Bridging the Gap - proposed
solution to bridge the innovation gap between EU countries and the US and Japan
Research shows that while the innovation gap between
the EU and the US was declining in the early part of the 21st
century [1]
since the global economic crises this gap has once again increased and the EU
faces an “innovation emergency [2].
As with the European debt crises, it seems the main laggards are countries in
the South, while countries such as Sweden, Denmark, Germany and the UK rank
highly in terms of innovation.
Based on my research and my personal experiences, to
bridge the gap I recommend the following solutions should be implemented.
In the medium term I think that each country should
not be expected to reach the same innovation performance as measured by a
common index. Countries such as my own, Bulgaria, ranks second from the bottom
as measured by the Innovation scorecard. However Bulgaria is famous for its
affordable IT specialists, engineers and programmers. If the EU was to take
Silicon Valley as an example, more specialised regions within Europe could be
developed where there are significant economies of scale and sharing of
knowledge and resources.
My second and more immediate recommendation is based
on my own experience as a member of the Manchester Business School global case
study team. At the University of Washington in Seattle we managed to learn
something invaluable. The relationships we observed there between the university
and the regional businesses lead to several opportunities for significant
innovation. This included funds for innovative student projects, venture
capitalists ready to invest in graduates and significant investment from
Fortune 500 firms such as Boeing, Microsoft and Starbucks. Back in Manchester,
as part of the entrepreneur’s society I realised that Europe needs to encourage
a significant change to the relationships between universities and businesses
and at the same time entrepreneurship should not only be “taught” in the
traditional way of going to lectures and writing exams. Take Harvard Business
School’s recent announcement as an example: After years of teaching MBAs using
the “case method”, Harvard is now planning to introduce fieldwork into their
curriculum [3].
Similarly, European universities should look to offer more opportunities for
young entrepreneurs to flourish (such as more incubators, grants and courses
related to innovation) and to help them get out into the industries in their
regions and find the problems that require innovative solutions.
The Innotour will help young Europeans see what the
critical factors are that make hubs like Silicon Valley so effective and
innovative.
Upon returning to Manchester I would first share the
lessons learned with the other small businesses in our local start-up incubator
and then to my wider network of University societies where I am still an active
member. Most importantly however, I would blog and talk about my experience in
an attempt to get media coverage. The proposed solutions mentioned above will
be implemented by the young entrepreneurs of the future, but many of the
solutions require legislation and support now, from the leaders in government
and education.
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