First INNO-Views Workshop: Supporting ''gazelles'' in Europe

Submitted by Administrator on 9 February, 2010 - 10:35

Apr 26 2007

Event Date:

26 April, 2007 - 02:00 - 27 April, 2007 - 02:00

Venue:

Tallin

How to design policies addressing fast growing SMEs in Europe?

From 26 to 27 April 2007 the first INNO-Views Workshop was held in Tallinn, Estonia, with about 30 participants, ranging from policy-makers over experts from research, business support organisations and finance to successful entrepreneurs. The workshop focused on the so-called “gazelles”, i.e. fast growing companies, that are considered as a driving force for competitiveness, innovation and employment. The main aim was to better understand the driving forces and barriers for gazelles and clarify the scope for effective policy measures in support of high-growth firms.

Fast growing companies, the so-called “gazelles”, are considered as a driving force for competitiveness, innovation and employment. In most countries, 3-5% of the fastest growing enterprises account for the majority of all new jobs. However, empirical evidence suggests that the majority of new firms neither innovate nor grow, nor will they even intend to do so.

In the light of the above, increasing the number of potential gazelle companies and ensuring their growth possibilities would appear to be a prime policy objective for most governments. Yet, few policy measures are directly targeted at potential or existing gazelle companies. This raises the question how the emergence of gazelles can be further fostered and what is the role of public policy in promoting the development of gazelles.

What makes gazelles growing faster than the industry average?

Based on a INNO-Grips mini-study on gazelles and the gazelles scoping paper produced by the Europe INNOVA Sectoral Innovation Watch, the importance of fast growing enterprises for innovation and competitiveness has been discussed. The scope for policy actions to stimulate the growth of potential gazelles was analysed during a panel discussion.

Which policy framework is needed to create a supportive environment for gazelles?

Examples of the most critical needs of potential gazelles (incubation, access to finance, etc.) and the required policy responses were presented and further discussed. The discussions focused on which policies matter most for gazelles and which policy approach promises best results. This included the question whether, and if, how existing support mechanisms should be geared more towards the needs of firms with high growth potential.

How can innovation excellence be best promoted in Europe?

The session explored how policies need to be designed in order to promote excellence. To this end, gazelle companies as well as Gate2Growth InvestorNet shared their practical experience and policy expectations. Furthermore, discussions focused on the selectivity of gazelle policy in comparison with SME policy, the importance of innovation management for gazelles as well as on what (potential) fast growing enterprises can learn from the knowledge base (universities/business schools).