There’s a long lead time from forming a spin-out to developing products, building markets, creating jobs and generating growth, raising the question of whether politicians should be hanging hopes of recovery on entrepreneurship and innovation.
The biotech and pharmaceutical industry is a notable example of long lead times, with novel drugs taking ten or more years to get from bench to bedside. But, said Alexander von Gabain, chair of the governing board of the European Institute of Innovation and Technology (EIT), approval of a new drug is not the point at which impact begins. “It’s not the product, it’s the growth stage of companies that creates jobs and is changing the landscape of the continent,” he told the Science|Business European Entrepreneurship Summit in Brussels on 21 February.
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