20. It will therefore be important to reduce unjustified administrative and
regulatory burdens, ensure businesses can easily understand and navigate
regulatory requirements, facilitate access to capital and foster conducive
ecosystems 9 , in which cooperation between entrepreneurs, businesses,
universities, research institutes and local governments create a strong and
resilient network for SMEs and entrepreneurship.
G7 common policy approaches for SME competitiveness and
inclusiveness in the NPR
21. Innovation is a reflection of openness and freedom of thought where diverse
ideas and perspectives can flourish to generate social, economic and
environmental advancements. Open public sector data, as well as marketbased approaches to access and sharing of data are important to foster
innovation in production and services, entrepreneurship and development of
SMEs.
22. Automation, big data analytics, manufacturing technologies, nanotechnology,
artificial intelligence and the Internet of Things are examples of progress that is
fostering new business models and market opportunities. G7 countries
recognize the importance of SMEs to national economies and the need for
them to keep pace with the rapid advancement of technologies and business
frameworks. This entails policy approaches to address issues concerning:
a. more inclusive growth through increased participation of underrepresented
groups in the economy and labour force;
b. financing, including access to capital markets, especially venture capital;
c. technology adoption and dissemination;
d. development of skills pipelines that reflect emerging opportunities in the
NPR to reap all benefits in terms of job creation;
e. collaboration and knowledge exchange to foster integrated and
collaborative innovation eco-systems;
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See the concept of digital innovation hub launched with the National Plan Industry 4.0 in Italy in line
with the first Pillar of Digitising European industry by the European Commission.
G7 ICT and Industry Ministerial Meeting 2017│ MAKING THE NEXT PRODUCTION REVOLUTION INCLUSIVE, OPEN
AND SECURE
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