The project is funded by the European Union Institutional capacity development of the three innovation centres and research sector in Bosnia and Herzegovina Regional workshop Mostar Knowledge-based entrepreneurship – source for added value April 19, 2013

The project is funded by the European Union Institutional capacity development of the three innovation centres and research sector in Bosnia and Herzegovina Purpose: to promote entrepreneurship and education for entrepreneurship, business incubator and its services as means to foster economic growth through capitalisation of knowledge. Participants: representatives of public authorities, universities, chambers of trade/commerce, regional development agencies, students, university lectures, company owners, venture capitalists, business angels, consultants and entrepreneurs, personnel of Innovation Centres. Organisers: Innovation Centre Mostar (Zenica, Banja Luka ) together with INOVO TA expert team

The project is funded by the European Union Institutional capacity development of the three innovation centres and research sector in Bosnia and Herzegovina Entrepreneurship - for higher added value Mr. Rein Ruubel, PhD

The project is funded by the European Union Institutional capacity development of the three innovation centres and research sector in Bosnia and Herzegovina Entrepreneurship: The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit.

The project is funded by the European Union Institutional capacity development of the three innovation centres and research sector in Bosnia and Herzegovina Entrepreneurial spirit Entrepreneurial spirit is characterized by innovation and risk-taking, and is an essential part of a nation's ability to succeed in an ever changing and increasingly competitive global marketplace.

The project is funded by the European Union Institutional capacity development of the three innovation centres and research sector in Bosnia and Herzegovina Knowledge-based entrepreneurship Knowledge-based (-intensive) entrepreneurship is about the exploitation of knowledge for business venture. Knowledge-based entrepreneurship is not confined to high technology sectors. It is relevant (if not pervasive) in low-tech and traditional industries as well. This applies also to services.

The project is funded by the European Union Institutional capacity development of the three innovation centres and research sector in Bosnia and Herzegovina Knowledge-based entrepreneurship Start-up companies, established corporations or academic institutions - engage in knowledge-intensive entrepreneurship in any of three ways: they utilize existing – knowledge becomes capital, they combine various knowledge assets and sources – partnerships and open innovation they create new knowledge - Most successful entrepreneurs do all three!

The project is funded by the European Union Institutional capacity development of the three innovation centres and research sector in Bosnia and Herzegovina Added value higher benefits of products/services to clients(!) in comparison to competing products/services or novel products/services; Value added the difference between production costs and selling price

The project is funded by the European Union Institutional capacity development of the three innovation centres and research sector in Bosnia and Herzegovina Economic development: the process of improving the economy by increasing the the amount of business activity increasing added value of products/services

The project is funded by the European Union Institutional capacity development of the three innovation centres and research sector in Bosnia and Herzegovina Economic Development Strategy: growth through innovation to get higher added value through smart regional specialisation using knowledge as capital based on local assets

The project is funded by the European Union Institutional capacity development of the three innovation centres and research sector in Bosnia and Herzegovina The focus is on 5 key strategies: –business location development and management –internationalisation of companies and business locations –supporting innovation and R&D –entrepreneurship & growth in young companies –qualification & human potential

The project is funded by the European Union Institutional capacity development of the three innovation centres and research sector in Bosnia and Herzegovina Knowledge-based entrepreneurship development: policy Knowledge-based (intensive) entrepreneurship development policy is an inherently systemic policy that must be tackled from various angles simultaneously for long-term results. Policy needs to focus on application and not only on the creation of new knowledge.

The project is funded by the European Union Institutional capacity development of the three innovation centres and research sector in Bosnia and Herzegovina Knowledge-based entrepreneurship development: system goals to create a pipeline of entrepreneurs by –nurturing entrepreneurial aspirations in youth, –identifying and supporting potential entrepreneurs –fostering an entrepreneur-friendly environment that attracts entrepreneurs; to implement a system of advisory, financial and technical support for all types of entrepreneurs of varying motivations and skill levels; to foster (i) a supportive policy and (ii) cultural environment of entrepreneurship

The project is funded by the European Union Institutional capacity development of the three innovation centres and research sector in Bosnia and Herzegovina Knowledge-based entrepreneurship development: services / programs – key areas. 1. Entrepreneurship education: –entrepreneurship concepts included in school curricula preferably using experiential learning techniques; –student-created enterprises encouraged as after-school and out-of-school activities; –intrepreneurship integrated into a wide range of courses and disciplines at post-secondary education institutions.

The project is funded by the European Union Institutional capacity development of the three innovation centres and research sector in Bosnia and Herzegovina Knowledge-based entrepreneurship development: services / programs – key areas. 2. Adult entrepreneurship training and technical assistance – high-quality and accessible –basic financial education, –product development and marketing advice, –business development training and technical assistance to aspiring and existing entrepreneurs.

The project is funded by the European Union Institutional capacity development of the three innovation centres and research sector in Bosnia and Herzegovina Knowledge-based entrepreneurship development: services / programs – key areas. 3. Access to capital – adequate and appropriate supply of equity and debt financing to meet the needs of entrepreneurs at different levels of development.

The project is funded by the European Union Institutional capacity development of the three innovation centres and research sector in Bosnia and Herzegovina Knowledge-based entrepreneurship development: services / programs – key areas. 4. Access to networks – partnerships! to share ideas, learn from one another, conduct business together through linking them to new markets, new sources of capital, new employees, strategic alliance partners, service providers.

The project is funded by the European Union Institutional capacity development of the three innovation centres and research sector in Bosnia and Herzegovina Knowledge-based entrepreneurship development: services / programs – key areas. 5. Entrepreneurial culture cultural, social and civic engagement that encourages, nurtures and raises the profile of entrepreneurs.

The project is funded by the European Union Institutional capacity development of the three innovation centres and research sector in Bosnia and Herzegovina The set of policy guiding principles (1) Entrepreneur focused – driven by the true needs of entrepreneurs; Inclusive – of all types of entrepreneurial talent, of underrepresented populations and communities; of all types of organizational leadership. Asset based – building on the regions assets.

The project is funded by the European Union Institutional capacity development of the three innovation centres and research sector in Bosnia and Herzegovina The set of policy guiding principles (2) Collaborative –leadership across private, public and non-profit sectors –engagement of service providers. Comprehensive and integrated –addressing all elements of an Entrepreneurship development system –integrating entrepreneurship into other aspects of the regional economy.

The project is funded by the European Union Institutional capacity development of the three innovation centres and research sector in Bosnia and Herzegovina The set of policy guiding principles (3) Community-based but regionally focused – rooted in communities but connected to the resources of a region. Linked to economical policy – informing economic development policy (local and state) through the demonstration of entrepreneurship in communities and regions.

The project is funded by the European Union Institutional capacity development of the three innovation centres and research sector in Bosnia and Herzegovina The set of policy guiding principles (4) Sustainable over time – if entrepreneurship development is a long-term strategy, the Systems must be sustainable over time as well. Continuously improving – articulating and measuring outcomes that reflect the goals of EDS, and being flexible enough to revamp, retool and rethink the practice while moving forward

The project is funded by the European Union Institutional capacity development of the three innovation centres and research sector in Bosnia and Herzegovina Role of Innovation Centres – added value! Innovation Centres offer a dynamic process for development and growth of persons, business and companies. The Innovation Centre assists the entrepreneur with active and adjusted –management support, –financial, technical and commercial networks, –a creative environment for growth.

The project is funded by the European Union Institutional capacity development of the three innovation centres and research sector in Bosnia and Herzegovina Thank you for attention ! Rein Ruubel, PhD