Table: Where Is Italy's Next Wave of Innovation?

-- It spends 1.84% of GDP on information technology, vs. 4.7% in Sweden and 5.5% in the U.S.

-- R&D spending is 1% of GDP, about half the average among major industrial countries.

-- Venture capital is scarce, with only $477 million invested in 2000, compared with $1 billion in France.

-- Technology transfer between universities and industry is nearly nonexistent.

-- It imposes the highest number of administrative obstacles to entrepreneurs.

Data: OECD, EITO (European Information Technology Observatory), European Venture Capital Assn.

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