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Innova Foster – Meeting in Tartu

In May 2017 in Tartu (Estonia), the first Innova Foster follow-up meeting was held. The meeting was
organized in order to summarize, and present the outcomes of two prior events – a joint conference
called “Fostering Innovation and Entrepreneurship in the Euro Area” (13-14 March 2017, Frankfurt),
and First Innova Foster’s Exchange visit (25-26 April 2017, Tartu).
Both of the events played a signifficat role in rising the awareness regarding startup and innovation
ecosystems in Europe, as well as provided better insight into problematic issues related to them.
During the conference, the participants (European Central Bank and the MIT Lab for Innovation
Science and Policy)debated on a fundamental question – Why is Europe missing young innovators
and innovation based in growth sectors? As a reassult, the conclusion that there is a strong need for
new firms in new markets was drawn. Another important issue rised during the conference regarded
the role of clusters in cooperation between traditional entrepreneurship and innovation.
The exchange visit in Tartu was the first of a number of similar events that are to be held by each of
the countries participating in Innova Foster project. A workshop entitled “Fostering Corporations &
Startups Business Partnerships” constituted a highlight of the event, which provided a great deal of
information involving startup and innovation ecosystems, and problems related to them, along with
solutions. As a feasible plan to address problems related to the ecosystems, three cooperation
models for companies and startups were offered. Each of the models (“Idea Builder”, “Innovation
Builder”, and “Growth Builder”) is related to different aspect of the cooperation and consists of a set
of actions, implementation of with can bring a wide range of profits for both companies and startups.
Without any doubt, the exchange visit was a fruitful event, which provided a better understanding of
the issues considering startup ecosystems in Europe, and offered practicable solutions for current
problems regarding the ecosystems.

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