Innovation slow in a time of crisis

Financial crisis in Europe will slow innovation, said Jean Noël Durvy, director of innovation policy at DG Enterprise and Industry adding the market situation is likely to influence small and medium sized businesses as banks are less inclined to give out credits.

According to Durvy, the key to getting through the financial crisis is by restoring trust and confidence. "If we can do this soon, the crisis won't be too long and too severe," he said adding that trust between enterprises and bank systems must exist for business development.

Meanwhile, Jean-Claude Prager, director at the French Public Agency for Technological Intelligence said that it's important to remain positive in a time of a crisis. "Crisis have a purpose for the evaluation of a society," he said. Currently, he finds that resources are scattered left, right and center, and the best thing to do is to pull them together and offer help to businesses.  

Karin Bryskhe, CEO of Colloidal and an entrepreneur, agreed adding that the scattered nature of resources doesn't help businesses, let alone entrepreneurs who are willing to invest in a turbulent market. She finds that the information isn't focused as it comes from the wrong place. "We should have people available who have done this trip and can give advice," she said. Small and medium sized businesses are in need of mentors, especially at a time of a crisis, however there's doubt on how effective the advice may be when it comes from numerous sources.