investment

JRC81448.pdf

early value chain innovation challenges major industry investments in the upstream value chain sections, which tend to be capital intensive due to their high volume investors

therefore hope that these investments will be long-term. For example, though OLEDS did not expand much in market share between 2009 and 2012,

and the industrial investments amortised. A key lesson from analysis of the three subsectors, particularly web applications, is the critical importance of higher education

They require long-term investment in human capital often around a centre of technological excellence, such as a university

4 UK Trade and Investments, 2010, Flat Panel Displays, quotes Displaysearch, 2009 figures. 5 SCF Associates Ltd, 2010.6 Unfortunately the United states lags behind other countries

While the European union, Japan, Korea and the rest of the world have made significant R&d investments in robotics technology, the US investment,

First, the capital investment required to start an internet-based operation is relatively low. Start-up costs can be minimal

These US clusters have drawn on government local investments for R&d especially in military projects the early founding of the semiconductor industry in Silicon valley and the 1950s military industrial complex in cities such as Seattle with Boeing.

But these clusters are the legacy of investments made from two to five decades before in electronics and avionics,

However the low cost of entry, availability of VC investment and speed of innovation seems likely to cement US advantage.

second, early value chain innovation challenges the major industry investments in the upstream value chain sections,

and so hopefully will be long-term investments. For example, OLEDS did not expand much in market share between 2009 and 2012, then in early 2012,

and the industrial investments amortised. Innovations early in the value chain must be accepted by the many other players who come later

Besides Luxembourg, tax credits are available in most other Member States for investment in R&d (European commission,

and capital investment as it is needed through their various board representatives. High access to funding and to its guiding VCS has been due to XING's reputation for good execution.

The current generation of flat panel displays 22 (LCDS) has required tight cost controls and large amounts of capital investment.

CDT, Plastic Logic and Bayer), it lacks the capabilities of Asian industrial product development and investment especially for complex technologies such as OLEDS.

Now that massive investment in LCDS has paid back, Asian manufacturers are starting mass production in the next generation display screens.

since investments in plant (about $4 billion/€3 billion per factory) have to be written off.

http://www. talkoled. com/tag/oled-production/23 production in a $2. 7 billion (€2 billion) investment for both R&d and production.

and who bring the capital investment and large-scale manufacturing know-how together, supported by government. Cambridge Display Technologies (CDT) key lessons The role of higher education hosting leading edge research is highlighted once again by the case of CDT.

which there has been enormous investment, as in the case of LCD. Faith that success will eventually come is needed to ensure provision of long-term stable investment.

In CDT's case in 2007 its US venture capital investors became aware that considerably more capital investment was likely to be needed,

beyond the estimated $250 m (€190 m) CDT had received already. When an attractive offer was received from long-term Japanese partner, Sumitomo Chemical,

While angel investors can seed start-ups, innovative companies of this type in need of sustained capital investment over many years.

while VCS who can offer more money are under pressure to exit their investments in a relatively short timeframe,

whether long-term capital investment would have led to pursuit of a different strategy. Plastic Logic may now have found its long-term investor among the sovereign wealth funds.

Such funds are expanding rapidly in high-risk investments; they are based in countries such as Russia, China, the Middle east and Asia.

Kodak lacked funds for that scale of investment. Rather than develop and exit the business in a planned way,

which does not synchronize with the returns on investment which tend to be shorter term.

EU accomplishments result from well organized, long-term robotics investment programmes (such as Robotdalen) which has emphasized the security that comes from its 10-year investment from VINNOVA as being a major part of its success,

as well as local markets in the car industry across the EU which have featured long term R&d investments since 1970s in robotics for production lines.

Financial capital Venture capital The traditional sources for company financing of long term innovative investment are: Retained earnings;

this source is relevant for capital investment for both conventional non-innovative projects and also for innovative projects;

as the XING case study, for instance, shows. 35 Such business angel investment has become more organized as a recognized source of finance for entrepreneurs over the past twenty years, especially for the earlier stage investments (Mason and Harrison, 2010).

although these firms do prefer internal funds for financing these investments; there are limits to venture capital as a solution to the funding gap,

Internet start-ups are ideal VC investments, as our case studies of Google, Skype and XING show especially for US VCS,

However, the USA has been much less successful in those technologies that require longer term investment and support such as robotics and displays.

VC funds could flourish thanks to the better investment opportunities in the USA (see below in Lerner 2011.

This suggests that an important cause of the performance gap was the existence of better investment opportunities in the USA.

A total of some $20 trillion of investments is available to governments having SWFS. The capital comes from various financial assets stocks

and so VC-style investment, in small quantities, is considered more. The largest SWFS are those of the Middle east

But in addition, some $7. 2 trillion was held in other sovereign investment financial entities, such as pension reserves, development funds and state-owned corporations'funds.

A further $8. 1 trillion is held in other official foreign exchange reserves. 17 The first SWF was the Kuwait Investment Authority,

especially for commercialization of innovation with high capital demands over the long term such investments may expand greatly,

the irobot Corporation (see case study in Appendix 1) was a significant recipient of support from the Small Business Investment in Research (SBIR) programme administered by the Dod, Doe, NIH, NSF and other agencies.

and avoid investment in such cases (see Anton et al, 2006; and Kaplan, 1994. Such threats are unlimited effectively

which investment will be frozen effectively and further work in jeopardy of being found in infringement of a patent,

so returns on investment in patent pools may be fairly certain. It should be noted that patent pools are not a panacea,

and long-term investment in human capital people and their networks the USA began such clustering over 70 years ago for military purposes and so accumulated rich banks of human capital.

venture capital may be less likely to have the scale in time and magnitude of investment for complex technological innovation

Public funding of such high risk-long term investments makes sense if the expected social return is higher than the expected social cost,

However, there has undoubtedly been an indirect role of government via the spillovers of past government investments since the late 1950s the first customer for Fairchild,

Thus, due to knowledge spillovers, Silicon valley was subsidized indirectly"by US government investments in the electronics of war.

'i e. borrowing the idea of using experienced investment managers from the private sector who have managed start-ups,

Clusters typically require long-term investment in human capital often around a centre of technological excellence

Internet start-ups are ideal VC investments, as our case studies of Google, Skype and XING show having relatively low entry costs and low capital intensity.

and magnitude for complex technologies that require longer-term investment. When VC funding is inappropriate,

the overlooked role of willingness to cannibalize, Journal of Marketing Research, 35 (4), 474-88 Christensen, C. and Bower, J. 1996), Consumer power, strategic investment,

), Funding drought at mid-stage for techs, VCS are loath to tie-up the investments for long periods, Financial times, 8 march.

needing heavy amounts of capital investment for the two key business processes: Its sales interfaces,

-and-the-challenge-of-1000-blooming-flowers/65 Capital investment Google received about $1miilion in angel investment around the time it incorporated in September 1998, from Andy Bechtolsheim (cofounder of Sun microsystems) Ram Shiram

Page and Brin agreed so they could get the investment but really didn't want a business executive to run Google they thought of them as bureaucrats rather than engineers and entrepreneurs.

A 70%stake was acquired by an investment group led by Silver lake (including the original founders) in November 2009,

A second investment round in March 2004, led by venture capital firms Draper Fisher Jurvetson and Index Ventures, resulted in $18. 8 million in new funding to expand global operations

52 mainly because it offered a range of public aids for business and investment such as:

Investment tax credits of 10%of the acquisition value of investments New business tax credits-a 25%exemption on corporate income tax and municipal business tax for 8 years Venture capital certificates

, up to 30%exemption on profits SME incentives up to 10%of costs incurred on investments and reorganization operations Regional and national incentives,

XING has used all forms of VC funding, from a business angel in May 2004, to a leading European Venture capitalist with offices in Switzerland, Germany and the UK, for a net total investment of €11. 4m.

The first investment was from Brainstoventures, an Angel investor, in May 2004, of €5. 7m and in November 2005,

a further €5. 7m investment for Series A shares came from the VC Wellington Partners.

the investment vehicle owned by Lars Hinrichs, at €36. 50 per share in a €48. 3m deal.

Formation and investment Despite the interest in P-OLEDS Friend was unable to reach agreement with a British electronics company to license

Nevertheless, it was difficult to attract the 75 necessary initial investment, largely because the business model at that time was far from clear.

and Esther Dyson, president of Edventure Holdings, of New york. In September 1997, further investment of about $10 million came from a financial group headed by Lord Young of Graffham, former Secretary of state for Trade

In July 1999, the company secured new equity funding of $16 million from Kelso Investment Associates and Hillman Capital, both based in New york. This transaction transferred the ultimate parent

and sustained investment is required over a considerable time period. Note that Polypropylene, Teflon, and carbon fibre all took decades to fully realize their commercial potential.

Led by Oak Investment Partners and Tudor Investment, the existing investors Amadeus (seed funding) Intel Capital, Bank of america,

This round of financing also gathered an additional US$50 million from Oak Investment Partners which remained the largest shareholder,

We are making an unprecedented investment of close to a billion dollars in the future of plastic electronics to help create one of the largest commercial centres for it in Russia.

This investment signifies the potential that we see in the future of plastic electronics across a variety of commercial and consumer products.

2011, Russia Leads $700m Investment In Plastic Logic, Wall st Journal, 18 jan 2011.80 RUSNANO is a long-term investor

Paid Content, Apr 6, 2010, http://paidcontent. org/article/419-plastic-logic-says-its-in-negotiations-possibly-to-sell-itself/James Mawson, 2011, Russia Leads $700m Investment In Plastic

Logic, Wall st Journal, 18 jan 2011, http://blogs. wsj. com/tech-europe/2011/01/18/russia-leads-700m-investment-in-plastic-logic/Plastic Logic:

through the venture capital arm of the Samsung Group, Samsung Venture Investment Corporation (SVIC). Previously, in a second round of funding, Novaled Gmbh had secured €15 Million, on 01 december 2005,

E Ink then pursued a third round of financing in February 2001, with a $7. 5 million investment from Philips Components,

TOPPAN, a Japanese printing technology company, added to its initial $5 million investment in 2001, with a further $25 million,

New Investment from Domestic and International Media Companies, Leading Funds and Existing Investors, Business/Technology Editors CAMBRIDGE, Mass.

In 2011, irobot announced a $6 million investment and expanded partnership with Intouch Health, a leading remote presence telemedicine solution provider.

and were actively seeking further investment. Increased demand meant the company needed to increase its capacity with more capital investment to develop the manufacturing end of the business.

However, the BBC's Dragons were reluctant to invest in a company focused on research and development

Despite the potential, the company has attracted not yet significant investment, aside from sales of its products,

To succeed in robotics demands a long-term investment view with development over 20 to 30 years.

Some form of support for those customers taking robotics technology for the first time would allay the fears they often see in small companies over investments in robotics. UK universities are not fully supportive they do not seem to be able to partner well with industry.

which is a long term investment. R. U. Robots has concentrated always on the B2b market (i e. for professional/industrial applications and defence) as it is the largest robotics segment.

JRC85353.pdf

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?

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

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:

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

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

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

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

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

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

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

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

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.

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 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:

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

JRC85356.pdf

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?

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

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

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

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

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

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

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.

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:

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

'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

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,

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,

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,

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

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

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

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,

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.

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.

How Well do Venture capital Databases Reflect Actual Investments? Kominers, S. 2013. Measuring agglomeration. Boston: Harvard university.

) World Investment Report 2005. Transnational Corporations and Internationalization of R&d. New york and Geneva: United nations. Veugelers, R. 2009.

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