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This paper discusses the importance of innovation and adding value to products and services in order for the high-growth small and medium enterprises (SME) in Europe to remain competitive in an increasingly globalized marketplace. The issue of lack of resources among SMEs can be addressed by allowing them to be part of an innovative consortia where they can not only share R&D costs but also knowledge. This can also provide indirect opportunities for marketing through consortia partners and diffuses the envy, failure and blame culture that pervades European society. The chances of success depends heavily on having the best possible partner-search process and professional assistance in consortium building, which could be pan-European or global coupled with adequate funding opportunities made available by the EC for the majority of high-growth SMEs.