Investing in human capital and helping people enter the labour market will be a top priority in Hungary with a focus on issues highlighted in the country specific recommendations.
The critical resources for innovative and growth-oriented companies are knowledge and capital: Knowledge. Technological and business knowledge including skills can be separated as follows:
issues of human capital, access to specialised technology and business consulting, R&d clustering, technology scouting to identify R&d projects with commercial potential, technology transfer,
or allow the firm to react more quickly to market trends, the social capital of the entrepreneur, the use of unique opportunities.
and will need necessarily to have access to human capital and further levels of professional advice consistent with the growth needs of the enterprise. 81 A special means of accessing knowledge in the course of running
The Korean government provided capital for continuous R&d from 2004 until 2008, enabling the firm to occupy market niches early
& develop R&d Talent Jurong Town Council Create Space Develop industrial land and buildings Budget Capital Flows ($) Source:
1. 5 billion Singapore dollars of growth capital for companies by seeding a range of funds over ten years, with contributions of up to half the capital.
There is currently a critical shortage of capital for technology based firms. The VC market in Canada collapsed from a peak of 5. 9 billion CAD placed in 2000 to just over 1 billion CAD in each of the past three years. 151 Many technology-based
Funding recipients should have less than 300 employees or capital below JPY 300 million. The majority of schemes target venture companies and SMES.
and in further education Specific high-growth business services and professional coaching Capital Finance Develop single European market for VC European Investment Bank instruments for high
Unlocking Access to Capital, Connecting Mentors, Reducing Barriers, Accelerating Innovation, Unleashing Market Opportunities. Second, leaders in the private sector have launched the Startup America Partnership, an independent alliance of entrepreneurs, corporations, universities, foundations,
The critical resources for innovative and growth-oriented companies are knowledge and capital: Knowledge. Technological and business knowledge including skills can be separated as follows:
issues of human capital, access to specialised technology and business consulting, R&d clustering, technology scouting to identify R&d projects with commercial potential, technology transfer,
or allow the firm to react more quickly to market trends, the social capital of the entrepreneur, the use of unique opportunities.
and will need necessarily to have access to human capital and further levels of professional advice consistent with the growth needs of the enterprise. 81 A special means of accessing knowledge in the course of running
The Korean government provided capital for continuous R&d from 2004 until 2008, enabling the firm to occupy market niches early
& develop R&d Talent Jurong Town Council Create Space Develop industrial land and buildings Budget Capital Flows ($) Source:
1. 5 billion Singapore dollars of growth capital for companies by seeding a range of funds over ten years, with contributions of up to half the capital.
There is currently a critical shortage of capital for technology based firms. The VC market in Canada collapsed from a peak of 5. 9 billion CAD placed in 2000 to just over 1 billion CAD in each of the past three years. 151 Many technology-based
Funding recipients should have less than 300 employees or capital below JPY 300 million. The majority of schemes target venture companies and SMES.
and in further education Specific high-growth business services and professional coaching Capital Finance Develop single European market for VC European Investment Bank instruments for high
Unlocking Access to Capital, Connecting Mentors, Reducing Barriers, Accelerating Innovation, Unleashing Market Opportunities. Second, leaders in the private sector have launched the Startup America Partnership, an independent alliance of entrepreneurs, corporations, universities, foundations,
natural capital and the benefits that we derive from nature, now commonly referred to as Ecosystem Services,
Many nations and regions are now racing for a new high ground in which the capabilities for innovation defi ned in such terms as human capital
From innovation unlimited There is no evidence to suggest that a public body would be better at allocating capital to innovation than a properly regulated and incentivised private sector.
investments in human capital and training, promoting the update of green and energy effi cient technologies,
and the analysis of natural capital using state-of-theart methods, which is of vital importance to the future life prospects of humanity.
In the last decade we have trebled the level of investment in research and development, providing enterprise support for R&d, investing in human capital, physical infrastructure and the commercialisation of research.
Infrastructure, human capital 3. Ireland has built or is building (objectively measured) strengths in research disciplines relevant to the priority area
Science Foundation Ireland Science Foundation Ireland programmes play a pivotal role in enhancing Ireland's human capital in strategic areas
the human capital and education objectives associated with national R&d investment and the internationalisation of Irish research.
In the last decade we have trebled the level of investment in research and development, providing enterprise support for R&d, investing in human capital, physical infrastructure and the commercialisation of research.
Infrastructure, human capital 3. Ireland has built or is building (objectively measured) strengths in research disciplines relevant to the priority area
Science Foundation Ireland Science Foundation Ireland programmes play a pivotal role in enhancing Ireland's human capital in strategic areas
the human capital and education objectives associated with national R&d investment and the internationalisation of Irish research.
Economically useful innovation requires flows of a different nature (ideas, talent, projects, capital,) and constructive competition Flows are hampered severely:
entrepreneurs and micro-SMES Reinforcement of the capital and guarantee structure of the Reciprocal Guarantee Companies to supply funding for the growth of SMES and micro-SMES Lines of co-investment in technological,
innovative and environmental SMES and other sectors which contribute to economic diversification and internationalisation TECHNOLOGICALFUND (35m€) under current implementation Capital instruments for the consolidation of technological SMES.
what can be described as social capital to create knowledge based growth. Nevertheless, local interaction can also be negative
both digitally (with ICTS) and physically (with transport infrastructure) may lead to a flow of human capital out of the region (in a process labelled'brain-drain').
For example, increasing human capital through a programme to enhance skills should match the needs of emerging industries.
development Human capital for S&t Science Parks Technology Transfer Offices and schemes Technology brokers Mobility schemes,
upgrading and retaining human capital, creating critical masses and increasing quality of connectivity Primary sector intensive regions Rural areas in lagging countries, specialised in primary sector activities Regional agencies for business development
Finally, the existence of relevant constraints to the redeployment of physical, human and intellectual capital should be inspected:
SMES need policy support in tapping into the necessary outside resources, principally access to knowledge in the form of advice through innovation support services and tailored counselling, technology or qualified human capital,
should help to concentrate regional human capital (e g. training and attracting international researchers and technicians) and thus stimulate turning science and innovation into a key instrument of regional development,
They are associated usually with strong networking effects and high levels of social capital. They also provide visibility
Innovation is succeed essential to in decoupling growth from natural capital utilisation and is therefore the key to enabling sustainable and smart growth to go hand in hand.
human, physical and natural capital, knowledge, institutions and networks), the design of the policy mix must be built on regional diversity.
1. Improving human capital through higher employment, and better social inclusion and education policies, 2. Developing modern infrastructure for growth and jobs, 3. Promoting economic competitiveness and local development,
Following the post-transition recession, in the 2000's the country's economic expansion was fuelled by unrestrained access to EU capital and product markets,
although it still trails far behind the capital on this measure, and well behind European averages.
and firms with both foreign and domestic capital (the Business Registry does not indicate ownership shares, only 100 percent foreign, 100 percent local, and mixed.
Partly Foreign indicates that the firm has both foreign and Romanian capital. 72. A second risk is owned that foreign firms‘crowd out'the local industry.
through human capital (i e. through workers), through supply relationships, and through competition and demonstration effects (via market competition and joint activities).
While the region benefits from the spillovers through human capital Romanians account for the vast majority of the workforce of foreign-owned firms,
Infrastructure connections to the capital (and the rest of the country) remain poor, and virtually every settlement in the West Region is closer to either Budapest
which are also distant from other European capitals. It may also be important to support the growth and diversification of the region's exports toward locations like Ukraine, Turkey,
Human capital with skill sets that are suitable for the sector's needs has been expanding in the region.
The Norrland Fund's share often amounts to 25 percent of the total capital, so it often works in partnership with other funding entities such as banks, venture capitalists, local government etc.
Mallorca (where is located the capital of the region, Palma de Mallorca), Menorca, Ibiza, Formentera and Cabrera,
If there is no entrepreneurial critical mass, social capital, no experience of the authorities, etc. the governance of the process may be unworkable.
and the percentage of private capital should be increased. Strengths of Cantabria High experience in its traditional industry.
Participación en Capital, dirigido a PYMES que acometan una nueva inversión, inicien una nueva actividad o emprendan una expansión de actividad./
Ade Capital Sodical S. C. R.,S. A.;Iberaval, S g. R.;Madrigal Participaciones, S. A. Innovation Spaces:
an improvement of scientific quality and socioeconomic impact in research activity and human capital support of the science and technology system.
and potential. 2. 2 Increase research activity's quality and socioeconomic impact. 2. 3 Support talent and human capital.
To this end, it addresses entrepreneurial cooperation, commitment to interdisciplinary collaboration and/or between different research entities, sharing and increasing value of knowledge and connection between higher education and innovation as the base of human capital in a smart
‘Philanthropic'capital is a key role of the private sector in the US. Others are more wary of corporate philanthropy
and‘member'voice Decision making power is not based on capital ownership Accept significant levels of economic risk Participatory in nature,
and help build creative and social capital at the community level. The idea of collaborative partnerships in regional economic policy is not, of course, new.
management, policy and practice 10: 170-182 Wolfe, D. A. and Nelles, J. 2010)‘ The role of civic capital and civic associations in cluster policy'.
and capital invested, and an important basis for developing solutions to economic and social challenges such as climate change, ageing societies and poverty.
The need for education and training systems to change so as to better foster the growth of entrepreneurial human capital.
and framework conditions. 2. Increasing the participation of new firms and SMES in knowledge flows. 3. Strengthening entrepreneurial human capital. 4. Improving the environment for social entrepreneurship and social
As well as intellectual capital protection, sources of finance, competitive markets, human capital and so on, entrepreneurs and small firms need access to knowledge to innovate.
developing entrepreneurial human capital and bringing about social entrepreneurship and social innovation. The chapter starts by examining how global trends towards the knowledge economy, open innovation,
This is what is seen now generally by economists to be the major factor behind the bulk of economic growth, the growth that is not due to additions to capital and labour stocks.
and arguably the reduced capacity of government to raise taxes in an era of mobile capital,
i e. driven by social capital networks or networks stemming from location in clusters. It is particularly important for new and small firms that they draw on networks
and human capital to absorb knowledge. 1. INTRODUCTION SMES, E 38 NTREPRENEURSHIP AND INNOVATION OECD 2010 Policy implications As is clear from the above discussion,
Audretsch, D. and M. Keilbach (2005), Entrepreneurship Capital and Regional Growth, The Annals of Regional Science, Vol. 39, pp. 457-469.
An Inquiry into Profits, Capital, Credit, Interest, and the Business cycle, Harvard university Press, Cambridge MA. Shane, S. 2004), Academic entrepreneurship.
Seedfinancing The Seedfinancing programme fosters the creation of small innovative firms via mezzanine capital paid to those firms in the form of a loan of up to EUR 1 million.
the Flemish Innovation Fund, capital of EUR 50 million) or existing SMES (ARKIMEDES: approximately EUR 36 million per annum.
The amount of capital provided by the fund's investors totalled EUR 272 million. The fund invests venture capital in young,
Funding recipients should have less than 300 employees or capital below JPY 300 million. The majority of schemes target venture companies and SMES.
The Society is made up of EUR 2. 5 million in paid-in capital, 50%contributed by the SNCI,
The services provided by the Seed Capital Company include the provision of share capital, follow-up financing, guaranteed and non-guaranteed loans, subordinate and convertible loans, arrangement of syndicate financing and firm
To the year 2006, the Seed Capital Company had received requests from SMES totalling SKK 9. 1 billion.
Specific products are the provision of seed capital, support to business incubators and spin-off projects, technology promotion organisations and development of professional training centres.
social capital and competitive environments. The programme favours training in innovation in the context of regional development plans, provides consultancy services to micro and small enterprises, supports the attendance of small entrepreneurs at meetings and internships,
%and enterprises'own capital accounted for the majority of project funding, i e. 74.5%.%The programme's other main activities are to coordinate
and enterprises'own capital accounted for 7%,%3%,28%and 62%,respectively, of the capital raised by these enterprises.
The firms achieved fast growth in terms of employment, sales revenues and export after being funded. By the end of 2006,145 provincial governments and municipal governments across China had set up their own funds to support innovation of SMES.
especially basic and pre-competitive knowledge. 2. Competence building, including provision of education and training, creation of human capital, production and reproduction of skills,
return on capital employed; return on total assets, etc. While economic performance and profitability indicators can be calculated from the ORBIS database at different levels of industry
are likely to have a positive impact on local development in terms of social capital, sustainable employment,
this fund will enable capital to be provided to social enterprises during their creation, operation and development phases.
The Commission had recommended that a Social Investment Bank be established to accelerate the flow of nongovernmental pools of capital to address social issues.
Social Finance provides access to new sources of capital to tackle those issues. In some areas, government spending is tied up in meeting the high costs of the consequences of deeprooted social problems;
President Obama asked Congress to allocate USD 50 million in seed capital for the Social Innovation Fund,
and then provide the capital needed to replicate their success in communities around the country that are facing similar challenges.
Provide sustainable finance A social capital marketplace should be fostered. Policy measures should include offering fiscal incentives to attract investors;
Capital, Regional Studies, Vol. 42, No. 3, pp. 437-450. Borzaga, C. and F. Zandonai (eds.
and foreign direct investment ventures and attracting highly-skilled labour from abroad. 3. Strengthen entrepreneurial human capital Build up entrepreneurship education in universities
one can deduce relational capital as a key resource. All those responsible have that quality,
we found that most of the capital used for its operations derives from civil society.
but depending on the relational capital of its entrepreneurs, the space-network is noted also, either by using the internet,
the perception of a relational capital to be employed not for its own benefit, stripped of vanities,
In organizational studies, social innovation may refer to social capital as a resource for creativity,
and develops capacity and soft infrastructure (intangible assets such as know-how, intellectual property, social capital, etc.)that endure and can be utilized by other sectors and forms of innovation.
For instance, the European Capital of Culture scheme served as a stepping stone toward post-industrial Innovation:
and depends on high levels of human capital. There is therefore increasing pressure for continuous professional development
individuals'financial and personal capacity, their ability to access social capital and their willingness to take risks will influence opportunities for innovation.
social innovation emphasizes the value of social capital for building sustainable and resilient societies that have the capacity to act in an environment of permanent change.
Innovative Milieu and Social Capital Complementary or Redundant Concepts of Collaboration-Based Regional Development? European Planning Studies 12 (6): 747 765. doi:
2004), exchanging social capitals or resources (Garton, et al. 1997), and enabling knowledge transfer (Argote & Ingram, 2000;
2004), exchanging social capital including financial resources, goods or services (Garton et al.,1997), and exploring
2004), and exchanging social capital (e g.,, financial resources, goods or services)( Garton et al. 1997). ) However, access to sources of resources through person-to-person social networking is laborious, time consuming,
along with new forms of organisation and network processes to build human and social capital. The key characteristics of delivering Social Innovation include the co-ordination and mediation between the different groups of stakeholders involved.
and financial model 4 No No Bertz (2002) Resources, sales, profits and capital 4 No No Hedman and Kalling (2003) Value network, resources, capabilities, revenue and pricing, competitors
Indeed, most of the labor productivity growth during the interval extending from the 1830's through the 1880's was accounted for by the increasing capital-labor input ratio
During the nineteenth century the emergence of technological changes that were biased strongly in the direction of tangible-capital using,
and the substitution of increasing volumes of the services of reproducible tangible capital for those of other inputs,
It could be maintained that there is little that is really novel or surprising in the way in which the rise of computer capital,
and accounting machinery) capital more generally has been contributing to economic growth in the closing quarter of the twentieth century,
except for the fact that this particular category of capital equipment only recently has begun to bulk large in the economy's total stock of reproducible capital.
Thus, most of the labor productivity growth rate was accounted for by the increasing capital-labor input ratio,
Taking those into account statistically leads to substantial elimination of the apparent excess of the estimated returns ON IT capital vis-à-vis the returns on capital of other kinds. 22
and argue that the consequent high depreciation rate prevents the stock from growing rapidly in relationship to the overall stock of producer capital in the economy.
this added capital to an already highly-capital-using industrial power technology, without instigating any reorganization of factory layout and routines for materials handling.
and the formulation in David and Wright (October 1999), upon which the remainder of this section draws. 23 that the major capital-saving contributions to multi-factor productivity growth from thoroughgoing factory redesign could be realized.
So, significant capital-savings through reductions of required commercial office space and transport infrastructures, are likely to result for the whole service sector as teleworking becomes much more widely
Human Capital in the American Corporation, Washington, D c.:The Brookings Institution, 1999. Bresnahan, Timothy F.,Erik Brynjolfsson,
1. Overview of the system of social innovation 2. Measuring social innovation 3. Removing barriers to social innovation 4. Generating capital flow 5. Engaging the public 6. Knowing
as well as the capital, surplus time, organisational capacity, and the models and individual actors'ambitions to turn ideas into social innovations and scale them.
effective capital market instruments and financial supports; suitable regulatory and policy frameworks for ensuring scale and impact;
AND OVERCOMING FINANCING DIGITAL € Definin g social innovation 11 concepts include, for example,‘social capital,
and civic engagement activities are critical in building trust in public institutions, social capital and social cohesion in local communities,
but generating capital flows for them obviously is less so much of a problem. Four key findings complement these general observations:
or the financial risks that acquiring external growth capital brings, social innovators tend to favour it.
Therefore, forms FINANCING DIGITAL € Financin g social innovation 27 of low-cost capital are needed and there are two principle paths to follow here:
Either the capital comes directly at low or no cost in the form of a recoverable grant or a low-or zero-interest loan;
or the capital comes at regular market costs and (part of) these costs are covered by a third party within some contract arrangement in favour of the social innovator.
and types of capital (loans, soft loans, patient capital, etc. needed by innovators. Each of these combinations comes with a specific bundle of potential advantages and disadvantages to both parties,
and are able to nurture social capital both virtually and physically (like in the case of Streetbank).
and public agencies providing capital at low or no costs. In particular, the provision of non-repayable forms of funding will remain important,
The informal, community sector which often generates ideas, lacks the capital, surplus time, organisational capacity but also the models and individual actors'ambitions to turn ideas into social innovations and scale them.
Company investment in fixed capital continued to grow at a significant pace. It increased by 9. 6%compared with the previous year's increase of 12.7%.
%Capital expenditure as a percentage of net sales increased slightly from 6. 6%in 2011 to 7. 1%in 2012.7 Compound annual growth rate. 8 Fixed capital investment Table 1. 1 Overall
Additional to having an equity capital or reinvested earnings in an enterprise, there are other ways in
both in terms of value (60%of total capital investments) and number of projects (39%.%The shares for FDIS on R&d are 5%and 12%respectively.
Internalobstacleshavetodowith difficultiesthatarerelatedtoresourceswithinthefirmor human capital. Inthisstudy, welookatthemixtureof internalandexternalobstacles, seekingtoidentifythemost importantones (Table5. Inparticular, weconsider demand forfirm'sproducts, financingissues, statesupport, businessenvironment, organizationalissues, andavailabil-ity ofinformationaboutmarketsandtechnology.
Knowledge creation and A Culture of Innovation are keys to development Research has shown that increased investment in human capital can determine competitive advantage and indeed success in the development of Least Developed Countries (LDCS.
Taking a holistic cost view, it provides fine grained SLA based data to influence future investment decisions based on capital
which states that a city may be called‘smart'when investments in human and social capital and traditional (transport) and modern (ICT) communication infrastructure fuel sustainable economic growth and a high quality of life, with a wise management of natural resources,
Intelligent cities, from the new intelligence of cities, collective intelligence of citizens, distributed intelligence, crowdsourcing, online collaboration, broadband for innovation, social capital of cities, collaborative learning
This should stimulate the concentration of domestic private capital to help boost the sector's role the Romanian economy.
So, innovation will not only support the development of new products or increase the productivity of labor and capital
and more prone to be risk-averse than non-family firms, due to capital constraints and the closeness of the family (Allio 2004;
The sharing of information and understanding about opportunities enable firms to attract other human capital, financial investment,
Western nations have benefited long from a stable infrastructure, steady supply of capital, and abundance of skilled labor and technology (Ebert and Griffin 2005;
the moderating role of social capital. International Journal of Management, 24 (3), 549 572. Leonard, D,
The endowment of human capital and the share of high-tech employment contribute to increase the potential of the local industry to generate knowledge
and improving the business environment for SMES in Eastern europe through both financial and nonfinancial assistance (human capital
A‘ready mix'(or Simple capital replacement or Catering business: We have introduced on the 8 products
Finance, human capital, technical assistance, and the business environment in Romania. Economic Development and Cultural Change, 54,33-70.
The effect of intellectual capital on product innovativeness in SMES. International Journal of Technology Management, 53,1-18.
For regions, the benefits should not be simply new infrastructure in physical terms but also importantly in investment in human capital development and services to the region.
contribution to human capital and skills development; and enhancing social equality: improving social equality through regeneration and cultural development. 6 Main themes emerging from the workshop debate 16 REPORT ON JOINT EUA-REGIO/JRC SMART SPECIALISATION PLATFORM
Such collaboration and critical mass development of human and physical capital will be crucial for the career development of young researchers in the future in addressing national and European innovation goals.
and research institutions located in the region leading to new partnerships in teaching, research and common use of infrastructure and accumulation of human capital.
The personal relationships between the movers and shakers in the system create an additional stabilising factor in the form of social capital and mutual commitment.
There is a shortage of sources of capital for research, development and implementation of social innovations,
what we call‘relational capital'.'Borzaga and Defourny, for example, argue that‘the key feature of social enterprises seems to be their ability to strengthen the fiduciary relationship within and around the organisation,
and to mobilise resources from individuals and from the local community (social capital). They do so using institutional
since its establishment, raised capital from more than 647,000 lenders (individuals from around the world investing $25 or more towards a specific project).
It is anticipated that this will be extended to other London boroughs and European capitals by 2011. Similar models are planned also to be developed in Ukraine (Lvov and Kijev) and Belarus,
providing seed capital to social innovators (for example, the White house Office of Social Innovation and Civic Participation).
Its operations are funded with endowment capital and returns from corporate funding operations. Its annual budget comes to about €40 million.
Contractors would raise their own capital either through social investment sources or on the market.
They relate to capacity and capital, both financial and human. A key dimension of the problem lies in the area of finance,
A common problem faced by social economy firms is an inability to secure growth capital (also known as expansion capital) in general,
and risk-taking growth capital in particular which is critical to enabling them to move from start-up to the next level of development. cxxva transition away from grant dependence towards commercial finance is crucial for the longer-term sustainability
or the immediate capital to finance expansion directly. Essentially, the early stage testing and prototyping of a disruptive social innovation cannot be procured in the same manner as an established technology or service.
and for big capital projects (where it's notorious for underestimating costs). clv Equally common are methods (drawing on economics)
and Grossman, A (1997), Virtuous Capital: what foundations can learn from venture capital, Harvard Business Review, Cambridge, MA. lxxxvii Emerson, J, Freundlich, T,
addressing the critical gaps in risk-taking capital for social enterprise, Skoll Centre for Social Entrepreneurship Working Paper, Said Business school, University of Oxford, Oxford: UK lxxxviii
Addressing the critical gaps in risk-taking capital for social enterprise. Skoll Centre for Social Entrepreneurship Working Paper, Said Business school, University of Oxford.
Addressing the critical gaps in risk-taking capital for social enterprise, Skoll Centre for Social Entrepreneurship Working Paper, Said Business school, University of Oxford, Oxford: UK cxxvi
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