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PurposeThe main aim of this paper is to analyze the relationship between innovation and economic growth, following the Schumpeter approach, considering the entrepreneurship activity.Design/methodology/approachSeveral hypotheses are tested considering three equations, for the case of ten developed countries. To estimate the equations, generalized least square (GLS)‐cross‐section weights and panel least squares methodologies for the period 2001‐2009 have been used.FindingsInnovation plays a central role in the economic growth process and the entrepreneur is the vehicle to introduce the new technologies to improve the firms' activity and to obtain higher profits. It is also necessary to include in this process other variables: social climate and the role of institutions.Practical implicationsSome measures can design from these results to improve innovation and entrepreneurship activity, which would have positive effects on economic growth.Originality/valueSchumpeterian approach is developed for this analysis, and empirical estimations are carried out to test hypotheses on economic growth and innovation, considering not only the traditional quantitative variables but also qualitative ones, having a wider view about the process. Drucker statement on innovation effects on entrepreneurship activity is also tested.

Purpose – The purpose of this paper is to analyse the effects of some political measures on entrepreneurship to promote economic growth and employment, specifically, R & D policies, training, elimination of administrative barriers, access to finance support and promotion of entrepreneurial culture. Design/methodology/approach – Seven hypotheses are tested developing a latent variables model with data from 13 European countries (Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Portugal, Spain, Sweden and UK) in 2012, using partial least squares estimation method. Findings – Greater expenditure on R & D by governments and universities, public investment in education and measures to stimulate entrepreneurial culture have a positive effect on entrepreneurship. Furthermore, countries with complex legal systems which regulate the start-up of an economic activity and where access to credit is complicated, present lower levels of entrepreneurship. Societies with a greater number of innovative entrepreneurs present higher levels of entrepreneurial activity and economic performance. Finally, human capital and entrepreneurial activity positively affect economic performance in the case of the European countries studied in the sample. Practical implications – The results obtained in the paper would facilitate the design of measures to stimulate to entrepreneurs and improve economic performance. Originality/value – Several factors, qualitative and quantitative, have been considered in the analysis that they have not traditionally included in the analysis of the entrepreneurship behaviour taking into account the role played by the policy makers measures to improve such behaviour.

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