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Eu-Startups
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Government as a key partner in innovation: Unlocking potential through public-private collaboration
- Innovation is vital in addressing economic, environmental, and social issues.
- The public sector, namely local and national governments, can support innovation through policy, infrastructure, education, and funding.
- Governments can drive innovation by investing in infrastructure, providing funding and support, building supportive policies and regulatory frameworks, and supporting education and talent development.
- Government-funded grants are especially beneficial for early-stage businesses providing critical funding without giving up equity.
- A supportive regulatory framework is crucial for fostering innovation from the public sector, creating forward-looking policies like regulatory sandboxes.
- Governments invest in education, apprenticeships, and reskilling programmes to develop a talent pool for innovative companies.
- Successfully collaborating with government as an innovation partner can yield mutual benefits and opportunities for growth.
- To maximize the potential of government partnerships, businesses should align goals with public interests, prioritize clear communication, comply with regulatory compliance, embrace flexibility and adaptability, commit to long-term engagement, implement robust risk management, articulate their value proposition, engage diverse stakeholders, and foster transparency and accountability.
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