Entrepreneurship is the key to economic growth, and right now, Europe’s economy difficulties need solutions. This article discusses the challenges that businesses, particularly those in the Eurozone, face in a collaborative innovation partnership, and how to overcome these challenges in order to form the most beneficial partnership.
The idea of collaborative innovation in Europe takes its cue from the World Economic Forum’s long-term studies on entrepreneurship and drivers of entrepreneurship. Europe in particular has been a region of interest for increasing entrepreneurship-based activities because the continent has experienced significant difficulty in getting out of the financial downturn that began in 2008. Whereas the US has slowly but surely been improving its unemployment rate and productivity, countries in the Eurozone have struggled, especially countries such as Italy and Greece, where the threat of slipping back into recession looms continually.
As entrepreneurship has long been regarded as a path for economic growth, entrepreneurship has been proposed as a specific course of action to address Europe’s economic woes. Fostering entrepreneurship in Europe for the most part is particularly ideal as the continent has the elements necessary policy-wise and resource-wise for creating innovative new businesses that can offer the potential for new markets and new products and services. At the same time, however, issues specific to Europe such as restrictive regulatory frameworks and lack of access to capital have also stifled entrepreneurial activity. Entrepreneurship as a concept cannot thrive on its own; it is similar to a plant seed that must have the right factors in order to bloom.