Enhancing human capital for the promotion of technology-based entrepreneurship in an intermediate economy: The case of engineering education in Greece Yannis Caloghirou, Aimilia Protogerou and Stavros Ioannides Laboratory of Industrial & Energy Economics, National Technical University of Athens Panteion University, Foundation for Economic and Industrial Research and LIEE/NTUA DIME-LIEE/NTUA Athens 2006 Conference 30 November- 1 December

“The level and quality of entrepreneurship make a difference in the economic vitality of communities, regions, industries and the nation as whole” (Hart, 2003) Entrepreneurship can be identified as “a missing mechanism converting economically relevant knowledge into economic activity” (Carlsson, 2006)

Aim of the paper The initial investigation of the engineering graduates capacity in undertaking knowledge- based entrepreneurial activities in Greece.

The role of technology-based entrepreneurship in the country’s growth model As the Greek economy appears to be in terms of global competition in a strategic position which can be described as “stuck in the middle,” technology-based entrepreneurship can be considered as one important driver toward the revitalization of the country’s growth model

Characteristics of entrepreneurial activity in Greece (GEM, 2006) The lack of important entrepreneurial opportunities or the limited capability of identifying significant opportunities The reduced participation of the well- educated and highly-skilled part of the population in entrepreneurial activity The “shallow” character of entrepreneurship

Engineers and entrepreneurship There is an entrepreneurial tradition related to the construction sector There is a diversification of entrepreneurial propensity toward ICTs, specialized business services etc. (LIEE & NTUA Career Office, 2006).

Two large-scale surveys on young NTUA graduates have been conducted in 1999 and 2005 among 335 and 1359 young NTUA graduates respectively

Entrepreneurial propensity per engineering branch

Entrepreneurial activity per sector (2005)

Evaluation of skills and scientific knowledge by engineers Knol. & skillsNMeanT- test (t value and sig.) Scientific knowledge (sig ) Technical knowledge (sig ) Technical skills (sig ) Knowl. in economics and managerial skills (sig ) Non-technical skills (sig )

Conclusions Prerequisites for enhancing the entrepreneurial capacity of engineers: combination of “technical thinking” and “engineering feeling” with knowledge background on market and business environment understanding and development of strategic thinking and entrepreneurial feeling

Conclusions The engineering curricula should advance: The development of non-technical skills The provision of sufficient knowledge related to economics and management The injection of a culture promoting creativity, initiative and entrepreneurship