  We present the development of the first ultrafast transmission electron
microscope (UTEM) driven by localized photoemission from a field emitter
cathode. We describe the implementation of the instrument, the photoemitter
concept and the quantitative electron beam parameters achieved. Establishing a
new source for ultrafast TEM, the G\"ottingen UTEM employs nano-localized
linear photoemission from a Schottky emitter, which enables operation with
freely tunable temporal structure, from continuous wave to femtosecond pulsed
mode. Using this emission mechanism, we achieve record pulse properties in
ultrafast electron microscopy of 9 {\AA} focused beam diameter, 200 fs pulse
duration and 0.6 eV energy width. We illustrate the possibility to conduct
ultrafast imaging, diffraction, holography and spectroscopy with this
instrument and also discuss opportunities to harness quantum coherent
interactions between intense laser fields and free electron beams.
