Innovative Wielkopolska Kick-off workshops on : Industry – Science Relations Technology Transfer & Financing Innovation Interregional Collaboration with Partner Regions 14-15 November 2002 – Poznań Poznań Science & Technology Park Poznań Science & Technology Park Centre for Innovation Promotion Centre for Innovation Promotion Contract N°IPS-2000-1037 Contract N°IPS-2000-1037 Presentation by Alasdair Reid [email protected]Rue de Clairvaux 40, bte 101 1348 L ouvain-la-Neuve - Belgium Tél.: 32 10 45 45 10 F ax: 32 10 45 40 99 E -mail: [email protected]Web: www.ade.be The project is financed by European Commission within 5th Framework Programme for European Research and Technological Development.
Poznań Science & Technology Park Centre for Innovation Promotion Contract N°IPS-2000-1037. Innovative Wielkopolska. Kick-off workshops on : Industry – Science Relation s Technology Transfer & Financing Innovation Interregional Collaboration with Partner Regions 14-15 November 2002 – Poznań. - PowerPoint PPT Presentation
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Innovative WielkopolskaKick-off workshops on :Industry – Science RelationsTechnology Transfer & Financing InnovationInterregional Collaboration with Partner Regions
14-15 November 2002 – Poznań
Poznań Science & Technology ParkPoznań Science & Technology ParkCentre for Innovation PromotionCentre for Innovation Promotion
The project is financedby European Commission within 5thFramework Programme for EuropeanResearch and Technological Development.
Innovative WielkopolskaAnalysing Regional Innovation Systems - Introduction
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Regional innovation systems Narrow definition:
Science and Technology system only. Broad definition’:
Including overall institutional set-up which affects innovation.
"all the actors and activities in the economy which are necessary for industrial and commercial innovation to take place and to lead to economic development".
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How to explain innovation performance ? Need to identify 'bottlenecks' and gaps in
Different actors in innovation system and financing role
Public Private
GovernmentMinistries
HigherEducation
UniversityFunds
PrivateNon-profit
Public-privatePartnerships
Private firms
FDI firms
Private consortiaIntermediation
Performance
Funding
Role
/ Pr
oxim
ity
Research Councils/ Technology Agencies
GovernmentLaboratories Universities Research
InstitutesIntra-muralR&D (firms)
Mission /objectives
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Issues at stake Overall access to finance is still quoted as a major
barrier for the start-up and growth of innovative companies: More important constraint in candidate countries.
As a result of market-failures in the availability of funding for innovative but risky projects, seed capital facilities have been supported by policy measure.
A toolkit of financing mechanisms – but which ones are appropriate for less-developed regions?
What are possibilities emerging from EU/national level and what is role of regional actors/authorities ?
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Typology of existing financial mechanisms (I) Direct Measures:
Grants are given to firms and public research institutions to carry out R&D and other innovative activities.Direct equity investment is provided by public institutions directly into firms and is usually repayable after a period of between five and ten years.Hard and soft loans for investments are available from public organisations and offer more favourable conditions than commercial loans.Subsidies can be made available for capital goods investment and projects.
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Typology of existing financial mechanisms (II) Indirect Measures:
Loans and equity guarantees for lenders and investors make investment more attractive for financiers.Tax incentives are mainly used to stimulate R&D and innovation activities in firms and to encourage risky capital investments (For example, in Portugal the system of tax credits for R&D investments by firms was extended for the fiscal year 2001).Subsidising the interest rates of commercial loans from financial institutions to firms.
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Typology of existing financial mechanisms (III) Measures for enablers
Measures for investors (Tax relief for investors, equity investment in financial organisations.Measures aimed at improving the financial environment (Creation of a professional infrastructure of investors, regulatory changes, including changes in the fiscal and legal environment; development of stock markets).Intermediation measures (taken in relatively mature innovation financing markets. For example, in Wallonia (a region of Belgium), an annual Venture Capital Fair).
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Innovation financing in the EU: good practices Germany uses a set of instruments to improve
financing conditions for innovation. A very successful example is BTU (Venture Capital for small technology-based firms, 2001). Also, there is a possibility of low-interest loans to refinance VC providers who pass on this funding as VC to NTBFs. VC providers are partially released from their liability for the refinancing the loan (Refinancing Model).
Finland launches PreSeed Finance Initiative which aims to bridging the gap between start-up companies and VC financing market (2001). The objective is to encourage the birth and accelerate early stage growth of new technology based companies.
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Creation and growth of innovative enterprises To overcome limited correspondence between supply
and demand in funding of innovation.
To determine the national/regional capacity in financial support in regard to:
Support for R&D to single firms (direct measure).Development of financial incentives to applied research activities which have impact on local productive system (indirect measures).Creation of necessary conditions for providing funds to firms at favourable rates (facilitate mode of access to credit) involve public sector in VC (indirect measures).
Building adequate methodology
Tools and analysis: RIS experience
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Tools and analysis First phase - should involve collection of existing studies
on Wielkopolska ISR.
Second phase - application of well-tested approaches for supply analysis (questionnaires, interviews, workshops / peer review).
Third phase – validation of emerging results and begin 'brainstorming' on projects.
Using SMEs needs analysis as a tool for dialogue and strategy development.
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RIS experience & approaches adopted
SME needs analysis should provide a bank of information about opportunities (not only
mapping needs, but ideas for possible projects). Establish clear synergies between business needs and support
systems analysis (questions in surveys, interviews on supply side, etc.).
Analysis of supply:Often less formal process than the demand-side analysis;Some regions used technology foresight but requires already sophisticated system and 'social capital'.Need to avoid desk "study" & no mandate to do full evaluation of structures;Interview-based survey plus working groups on specific topics (participatory evaluation or self-assessment).
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Organisational analysis Role & function
Mission Tasks Position
Capabilities Personnel Budget Legal structure
Orientation Sectors Target groups Type of innovation
Instruments Financing Stimulating Regulating
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Output of organisational analysis "Inventory" – boring, put on shelves and
rarely used… Portal (e.g. RIS Central Macedonia)
linked to observatory and monitoring system used as part of regional 'marketing' and inter-
regional co-operation building effort Recommendations for filling gaps:
Identification of structures required at local level; Absence of provision of support from national
organisation…
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Policy gaps analysis Need to compare (set) objectives at
regional (national) level; What are existing or required (on
basis of needs analysis) instruments and delivery mechanisms
Matrix type analysis can yield clues as to consistency of policy framework
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Set of policy objectives Support for R&D in single firms; Promotion of risk capital and high-tech investment; Improving absorptive capacity (competence of