OECD Working Party on SMEs and Entrepreneurship Bologna+10 (2010).
New firms and innovative SMEs are playing an increasing role as drivers of growth and job creation in the economy, but they face major challenges in responding to globalisation and the shift to new forms of innovation. Firm creation and SMEs have also been strongly adversely affected by the global financial and economic crisis of 2008-9, which has been associated with substantial closures and rationalisations, but at the same hold the prospect of driving a return to pre-crisis employment and output levels in the recovery period. To fulfil their potential for job creation and long-run growth, governments must ensure a business environment that stimulates entrepreneurship and does not impose undue burdens on innovative SMEs and an appropriate set of structural policies addressing market, system and government failures in areas including financing, access to markets and knowledge networks, the management of intellectual assets and entrepreneurial human capital. Governments must both address problems that have been exacerbated by the crisis and put into place a policy framework that is more conducive to innovation-led growth in the future.