European Entrepreneurship in the Globalizing Economy

European Entrepreneurship in the Globalizing Economy

European Research in Entrepreneurship series

Edited by Alain Fayolle and Kiril Todorov

What role can entrepreneurship play in a European economy that is more and more open to the rest of the world? In this European Union construction, what is the place of the nation states and economies that have only recently converted to a free market economy? It is these questions, among others, that the book explores and discusses in particular. The future steps required in developing European entrepreneurship in a dynamic and international context are also analyzed and synthesized.

Chapter 12: European Entrepreneurship: Future Steps

Alain Fayolle and Kiril Todorov

Subjects: business and management, entrepreneurship, international business

Extract

Alain Fayolle and Kiril Todorov The problems analysed in this chapter relate to growing challenges to Europe as a region and particularly to European enterprise as an engine of economic development. The intensifying processes of global competition, the development of the economy and projections of multicultural modern businesses are the main reasons for these growing challenges. To these may be added the effects of today’s financial and economic crisis, whose demands distort the logical long-term decisions that were taken in periods of stability and growth. Given the role and content of the enterprise, entrepreneurship can be seen as a means to reduce the negative effects of the crisis so that a way out can be found, and as an engine for development beyond. European entrepreneurship plays and will play the role of such a mega-instrument in the new 2020 Europe development strategy. A subtle point here is to consider the goal-setting gaps as well as the mechanisms for implementation of the Lisbon Strategy. This mostly refers to the generation of sufficient and adequate competitive innovation and their successful commercialization. At the present time, in terms of competitiveness (especially regarding the level of innovation), production management and labour conditions, Europe is a region that is lagging behind the USA and Asia.1 Therefore, besides the objectives, resources and mechanisms for implementation of the new European development strategy for 2020, it is necessary to define particular strands of development regarding European entrepreneurship which, as a phenomenon, has many different forms, ranging from startups...

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