113 Key policy instruments and investments...114 Future development for smart specialisation...115 Lessons learned and conclusions for policy...
the results of an expert advisory group to the EU. Tasked with finding an alternative to public policies that were seen to spread public investments in knowledge and innovation research, education, public support to business R&d,
regional governments should encourage investment in domains that would complement the country's other productive assets to create future domestic capability and interregional comparative advantage.
Although initially relatively simple as a concept the concentration of public resources in knowledge investments on particular activities in order to strengthen comparative advantage in existing
Another concern that arises from the concentration of R&d investments is that of the diminishing returns to R&d.
and policy advocates point out that it is oriented a vertically policy framework for priority setting at the regional level that combines bottom-up and top down process in priority setting for public investments in knowledge.
Concentration of public investments in R&d and knowledge on particular activities is crucial for regions/countries that are not leaders in any of the major science or technology domains.
Past policies tended to spread knowledge investment (e g. high education and vocational training, public and private R&d) too thinly, not making much of an impact in any one area.
However, concentration in the smart specialisation context is about focusing knowledge investments on‘activities'those‘business functions'INNOVATION-DRIVEN GROWTH IN REGIONS:
Smart specialisation is one several frameworks that accommodates many of these goals by focusing on promoting structural change in the economy through investments in knowledge-based assets and better governance in STI policy making.
similar strategies are based on targeting of public investments and top-down and bottom up initiatives are visible in regions and states as varied as in Australia, Michigan or California in the United states as well as Korea and Singapore.
Strategies for concentrating investments in knowledge-based assets on particular activities through an entrepreneurial-led process have also found fertile ground at the OECD as the result of a confluence of different developments.
thus a key to restart growth and investment. General purpose technologies (GPTS) in particular are seen as way to revitalise existing industries
an EU expert group tasked with finding an alternative to public policies that spread public investments in knowledge and innovation research, education, public support to business R&d,
and others is that governments should focus their knowledge investments in activities not in sectors in per se that reflect areas where a region
of which EUR 65 billion are spent for innovation (the total investment for innovation in this period from Cohesion Policy being EUR 86 billion considering also the European Social Fund).
but especially R&d and innovation investment policies can influence economic, scientific and technological specialisation of a region and consequently its productivity, competitiveness and economic growth path.
and thus a possible way to help advanced OECD economies as well as emerging economies-restart economic growth by leveraging innovation led/knowledge-based investments in regions.
but especially R&d and innovation investment policies can influence economic, scientific and technological specialisation within a regional policy framework and through this mechanism, productivity, competitiveness and economic growth.
Activities, not sectors per se are the level for setting priority setting for knowledge investments. While sectors still matter, the issue is not to target sectors but rather activities.
outline measures to stimulate private RTD investment; build on a region's capabilities, competences, competitive advantages and potential for excellence in a global perspective;
where public investment is located only where a consolidated project is already in place, following strictly a low cost philosophy.
and knowledge-based investments, networking activities and training, is an increase in knowledge spillovers among actors in clusters and thus the generation of a collective pool of knowledge that results in higher productivity, more innovation and an increase in the competitiveness of firms.
As a regional and place-based growth policy framework it aims to improve the allocation of public investment in R&d and innovation related investments,
etc. and efforts to preserve investments in knowledge based assets such as education and innovation especially in areas from where new drivers of growth may arise such as in green technologies and health.
Preserving the margin for public investment in knowledge-based capital so that it contributes to productivity growth will be increasingly important not only in the medium term but also in the longer term in light of challenges such as demographic change and competition from emerging economies.
even if national policies such as attractiveness policies can influence the investment and innovation strategies of global firms.
Smart specialisation, both as an economic concept and a policy framework provides a novel avenue to pursue the dual objectives of fiscal constraint and investment in longer-term growth potential in a context of rapid
and large-scale investments required by some projects, and in particular by the spillovers that are specific to knowledge driven investments.
Policy intervention is required to facilitate the coordination of investments and decisions of different entrepreneurs. A second set of rationales for smart specialisation concern:
1) incentive problems that lead to underinvestment in the discovery process; 2) The discovery of pertinent specialisation domains may have a high social value (development of the region's economy),
However, the coordination of investment decisions of different entrepreneurs and the coordination among many economic agents throughout the value chain are daunting tasks for policy makers.
THE ROLE OF SMART SPECIALISATION OECD 2013 25 Coordination externalities Low‘self-discovery'activity due to the high fixed costs and large-scale investments required by some projects.
Coordination of investments and decisions of different entrepreneurs. Coordination among many economic agents throughout the value chain suppliers, producers, users, specialised services, banks, basic research and training institutions.
Broad policies such as investment in education and infrastructure, social policies and regulations in labour and product markets can play a role in shaping specialisation patterns by affecting comparative advantages,
that old the complementary assets necessary for specialise in activities characterised by increasing returns on knowledge investment (e g. automobile suppliers).
Thus, the key question for regions is how to focus their knowledge investments to take advantage of these technologies.
The survey results show that the prioritisation of public investments in R&d and innovation is more intense at regional than at national level.
In many EU countries, policies related to knowledge investments from education, research and innovation and industrial/sectoral policies are spread across many fields of intervention with a lack of critical mass;
Differentiation of the activities/assets/services offered by the region (e g. to attract firms or foreign investments) Different processes,
and conditions offered by the region (e g. to attract firms and/or foreign investments). Link economic goals with societal and environmental challenges (e g. the transition of the automotive industry to low carbon in the United kingdom.
But restarting growth has increased also attention in countries about the need to preserve the margin for public investment in knowledge-based capital,
Smart specialisation, both as an economic concept and a policy framework provides a novel avenue to pursue the dual objectives of fiscal constraint and investment in longer-term growth potential in a context of rapid
A number of indicators for innovation, research and development commitments, complementary investments in related industries, early stage market transactions as well as for interregional and international collaboration deserve more attention in the future.
a vertical link was formed between the National Innovation Strategy, the Ministry of Employment and Economy Corporate Strategy and Sectoral Strategies, the Finnish Funding Agency for Technology and Innovation Investment Strategy (Tekes
The most common policy instruments used to support specialisation range from dedicated budgets, institutions, clusters initiatives, strategic investment, venture capital, education and training.
Knowledge-based capital driving investment and productivity in the 21st centuary. DSTI/IND (2012) 5 OECD (2012d), Fostering New Sources of Growth Is there a role for Industrial Policy in the 21st Century OECD (2012f), OECD Science, Technology
This amount included AUD 244 million of industry investment and AUD 207 million in Government matching contributions.
The GRDC investment in R&d represents approximately a quarter of the total investment in Australian R&d for grains21.
and iii) the Growers Report an overview of R&d investment in the pipeline. Growers participate in regional Annual General Meetings and elect panel representatives.
These themes guide investments and research topics over a five year period. Most investments are made over multiple years,
so only approximately one third of funds are available each year for new investments. The Australian Government's guidance in regard to RDCS'research focus comes via the national and rural research priorities.
These priorities are very broad and intentionally leave the RDCS with considerable INNOVATION-DRIVEN GROWTH IN REGIONS:
i) approaches investment using programme logic; ii) consults extensively with stakeholders, particularly growers; iii) maintains strong networks with researchers
In its 2012-17 Strategic plan the GRDC has identified six strategic themes to focus investment
GRDC determines future priorities on the basis of maintaining a balanced portfolio of investments. This balance not only relates to risk;
Levies also ensure that end users take an active interest in the investments and the resultant research.
The current strengths in research have been a result of years of investment in the strategic research centres imec and VIB.
whether the region is large enough to carry the burden of investment needed in future research and research infrastructure.
The Flemish government has endorsed the development of this cluster by investments that should lead to increased strategic decision-making
Brainport has a population of about 740,000 people, a Gross Regional Product of EUR 27 bn and a total R&d investment of EUR 2. 5 bn,
Another main challenge is increasing public investment in the Brainport region. This especially applies to boosting public R&d expenditure.
Key policy instruments and investments The most important innovation policy instrument, both in funding size and in popularity, is the national WBSO scheme for corporate tax deduction of R&d expenditures.
in raw materials Negative Impacts of Revaluation of TL on Exports The rise of China, India and East-europe countries in terms of low costs Delay in capacity building and technological investment decisions Source:
The UK automotive industry The UK automotive sector is characterised by significant foreign direct investment and high exports, equivalent to 12 per cent of the UK's exports of goods. Overall
It noted that there is a great deal of investment globally in low carbon technologies yet the market for the next generation of low-carbon vehicles remains wide open.
and maximise the benefit to United kingdom operating firms and supply chains of this accelerated penetration and continue to attract inward investment for the development and production of LCVS.
weakness and potential for future development and identified the activities that should be a focus for R&d investment
A simple analysis was carried then out to give an initial indication of likely Return on Investment (Roi) levels across different technology areas.
This study was used then by the AC to inform their strategic decision-making around prioritisation of United kingdom automotive technology investment.
and state government level for planning, priority setting and infrastructure investment. The strategy is implemented through three‘Horizon Strategies'aimed at encouraging manufacturing to modernise
ii) increased investment and new‘leading businesses'attracted to the region; and iii) high level support professionals moving into designated innovation hubs.
Key policy instruments and investments The main key policy instruments in the Lower Austrian policy mix can be divided into three groups:
Investment policy and subsidies of the EU, Austria, and a regional government. Priedl, I. 2011c:
Key policy instruments and investments Several features of Upper Austria's innovation system and policy are of key importance from the perspective of smart specialisation analysis. Firstly,
The main rationale for starting this process was to change from a non-sustainable exogenous development strategy aimed at creating jobs by attracting foreign direct investments (FDI) to a more endogenous approach.
Key policy instruments and investments The key instruments in the third generation of RIS in South Moravia include:
Key policy instruments and investments For supporting and funding the priority areas the national programmes in the key areas were initiated.
Key policy instruments and investments In the synchronization process, national and regional innovation policy goals were harmonized,
A vertical link was formed between the National Innovation Strategy, the Ministry of Employment and Economy Corporate Strategy and Sectoral Strategies, the Tekes the Finnish Funding Agency for Technology and Innovation Investment Strategy,
Key policy instruments and investments The innobb approach concentrates on industries that are characterized by having a critical mass of actors with joint interests in markets with big growth potential on an international scale.
industry settlement, job creation, investment, patents, and new products, visibility on the national and international level.
Guide to Research and Innovation Strategies for Smart Specialisation (RIS 3)).Key policy instruments and investments The key policy instruments implemented by the regional authority are:
The funding is directed to investments in education infrastructure, lifelong education infrastructure as well as investments in infrastructure and technology with a view to developing information society.
which aims to direct investment-related support for SMES and strengthening of their institutional environment and support for commercialisation of research.
In particular the founding is directed to investments in industrial research performed by research units for entrepreneurs;
investment projects in the form of tangible assets provided for the purpose of conducting R&d works in enterprises;
including the system of investment grants, aimed at supporting the development of the Malopolska innovation centre.
Basque government and Provincial Councils have an essential role in the financing of technology centres, both in terms of its implementation, strategic investments,
and impacts The financial goal established by the Basque government aimed to reach 3. 00%GDP in R&d investment by 2015, starting from 2. 02%in 2011.
and iii) Indicators of investment in RDI. Country Indicators measure those aspects of the evolution of the Autonomous Community able to synthesize the level of its socioeconomic development.
The Basque Country faces a fundamental challenge to substantially increase its investment in innovation and
particularly, its investment in focused basic research. It is imperative that every effort under public budgets is leveraged by structural reforms in the areas of education
In a considerable number of case studies public investments for R&d are still spread across a wide number of priority areas.
and focusing on a limited number of knowledge investments is uncontested not and still proves difficult to implement in policy practice.
A NIP is about stimulating innovation, competition and investment in know-how; it is not only about creating new economic sectors,
However, precise ex ante estimation of the future value of an R&d specialisation that would be required for a cost-benefit analysis is a nearly impossible task and one better left to investment markets.
complementary investments in related industries and early stage market transactions in addition to more traditional indicators such as patenting and publication levels.
employment, labour costs and investment. Benchmark data can be obtained by summing up sectoral data over all countries in these OECD database (or over a smaller group of benchmark countries if desired.
complementary investments in related industries and early stage market transactions in addition to more traditional indicators such as patenting and publication levels.
In addition, a number of indicators for innovation and research and development commitments, complementary investments in related industries and early stage market transactions,
while at the same time has concentrated a quite public investment process on a few selected fields, organized through the public funding of clusters and technopoles).
In the case of this region, public investments have been focused on the specific niches identified in the strategy:
Strategic investment support; Dedicated venture capital; INNOVATION-DRIVEN GROWTH IN REGIONS: THE ROLE OF SMART SPECIALISATION OECD 2013 187 Dedicated education and training;
dedicated education and training programme and also strategic investment support as a major tool from the economic policy domain.
THE ROLE OF SMART SPECIALISATION OECD 2013 195 limited set of challenges and economic fields where investment could upgrade the whole region's profile in global value chains.
what is the level of foreign direct investment) which sectors are most open in that respect? To which destinations do most exports go?
Which economic sectors in your region are strong in R&d investment and technology development? Where do they get their new scientific and technological knowledge?
which science fields are R&d investments, R&d personnel, publications, and patent applications concentrated)? Please name up to five.
Are regional investments from both public and private side in place to complement your own resources
%Considering the part of SMES'investments dedicated to innovation (products, processes or organization), we observed that in most of the enterprises subject to our research (22.17%)there is no interest for innovation activities.
These are followed by the companies that dedicated for innovation between 5-10%,10-20%and 0-5%of the invested amounts (with weights of 20.00%,19.25%,respective 18.21%),companies with investments of 20%and 50%(13.40),
%and the last position goes to economic agents with investments of more than 50%of the investments fund (with a weight of 6. 98%of the SMES).
One can notice that most of the SMES accomplish in a higher or lower degree innovative investments,
See figure 2. Figure 2. SMES'investments in innovation Analyzing SMES'investments in innovation by size classes (table 3),
SMES'INVESTMENTS IN INNOVATION BY SIZE CLASSES Size classes No Part of investments dedicated to innovation Micro enterprises Small enterprises Medium enterprises 1 0%29.46%10.67%9
enterprises that allocated to innovation more than 50%of investments register higher percentage in constructions (14.29%)and lower in trade business (2. 26%;
%enterprises within tourism register a higher percentage regarding the investments in innovation of 10-20%(27.03%)and lower proportions
if we take into account investments of 5-10%and 20-50%(13.51%,respective 8. 11%).%See table 4 for further details. 337 TABLE IV.
SMES'INVESTMENTS IN INNOVATION BY FIELDS OF ACTIVITY Fields of activity No Part of investments dedicated to innovation Industry Constructions Trade Tourism Transportation Services 0%12.82%17.86%29.32
Taking into account the percentage of investments dedicated to innovation in products, processes or organization, the majority of enterprises subject to our research (22.17%)register no innovative activities.
%10-20%and 0-5%of the investment fund (with weights of 20.00%,19.25%,respective 18.21%),companies with investments of 20-50%(13.40),
%and the last position is held by economic agents with investments of more than a half of the investment fund (with a weight of 6. 98%of the SMES).
Innovation investments of more than 50%are more frequent for the SMES with more than 15 years of experience (10.14%),enterprises in North West (14.71%),small sized companies (9),
capturing market share, increasing return on investment, and long-term viability. In this vein it is imperative to assess the role played by innovation on SMES operations sustainability in the manufacturing sector in Zimbabwe,
The first empirical studies on innovation as quoted by Oncioiu et al (2003) have taken as a point of departure the investment in R&d by industry
Ettlie and Rubenstein (1987) in support stated that for radical innovations they required additional funds for technical work, capital investment for plant and equipment, marketing and promotions.
Heunks (1998) also found successful SMES associated with committed leaders with vision, enthusiasm, future-oriented exploit external opportunities for inward investment and information gathering.
Create an open market for capital investment and rewards. He outlined that strategic thinking must not only be encouraged
regional and local government organisations is essential to spur on local action and investment. For more information, the Smart Cities and Communities Stakeholder Platform is available at:
and planning 9 investment and may have a high cost-benefit ratio. The concept of mobility management has been investigated in various research projects,
The EU supports public transport and EU legislation regulates a large proportion of public transport investment and operations.
the OECD nations substantially increased their investment in research. While this did lead to a major growth in scientific and technological knowledge,
In this area too, cultural, institutional, organisational and managerial competencies are important factors determining the societal return on investments made in the development of science
d) The growing importance of innovation in services and the growing insight into innovation processes in general stimulate the need for indicators that not only measure the (hard) input variables like investments in R&d and the number of scientists,
When agents have to support durable investment, competition is transformed into a bilateral transaction. In such a situation, vertical integration is adapted best to avoid F. Bougrain, B. Haudeville/Research Policy 31 (2002) 735 747 737 opportunistic behaviours.
In fact, negotiations which lead up to a bargain should not be considered as a cost but as an investment (Everaere
In this scheme, investment costs are dissociated from receipts (Amendola and Gaffard, 1994. Thus, it takes time to recover the initial investment.
Collaborative relationships will release the financial constraints by helping the firm to share the sunk costs associated with innovation.
Firms'ability to develop an absorptive capacity heavily depends on investment made during previous periods. These initial investments allow them to make better technological choices
and to exploit new opportunities better. If a firm temporarily neglects to invest in a technical field,
Consequently, it is difficult to identify R&d investments of small firms (Roper, 1998. This indicator cannot be satisfactory to analyse SMES'ability to innovate. 12
John Ryan CHAIRPERSON ENTERPRISE AND PRODUCTIVE INVESTMENT SUBCOMMITTEE FACT Over 90%of all businesses in Ireland are in the SME sector FACT Last Year of the total Business Expenditure
Risk-taking propensity is expected to be crucial as well as innovation by definition requires an investment with an uncertain outcome.
But there are no large investments in capital-intensive mass production. This is not only considered risky in volatile markets,
The investments would be huge and demand is unsure. If you want to modernize, you have to specialize in one product.
for instance by organizing training events, subsiding associations and subsiding environmental-friendly investments. They also play an important role in rebuilding the sector after the earth quake.
We lose our investment in innovation, which easily adds up to 10 to 20%.%Such opportunistic behavior reduces trust and reciprocity and hence limits collective efficiency.
Foreign direct investment. technology development and competitiveness: Issue and evidence. In Competiotivenmess, FDI and technological activity in east asia.
Foreign direct investment and its role in economic development: do need we a new agenda? In Understanding FDI-assisted economic development.
access to finance. 124/.466.215/.101.101/.795.207/.038.037/.714 x*Investment, borrowing and business plan significantly associate with each other
I believe this makes investment decisions safer, helps to unlock service innovation potential and ensures that transport can continue to deliver its core role for a thriving European economy in a user-oriented, safe and environmentally-friendly way.
as well as for investment decisions. An ITS architecture needs to cover technical aspects plus the related organisational, legal and business issues.
assessment of deployment strategies, including investments in intelligent infrastructure Cooperative systems 2 34 I N t E L L I G E N t t R A n s P
and about experiences and evaluations of ITS implementation, is recognised as a key reason for slow investment.
Development of a decision-support toolkit for investment decisions in ITS applications and services This should include a quantified evaluation of the economic, social, financial and operational impact and cover aspects such as user acceptance,
I O N>THE CHALLENGE Investment decisions are typically based on awareness and understanding of possible options,
which should in turn help to boost ITS funding, investment and deployment.>>AIMS:>>know more about policies
Even with relatively small investments, the integration of existing technologies could create new services bringing more reliable,
as well as reducing the need for new investments in additional roads. Continuing progress in ICT and sensing devices will open the door to even more radical advances.
without incurring the cost of extensive infrastructural investment and complex in-car equipment, but this has some limitations.
High investment in fixed equipment for this purpose is justifiable in urban areas, where most congestion occurs,
CONDUITS is developing a number of tools to assist local authorities in making informed investment decisions.
Even more than heavy infrastructure investment, strategic mobility management is becoming the most important tool for meeting this demand.
investment in the future National Research and development and Innovation Strategy (2013-2020) Publisher: investment in the future National Research and development and Innovation Strategy (2013-2020) content 3 content preface...
5 1 overview of the situation...8 1. 1. The international environment of the government RDI strategy...
Review of the implementation of the mid-term strategy on science-,technology-and innovation policy adopted in 2007.89 investment in the future 5 preface everyday conversation anything that is new,
& innovation is an investment in the future of enterprise and in the country as a whole. The business sector is well aware that behind every advantage in the market place,
Investment in research & development, and particularly in basic research, has the greatest economic impact when the outcomes and benefits reach consumers as market innovations.
In this regard, the task of government is creating the necessary favourable environment rather than contributing to sectoral investments.
if Hungarian governments prioritise investment into research and development and innovation in the future, recognising that it is profitable in the long term,
and Japan companies fund the majority of investments related to research and development and innovation because it is in their fundamental interest
The structured adaptation in higher education R&d has not been realized as investments during the previous period have at most only been able to conserve fragmented R&d capacities and capabilities.
However, 12 1 overview of the situation 4 The analyses by using elaborate methods always verify that R&d makes a much higher return than for example investments into machinery (See:
Foreign direct investment which is integrated with the local economy and based on R&d is also relatively scarce.
direct investment. Certainly those prestigious international large enterprises are present in Hungary whose Hungarian R&d centres play an important role in making strategic decisions of the parent companies.
Nevertheless, according to the estimates of the European commission (based on data of the European Venture capital Association) a significant change has occurred in the field of venture capital investments due to JEREMIE funds:
(slowed down foreign direct investment inflows, worsening attitude towards competitiveness/business environment etc. No balanced, sustainable growth and development{..
investment in the future. It is relevant for the future whether Hungary regards research and development and innovation as a pulling force and a resource to be made more robust-or merely as an area on
Thus the strategy envisages the primary objectives of strengthening the investments in research and development and innovation in Hungary
In addition, the return on R&d investments many times exceeds the return on other investment forms (see Table 2, Enterplan, 2005.
Nevertheless, the social return on R&d activities-i e. the impact of increasing R&d investments on the output of other companies-is significantly higher than the business return (Griffith 2000:
the microeconomic return on investments can be demonstrated better. It is recommended to build the RDI strategy around three priority axes
and business resources spent on the RDI sector in Hungary are a worthwhile investment in the future:
investment on R&d and invigorating the demand for research and development, introduction of innovations improving productivity, establishment of an efficient support and funding system, completion of the start-up ecosystem.
the country does not take the importance of RDI investments seriously, social and economic slowdown continues Increasing
and concentrating resources as well as the investment in RDI is successful Innovation becomes the most important long-term driver of sustainable development (growth
Continuous periodical and overall evaluation-and if needed, amendment-of the strategy is the other important instru-Setting of the planning of smart specialization Figure 14 R&d as a highly profitable investment Country
at least 30%Griffith, 2000 Canada the rate of return on R&d investments exceeds 2. 5-4 times the return on physical investments Hall, Mairesse,
strategic plan Regional S3 strategic plan Regional S3 strategic plan Regional S3 strategic plan National S3 Startegy 2020 Investment in the future National
Increasing and concentrating resources as well as the investment in RDI is successful A considerable number of Hungarian research
and concentration of resources and investment into RDI are successful Intensifying intersectoral knowledge flow (business-research unit linkages)
This public investment also means that workplaces generating a higher income can appear in greater number after a few years
Thus the investment pays off and the added value of this sector grows significantly faster than average in the national economy.
and number of well-paying jobs The growth and concentration of resources and investment into RDI are increased successful Significantly number of innovative SMES The Hungarian knowledge is integrated better into the global value chains by the foreign large
In the case of market failure, the government intervenes where investments into human capital, infrastructure or capital bringing maximum benefits cannot be realized through market forces.
including the orientation of venture capital investments and special contributions and tax benefits. 34 Particular attention shall be paid to the community-led local developments (CLLD) on the microlevels of systemic building.
which make a return on investment at the level of the national economy, and are perfectly in line with the given phase of the life cycle (see Figure 21).
Because RDI is a long-term investment in the future, we can calculate the growth in funding policy instruments with public financing needs, within ongoing budgetary constraints,
symbolizing investment in the future as a central, priority indicator. Increasing the GERD/GDP ratio to 1. 8,
o 8%of purchase of innovation services by SMES (including financing also the costs of intellectual property protection) 46, o 7%of the incentives for R&d investments of large companies,
the ELI major investment (Extreme Light Infrastructure) in Szeged, the pharmaceutical industry, the IT sector, the automotive industry, environmental RDI, R&d in the agricultural and food sectors, energy and health RDI
The 2011 EU Industrial R&d Investment Scoreboard. http://iri. jrc. ec. europa. eu/research/docs/2011/SB2011. pdf EC-IPTS (2011b:
Evaluation of public investment in R&d towards a contingency analysis. Ministry of Research, Science and Technology, Wellington, New zealand. http://www. oecd. org/sti/innovationinsciencetechnologyandindustry/1822593. pdf
Investment how to do it? Élet és Irodalom Life and Literature vol. LVII. No. 1.,4 january 2013 Kay, John (2011:
investment subsidies, consulting). Dual economy: the co-existence of well capitalised, relatively modern, competitive, mainly foreign owned enterprises and Hungarian owned enterprises suffering from low competitiveness and a lack of capital.
Strictly speaking, venture capital is only one subset of private capital investments that are used for starting companies,
starting knowledge-intensive enterprise which can produce fast growth small with a small investment in capital or Labour policy:
the participation in implementing pan-European research infrastructure investments and maintaining and developing large instruments to be implemented provide the national innovative companies
the investment and operating costs of infrastructures required for carrying out high-level R&d activities have increased significantly in the last decade,
e g. new investments in the science park in Szeged; effects generated by the construction, operation, maintenance;
The enterprise can be a potential investment area for venture capital and it is suitable for incubation.
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