Entrepreneurship and the Financial Community
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Entrepreneurship and the Financial Community

Starting up and Growing New Businesses

Edited by Bart Clarysse, Juan Roure and Tom Schamp

This highly accessible book brings together the insights of leading academics and researchers to promote a better understanding of the role of private equity providers in the development of growth-oriented start-ups and the management of growth processes.
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Chapter 13: Innovation, Technology Transfer and the Equity Gap: A European Perspective

Tom Schamp


Tom Schamp* 1. INTRODUCTION The Lisbon European Council of 2000 established the strategic goal for the European Union to become the most competitive and dynamic knowledgebased economy in the world by 2010. In fact, Europe’s researchers are among the world’s leaders in many areas of technological research and development but much of their exploitable work never reaches the marketplace, or it does too slowly. Looking at the recent European Innovation Scoreboard, especially if compared to the US and Japan, Europe is lagging behind in number of patents, the working population in the innovative sectors, and research and development (R&D) expenditures. Moreover, the innovation gap with the US and Japan has been widening for the last decade. Improving this state of affairs is one way for Europe to raise its innovative and competitive performance. Taking an innovation1 from the laboratory to the point at which private commercial investors are willing to fund it as a start-up requires a variety of inputs that can be supplied with in many cases a relatively modest amount of finance. The private sector, acting alone, tends – for sound economic reasons – to produce a rate of throughput that is suboptimal from the public policy viewpoint. Responses to the problem across and outside Europe have taken a wide variety of financial, institutional and organizational approaches. Many programmes have been initiated over the last four to five years. Being resource efficient and effective in performing R&D start-up conversions is a challenging task and there...

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