Abstract
AbstractNew, innovative business venturing hinges on the creation and mobilization of human capital and knowledge. The proposals in this chapter aim to strengthen and expand the European knowledge space in which Europe’s entrepreneurs build their ventures. Reforms to improve the production and flow of knowledge touch on educational systems, research institutes, and universities. Whereas educational systems remain the almost exclusive legal competency of national or even regional policymakers, reforms addressing intellectual property and the mobility of knowledge and people across the European Union touch on supranational policy domains that extend the scope of entrepreneurship policy beyond its traditional policy areas.
Highlights
The creative potential of the human brain has led researchers to label it the ultimate resource (Simon and Kahn 1981; Simon 1996; Naam 2013)
The roles of formal education and on-the-job training have shifted over time
A new idea is only the first step in a knowledge- intensive innovation and commercialization process, and if new knowledge is to translate into economic growth, entrepreneurs must exploit it by introducing new methods of production or new products in the marketplace (Schumpeter 1934 [1911]; Michelacci 2003; Bhidé 2008)
Summary
The creative potential of the human brain has led researchers to label it the ultimate resource (Simon and Kahn 1981; Simon 1996; Naam 2013). Because an entrepreneurial society requires a broad variety of skills and knowledge, a key challenge lies in accumulating sufficient human capital and matching it to a sophisticated demand. This accumulation starts in school but continues throughout the working life, whether on production floors or in dedicated R&D labs. We once more embrace the principle of justifiability, since it is necessary to carefully balance private and public interests when discussing reforms to address the positive externalities involved in the accumulation of human capital and the availability of a broad and diversified pool of high-quality knowledge in collaborative innovation blocs. The role and competencies of local and regional policymakers in this area are typically found at the base of the educational institutional framework in European member states
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