ABSTRACT
Facing the pressures of global competition and the challenges of implementing a new knowledge economy, the European Union (EU) and its Member States committed themselves in March 2000 to the Lisbon Agenda. This aimed at implementing by 2010 ‘a challenging program for building knowledge infrastructures, enhancing innovation and economic reform, and modernizing social welfare and education systems’ with the goal of becoming ‘the world’s most dynamic knowledge-economy’ (European Council 2002). One of the key objectives was the creation of and support for innovative SMEs and the promotion of entrepreneurship. By February 2004, an entrepreneurship action plan was agreed upon (European Commission [EC] 2004), which noted, alongside its fi ve key objectives, that ‘entrepreneurs should have access to quality and targeted support, mentoring and training’. However, by 2005-the midpoint of the Lisbon strategy-there were signs that the priority objectives were switching from a focus on global competitiveness to a concern over jobs and growth. Improving the capabilities and participation of the huge small and medium enterprise (SME) sector is now even more vital.
