Growth entrepreneurship - Sweden

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Growth entrepreneurship - Sweden

  1. 1. Recent policy initiatives in SwedenSenior Analyst Björn FalkenhallSwedish Agency for Growth Policy Analysis
  2. 2. Main focus in Entrepreneurship policy• Make it easier and more rewarding to run businesses by creating a world class business environment• Focus on improving tax incentives to start and run enterprises and to work - tax credit for earned income (four steps in 2007-2010) - tax deduction for household services (2007) - tax deduction for house repairs and maintenance (2008) - VAT reduction for eating at restaurants (2012)• The overall tax burden in relation to GDP has decreased from 52 to 44 % since 1990• Regualtory reform and simplification has high priority, deregulation of markets and competition
  3. 3. Further entrepreneurship policies• Ongoing public inquiry on capital taxation - tax deduction for VC investments is under investigation - decreased corporation tax is under consideration• Specific programmes, which include iniatives to improve entrepreneurship in the health care and creative industries, and iniatives for targeted groups• No specific programs for HGF or gazelles• The ambition to strengthen Sweden´s entrepreneurial performance is not translated into a specific goal for the # of start ups or HGF´s
  4. 4. New innovation strategy of Sweden• Prime motives: - global challenges for society - competitiveness and jobcreation in an increasing global competition - delivering public services with continued quality and efficiency• Embracing a broad concept• All forms of innovation (products, services, processes, business models and ways of organising)• All sectors (private, public and third sector)
  5. 5. To be more specific…• Review of the venture capital market and the role for public actors• Two of the largest public providers of early stage capital will be merged• Public procurement as a tool for encouraging innovation• Program for developing the tourism industry• Development of indicators for innovation
  6. 6. Further nordic collaboration• Look at the numbers and what matters! - Gazelles created 8 000 jobs in 2006-2009 - HGF (incl. gazelles) created 92 000 jobs - Surviving entry created 300 000 jobs!• The persistence of gazelles, most probably they are not gazelles in the next period of time• Comparable data and indicators for framework conditions are valuable for comparisions and priorities

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