There are signs that public policy is catching on to an understanding that not only start-up firms can achieve high rates of growth. More research is needed to find out what the needs of more mature enterprises might be, before policy lurches away from supporting early stage companies.

The recent financial crisis has raised important questions about the future of regional economic development policy in Europe. Budget cuts at a time when economic growth is a priority indicates some lack of confidence by governments in the effectiveness of economic development. Deflationary...