This open access book builds on the European Union's (EU) Horizon 2020 project 'Financial and Institutional Reforms for an Entrepreneurial Society' (FIRES). The authors outline how Europe can move towards more inclusive, innovative and sustainable growth through reforms that will rekindle its entrepreneurial spirit. Based on decades of research and countless discussions with stakeholders, the book also features the FIRES project's full list of policy interventions and institutional reforms that can help policymakers make that agenda a reality.

This open access book builds on the European Union's (EU) Horizon 2020 project 'Financial and Institutional Reforms for an Entrepreneurial Society' (FIRES). The authors outline how Europe can move towards more inclusive, innovative and sustainable growth through reforms that will rekindle its entrepreneurial spirit. Based on decades of research and countless discussions with stakeholders, the book also features the FIRES project's full list of policy interventions and institutional reforms that can help policymakers make that agenda a reality.

This book is open access under a CC BY 4.0 license. The authors of this book advise the economies of the European Union to become more entrepreneurial in promoting innovation and economic growth. The authors propose a reform strategy with respect to several aspects to achieve this goal. Starting with the rule of law and the protection of property rights; the tax system; the authors deal with regulations governing savings, capital and finance, and the organization of labor markets and social insurance systems. Framework strategies related to the regulations governing goods and service markets, bankruptcy and insolvency are also put forward. A core understanding and future path is also provided towards R&D, commercialization and knowledge spillovers; human capital investments; and informal institutions.

Innovative Entrepreneurship as a Collaborative Effort: An Institutional Framework synthesizes the authors previous work to draw conclusions and identify new directions. It puts the spotlight on collaborative innovation blocs (CIB) and improves our understanding of how and why entrepreneurial plans are formulated and revised over time. The authors envision an institutional framework that improves the "antifragility" of CIBs and the economic system as a whole, thus enabling individual CIBs and the broader economic system to thrive when faced with adversity. Section 2 discusses how and when collaborations occur in the market order and identify entrepreneurship as an inherently collaborative function. Section 3 describes the collaborative innovation bloc and each of its skill components: entrepreneurs, inventors, early- and later-stage-financiers, key personnel, and customers. Section 4 identifies the most important critical areas affecting CIBs, thus demonstrating the usefulness of this perspective for understanding when innovation comes (and does not come) about. The last section discusses the key takeaways and limitations of the perspective before highlighting fruitful avenues for future research.

Formal economic institutions that have been identified as particularly important for entrepreneurship include the protection of private property, tax codes, social insurance systems, employment protection legislation, competition policy, trade policies, capital market regulation, contract enforcement, and law and order. Yet much remains to be learned concerning the relationship between institutions and entrepreneurship. Entrepreneurship and Institutions: A Bidirectional Relationship argues that the view that institutions determine the extent to which entrepreneurial activity is productive is only part of the story. Rather, causality is bidirectional, in that entrepreneurship is also, for better or for worse, one of the main drivers of institutional change. After a brief introduction, Section 2 provides a precursory framework for institutions as functional responses to deviations, followed by an introduction of the idea of entrepreneurs as deviators. Section 3 begins by categorizing the three entrepreneurial responses to institutions-abides, alter and evade-before discussing the first two at greater length. The subsequent two sections are devoted to evasive entrepreneurship with Section 4 defining the concept and discussing the institutional features that make it possible, while Section 5 describes its economic consequences and its potential to usher in institutional change. Section 6 concludes by discussing the implications of this work for policy and future research.