The Principality of Asturias has undertaken a profound economic restructuring, since it has transitioned from an economy based in traditional industries to a knowledge-based economy.
The intense industrial development achieved in the past constitutes a challenge for the region; its entrepreneurial strategy is based on innovation, diversification and human capital, and it is spelled out in an Entrepreneurship Plan, which is added to the region’s major strategies in regional economic development, science and innovation.
The region’s entire strategy is aimed at achieving a gradual transition from this traditional economy to a modern economy, with parameters of entrepreneurship, digitalization and intelligent specialization.
The strategy of Asturias opts for innovation and human capital as the basis of a competitive economy, for inclusion to facilitate equal opportunity and for sustainability to promote balanced development. The entrepreneurial vision of Asturias is:
The innovative, knowledge-based entrepreneurial spirit is fundamental to accomplish regional diversification. The improved research and human capital will serve as the two pillars of a competitive regional economy.
The entrepreneurial spirit must be promoted at all levels, and each innovative company must provide equal opportunities. The specific tools that support social entrepreneurship are: social companies, social innovation and support to the third sector and non-profit enterprises. It also requires measures to promote entrepreneurial spirit among the least represented groups, in particular among young persons and women.
The policies for entrepreneurship and innovation should contribute to the transition to a low-carbon economy. Creation of wealth or employment is necessary to conserve and harness the region’s natural resources by promoting territorially balanced development.