The conference Innovation, creation of new businesses and jobs tackled one of the major strands of the First Action Plan for Innovation in Europe - turning innovation into business and jobs. Around the table were all the key players - bankers, consultants, public utility and science park managers, patent officials and innovative SMEs. The consultation process will be brought to a conclusion in Vienna, 12-13 November, in the presence of Dr Farnleitner, President of the Council of Ministers for Economic Affairs, and Edith Cresson, Member of the European Commission for research and innovation. What we need is 'chimney' policies which stimulate growth and suck qualified people up to jobs at higher levels. The lesson from the statistics is that, outside the service sector, high-tech SMEs are the only firms which are creating jobs.
Gazelles exist in all sectors of industry.
The aim of 'picking winners' might seem elitist, but the positive effect will be felt by society as a whole. That does not mean we should simply copy the American model. But one thing that we should unashamedly copy is the US venture capital system. It is clear there is still some way to go. In Britain alone venture capital firms raised 10 billion ECU in 1997 - more than the whole of Europe in 1996.