entrepreneurship

JRC85353.pdf

innovation and economic activity distributed in Europe? Which locations are attracting new investments in the ICT sector?

What is the position of individual European locations in the global network of ICT activity? The EIPE project had four main steps (see Figure 1). First,

72 5. 2. 1 Investment in Intangibles by ICT Firms...72 5. 2. 2 Venture capital Financing of ICT Firms...

74 5. 2. 3 ICT Patents...76 5. 2. 4 International Co-inventions...78 5. 2. 5 Degree in ICT Innovation Network...

102 5. 3. 9 Number of New Investments in the ICT Sector...104 5. 3. 10 Outward ICT Business Internationalisation...

132 8. 5 European Investment Monitor by Ernst & young...133 8. 6 Patent Data: REGPAT by OECD...134 8. 7 Company-level Information:

134 8. 8 Venture capital: Venturesource by Dow jones...135 References...136 7 1. Introduction This is the third EIPE Report.

European ICT Poles of Excellence (EIPE) are geographical agglomerations of best performing Information and Communication Technologies production, R&d and innovation activities, located in the European union,

network Netrd 3 1 Eigenvector centrality in ICT R&d network Netrd 4 1 Innovation Agglomeration Investment in intangibles by ICT firms Agin 1

48 Venture capital financing to ICT firms Agin 2 14 ICT patents Agin 3 9 Internationalisation International co-inventions Intin 1 45

Turnover by ICT firms Agbuss 7 19 Growth in turnover by ICT firms Agbuss 8 1264 New business investments in the ICT sector Agbuss 9

network Netrd 3 7 Eigenvector centrality in ICT R&d network Netrd 4 5 Innovation Agglomeration Investment in intangibles by ICT firms Agin 1

15 Venture capital financing to ICT firms Agin 2 1 ICT patents Agin 3 372 Internationalisation International co-inventions Intin 1 561

Turnover by ICT firms Agbuss 7 5 Growth in turnover by ICT firms Agbuss 8 1264 New business investments in the ICT sector Agbuss 9

Netrd 3 2 Eigenvector centrality in ICT R&d network Netrd 4 2 Innovation Agglomeration Investment in intangibles by ICT firms Agin 1 3

Venture capital financing to ICT firms Agin 2 2 ICT patents Agin 3 49 Internationalisation International co-inventions Intin 1 121 Networking Degree

firms Agbuss 7 2 Growth in turnover by ICT firms Agbuss 8 90 New business investments in the ICT sector Agbuss 9 3 Internationalisation

and services that are produced and meet the needs of consumers in the market and encompass the aggregate economic activities of the commercial and manufacturing sectors of an economy.

In this section, the composite EIPE Sub-Indicators (CSI), computed on the basis of the indicators corresponding to each activity,

R&d network Netrd 3 17 Eigenvector centrality in ICT R&d network Netrd 4 18 Innovation Agglomeration Investment in intangibles by ICT firms Agin

1 19 Venture capital financing to ICT firms Agin 2 20 ICT patents Agin 3 21 Internationalisation International co-inventions Intin 1

32 Turnover by ICT firms Agbuss 7 33 Growth in turnover by ICT firms Agbuss 8 34 New business investments in the ICT sector Agbuss

. 2 ICT Innovation 5. 2. 1 Investment in Intangibles by ICT Firms Table 49: Top ranking regions according to Investment in intangibles by ICT firms indicator Rank NUTS3 Code Region name Indicator Value EIPE Rank 1 DEA22 Bonn

, Kreisfreie Stadt 100 12 2 UKI21 Outer London-East and North East 30 151 3 FR101 Paris 23 3 4 DE122

Yvelines 0 33 30 PL325 Rzeszowski 0 376 Indicator description Indicator ID Agin 1 Name of indicator Investment in intangibles by ICT firms What

Measures the average annual amount spent on intangibles in the ICT sector Unit of measurement Region's share in the total investments in intangibles by ICT firms in the EU to a region's share in the EU population Definition of ICT

Frequency of the Investment in intangibles by ICT firms indicator values 1297 2 1 1 1 1 0 500 1000 1500 Frequency 0 20

40 60 80 100 Investment in intangibles by ICT Table 50: Descriptive statistics of Investment in intangibles by ICT firms indicator Number of observations Mean value Standard deviation Variance 1303 0. 16 2. 99 8. 97 74 5

. 2. 2 Venture capital Financing of ICT Firms Table 51: Top ranking regions according to Venture capital financing of ICT firms indicator Rank NUTS3 Code Region name Indicator Value EIPE Rank 1 UKI12 Inner

London-East 100 2 2 FR101 Paris 80 3 3 UKH12 Cambridgeshire CC 79 5 4 DK011 Byen Kobenhavn 70

24 5 IE021 Dublin 67 16 6 SE110 Stockholms lan 65 6 7 UKJ11 Berkshire 54 26 8 FI181 Uusimaa

Stadtkreis 22 21 Indicator description Indicator ID Agin 2 Name of indicator Venture capital financing to ICT firms What does it measure?

Measures the amount of venture capital invested in the ICT sector Unit of measurement Region's share in the total VC funding in to ICT firms in the EU to a region's share in the EU population Definition of ICT dimension Based on

the Dow jones classification of industry segments Unit of observation NUTS 3 Source Venture capital: Venturesource by Dow jones (Section 8. 8) Reference year (s) considered 2000-2012 75 Figure 41:

Frequency of the Venture capital financing of ICT firms indicator values 1130 73 47 20 7 9 1 3 1 3 3 2 1

1 1 1 0 500 1000 Frequency 0 20 40 60 80 100 Venture capital financing of ICT firms Table 52:

Descriptive statistics of Venture capital financing of ICT firms indicator Number of observations Mean value Standard deviation Variance 1303 2. 43 7. 73 59.71 76 5. 2

Number of New Investments in the ICT Sector Table 81: Top ranking regions according to Number of new investments in the ICT sector indicator Rank NUTS3 Code Region name Indicator Value EIPE Rank 1 DE711

Darmstadt, Kreisfreie Stadt 100 7 2 UKI12 Inner London-East 44 2 3 FR101 Paris 29 3 4 UKN01 Belfast

ID Agbus 9 Name of indicator New business investments in the ICT sector What does it measure?

It measures the number of new investments in the ICT sector in the observed region Unit of measurement Region's share in the total number of new investments in the ICT sector to a region's share in the EU population Definition of ICT

dimension Based on NACE Rev. 2 Unit of observation NUTS 3 Source European Investment Monitor by Ernst & young (Section 8. 5) Reference year (s

Frequency of the Number of new investments in the ICT sector indicator values 1258 29 9 4 1 1 1 0 500 1000 1500 Frequency

0 20 40 60 80 100 Number of new investments in the ICT sector Table 82:

Descriptive statistics of Number of new investments in the ICT sector indicator Number of observations Mean value Standard deviation Variance 1303 0. 68 3. 63 13.16 106 5

ICT Innovation Agglomeration indicators (Agin) Indicator ID Agin 1 Agin 2 Agin 3 Name of indicator Investment in intangibles by ICT firms Venture capital

Orbis by Bureau Van dijk (Section 8. 7) Venture capital: Venturesource by Dow jones (Section 8. 8) Patent data:

7 Agbuss 8 Agbuss 9 Name of indicator Growth in ICT employment Turnover by ICT firms Growth in turnover by ICT firms New business investments

of new investments in the ICT sector in the observed region Unit of measurement Growth rate in%Region's share in the total turnover by ICT firms located in the EU to a region's share in the EU population Growth rate in%Region's share in the total

number of new investments in the ICT sector to a region's share in the EU population Definition of ICT dimension Based on NACE Rev. 2 Unit of observation NUTS 3 Source

Orbis by Bureau Van dijk (Section 8. 7) European Investment Monitor by Ernst & young (Section 8. 5) Reference year (s) considered 2005-2011 2005-2011

Thus we illustrate the destination of expansion of multinational enterprises (MNES) and the location of business activities.

which investment is made. Data source: The analysis is conducted using the EIM data on foreign investments (see Section 8. 5). 3 In the following,

we focus our attention on bilateral relationships between regions and do not take into account loops, i e. when a company's new investment and headquarter is located in the same region. 128 Network measures:

In the above context, based on the number of incoming and outgoing connection to and from a region, the measures of regions'centrality are listed in Table 105.

For example, z-scores are used for the two composite indicators of the knowledge-based economy, published by the European commission in Key Figures 2003-2004,

and the growing demand for institutions to develop deeper insight into their competitive environment. 4 The QS WORLD UNIVERSITY RANKINGS currently considers over 2,

and concerns only the Information and communication technologies (ICT) areas. The list of instruments through which projects were financed includes:

the dataset itself represents a unique collection of data for its coverage with a great level of details provided. 8. 5 European Investment Monitor by Ernst & young The European Investment Monitor (EIM) is a unique monitor

of foreign investment in Europe by companies from all over the world, except for investments in the home country.

Since 1997, data is collected for all European countries and is published on a quarterly basis. Up to 2011,

The EIM identifies the project-based foreign inward investment announcements that are new, expanding, or co-located in an international context. 8

Projects included in the database have to comply with several criteria to be considered as international investments.

There are no minimum investment size criteria, but the number of investments where less than 10 jobs are created.

The basic description of each investment project described by the EIM data includes the name of the firm

the parent company name, the name and the origin country of the parent company, the sector and both the country and the city of location.

It also includes the function of each investment (unit of production and different service activities, such as headquarters, research & development centres, logistics,

The EIM is recognized a as a comprehensive industry standard tracking investment projects across Europe. It is a business information tool used by both professionals involved in corporate location strategy and inward investment issues and academic researchers (De La Tour et al. 2011.

It is a benchmark for government and private sector organizations wishing to identify trends in jobs and industries, business and investment.

The data collected by the EIM enables to: Review developments and movements in the inward investment marketplace, identify emerging sectors, industries and clusters,

Benchmark regions and develop location strategies, Undertake in depth, wide-ranging data analysis; for example: Which is Europe's most popular location for headquarters investments?

What is the scale and nature of investment from South korea? Or what is Germany's market share of pharmaceutical investment?

6 More information under: http://www. isuppli. com (last accessed 01.02.2012) 7 More information under:

http://iri. jrc. ec. europa. eu/research/scoreboard 2010. htm (last accessed 01.02.2012) 8 The EIM excludes mergers and acquisitions or joint ventures (unless these result in new facilities,

new jobs created), licence agreements, retail and leisure facilities, hotels and real estate investments, utility facilities including telecommunications networks, airports, ports or other, fixed infrastructure investments, extraction activities (ores, minerals or fuels), portfolio investments (i e. pensions, insurance and financial funds),

factory/production replacement investments (e g. a new machine replacing an old one, but not creating any new employment), not-for-profit organisations. 134 8. 6 Patent Data:

REGPAT by OECD The OECD REGPAT database presents patent data that have been linked to NUTS3 regions according to the addresses of the applicants and inventors.

The data have been regionalised at a very detailed level so that more than 2 000 regions are covered across OECD countries.

When compiling or analysing indicators with regionalised patents, it is necessary to have some characteristics of patents and some rules in mind,

so as to make the best use of the information and not misinterpret the indicators. The data from the REGPAT database, are constructed along the following principles:

The 2011"EU Industrial R&d Investment Scoreboard, "which presents information on the top 1000 EU companies and 1000 non-EU companies investing in R&d in 2010.

The Scoreboard includes data on R&d investment along with other economic and financial data from the last four financial years. 9 9 More information under:

Time coverage between and 2011, the last available date. 8. 8 Venture capital: Venturesource by Dow jones Dow jones Venturesource provides comprehensive data on venture-backed and private equity-backed companies including their investors and executives in every region, industry sector and stage of development

throughout the world. This database contains information on venture capital transactions, the financed companies and the financing firms.

The data are reported largely self y VC firms, but several plausibility checks are conducted by the database providers.

and compare it with an alternative source of information which is Venture Economics, the Venturesource data are generally more reliable, more complete,

and less biased than the Venture Economics data. 10 Primary codes only include: 261-Manufacture of electronic components and boards, 262-Manufacture of computers and peripheral equipment, 263-Manufacture of communication equipment, 264-Manufacture of consumer electronics, 268-Manufacture of magnetic

'Economics of Innovation and New Technology, 17:7-8, 663-76. De La Tour, A.,Glachant, M. & Ménière, Y. 2011.

'How Well do Venture capital Databases Reflect Actual Investments?''In SSRN (Ed.).Nepelski, D. & De Prato, G. 2013a.'

'INFORMATION ECONOMY-SECTOR DEFINITIONS BASED ON THE INTERNATIONAL STANDARD INDUSTRY CLASSIFICATION (ISIC 4).'Paris: OECD. OECD 2008a.'

environment and climate change; energy and transport; agriculture and food security; health and consumer protection; information society and digital agenda;

JRC85356.pdf

innovation and economic activity distributed in Europe? Which locations are attracting new investments in the ICT sector?

What is the position of individual European locations in the global network of ICT activity? The EIPE project had four main steps (see Figure 1). First,

34 5. 5 European Investment Monitor by Ernst & young...34 5. 6 Patent data: REGPAT by OECD...35 5. 7 Company-level information:

36 5. 8 Venture capital: Venturesource by Dow jones...37 6 Annex: Technical issues...39 6. 1 Definition and characteristics of a network structure...

On the other hand, ICT-enabled innovation in ICT using sectors has provided the base for permanent and widespread growth-enhancing effects of ICT adoption throughout the economy.

The 2009 Commission's Communication entitled"A Strategy for ICT R&d and Innovation in Europe:

In particular, the Communication anticipates a landscape where by 2020,)"(Europe has nurtured an additional five ICT poles of world-class excellence()"

meant to"reboot the EU economy "and to enable Europe's citizens and businesses to get the most out of digital technologies.

giving rise to a rethinking of regional policies and regional funding of (ICT-related) innovation,(ICT) technology transfer and more generally technology-driven economic growth.

and analysed for almost a century3 the spatial agglomeration of economic activities. More recently analysis of knowledge-intensive and ICT-related activities, at local and at global level has been included.

2013), the increasing globalization of economic activity on the one hand, and the pervasive role of knowledge in the economy on the other, is affecting the spatial distribution of economic activity.

These changes in the spatial distribution of economic activities are evident both in the mutating role of countries and in the emergence of different productive realities within countries.

The concept of EIPE integrates those most recent aspects in its definition. In particular, analysts observe two conflicting forces governing the globalisation:

thus acknowledging the importance given today to the knowledge function in advanced economies. assessing the global internationalisation of the production

Duguet and Mairesse (1998): 5 this structural model aims to explain productivity by innovation outputs driven by R&d investments, reflecting interdependencies of knowledge and business activities. the'buzz versus pipelines"6 balance

and global networking (the pipelines) for agglomeration economies. In addition, because of the study's policy context ICT R&d and Innovation, the proposed definition is explicitly technology specific:

R&d, innovation and economic activities will each be taken in account. 5 Crépon B.,Duguet E.,Mairesse J. 1998) Research, Innovation and Productivity:

and agglomeration economies foster a local business system towards a specialisation in both production and technology (Paci et al.,

and institutes together with firms specializing in the production of ICT-related products and services. 9 Second,

Thus, R&d activity is an investment in knowledge accumulation and in the development of technologies (Parham, 2009.

and economic growth is acknowledged widely, this link is difficult to quantify because the benefits from, or output of R&d (a critical component of the link) are measured not easily.

In addition, some outputs of innovation include the enhancement in human capital and new organisational structures.

or commercial opportunities that are introduced on the market (OECD, 2010). These dynamics are exemplified by the economy's share of young fast-growing firms that fuel innovation, developing new goods or improving existing ones, services or processes (Veugelers, 2009.

A related measure of such innovation activities is the financing which new enterprises receive, e g. venture capital.

Venture capital funds may invest in the later stages of product development or market launch and,

hence, offer a way of measuring the outcome of the innovation process in its final stage.

overall investments in intangibles by ICT companies and venture capital financing of ICT start-ups. Business activities These activities relate to the production of tangible and intangible goods

and services that are produced and meet the needs of consumers in the market and encompass the aggregate economic activities of the all sectors of an economy.

At the most aggregate level, Gross domestic product (GDP) is the most commonly used measure of a country's or a region economic activity (Chiripanhura, 2010).

More disaggregated data on business activity show business indicators such as the number of firms, employment, capital, turnover, value added, profits,

and wages and salaries (ABS, 2012; Frankish, Roberts, & Storey, 2009. The type of information on business activity can be divided into two types.

and their owners produced by a wide range of nonofficial organizations that aim to capture the dynamism in the economy.

the EIPE project builds this measurement by observing the actual presence and development of ICT firms (headquarters and affiliates, employment data, turnover and investments.

Agglomeration characteristics Spatial proximity of similar and related firms and industries and the general tendency of people and economic activity to locate in large cities and economic core regions lead to agglomeration.

As a result of the interplay between these forces, economic activity, population, employment and wealth are distributed unevenly. Residents, workers,

which gives rise to the notion of agglomeration economies (M. Fujita & Thisse, 2002; Krugman, 1991;

In general, measuring the agglomeration of economic activity across spatial units is not a straightforward task. There are two ways of approaching it.

The first concerns the problem of spatial concentration of economic activity and aims to identify how agglomerated

The second way of looking at agglomeration relates to the issue of the relative size of economic activity in a certain place (Ciccone & Hall, 1996;

Both R&d&i and economic activity have been going through an intensive process of internationalisation over the last three decades (Doz, Santos, & Williamson, 2001;

the flow of foreign direct investments or the level of export and import for business activity (Dorrenbacher, 2000;

and internationalisation of R&d&i and economic activity is the amplification of R&d, innovation and production networking and the emergence of networks of activity that span the globe (De Benedictis & Tajoli, 2011;

and economic activity as a system of inter-linked activities becomes crucial in the process of determining the position in the network of locations engaged in these activities.

R&d expenditures, venture capital funding, company location investment or the number of ICT companies, the NACE Rev 2 definition of the ICT sector is used (OECD, 2007.

of computers and peripheral equipment 263 Manufacture of communication equipment 264 Manufacture of consumer electronics 268 Manufacture of magnetic and optical media ICT services 4651 Wholesale of computers

Choosing the spatial unit of observation One of the central problems in the quantitative analysis of the geography of economic activity is the lack of data at regional level with a satisfactory level of granularity (Koschatzky & Lo

such as the homogeneity, complementarity or polarisation of regional economies. In the EIPE project, we make use of the first type of regional classification,

This unit of analysis gives us the (theoretical) opportunity to observe over 1300 spatially standardised areas across the EU,

a range of the most reliable and recognized data providers were tested carefully and selected, such as Thomson Reuters for bibliometrics, Bureau Van dijk for company-level information, Dow jones for venture capital data, etc.

Investment Monitor by Ernst & young, ORBIS by Bureau Van dijk, and Venturesource by Dow jones. 9 More details about these data sources can be found in Chapter 5. Selecting indicators A list of indicators for the EIPE project was selected carefully on the basis of the above-described framework of activities and their characteristics and the discussion on their empirical measurements.

3 17 Eigenvector centrality in ICT R&d network Netrd 4 18 Innovation Agglomeration Investment in intangibles by ICT firms Agin 1 19 Venture capital

Agbuss 7 33 Growth in turnover by ICT firms Agbuss 8 34 New business investments in the ICT sector Agbuss 9 35 Internationalisation Outward

the proposed indicators capture the input (investment in intangibles, and venture capital investments) and outputs (patenting activity) of innovation activities.

With venture capital data we aim to capture indirectly the dynamics of emerging new innovative companies:

at the time of publication of this report, there was no serious European-wide collection of data on these dynamics.

ICT Innovation Agglomeration indicators (Agin) Indicator ID Agin 1 Agin 2 Agin 3 Name of indicator Investment in intangibles by ICT firms Venture capital

Measures the average annual amount spent on intangibles in the ICT sector Measures the amount of venture capital invested in the ICT sector It measures the amount of ICT patent applications with inventors residing in the region Unit of measurement Region

's share in the total investments in intangibles by ICT firms in the EU to a region's share in the EU population Region's share in the total VC funding in to ICT firms in the EU to a region's share in the EU population Region's share in the total

ORBIS by Bureau Van dijk (see Section 5. 7) Venture capital: Venturesource by Dow jones (Section 5. 8) Patent data:

Company-level information on investments in intangibles by over 1, 200 ICT firms located Europe wide in the period between 2005 and 2012 provided by ORBIS by Bureau Van dijk. For a detailed description of the data source,

see Section 5. 7. Over 26,000 venture capital deals executed in Europe in the ICT sector between 2000 and 2012,

Turnover by ICT firms Growth in turnover by ICT firms New business investments in the ICT sector What does it measure?

number of new investments in the ICT sector to a region's share in the EU population Definition of ICT dimension Based on NACE Rev. 2 (see Table 1) Unit of observation NUTS

ORBIS by Bureau Van dijk see Section 5. 7) European Investment Monitor by Ernst & young (Section 5. 5) Reference year (s) considered 2005-2011 2005-2011

Company level information on investments in intangibles by over 1, 200 ICT firms located Europe wide for the period between 2005 and 2012 provided by ORBIS by Bureau Van dijk. For a detailed description of the data source,

see Section 5. 7. Over 40,000 investment deals executed in Europe since 1997 to 2011,

This way it illustrates the destination of expansion of multinational enterprises (MNES), by tracking the existence of business relationships between regions.

i e. when a company's new investment and headquarter is located in the same region. 29 4 Composite indicators The selected 42 indicators, their measurement and the resulting multiple rankings of 1,

For example, z-scores are used for the two composite indicators of the knowledge-based economy published by the European commission on Key Figures 2003-2004, for the environmental sustainability index developed at Yale university,

Design Activity Tool by IHS isuppli, 5. European Investment Monitor by Ernst & young, 6. Patent data:

ORBIS by Bureau Van dijk, 8. Venture capital: Venture Source by Dow jones. In the following sections, each of the data source is described. 5. 1 QS WORLD UNIVERSITY RANKINGS by QS The rankings of Universities

and the growing demand for institutions to develop deeper insight into their competitive environment. 16 The QS WORLD UNIVERSITY RANKINGS currently considers over 2,

and concerns only the Information and Communication Technology (ICT) areas. The list of instruments through which projects were financed includes:

as detailed information on employment or R&d expenditures in those centres is not available at this level of granularity. 5. 5 European Investment Monitor by Ernst & young The European Investment Monitor (EIM) is a unique

monitor of foreign investment in Europe by companies from all over the world, but excludes investments in their home countries.

Since 1997, data has been collected from all European countries and is published on a quarterly basis. As of 2011,

tracking investment projects across Europe. It is a business information tool used by both professionals involved in corporate location 18 More information at:

http://iri. jrc. ec. europa. eu/research/scoreboard 2010. htm (last accessed 01.02.2012). 35 strategy and inward investment issues and academic researchers (De La Tour

It is a benchmark for government and private sector organizations wishing to identify trends in jobs and industries, business and investment.

The EIM identifies the project-based foreign inward investment announcements that are new, expanding, or co-located in an international context. 20

When the consulting group discovers a new project, they track it in order to determine its exact location at the city level.

Only investments where at least 10 jobs are created are considered. The basic description of each investment project described by the EIM data includes the name of the firm, the parent company name

the name and the origin country of the parent company, the sector and both the country and the city of location.

It also includes the function of each investment (unit of production and different service activities, such as headquarters, research and development centres, logistics,

Review developments and movements in the inward investment marketplace, identify emerging sectors, industries and clusters,

Benchmark regions and develop location strategies, Undertake in depth, wide-ranging data analysis; for example: Which is Europe's most popular location for headquarters investments?

What is the scale and nature of investment from South korea? Or what is Germany's market share of pharmaceutical investment?

The main reason why this data source was selected for EIPE is that it offers relatively detailed unique information on new investments in Europe and,

due to the sector information included in the description, it permits the retrieval of ICT-specific investments.

This information gives us a proxy for the dynamics of business activity in ICT. This data source,

though carefully selected from a range of data sources pursuing similar purposes, has some limitations.

This is related to the fact that not all investments are reported by the media and, hence, they will not be available from this source to the EIM. 5. 6 Patent data:

portfolio investments (i e. pensions, insurance and financial funds), factory/production replacement investments (e g. a new machine replacing an old one,

but not creating any new employment), not-for-profit organisations. 36 especially as many patents are filed by large companies with several establishments located in different regions and countries.

Fractional v. whole counting: Patents usually have several inventors and can have several owners. When regionalising patents, a patent with, say,

The analysis presented in this report is based on company data from the 2009 EU industrial R&d Scoreboard 3 (henceforth the Scoreboard) in which R&d investment data,

The Scoreboard covers about 80%of all company R&d investments worldwide. From the Scoreboard we have extracted the sub-set of ICT sector companies,

This dataset serves for the following analysis that aims to benchmark R&d investments of EU ICT companies against those of non-EU companies.

First, the ICT sample was selected from the European R&d Investment Scoreboard 2009 and then it was merged with the Bvd Orbis database.

The R&d Scoreboard collects information on R&d investment sales, operating surplus, employment and capital expenditure (to be interpreted as a flow,

and top 1, 000 non-European groups, ranked according to the amount of nominal R&d investment.

in order to collect the information on the individual shareholders that have relevant participations in group headquarters.

which we have the R&d Scoreboard information together with information on up to a potential maximum of five shareholders, with their legal entity and details of the amount of shares.

In addition, there are significant problems concerning the extraction of detailed information, e g. on a firm's ownership structure. 5. 8 Venture capital:

Venturesource by Dow jones Dow jones Venturesource provides comprehensive data on venture capital-backed and private equity-backed companies including their investors and executives in every region, industry sector and stage of development

2002), who provide a detailed overview of this database and compare it with Venture Economics (an alternative source of information),

This database contains information on venture capital transactions, the financed companies and the financing firms. The data are reported largely self by venture capital firms,

but the database conducted several plausibility checks. The selection of ICT companies was based on Dow jones classifications

Communications & Networks, Electronics & Computers, Information Services, Semiconductors, Software and Other IT. This data source was selected for EIPE

because it offers unique and standardized information on venture capital deals with all the detailed information concerning the financed

Venturesource relies on the voluntary information provision by Venture capital funds and companies. Thus despite being up-to-date,

there is no guarantee that it covers the entire universe of venture capital. 39 6 Annex: Technical issues 6. 1 Definition and characteristics of a network structure Design A straightforward way of representing the existing networks linking NUTS3 regions is by drawing a line connecting two different regions

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10.2791/35893 Abstract The Commission Communication entitled"A Strategy for ICT R&d and Innovation in Europe:

Building on Europe's assets, the Communication anticipates a landscape where, by 2020,)"(Europe has nurtured an additional five ICT poles of world-class excellence()"

"This study attempts to identify ICT R&d&i-related agglomeration economies in Europe that would meet world-level excellence,

environment and climate change; energy and transport; agriculture and food security; health and consumer protection; information society and digital agenda;

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