The Development and Implementation of European Entrepreneurship

Training Curricula

Summary by Amalio Rey European Commission, Enterprise Directorate-General, Innovation Policy Unit

Project Co-ordinator: SOCINTEC Project Partners: University of Edinburgh (CONNECT)

40 Lessons and R e c o m m e n d a t i o n s About Technology Training Programs FIT (Finance, Innovation & Technology)

[REPORT SUMMARY]

1) Training must be v iewed within an integrated framework rather than as an isolated technical discipline.

The main contribution expected from this report and the European work- shop relates to the framing of these training activities within a more inte- gral framework, one that links training with the other pieces on the complicated New Technology Based Firms (NTBF) creation game board. Thus this report consciously avoids tackling entrepreneurship training as an isolated technical discipline; rather, it is approached as a real-world task vital for promoting NTBF in a relatively short term. The key question to be answered in this report and through the Workshop debate is thus clear: What kind of entrepreneurship training will truly facilitate the creation of NTBF in the European context?

Additionally, the role of training in the creation of companies should not be overestimated. Training is just one more piece in the complex sys- tem that facilitates the creation of businesses and that includes legal, in-

This summary report was prepared by Amalio A. Rey (Associate Consultant of SOCINTEC and Asso- ciate Professor of Business Economics at the Carlos III University of Madrid). The study could not have been successfully completed without the help of Antonio Martfnez Carrasco and Jorge Martinez Escribano, consultants of SOCINTEC, and Cheo Machfn, a specialist at the Instituto Universitario Euroforum. Send comments to the author: <arey@socintec.es>.

Knowledge, Technology, & Policy, Spring 2001,Vol. 14, No. 1, pp. 79-92.

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frastructure, financial and institutional aspects, to name a few. If entrepre- neurship training is to be effective, it has to be part of an integral, compre- hensive program.

2) Key actors and their roles in the field. The study identified the following key actors: 1) technology entrepre-

neurs, 2) trainers, 3) financiers, 4) supporters or intermediary agents, 5) service providers, 6) company managers, 7) policy makers. A separate analy- sis of each type of player is carried out in this report.

Entrepreneurs and financiers, as (direct or indirect) users of the training, have the f i r s t voice when it comes to evaluating the quality and effective- ness of existing training programs. They offer the both-side perspective on financing training needs, given their own experience in seeking and sup- plying finance. As the creators (and investors) of companies, they can fur- nish personal testimonies and contribute realistic viewpoints to any training process. Trainers are the most important source, technically speaking, for determining the best ways to meet, through the training process, the skills and knowledge needs identified by financiers and entrepreneurs.

3) Technology entrepreneurs need specialized training programs. An initial question was whether technology entrepreneurship training

requires programs that are specialised or different from those offered to entrepreneurs in general. Eighty-seven percent of the FIT project survey respondents responded"yes"to this question.

Some aspects of technology based businesses, particularly those having high growth potentials, are unique in magnitude and nature in the areas of finance, marketing and management. For instance, NTBF are singular be- cause the science-technology-market relationship implies a need for train- ing not required by the conventional entrepreneur.

Specialised training has to form managers who can act in a complex environment, such as the interface between two very different realms of decision-making; the purely technological one, based on specific technical and scientific know-how, and the business one, which demands a high level of competence to understand markets and how resources, especially people, are to be managed.

A growing demand for training is not being met by an adequate supply of courses. This deficit is both quantitative and qualitative. Unlike the ge- neric enterprise-creation courses already included in many existing pro- grams, specialised courses for researchers, engineers and technical personnel are in short supply.

4) Mere training can not substitute the need to hire professional managers.

The roles of innovator and 'champion' entrepreneur are sometimes as- sumed by different people. Although the optimal situation might be that both roles be played by the same person, the innovator often lacks the skills, experience and drive to lead the business adventure (even if trained

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and qualified) and he/she must therefore transfer the key entrepreneurial role to another person.

That is why one important thing to understand is that the best solution for a new and growing NTBF could be to hire professional managers rather than to try and reconvert a researcher into a business manager. Even the best training will not give inexperienced inventors and technicians finan- cial credibility when applying to financial institutions. The need to recruit experienced business people is an essential ingredient to speed the progress of emerging companies.

5) Training to create NTBF must be flexible and intensive. Early business development is dynamic and requires continual adjust-

ments of the program to the participants' situation and needs. The MBA other programs offered at business schools and large Euro-

pean universities, although excellent tools for learning business adminis- tration and generating an entrepreneurial culture, are usually too rigid and structured to respond to the specific needs of an entrepreneur and to adapt themselves to the irregular pace of the business-creation process.

Authentic entrepreneurs probably do not have time to get formal train- ing. They need to develop their idea and will not wait. So, the model they prefer is the incubator that helps entrepreneurs to develop a project quickly, giving them all the support and allowing them to concentrate in the prod- uct.

6) There t w o different (complementary but resistant to cooperation) training approaches to foster the creation of NTBF: ' incubator ' and 'business school' models.

While business schools and universities may do an excellent job with the"base of the pyramid," shoring up entrepreneurial education and foster- ing a strong entrepreneurial vocation out of which good projects can spring forth, it is the business incubators and other institutions that are specifi- cally dedicated to company creation and which offer ad hoc training that best work with the "upper part of the pyramid," converting good ideas and projects into business realities.

Courses on entrepreneurship in business schools are good for people who helps entrepreneurs.., but perhaps not for actual entrepreneurs them- selves.

Some experts recognize that an MBA in entrepreneurship may not be not useful in the sense that entrepreneurs are not looking for a diploma but for immediately effective tools. In that sense, the business schools should provide specific sessions for entrepreneurs without any grant at the end and based on voluntary participation. In fact, this report observes that better results, in terms of company creation in relatively short periods of time, are achieved through the 'informal' training provided by promoter institutions (business incubators, technology parks, business plan contests, financial institutions, etc.) that through the'formal'training offered by aca- demic institutions.

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7) Entrepreneurship training is different from that traditionally of- fered to MBA students.

Business schools should join forces with other institutions to test more cooperative models.

The limitations of the business school model, as explained above, does not mean that it should not give courses on business creation. On the con- trary, the key is to offer programs that are adapted to the needs of entre- preneurs.

Business schools may play a relevant role in training would-be technol- ogy entrepreneurs if they are able to launch specialized programs for this target group, made up of people who have different expectations and train- ing needs that do typical MBA students. Besides the possibility of offering these specific programs, these schools constitute an essential point of ref- erence for the training of potential entrepreneurs in the longer term, act- ing in this case more as the "base of the pyramid,"

Likewise, emphasis is placed on the need for business schools to join forces with other institutions, to test models of more active cooperation with incubators and other organizations with proven experience in this field. This will result in a more specific focus, one better adapted to the flexible training profile entrepreneurs require. In that sense, it could be very appropriate for incubation models to take advantage of the network- ing experience and contacts of the business schools

8) Training programs must define the objectives and the target groups. The research carried out has suggested the importance of defining the

objectives pursued by a training program and identifying the target group at which it is addressed. The more precise and tangible the objectives of a program, the less risk there is that resources will be s iphoned off for other purposes. Secondly, a comprehensive training program must plan different kinds of courses for different target groups and objectives. This is impor- tant because each group has different awareness and training needs, which means that a range of training programs adapted as much as possible to their cultures and expectations is needed.

9) Focusing the training in the most fertile target groups for NTBF creation.

According to the survey, personnel already working in companies are considered the most likely to create an NTBF. This first group could include alumni, mainly graduates with 2-5 years experience in industry. Individual inventors (autonomous technical people) make up another group ranked highly in the survey.

Inside universities and scientific research centers, the FIT study suggests, and this is an important point, that the most fertile groups for the creation of innovative enterprises, are not the tenured academic staff or public re- searchers but 1) the Ph.D., last-year and Master's students, and 2) the so- ca l led"redundant personnel", mainly the post-doctorate research fellows and the non- tenured academic personnel.

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In general, tenured academic staff or public r e s e a r c h e r s ' h a v e more to lose' and so they are less likely to take risks than the other groups. Besides, it is important to recognize an undeniable reality: most academics and research- ers do not desire and are unable become entrepreneurs. However, they have good ideas, good innovations that could be exploited commercially by a start-up company managed by someone else. In this case, the goal of the entrepreneurship program should be to match sources of technology ideas with people of entrepreneurial vocation.

10) Training has to be aimed at creating companies ... but also at consolidating existing ones.

It is sometimes forgotten that the creation of NTBF is not an objective in and of itself, but only a means for improving technology transfer, employ- ment and the financial situation of promoter organizations and entrepre- neurs. Therefore, success is achieved not only by setting up a large number of companies, but also by helping them grow and consolidating them fi- nancially. When a company is set up, the work has only just begun. There- fore, a training program has to tackle two fronts at the same time: 1) creation of companies; and 2) consolidation of existing ones. These two objectives are different and require different kinds of training programs.

11) There is a need to train trainers and supporters. The creation of innovative companies requires a systematic approach

that takes into account all the "pieces" of the process. The interviews and surveys carried out suggested the need to consider the training of two more groups (besides the entrepreneurs) that have an indirect but active impact on the NTBF creation process: 1) people who act as"supporters" (liaison officers, intermediary agents, etc.) and 2) the"trainers"themselves. Accord- ing to some experts, trainer training is currently undervalued but it is very important at all levels, including that of university professors.

That is why some institutions, especially those found in southern Euro- pean countries where there still is not a web of supporters or"facilitators" for fostering NTBF start ups, have come to realize the need to speed up the creation of this web and are now offering specialized training programs. It is also a good idea to train other service providers, such as venture capital- ists, bankers and consultants on how to work effectively with early-stage, high-tech venture processes.

12) The trainee selection process is critical for the programs. According to the study, a key factor in achieving good training results is

to choose the right participants. This is one of the main differences between entrepreneurship training and generic business training. While the latter does not require"special"students to achieve its objectives, the former does.

13) The entrepreneur is often more important than the idea. The vast majority of the training programs consider that participant se-

lection should be based more on the characteristics of the entrepreneur

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than on those of the project or business idea. Selection processes normally involve an application form (containing the candidate's main personal data and a summary of his or her business plan), an interview and a test that enables measuring the candidate's entrepreneurship potential.

On the other hand, the experts suggest selecting participants with dif- ferent professional backgrounds and training could be another positive fac- tor for entrepreneurship training programs. A diverse range of participants allows creating synergies that are favorable to learning itself and to the company-creation process.

14) Durat ion of the programs: from 4 to 12 months . A wide range of opinions has been detected during the study with re-

spect to the duration of the programs. To summarize, it can be concluded that the duration should be sufficiently long to allow the participants to progressively assimilate the knowledge taught them and to apply this cre- atively to their own projects or business plans but sufficiently short to keep the participants'interest and dedication. For reference, it takes at least four months for an entrepreneur to draw up a proper business plan and, on the other hand, a program of this type should not last more than one year.

15) Training attributes beh ind the successful programs. According to the Survey, the three most highly valued attributes in en-

trepreneurship training programs are"strong practical orientation," indi- vidual tutoring for the projects" and"presentation of real-world stories by actual entrepreneurs."

16) Training to create NTBF must be practical and main ly informal. A strong practical orientation, focused directly on setting up companies,

is perhaps the most important attribute of entrepreneurship training. This focus manifests itself through characteristics such as working with each participant's real projects as the guiding thread of the training action, pro- fessors and instructors with proven business experience, acting as role models and, for the most part, having been entrepreneurs themselves, the use of numerous real-life examples and cases to illustrate contents and em- phasis placed on the development of competences ("how-to") and not on the mere acquisition of knowledge ("what") and finally, among other features.

Unfortunately, many overly formal training programs with few of the attributes listed above are still offered throughout Europe. Some deficien- cies observed are: 1) Too much formal business, 2) A lack of balance be- tween practical focus and academic rigor, 3) Management courses rather than entrepreneurship courses, 4) Too many professors, too few profes- sionals, 5) Trainers who are not entrepreneurs, 6) Trainers without back- ground in entrepreneurship.

17) Seven r e c o m m e n d a t i o n s for an effective program. Leading trainers consulted by the FIT project gave the following recom-

mendations: 1) Stimulate a self-directed learning with the emphasis on

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"discovery 'and not on outputs, 2) More flexibility based on entrepreneur- driven agenda, 3) Recreate the way of life of the entrepreneurs in the train- ing program, 4) Try teaching in what Alan Gibb calls t h e " n e e d to know" basis, that is, entrepreneurs only need to know things that they need to know for the task, 5) Teaching more know-who, creating strong networks for future entrepreneurs related to his/her particular business or idea, 6) Material and curricula must be relevant in a short term, for the needs and interests that the entrepreneurs have"today." 7) A holistic and overall view of management and not, the more tradit ional"compartmentalized"approach more suitable for future managers of large companies.

18) Decreasing the "class" load and increasing the experience sharing. The dominant trend nowadays is to decrease the "class"load and in-

crease the number of"workshops" and exchanges be tween entrepreneurs and practitioners in each areas of competence.This means, in practical terms, that the organizers of the programs have to dedicate less time to designing specific training contents for the courses and more time to creating and managing an effective network of entrepreneurs, consultants and tutors who will act as lecturers in the programs.

19) The vital role of mentors and tutors. Each trainee must enjoy the support of a"tutor 'and/or"mentor 'who will help

them focus their project appropriately. Most of the FIT participants believe that a good mentor working together with the entrepreneur, on a regular basis, is the most effective way to take advantage of the"learning by doing"approach.

Some programs clearly differentiate the figures of"Tutor"and"Mentor." The former is basically a monitor, a supervisor of the students in a more sense academic one. The latter, in contrast, is an advisor, an expert, in addi- tion to a person who provides important contacts. Setting up a good net- work of mentors, at a reasonable cost, is a true challenge for the organizers of the training programs and a task sometimes underes t imated by aca- demic managers of these courses.

20) Tutoring, mentoring and networking could be enough? Some incubator operators (and entrepreneurs themselves) believe that

the best training for entrepreneurs is not found in classrooms. They feel it would be better to devote more resources to financing tutors and mentors for projects, people who would work shoulder to shoulder with the entrepre- neurs, thus generating another kind of training based on the practical transfer of know-how and experiences, one quite unlike the academic format. Con- versely, other experts defend the need of classroom-activities because it is a venue where an entrepreneur can also interact with other entrepreneurs.

21) Actual entrepreneurs sharing their (successes and failures) testi- monies.

The majority of the experts consulted during this project noted that one of the most effective training tools is to invite an ent repreneur to explain

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the process he or she has followed to create his company and manage it. These exercises add realism and facilitate communications"among equals," which usually makes the transfer of experiences more effective.

Presentations made by"real-life heroes" tend to be more effective than "book cases," the majority of which have a strongly academic tilt and are imported from American business schools, where the input conditions are different.

The majority of the testimonies given should be about successful start- ups, in order to infect participants with a positive spirit. Nevertheless, al- though an excess of negative examples could end up demoralizing the trainees, the presentation of some cases of failures is very beneficial.

22) Feedback and evaluate the training programs. It is fundamental that programs define specific actions for determining

the results they being achieved, both during the training action (to rectify bad decisions in time) as well as after the training is over (to measure its impact in the short and long terms). For ad interim evaluation, a system of questionnaires designed to measure participants'levels of satisfaction with individual speakers/instructors, specific subjects or the progress of the pro- gram in general is often used. The a posteriori measurement and monitor- ing of training program impact and NTBF promotion should be performed at different times.

23) The most and least highly appraised training techniques. Entrepreneurship training programs are characterised by the use of cer-

tain training activities or techniques. The three most highly evaluated train- ing t echn iques were "bus iness plan p resen ta t ions to investors ," "presentations (testimonies) of true entrepreneurs"and"round tables with investors.'In contrast, the least highly appraised were the giving of confer- ences and those techniques related to the use of video and information technologies.

24) Suggestions to improve the efficacy of the case study method. The use of the case study method in training technology entrepreneurs

will be more effective if the following recommendations are taken into ac- count: 1) Use only NTBF cases, which describe typical situations of start- ups and 2) use cases that are developed and inspired in the participant's specific cultural and institutional environment.

25) Business plan competitions are becoming a high effective tool. Business plan competitions are becoming one of the most effective tools

not only for identifying good business ideas and potential entrepreneurs but also for developing dynamic training programs well oriented towards enterprise creation. There can be no doubt that great strides are being taken Europe-wide in this technique. The consulting firm McKinsey & Co. has played a leading role throughout Europe in the organization of these kinds of initiatives.

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26) Charg ing a registration fee works as a desirable se lect ion mecha- nism.

The experience of the programs studied suggests that the would-be en- t repreneur should pay a fee to enroll in these courses and that they should never be free of charge. Charging a registration fee (not a symbolic one, but one that implies a certain financial sacrifice on the part of the trainee), functions as a selection mechanism, since it is unders tood that a person really convinced about creating a company will not hesitate to pay out a reasonable sum to"purchase" the training he or she needs, while a person who only seeks to increase his or her general business culture will prob- ably not.

27) Southern and Eastern European countries have particular chal- lenges .

Although there are many"good practices"that could be disseminated on a European scale and easily adopted by a large number of countries, some cultural and socio-political singularities do exist that mandate finding in- digenous paths for promoting NTBF.

Countries like Southern and Eastern European nations run into some problems when it comes to designing training programs, such as: difficul- ties in finding"success s tor ies 'and technology entrepreneurs who can con- tribute their testimonies and act as models of inspiration in the courses, absence of a entrepreneur support services infrastructure and a relative lack of professors and instructors specialised in the discipline of entrepreneur- ship, among others. This situation suggests the need for an enhanced ex- change of experiences among trainers and supporters from the countries of southern Europe, with a view towards sharing the"good practices"ap- plicable in similar conditions.

28) Training must not to be spec ia l ized by technology area. Another interesting debate centers on determining whether the train-

ing of those creating NTBF should be specialized by technology area. More than two-thirds of those surveyed do not believe that training has to be specialized by technology area.

Those favoring specialization insist on the differences that exist be tween business models, markets and the development and finance cycles of com- panies operating in very different technology sectors like ICT or biotech- nology. Those who believe specialization to be unnecessary, and in some cases negative, justify their opinion by noting that all technology businesses are driven by common principles and, in particular, that mixing entrepreneurs from dif- ferent areas generate synergies beneficial to the training process. In any case, they point out that technology/market singularities can be dealt within spe- cific interest groups, organizing complementary training modules.

29) No single, 'right' m o d e l of curriculum exists, nor can it exist. A detailed analysis of the skills and competences identified in this study

should help to design the opt imum curriculum or study plan for training

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technology entrepreneurs. Nevertheless, the author of this report consid- ers that no one single,"right" model of curriculum exists, nor can it exist; rather, each institution should adapt the general list proposed in this re- port to the objectives of its training program, to the target group at which it is aimed, and to the specific conditions (cultural, etc.) in which the pro- gram is carried out.

30) The NTBF creation and growing demands for three "areas of competences.'

According to the study, the creation of high-tech start-ups demands three areas of competences: First: General Managerial and entrepreneurial skills, such as marketing, finance, accounting, people management, teamwork; Second: Scientific and technical skills, related to the scientific and tech- nology fields on which the business will be based; Third:"Interface man- agement"skills, that is, how to manage the complex relationship between technology and the market, for instance: intellectual property rights, fi- nancing of innovation, marketing for high-tech products, regulatory issues related to the involvement of academics in business activities and so on.

Skills related to the first area are taught in any generic course for (con- ventional) entrepreneurs. The second set are supposed to be already ac- quired by the would-be entrepreneurs, while the third group of skills, the so-called"interface management competences,'are the key issue, the essence of any training program for high tech entrepreneurs.

31) 'General skills' in entrepreneurship training. Among the 'general' competences, the surveyed people recognize the

importance to develop presentation skills, setting up and manage teams, fostering an entrepreneurial culture developing a high level of self-confi- dence as an entrepreneur, increasing sensitivity of the importance of a bal- anced venture team, acquiring a market focus and knowing how to develop a business model.

32) The 'Interface management skills'. The"interface management" skills to be developed are, among others,

the ability to understand the rules of intellectual property and to use hu- man resource management techniques adapted to innovative environments and flexible, highly-skilled personnel. In this line, it is critical for NTBF to mix technical and business people efficiently, to associate technologists with effective managers. Managing cooperation with other companies, thereby combining partnership and competition, is also a survival issue for a NTBF manager.

Another mission of a training program for technology entrepreneurs is to foster abilities to exploit networking and access to specialized innova- tion service providers. Finally, training should help the entrepreneurs to understand the differences between innovation and invention, possessing the training required to manage the evolution of a technical solution to a marketable product.

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33) The 'f inancial skills.' On the whole, the FIT project analysis suggests that it is important for

entrepreneurs to understand: 1) How to develop a profitable business model, 2) How to evaluate the"revenue potentials"of early-stage technologies, 3) How to manage everyday cash and financial resources, 4) What are the different sources of capital and its conditions, 5) How to approach the ne- gotiation with fund providers, 6) How to manage corporate finance and its impact on the control of the firm.

As regards the different financing stages of an NTBF, it is critical for technology entrepreneurs to be able to know what stage the company has reached at any moment and, in relation to that stage, what options the entrepreneur has in terms of choosing suitable sources of finance.

Besides, most experts point out how important it is for technical people to unders tand the differences between concept pairs like: a) expenses and investments, b) cost and value, c) short-range and long-range financing management . These concepts are essential to unders tanding the idea of business growth and the ways (and most suitable speed) to grow.

It is interesting to note that the number one training need in the Survey, "Cash flow managemen t in early stages of a new business," is related to the everyday financial managemen t of the company, and not associated with how to access financing sources. This reflects in certain sense a ma- ture way of unders tanding the main concern of the ent repreneur in the financial field. On the contrary, the least demanded training needs are re- lated to operating on the EASDAQ and going public, perhaps because people believe that this kind of knowledge is a luxury for a young entre- preneur who wants to start a company and make it grow.

34) A o n e - s t o p - s h o p p i n g s u p p o r t service system for the trainees. The FIT Project research found that programs must be designed as a

support service system for the entrepreneur, taking into account that the train- ing activities per se are only one piece in that system. The best programs are fully aware of this principle and provide all types of complementary support services to aid the entrepreneurs by way of a sort of"one-stop-shop- ping" model.

The viability of this model requires a cooperative effort between the train- ing institution and other organizations. The best programs are usually those that are conceived as joint initiatives, supported by several institutions that act as a network. The report presents an integrated model which illustrates all pieces to be guaranteed in this kind of programs.

35) F inanc ing , men t o r i ng , incubat ion facilities and ne tworking are the key complementary activities for the training process as a ' system' .

A training program concerned with laying the bridges to access financ- ing encourages an entrepreneur to work harder at developing his or her project and gains in realism. Moreover, face-to-face conversations with investors during the training process itself give the ent repreneur a more objective view of his or her business.

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The incubation facilities are a good place for business plan maturation. In this respect, a training program that offers the best projects the possibil- ity of a "we lcoming ' env i ronmen t to support them in their infancy and, in addition, allows them to test and bring to maturity their business plans, constitutes an invaluable factor for closing the circle of the training process.

Finally, the access to networks is a value added service that entrepre- neurs expect from an NTBF promotion program. Indeed, good training pro- grams act as meeting points where the future entrepreneur can make contact with possible partners and service providers for his or her project. This is perhaps the main advantage of these programs compared to the self-teach- ing a person can undertake on his own. This is why these programs should not be conceived as self-contained, but should open themselves up to the highest possible number of external players.

36) Cooperation between financiers and entrepreneurs. There is an obvious communicat ion gap be tween financiers and tech-

nology entrepreneurs because of dissimilar objectives, focus and timing. Nevertheless, there are reasons for optimism. Financiers and technology entrepreneurs are drawing closer together, for the simple reason that they need one another.

Mutual unders tanding is possible if simpler codes of communicat ion are used. Simplifying the codes of unders tanding means that the ent repreneur comes to know and learns to respect the four or five (there are no more) basic action criteria followed by investors and the latter, in turn, acquire an enhanced technology sensibility and learn to appreciate the four or five (be- cause here there are no more either) rules of the game or motivations that usually move an entrepreneur from the academic or scientific world.

Thinking in terms of practical mechanisms, it is obvious that the best way to foster effective networking is to stimulate personal contact be tween the two communit ies through regular meet ing points such as joint work- shops and seminars.

For instance, the well known "First Tuesday" network model and the Business Angels Networks have proved to be an efficient way to link the investors and the business proposals of technology entrepreneurs. More- over, recent EC initiatives are proving to serve as indispensable umbrella under which the cross-border cooperation can be stimulated at European level.

37) Coope ra t i on between entrepreneurs and trainers. This relation is simpler than the previous pair. Entrepreneurship Cen-

tres have proved themselves to be a remarkable mechanism for stimulat- ing NTBF creation in the short term.

According to the conclusions of this study, the optimal technology en- trepreneurship training partnerships are those which combine at least the forces of: 1) a business school, 2) an incubator or entrepreneurship centre, 3) a financing institution, 4) one or more research and technology supply organizations. Perhaps one of the aspects that most distinguishes technol-

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ogy entrepreneur training from the training designed for other entrepre- neurs is precisely this need to combine the resources of at least these four institutions.

38) Cooperation between financiers and trainers. This study verified that communication between financiers and trainers,

although improving, is, in general terms, difficult. The truth is that up to now financial institutions have participated little in training programs, judg- ing from the information gathered by this project on more than 50 differ- ent programs. In only a few cases does the financial institution have a formal, stable relationship with the program.

Yet, cooperation between the two actors is not only essential to promot- ing NTBF but also clearly beneficial to the interests of both groups. Whether or not this symbiosis is possible depends on a more tolerant"cultural"atti- tude and increased flexibility on the part of both groups. Objectively, the lack of university funding for these training programs and the growing difficulty faced by financial institutions in accessing good projects should contribute to bringing these positions closer together.

39) Cooperation between trainers and supporters. The cooperation between trainers and supporters should attempt to pin-

point exemplary models in Europe and US and to gather good practices among trainers in Europe. Despite the fact that there are still no coopera- tive networks with outstanding results in this field, the first steps are now being taken and this report describes some examples.

40) The main role of the EC should be mobilizing the channels of cooperation and promoting pilot projects to test innovative training models.

The measure most highly valued by the survey respondents recommends that the"EC offers financial support to the implementation of programs at a national or regional level.'In truth, making use of EU funds for that pur- pose would seem to be a legitimate desire, but it appears to be inconsistent with the principle of subsidiarity that the EU role suggests. Similarly, it might not be the best way to take advantage of the EC's strengths.

Although some regions, and even countries, may need European financ- ing to stimulate certain training programs for technology entrepreneurs, most of these resources should be allocated to: 1) mobilizing the structures and channels of cooperation, 2) disseminating"best experiences" among countries and regions, 3) financing pilot projects that allow testing inno- vative training models for technology entrepreneurs.

The three most highly appraised initiatives after"EC financial support to training programs at national-regional level"respond precisely to that phi- losophy: 1)"Support to promote cross-border cooperative initiatives." 2) "Creation of a website focused on training programs for technology entre- preneurs"and, 3)"A database to gather information about experts, trainers and other key actors."The two latter initiatives are being carried out within

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this FIT 03 project and the project staff hopes to contribute with this ser- vice to provide a one-stop shopping service for the future entrepreneur.

The appropriateness of a significant cooperative project launched last year by the EC entitled"Access to private innovation financing and tools for better knowledge exploitation" to stimulate the creation of networks between key actors in this field still needs to be evaluated. It would be fruitful to discuss in the workshop the pros and cons of this current initia- tive under the perspective of the FIT 03 survey results.