European governments have been worrying for years about why Europe produces so few fast-growing, innovative companies. Much of the anxiety centres on that vast cluster of industries known as information and communications technology, or ICT. While there are a few European winners such as Nokia in mobile phones and SAP in software, and the occasional high-flyer such as Skype, there is nothing like the stream of new entrants (or reinventions of older companies, such as Apple) that come out of the US. Despite numerous initiatives, not much progress has been made in closing the gap.

How much this matters is debatable. Countries have developed a competitive advantage in particular activities - the UK in pharmaceuticals, for example, or Germany in engineering - and perhaps they should build on these strengths. On the other hand, if European industry is missing out on a great opportunity for creating new businesses, it seems reasonable to ask why this should be so and what, if anything, can be done about it.