The workshop in brief - PRO INNO Europe

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In Europe business failure is viewed as an embarrassment. In Germany the director of a failed company is struck off for 7 years, in Italy 7 years, in UK 3 years. In Japan a high number of directors of failed businesses commit even suicide. Differences between USA and Europe exist also with view of investor activities: Most of US investment in early stage market is through Business Angels - only one per 1000 is backed by a VC. For example in UK angel investment in early stage businesses is at nearly £1B compared to over £22B early stage VC funds. Government support may help to reduce risk-taking, therefore UK government provides direct support to angel investors to promote investment and recognise the risk taking through tax incentives. Other European countries like France have introduced tax incentives, too, some EU countries like Finland, Portugal or Spain now seriously consider such schemes. Activities like the EASY Project funded under EU Pro-Inno seek to address the current risks identified for investors and entrepreneurs in cross-border investment by promoting risk-taking in an area where many investors are “out of their comfort zone” and by creating conditions for successful access of cross border investment by innovating early stage SMEs. The project is a new cross-border meeting point for early stage investors and innovating businesses seeking risk capital. It includes supply side and demand side actions and provides a toolkit for investment readiness, valuation and due diligence. Main element is the creation of an environment offering confidence and trust in cross-border investment forums. Paul Webber (Europe Unlimited) focused on Entrepreneurial Networking Events at European level. Such events can be used as platform to promote entrepreneurship, but also as platforms for entrepreneurs themselves. Entrepreneurial networking events identify, award and honour world-class innovative ventures ready to revolutionise their industry, to accelerate their growth by creating access to top level international partners and to show to the wider audience that it is rewarding to start up and grow innovative companies in Europe. Pan-European regional pitching sessions where entrepreneurs compete to be selected for events such as the 'European Venture Contest' have been well accepted by entrepreneurs and investors. This contest follows a highly selective admissions process carried out by a jury of professional investors who select the winners based on clear performance criteria. The feedback from these professionals is invaluable in their quest to secure to receive funding and to maximise the potential of their offering. To summarise, Entrepreneurial Networking Events may be used to: 06.10.2008 Page 16 of 34 INNO-Views WS 04 Output final
• To pragmatically support the global leaders of tomorrow at an early phase by updating their level of sophistication and providing international contacts to boost their growth • To promote technology entrepreneurship by exhibiting role models towards a wider audience • To facilitate contacts between top innovative regions, entrepreneurs, investors and other major stakeholders in Europe Plenary discussion Business angels have an important task as mentors of a management team: Business angels investing in very early stages of start-ups are confronted with many challenges in this stage of business due to e.g. the capability of the (often academic) entrepreneurs to run the business and take it forward. To reduce the risks, the culture of innovation finance changes: Angel investors increasingly use phased investments and syndication. Moreover business angels often contribute their experiences as business builders by mentoring the business through the key early steps. In general, it is essential to increase the European climate for risk-taking and achieve greater acceptance of risk in order to be able to successfully commercialise innovation. Entrepreneurship training should include change in attitude towards risk. Government incentives may help to support risk taking among investors via tax benefits and co-investment funds. TV programmes such as Dragon’s Den in UK may help to raise overall awareness about risk-taking and entrepreneurship. Public support structures need to take into account regional or country specific differences as well as the complexity of the whole system. For example different target groups to be addressed have to be discussed: As the Global Entrepreneurship Monitor (GEM) shows, only a small part of start-ups are really successful. The socalled “gazelles” (high-growth SMEs) are young, have a solid background on experiences and are the main innovators in Europe. The question is if innovation policy should focus on this type of innovators. 06.10.2008 Page 17 of 34 INNO-Views WS 04 Output final
Page 1 and 2: INNO-Views Policy Workshop Innovati
Page 3 and 4: Introduction and background The deb
Page 5 and 6: attitudes and different ways of thi
Page 7 and 8: The importance of creative environm
Page 9 and 10: The workshop in brief Session 1: Se
Page 11 and 12: analyse the barriers to innovation
Page 13 and 14: Tradition and historical background
Page 15: Important is a culture of permittin
Page 19 and 20: In order to foster creativity, unce
Page 21 and 22: Until now 11 ‘inventors’ have f
Page 23 and 24: practices and processes, as well as
Page 25 and 26: Activities are market oriented, bas
Page 27 and 28: approach of Innovation C.I.R.C.U.S
Page 29 and 30: give impetus for new female figures
Page 31 and 32: Session 5: Policy conclusions & clo
Page 33 and 34: Angela Pugh, Greater London Enterpr

The workshop in brief - PRO INNO Europe

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