Supporting Innovation and Entrepreneurship worldwide: What Science and Technology Parks can actually do

Without denying the value of recommendations issued by international experts (such as the OECD) and the role of these instruments to support entrepreneurship worldwide, some challenges may be experienced by Science and Technology Parks (STPs) when trying to implement such tools at a local level. Cultural, institutional and economic barriers require a strong political consensus to be addressed and the appreciable changes expected following the adoption of new policies can typically be achieved in the mid to long run only. Taking Luxembourg as an example, this article highlights what a STP can do at its own (micro) level in the short term to stimulate changes in the cultural and institutional (macro) environment in the longer term. Practical examples of micro tools that can be put in place by STPs are given in different topics, such as knowledge transfer, finance, entrepreneurship culture and value-added services offered to hosted companies.