nanotechnology, micro-and nanoelectronics including
semiconductors, advanced materials, biotechnology and photonics http://ec. europa. eu/enterprise/sectors/ict/key technologies/index en. htm
implementation was hindered however by the slowdown of the Spanish economy and its impact on the public and private spending in R i+i. The budget line 46 of the budget of Spain devoted to
2012, strong cooperation with Budget (Structural Funds), Economy and Rural Development (FEADER •Strong involvement of the Spanish Ministry of Economy and
Competitiveness, participation of the State Secretary for Research and Innovation in an event organized in Zaragoza on October 30th, 2012
•Four meeting of information of stakeholders in July (economic and social partners, research, innovation, education
stakeholders Basic document analysis of regional potential Basic document SWOT Meeting with stakeholders Vision and
challenges Future global vision Meeting with ECÂ's adviser Meeting with stakeholders Selection of priorities
Policy mix roadmap and action plan Integration of monitoring and evaluation mechanisms Approval by Aragonese
economic policy •Main objectives †The structuring of the territory, through infrastructure and telecommunications services
†A good dialogue with all stakeholders •Establish a strong monitoring process of the RIS 3
†A common vision with all stakeholders in the long term †Good alignment of Aragonâ's RIS3 with funds available in the frame of the
of 63%of the regional economy Alongside, Asturias has a strong industrial base, as evidenced by the weight that this sector
accounting for a 21.78%of the regional economy in 2011 Expert Assessment of RIS3 strategy for the region of Asturias, Spain †Miquel Barcelã 4
Both in Asturias and Spain there has been a widespread decrease of economic activity, with the construction sector most affected with a reduction in employment of around 40%.
In view of the above data the main features of the Asturian economy and more specifically of its
b) High concentration of economic activity in the industrial sector c) Strong presence of foreign industrial investment with decision centers outside of Spain
To conclude this brief introduction to the Asturian economy, we will observe the status in Asturias
After the introduction to the Asturias economy and after providing some information of the institutions and people visited,
1. Is the strategy based on appropriate stakeholder involvement? How does it support the entrepreneurial discovery process of testing possible new areas
ï The communication process to stakeholders and the general public, the mechanisms for ensuring support for the strategy from critical groups and the active participation of such
deploy a communication strategy directed to all stakeholders and also to the regional public opinion
q) The communication process to stakeholders and the general public, the mechanisms for ensuring support for the strategy from critical groups and the active participation of such
a communication strategy directed to all stakeholders and also to the regional public opinion However, the process is in the right way and,
Cantabria†s economy is based mainly in industry services and tourism Research and Innovation ï¿RI funds in 2009
El grupo de trabajo Sport and Economics de la UE ha desarrollado la Vilnius Defin
El grupo de trabajo Sport and Economics de la UE ha desarrollado la Vilnius Defin
El grupo de trabajo Sport and Economics de la UE ha desarrollado la Vilnius Definition
Implican plenamente a los actores involucrados (stakeholders) y promueven la innovaciã n y la experimentaciã n
stakeholders) y promueven la Estã¡n basadas en evidencias e incluyen sistemas sã lidos de control y evaluaciã n
process of tertiary transformation of the regional economy. The table shows the evolution of the economic
Due to the important rates of growth of our economy, the rate of unemployment in Castilla y Leã n, was been
affected by the economic crisis, with a rate of 19.7%in 2012. Although it is a negative indicator, the value remains
the employment and economy of Castilla y Leã n, now under restructuration Automotive Agro-food
but during the past 3 years the economic crisis had a dramatic impact on this indicator, and
Evolution of economic growth and convergence with the European union 4 B SCIENCE AND TECHNOLOGY: A PRIORITY FOR THE REGIONAL GOVERNMENT OF
agrarian sector and the process of tertiary transformation of the regional economy. The table shows the evolution of the economic structure in the region
has been higher than the average growth of the European economy, which has allowed our region to approach the European union
Figure 2. Annual economic growth rate in Castilla y Leã n, Spain and Europe. Gross Value Added at basic prices
States and its impact on economic growth. In order to reverse this situation, it was concluded that European regions needed to identify technological patterns of knowledge
hold less weight in the economy: industry and energy with 19.8%,construction holding 8. 4,
minor annual economic growth. In 2012, specifically, only 68%of companies with fewer than 10 employees had compared computers with 71.6%at the national level.
for companies and economic activities related to ICT and excessive disintegration of projects •Productive fabric primarily consisting
make up 59%of our economy and meet diverse criteria: specialisation compared with the national average, ability to compete in outside markets, temporary positive evolution
for generating new economic activity and an innovative expansion, starting from development of existing internal resources
Beginning with the regional specialisation, boosting both existing economic activities and generation of new activities through diversification is sought.
a competitive economy •P2. Excellent science and technological leadership •P3. Internationalization •P4.
ECONOMY Programme 1 is focused on responding to the need to boost competitiveness of regional companies on a base of innovation and the importance of generating new economic
Ministry of Economy and Competitiveness 5 European Statistics Office 6 Secretariat of State for Telecommunications and Information
 economy  for  the  growth  and  competitiveness  of  enterprises
c Catã lica Lisbon School of business and Economics, Palma de Cima, 1649-023 Lisboa, Portugal a r t i c l e i n f o
sample is consistent with the evidence that the Italian economy is essentially based on small and medium enterprises.
the role of intermediaries on the liquidity, transparency and efï -ciency of the MFT may constitute a promising new line of inquiry for
amongst small and large ï rms is optimal for the overall economy Indeed, our study shows that small ï rms that specialize in upstream
The Economics of Innovation and Corporate Strategy. MIT Press, Cambridge MA Arora, A.,Gambardella, A.,1990.
Proceedings of the Conference on Economics of Technology Policy, Monte Veritã, Switzerland Cohen, W. M.,Klepper, S.,1991.
The Economics of Industrial Innovation. Pinter, London Frietsch, R.,Neuhã¤usler, P.,Jung, T.,Van Looy, B.,2014.
The economic value of patented inventions: thoughts and some open questions. Int. J. Ind. Organ. 31 (5), 626†633
Welcome to the entrepreneurial economy: small fi rms are playing an ever-increasing role in
innovation for 40 economies, including OECD countries, Brazil, China, Estonia, Indonesia, Israel the Russian Federation, Slovenia and South africa
concerns, such as corporate governance, the information economy and the challenges of an ageing population. The Organisation provides a setting where governments can compare policy
-General and Chief Economist, OECD) and the management of Sergio Arzeni (Director, Centre for Entrepreneurship, SMES and Local Development, OECD), with support from Jonathan Potter (Senior
Economist at the Centre) and Mariarosa Lunati (Senior Economist at the Centre, currently responsible for Entrepreneurship Indicators and Business Statistics in the Statistics Directorate
That contribution to the economy is reflected in the rapid growth of some of these firms, the
economic growth and adaptation, it is vital to have incremental innovation from the broader bulk of
emerging in this field in OECD countries and other global economies. This book presents the relevant data and policy information from 40 economies around the world,
and so provides an insight into the various challenges of stimulating the creation of new, innovative enterprises and increasing
Pier Carlo Padoan, Deputy Secretary-general and Chief Economist, OECD SMES, ENTREPRENEURSHIP AND INNOVATION Â OECD 20106
ria Szukics, Ministry for National Development and the Economy, Hungary Lena Tsipouri, University of Athens, Greece
Innovation is one of the most fundamental processes underpinning economic growth, the driver of growth in output per unit of labour and capital invested,
creation of a multitude of new products and services in all sectors of the economy, new
economy, more open and distributed innovation, globalisation, a shift to non-technological innovation, the emergence of the â€oesilicon Valley Business Model†and a new imperative for
productivity of the economy by displacing firms with lower productivity and placing incumbents under competitive threat.
with new relationships with stakeholders and territories. It seeks new answers to social problems by identifying
from the â€oemanaged†to the â€oeentrepreneurial†economy, associated with a fall in the importance of economies of scale in production, management, finance and R&d.
economy, open innovation, global connections, non-technological innovation, the â€oesilicon Valley Business Model†and social entrepreneurship and social innovation
New firms and innovating SMES are seen best as agents of change in the economy introducing new products and services and more efficient ways of working.
the adaptation of our economies and societies to new challenges and drive economic development Not all new and small firms are equal in innovation, of course.
entrepreneurship and SME activity and economic growth and job creation. These growth and job creation effects happen through innovation,
with more rapid economic growth (Audretsch and Thurik, 2001; Audretsch and Keilbach 2005; Acs et al. 2005;
downsizing elsewhere in the economy and increase national and local competitiveness Neumark et al. 2008; Haltiwanger, 1999;
relevance to the recovery from the global financial and economic crisis since it is clear that
economy, open innovation, global connections and non-technological innovation and the emergence of national and regional economic models and new types of social innovation
of advanced economies have again been changing. Now, the importance of economies of scale has reduced and the role of new and small firms in innovation and economic
development has grown again The key to understanding the renewed role of SMES and entrepreneurship in today†s
economy is reduced the importance of economies of scale and scope in production management, finance and R&d. This has occurred for a number of reasons.
i e. the capacity of firms and economies to specialise, able to produce output for niche
the knowledge economy; open innovation; global connections; non-technological innovation; the â€oesilicon Valley Business Modelâ€, and social
The knowledge economy One of the features of the transition from the 20th to the 21st century has been the
emergence of the knowledge economy, which has significant implications for the importance of new and small firms in innovation and how they innovate.
-cost countries and hence a shift in the specialisation of advanced-economy firms towards more knowledge-based activities that are tied more closely to local knowledge resources and
However, the knowledge economy is not just an advanced world phenomenon Emerging economies as well are engaging more with science and technology and ideas
-based production as firms around the world all seek to achieve product differentiation and greater productive efficiency.
The major feature of the knowledge economy is increased the importance of knowledge as a factor of production.
This is what is seen now generally by economists to be the major factor behind the bulk of economic growth, the growth that is not due to additions to
capital and labour stocks. It is therefore critical for policy to stimulate knowledge creation and exploitation in firms
Some of the ideas driving economic growth may be the result of scientific breakthroughs in large firms and universities,
innovation in the knowledge economy is coming from creativity and the unexpected, and this is more likely to be found in new and small operations than in the systematic research
sector has seen a dramatic rise in its share of economic value added in recent years (rising
the consequences of the global financial and economic crisis, which has opened up a gap for the entrepreneurial supply of social goods and services
entrepreneurial economy. The managed economy was a mass production society based on stable employment in large firms and a central role of unions and employers in regulating
the economy and society in partnership with government. The social contract included regulation of labour markets and a strong welfare state.
entrepreneurial economy, the growth of the knowledge economy, open innovation increased global connections, non-technological innovation, the Silicon valley business
What has emerged is an economy in which SMES and entrepreneurship are now critical players in a broader, more distributed
the economy. This occurs at two basic levels: making breakthrough innovations that push forward the technological frontier;
economy closer to its technological frontier. The ideas for these innovations may be developed internally by the SME or start-up,
It is entrepreneurs who bring about change in an economy by providing â€oenew combinationsâ€: new or improved goods, methods of production
in the economy â The entrepreneur as an opportunity identifier. Kirzner (1973,1997) stressed the role of
is more on firm strategy and competitiveness than aggregate economic growth â The entrepreneur as a breakthrough innovator.
and economic growth. However, unlike Schumpeter (1934), who took the entrepreneur rather than the large firm to be the central actor in innovation,
the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets
value, through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets
It is oriented this innovation activity that promotes economic growth and solves social problems In order to understand more fully how start-up enterprises
Venture creation and SME growth renew economies by forcing the contraction, exit or upgrading of incumbent competitors.
thus increasing the average productivity of the economy and driving economic growth. There is also an indirect impact,
since the mere competitive threat of new and small firms, or contestability of their markets, may force incumbents to upgrade
products and services and better technologies into the economy Knowledge spillovers New venture creation and knowledge exchanges between knowledge-generating
endogenous growth theory, the lens through which many economists understand economic growth. Investments in new knowledge are seen to spill over in part to other
agents, increasing their returns to innovation and driving further investment and growth Knowledge built up in universities,
explains part of the link between entrepreneurship and economic growth through their role in promoting knowledge spillovers.
economies combine them to varying degrees, the distinction serves to highlight the need for a holistic innovation approach that recognises the importance of both kinds of
managed to the entrepreneurial economy and the lag involved in adapting policies to the new needs.
large firms, innovation policy in the entrepreneurial economy must expand to include new types of actions for entrepreneurship and SMES.
economy. It is typified by the European union Barcelona Summit headline goal of achieving an increase in the proportion of European GDP invested in research and development from
to SMES and entrepreneurship in the institutions of the economy such as taxation, social security, bankruptcy legislation, competition policy, product market regulation,
most pronounced in periods of economic crisis and recovery, as the global economy is SMES, ENTREPRENEURSHIP AND INNOVATION Â OECD 201038
1. INTRODUCTION experiencing today. As the incumbent firm stock is contracted, room is created for innovative firms to enter
the economy â Access to finance. Research clearly identifies a finance gap in many locations for new and
economy is breakthrough innovation. It involves a small minority of firms that are highly innovative, often exploiting new science developed in universities and research
which could contribute more to the economy if they begin to innovate incrementally and strengthen their non-technological innovation.
40 economies and examines the major and new policies that have been introduced. Among the issues identified, it underlines the relevance of three major policy areas highlighted in
and Entrepreneurship in Endogenous Growthâ€, Centre for Economic policy Research Discussion Paper No. 4783, Centre for Economic policy Research:
London Acs, Z.,D. Audretsch, P. Braunerhjelm and B. Carlsson (2005), â€oegrowth and Entrepreneurship: An
Empirical Assessmentâ€, Centre for Economic policy Research Discussion Paper 5409, Centre for Economic policy Research, London Acs, Z.,P. Braunerhjelm, D. Audretsch,
and B. Carlsson (2009), â€oethe Knowledge Spillover Theory of Entrepreneurshipâ€, Small Business Economics, Vol. 32, pp. 15-30
Ahmad, N. and A. Hoffman (2008), â€oea Framework for Addressing and Measuring Entrepreneurship†OECD Statistics Working papers, 2008/2, OECD Publishing, Paris, doi:
Audretsch, D.,M. Keilbach and E. Lehmann (2006), Entrepreneurship and Economic growth, Oxford University Press, Oxford
Max Planck Institute of Economics, Jena Etzkowitz, H.,L. Leydesdorff (2000), â€oethe Dynamics of Innovation:
Evidenceâ€, IFN Working Paper 733, Research Institute of Industrial Economics, Stockholm Hirst, P. and J. Zeitlin (1992), â€oeflexible Specialization versus Post-Fordism:
Lundvall, B. and S. Borrã s (1997), â€oethe Globalising Learning Economy: Implications for Innovation Policyâ€, Report to the European commission, Directorate General Science, Research and
and Financingâ€, The Review of Economics and Statistics, Vol. 77, No. 1, pp. 55-65
2007), The Social Economy: Building Inclusive Economies, OECD, Paris OECD (2002), High-growth SMES and Employment, OECD, Paris
OECD (2003), The Nonprofit Sector in a Changing Economy, OECD, Paris OECD (2004), Global Knowledge Flows and Economic Development, OECD, Paris
OECD (2006a), Innovation and Growth in Tourism, OECD, Paris SMES, ENTREPRENEURSHIP AND INNOVATION Â OECD 2010 43
Firm Formation and Economic growth Paper No. 1, Ewing Marion Kauffman Foundation WASHINGTON DC Stuart, T. 2000), â€oeinter-organisational Alliances and the Performance of Firms:
Entrepreneurship, Economic growth, and Policyâ€, in Z. Acs D. Audretsch and R. Strom (eds. Entrepreneurship, Growth,
Rev. 3 for the classification of economic activities (see Annex 2. A1 The breakdown of enterprises by size class used by national bureaus of statistics varies
The PMR indicators measure the economy-wide regulatory environment in OECD countries. Qualitat information on country laws and regulations, collected through a questionnaire in 1998,2003 and 2008
a new firm based on an original and realistic idea in almost any sector of the economy.
the economy in Southern Ontario. NRC-IRAP is committed to using all of this funding to improve the long
One of the major challenges of the business sector in the Czech economy is to move up the value
sectors of strategic relevance to the Czech economy such as automotive, machinery engineering electronics, life sciences and information and communication technologies.
%The Ministry of Employment and the Economy (TEM) is building a modern growth entrepreneurship policy that seeks to create first-rate conditions for Finnish growth ventures.
stakeholders around related industries in a specific geographical area. This makes them a form of â€oeinstitutionalised clustersâ€
EXIST is a support programme of the Federal Ministry of Economy and Technology. It is specifically
Development Fund, is geared towards transforming Greece into a highly competitive and open economy The Operational Programme â€oecompetitiveness and Entrepreneurship†(OPCE) and five Regional Operational
-ups. The official purpose of the Fund is to strengthen Iceland†s economy and increase internationalisation
Creating a leading innovative economy has been identified as a key priority of The irish government EUR 8. 2 billion has been allocated in the National Development Plan to the Strategy for Science, Technology
sectors (including SMES) of the Luxembourg economy. These services include information and assistance on all forms of innovation and business start-ups.
Ministry of the Economy and Foreign Trade, the Ministry of SME and Tourism, the Chamber of commerce
The Innovative Economy Operational Programme 2007-2013 is the main vehicle in Poland for pursuing the
The purpose of the Innovative Economy Operational Programme is to improve the coherence of policies toward innovation that fall within the competence of the Ministries of Economy, Science, Tourism
and Informatisation. In particular, it aims to adapt the activities of the science sector to the needs of
in order to more effectively transfer advances in science to the wider economy The science base of the economy †both its R&d
and its supporting infrastructure †will receive more than a quarter of the total funding.
part of the Innovative Economy Operational Programme are expected to be subject to formal evaluation Strengthening the Protection of Intellectual and Industrial Property rights Programme
for Economy, Innovation and Development and aims at supporting the enhancement of SMES€ capabilities fostering SME investment,
Ministry of Economy of the Slovak Republic, the Slovak Association of Entrepreneurs and the Slovak
increase the amount of venture capital investment for SMES in the Slovak economy. The company looks for
the needs-driven research required by a competitive business and industrial sector and a thriving economy
Swiss economy. The most important entrepreneurship programmes are the CTI Start-up programme and Venturelab. The overall budget for the entrepreneurship promotion programme of the CTI amounts to about
the low carbon economy Support for innovation activity is also increasingly being provided by the Regional Development
federal government to participate as a minority shareholder in innovative enterprises operating in high -priority sectors.
As a part of the government strategy to promote economic growth, a National Innovation for Competitiveness Council (CNIC) was established in 2005.
stakeholders, including entrepreneurs themselves, the general public, policy makers and even school children. A programme of innovation awareness has also been developed by Enterprise Estonia;
enhancing the resilience of Indonesia†s SMES, faced with the economic crisis of 1998 and the financial
Ministry for Economy decrees. It acts as an institutional hub in synergising policies and programmes, and
Department of state Regulation in the Economy of the Russian Federation. Charts B and C: Ministry of Economic
The Ministry of Higher education, Science and Technology (MHEST) and the Ministry of the Economy ME) have been supporting R&d and innovation activities in SMES through co-financing R&d projects
Economy and Ministry of Defence are participating by contributing through their own resources. Several of
Most data presented refer to the nonfinancial business economy, i e. ISIC Rev. 3/NACE Sections C to I and K and is subdivided into Industry (Sections C, D, E and F) and Services
Liquidity constraints and credit rationing undermine entrepreneurship, pushing wealthy people towards an entrepreneurial career and deterring those without the necessary financial resources (Evans and Jovanovic, 1989
in a particular locality as compared to a reference economy (EU27 in this case. The territorial level of analysis is OECD Territorial Level 3 or Eurostat NUTS Level III, i e. micro
economic activity. The first type illustrates the basic characteristics of firm spatial distribution based on quantiles; the second type is built from a statistical algorithm for
b) an economic growth indicator (average rate of turnover; c) an employment growth indicator (average rate of employment growth;
) e) financial constraints to growth (average liquidity ratio and average solvency ratio. In the case of the US clusters, given data source constraints for this country, the composite
In a study on the US economy, Jaffe et al. 1993) find that patents are more likely to cite
complementary economic activities with a common science base is more conducive to innovation in terms of returns to R&d investments than narrow sector specialisation
b) small economies (Australia, in our case) are more likely to engage in international collaborations
which can spin off into the host economy to drive productivity improvements and innovations in local firms and organisations.
multinationals are plugged into the local economy through effective linkages with local firms and research organisations Knowledge transfers from FDI can take place either passively or actively.
the economy. Supplier development programmes have had, for instance, a prominent role in counteracting the â€oebranch plant†nature of traditional FDI in which foreign affiliates
Renowned examples of attractive local economies, such as Silicon valley and Austin in the United states or Dublin in Europe, are witness to the importance of attracting foreign high
But it is also important in everyday economies For receiving places, the inflow of foreign talent has positive effects on the number of skilled
embed multinationals in the local economy by encouraging managers or skilled workers of the foreign affiliate to set out their own business.
importance of agglomeration economies and of helping firms to link up with each other and with research organisations at the local level.
-based activities in the globalised economy. In this new setting, success in meeting economic and social challenges will depend on the ability of firms to generate and
knowledge for the local economy, and policies should strive to embed it by developing linkages between FDI ventures and local firms and research organisations.
Economics and Statistics, Vol. 76, No. 2, pp. 336-340 Adragna, S. and A. Lusardi (2008), â€oeexplaining International Differences in Entrepreneurship:
Auerswald, P. 2007), â€oethe Simple Economics of Technology Entrepreneurship: Market Failure Reconsideredâ€, in D. Audretsch,
Economics, Vol. 57, pp. 343-370 Edquist, C. 2005), â€oesystems of Innovation: Perspectives and Challenges†in J. Fagerberg, D. Mowery and
Evans D. and B. Jovanovic (1989), â€oean Estimated Model of Entrepreneurial Choice under Liquidity Constraintsâ€, Journal of Political economy, Vol. 97, No. 4, pp. 808-827
Evidenced by Patent Citationsâ€, The Quarterly Journal of Economics, Vol. 108, No. 3, pp. 577-598
Lazear, E. 2005), â€oeentrepreneurshipâ€, Journal of Labor Economics, Vol. 23, No. 4, pp. 649-680
OECD (2007b), Globalisation and Regional Economies: Can OECD Regions Compete in Global Industries? OECD Paris
concentrates its economic activity. For a number of reasons, including geographical proximity to financial and administrative institutions, the place where the company sets
its core economic activities Besides location bias, other characteristics of commercial databases can indirectly alter the consistency of territorial data calculated from this sort of source
by classification variables (economic activity, firm size and location. Such a deviation potentially generates biased economic indicators.
rather than â€oelearning†agglomeration economies. Further analysis is needed to investigate these effects SMES, ENTREPRENEURSHIP AND INNOVATION  OECD 2010162
industry is transformed into a low-carbon economy. â€oegreen and silver jobs†are expected to grow and there will be a marked shift towards business services jobs in advanced
economies (CEDEFOP, 2008a. The level of skills is expected also to increase. Even in the most negative scenario, more than 80%of jobs by 2020 are expected to require medium and
more entrepreneurial economy (Potter, 2008. Two major issues are scaling up provision in order to offer courses to a larger number of students,
their full potential and will give the economy of Scotland the skills, new ventures and
economies 4) Effective contributors â have an understanding and appreciation of the world of work, the value of different
occupations and entrepreneurship and their contributions to the economy and to society â have knowledge and understanding of wealth creation and wealth distribution both
how it wants to achieve its goals, what stakeholders needs to be involved, and what regular measurement systems need to be embedded into
different workers involved, constituting a critical nexus of today†s networking economy Alternatively, internal projects can be undertaken,
the context of the new green growth economy and in occupations that depart from previous rigid conceptions of job profiles (Miles et al.
economies, suggests that a local policy orientation might be useful in promoting greater entrepreneurship training cultures in SMES
Economy: Responses to Globalisation, University of Western Sydney and Liverpool City council, UWS Sydney Martinez-Fernandez, C. and S. Sharpe (2007), Ways to Grow in South West Sydney, University of Western
Service Economy †Scenarios and Implications for Skills and Knowledge, ETEPS AISBL, Brussels Minniti, M. and W. Byrgave (2001), â€oea Dynamic Model of Entrepreneurial Learningâ€, Entrepreneurship
economic crisis †and a renewed or new approach, not only to the new social challenges but
pursuing as a primary objective economic value and its appropriation) and social (primarily aiming at addressing and satisfying unmet social needs,
and economic stakeholders is therefore to help the less well-off adapt to new and changing
and social development so that once the economy has recovered the benefits can be widely diffused Social entrepreneurship and social innovation are part of the solution, as they both
entrepreneurship tends to overlap with terms such as social economy, third sector, nonprofit SMES, ENTREPRENEURSHIP AND INNOVATION Â OECD 2010186
countries, measuring it †like measuring the social economy, the third sector and the non
USD 110 097 billion according to OECD STAT) to the economy in 2005, which represents 1. 5%of Japan†s GDP
GBP 27 billion and contributed GBP 8. 4 billion to the UK economy. In 2007/08
Moving to the social economy, a recent report by CIRIEC (2007) clearly shows its diversity
different definitions of social economy existing in the 25 countries included in the study The report presents the main figures for the social economy in the European union, by
SMES, ENTREPRENEURSHIP AND INNOVATION Â OECD 2010 187 5. SOCIAL ENTREPRENEURSHIP AND SOCIAL INNOVATION Social entrepreneurship
the social economy in Europe is very important in both human and economic terms, over
In effect, the Global 300 is the 10th largest economy in the world (ICA, Annual Report, 2006
2. is shaped social entrepreneurship by social value rather than economic value? The answer would be that,
entrepreneurship is that the economic value serves social objectives. In this sense, social entrepreneurship creates â€oeblended value that consists of economic, social and
shareholder funds of about EUR 120 million one of the largest capitalisations in its field;
â€oethe financial and economic crisis makes creativity and innovation in general and social innovation in particular even more important to foster sustainable growth
This multi-stakeholder Forum was created in April 2000 with the main Box 5. 6. SIEL Bleu (France
stakeholders and territories â€oesocial innovation seeks new answers to social problems by: identifying and delivering
authorities, as shareholders, in their governance system. Examples include The french SCIC †sociã tã coopã rative d†intã rã t collectif, cooperative of collective interest †and The british
further ideas and innovations (like the move to a low-carbon economy or the creation of a
social issues. 11 At the same time the nonprofit/social economy sector is increasingly adopting an entrepreneurial approach to further pursue its social objectives
it is the result of the joint efforts of multiple stakeholders Box 5. 7. Individual Development Accounts (IDAS
The Bank has developed also an economic system that has an alternative micro credit line (for produc and consumers), incentive tools for local consumption (credit card and social currency) and new ways
economy; to help build a network of local producers and traders; and to promote the development of lo
ria (National Secretariat of Solidarity Economy) and the Banco popular do Brasil was sign The agreement allowed not only Bank Palmas
Community banks represent a hybrid economy †locally connected but market driven †which helps to promote the attractiveness of an area and the proper
networks of social economy organisations; spread throughout Brazil and also Venezuela 3 600 banks have been created following the example of Bank Palmas) and soon to
stakeholders involved, which shows, once again, that social innovation is often the result of networks and partnerships.
and has been extended to networks of social economy organisations Source: www. iledefrance. fr SMES, ENTREPRENEURSHIP AND INNOVATION Â OECD 2010 201
developing economies but also to organisations in developed countries: take for example the Italian Red cross. At the time of the massive earthquake that rocked the region of
Support Social Economy Development (PADES), which includes support for social innovation and the INOV-Social programme,
economy institutions France launched in December 2009 a â€oelarge Loan†facility at the national level (Grand
as a response to the economic crisis. EUR 35 billion will be invested by the state and it is
and its main components (social enterprises, social economy organisations, social venture business, nonprofit organisations, etc.
be embedded across sectors †the state, the private sector and the social economy /nonprofit sector
A comprehensive debate on the contribution of social economy organisations to local development through long-term projects, not constrained by the need of making profits in the short term,
presented at ANSER †ARES 2009 Conference Association for Nonprofit and Social Economy Research/Association de recherche des organismes sans but lucratif et de l†à conomie sociale, 27-29 may
CIRIEC (2007), The Social Economy in the European union, European Economic and Social Committee No. CESE/COMM/05/2005
De Biase, L. 2009), â€oeknowledge-Based Economy and Growth of Network Mediaâ€, paper prepared for the
Dees, J. G.,J. Emerson and P. Economy (2002), Strategic Tools for Social Entrepreneurs: Enhancing the
2007), The Social Economy: Building Inclusive Economies, OECD, Paris OECD (1999), Social Enterprises, OECD, Paris
OECD (2003a), The Nonprofit Sector in a Changing Economy, OECD, Paris OECD (2003b), â€oeasset Building and the Escape from Poverty.
A New Welfare Policy Debateâ€, OECD, Paris OECD (forthcoming), â€oeimproving Social Inclusion at Local Level through the Social Economyâ€, Report
Economy 2002 â€oesocial entrepreneurship is not about starting a business or becoming more commercial. It is about
and can deal with new relationships with stakeholders and territories. †Social innovation†seeks new answers to social problems by
economic activity by identifying and exploiting new products, processes of markets. It may occur through new business creation or within SMES, large firms and the public and non
Means by which the economy can make the transition to environmental sustainability It involves promoting growth and development while reducing pollution and greenhouse gas
environmental impacts from economic growth, and greening of consumption and production patterns, while reducing poverty and improving health and job prospects.
growth means making investment in the environment a new source of economic growth Green jobs Jobs that contribute to protecting the environment and reducing the harmful effects
Knowledge economy An economic paradigm in which knowledge is regarded widely as the most important factor of production and driver of growth.
The concept is used to explore how economies can grow by moving from mature existing specialisations into growing activities by
Social economy The ensemble of entities that explicitly have both an economic and a social mission
This type of economy is regulated essentially by the stakeholder principle, which stands in stark contrast to the notion of shareholder
capitalism Social enterprise Any private activity conducted in the public interest that is organised with an entrepreneurial strategy and whose main purpose is not the maximisation of profits, but
the attainment of certain economic and social goals. For example, a social enterprise can SMES, ENTREPRENEURSHIP AND INNOVATION Â OECD 2010222
shareholders Vocational education and Training (VET Formal education and training programmes that have a task orientation rather than
Welcome to the entrepreneurial economy: small fi rms are playing an ever-increasing role in
innovation for 40 economies, including OECD countries, Brazil, China, Estonia, Indonesia, Israel the Russian Federation, Slovenia and South africa
The knowledge economy Open and distributed innovation Global connections Non-technological innovation The â€oesilicon Valley Business Modelâ€
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