and disadvantages of different forms of finance and knowledge of how best to present their investment projects.
meaning investments are made not. Cross-border access to cultural goods and services, however, helps European citizens to better know
Court of Justice, the Court of Auditors, the European Investment Bank, the European Economic and Social Committee and to the Committee of the Regions, A growth package for integrated European infrastructures, COM (2011
expanding their investment in external R&d in order to stay alert to new ideas brought to the market instead of investing only in internal resources.
Some Lessons 32 Open Innovation and Its Implication for Universities 41 How to Combine Openness and the Protection of Research Investments in University Inventions US and Nordic 49 CHAPTER II:
European Innovation Systems'governance issues will be very critical for impacting innovation investments. Innovation is daring to seek the unexpected
industrial and other private investments are one source of financing; national, regional and local public actions are another;
More recently, the new Juncker-Katainen investment package (EUR 315 billion within the next few years.
Mega-endeavours like the West Metro, a major transportation infrastructure project with a capital investment of close to EUR 1 billion
Additional investments in housing and businesses in the West Metro corridor are tens of billions of euros in the next decades.
Crowdfunding Equity Investment into Business, 2012.12) Surowiecki J.,The wisdom of crowds: Why the many are smarter than the few and how collective wisdom shapes business, Economies, Societies and Nations 2004.13) Barnett C.,The Crowdfunder's Guide to General Solicitation and Title II of the JOBS
Consequently, the Europe 2020 Innovation strategy and its European union Flagship Initiatives emphasises the investments not only in corporate R & D and science and technology-driven research
innovation literature emphases the early involvement of users and patterns in technology adaptation, that can help upfront planning of investments and returns.
The UK Science & Innovation investment framework 9 proposes a research model to combine fundamental and applied research‘to bring together public and private funding
and made recommendations for long-term investment in a network of the UK technology and innovation centres
Imperial Innovations'business model includes all elements of technology commercialisation from technology scouting, IP management and investment into promising technologies.
9) Science & innovation investment framework, HM Treasury, DTI, Department for Education and Skills, July 2004.10) Pasteur's Quadrant:
E A r C H 49 How to Combine Openness and the Protection of Research Investments in University Inventions US and Nordic Views Who owns the rights to university inventions and under which terms?
which could be regarded as somewhat contradictory to the idea of incentivising investment to research. A researcher, who is employed by the university,
it would be relatively easy to change the argument towards the idea of research funding as investment;
the university makes an investment into intangible assets, namely research results and findings. Like any investment, this could be successful or lead to failure.
This could make the universities more free to judge where to invest, but at the same time, the ultimate financier would set targets not necessarily scientific but economic.
Bayh-Dole supporters underline the fact that having a patent-based incentives system encourages investment into expensive, complicated and risky research projects.
which information in turn helps planning research investments also from society's point of view 17. Bayh-Dole produces efficiency benefits
in order to attract investment and thus encourage dissemination of the invention or innovation in this phase, if you like.
It would make sense to see the universities'main task as investment to research, the protection and utilisation of which are important parts of the universities'societal functions.
Triggered by key investments and projects (such as the creative and artist store Modulor or justmusic),
scalability, profit potential and potential returns on investment. Usually venture capital providers or large companies that are clearly profit
smaller investments provide faster responses, as other Livinglab examples have shown. This will increase Turkey's competitiveness in the global market.
The shift in focus from products to services makes it possible to continuously innovate without further investments in the hardware infrastructure.
The presence of adaptive lighting technology enables the creation of such a street performance stage without extra investment in the infrastructure.
Such arrangements to share investments and revenues are important in creating open ecosystems of this kind.
V A t I O N y E A r B o O k 2 0 1 5 to earlier, it also requires new thinking on investments and depreciation, maintenance contracts and product life-cycles,
Technologies like this will enable citizens to experience solutions without large investments in technology infrastructure.
-With an investment from Google Ventures and the world's famous venture capitalist Kleiner Perkins, the valuation of the company amounts to USD 1. 12 billion.
and product adoption and thus enable much higher returns on research investments. Joint Pathfinding occurs where research laboratories and business groups share resources, risks,
No company alone would have the incentive to (make this investment) on its own, but together companies are willing to move forward'(5). The EU Commissioner for Research, Innovation,
‘A short-term view of the economy masks under-investments in essential drivers of sustainable, broadly-shared growth.
as well as decreasing investment needs for SME, micro-organisations and start-ups, since they can share resources without mobilising so much 23 venture capital;
and broaden the marketing with lower costs of investments. Figure 1: Rationalizer: emotion awareness for online investors (Phillips and ABN AMRO 2009)( 5) 41 Conclusion‘Don't go where the puck is.
This new EU strategy is about delivering growth that is (a) smart, through more effective investments in education, research and innovation;(
as well as public and private investments. While some regions are quickly advancing with the development of an original research and innovation smart specialisation strategy (RIS3),
It should also ensure a more effective and complementary use of EU investments in the regions
In reality there are enormous efforts of complex networks needed to secure smart investment, to provide interdisciplinary connection between academia, research institutes, businesses, local and national authorities, nonprofit sector and to a growing degree of end users.
Many people not involved in this process are shocked often to learn that the development of a single novel product may need a private investment that can reach a level of hundreds of EUR millions as in the case of some pharmaceuticals
On the same day, the renowned investment bank, Lehman brothers, went into bankruptcy. Meeting for the first time, the founding Governing board led by its first Chairman,
European VC investment continues to lag the US Share of GDP Source: Marston L.,Collins, L.,Bravo-Biosca, A. Lane, H.,(2013), Unchaining Investment.
Barriers to US venture investment in UK Internet and digital businesses, Nesta Report, June 2013 Some of the questions raised in the debate were as follows:
Could entrepreneurship be an integrative force for the Knowledge Triangle components? Could it act as a facilitator and accelerator of different kinds of flows across the Triangle?
The EIT and its KICS State of the art and First achievements The EIT has defined itself as a high impact innovation investment institute.
It is working on a new finance facility with the European Investment Fund. It manages a number of business networking events
It is a long investment and there needs to be at least some warranty to the investors.
The co-location leverages preexisting large investments to develop national industrial clusters such as Capenergies and Tenerrdis.
but a seed investment and therefore the EIT as an‘investor'has to accept the logic of private sector to the extent possible for a European body.
.,Bravo-Biosca, A.,Lane, H.,(2013), Unchaining Investment. Barriers to US venture investment in UK Internet and digital businesses, Nesta Report, June 2013.8) EIT Call for KICS (2009).(9) Taleb, N.,(2010), The Black swan:
The Impact of the Highly Improbable, ed. 2.,Random House Trade Paperback Edition. 10) European commission (2011.
Introduction European union investments in advancing the European Knowledge Economy and Single Digital Market development are by definition longitudinal and accumulative by nature.
Europe's Innovation Union strategy for 2020 emphasizes the investments not only in corporate R & D and science and technology driven research,
Different from Australia's innovative investment on physical properties, the Chilean government's innovation centred on intangible process improvement
and direct foreign investments were withdrawn swiftly. As a result a domino effect was triggered and global recession set in.
with a peak of 9. 9%in October 2008 (3). 81 Chilean stimulus package was planned based on four pillars, namely government spending and investment,
mainly targeted at low-income households (US$1. 1 billion), investment (US$1. 7 billion), and tax cuts (3). In addition,
maintaining good levels of business investment and employment (14). According to the OECD, Australia's timely stimulus measures, with a strong focus on direct government investment,
are amongst the most effective of all OECD fiscal packages in stimulating activity and supporting employment (10).
and the terms of trade rose by 2. 9%.The Australian economy grew by 1. 2%during 2009 the best performance in the OECD (5). The outlook for private business investment improved,
resource investment in Australia has continued to expand rapidly. Work continued on very large projects, capital imports grew strongly,
and has the power to impose sanctions (3). Pension fund investments are ruled also by risk criteria
Different from Australia's innovative investment on physical properties Chilean government's innovativeness was manifested through its intangible process improvement,
-A mixture of new fiscal spending, targeted at low-income households (US$ 1. 1 billion), investment (US$ 1. 7 billion) and tax cuts.
-US$ 1. 7 billion (A$ 2. 7 billion) for private business investment through a business investment tax break.
and insurance and investment products. Only about half of Indian households have a bank account. The economically disadvantaged pay a poverty premium, as it were,
and water system are described not simply as important physical artifacts but as investments in the city building process.
The history of successful infrastructure investment is less about the direct impact of technology and more about the interaction between technology and society.
The returns on investments are measured in terms of a society's economy, health, and social wellbeing. Infrastructure is thus a critical determinant of co-creative capacities of an ecosystem of capabilities.
as public investment reached its lowest level in 35 years. Since 1970, one government after another had failed to implement the necessary state reforms to reduce public debt.
Grantees who successfully graduate from the programme with a marketable application will receive support for access to finance (accelerator, business angel and venture capital investment) and access to international markets.
but due to budget restrictions it is not realistic to expect that all investments will be done from the public domain.
also opportunities for co-investment arise. A Changing Business Environment Meaningful applications in public lighting are based on societal needs
thereby creating a revenue model to earn back the investments for the development of the app. and for new investments in the smart lighting system and related apps in the area.
While the breadth of investment is certainly impressive, the real power of crowdfunding comes from harnessing the wisdom of the crowd
& D related investment and the eventual cancellation of the development of the said technology.
) This is partly because the outbound processes do not necessarily require financial investments and are less risky for the organization (van de Vrande et al.,
often have difficulty analyzing project-related risks and the realization of future-related investments. These problems lead to a high level of insecurity and skepticism.
if the final profit of the new product will be high enough to compensate for these investments. 3. 2. 5. Public funding and bureaucracy.
April 2008, published in Dutch 5 Foreign direct investments. Trends and developments, Frederik De Witte, Isabelle De Voldere, Leo Sleuwaegen, June 2008
Len De Looze, May 2009, published in Dutch Foreign Direct Investments. Location choices across the value chain, Frederik De Witte, Leo Sleuwaegen, May 2009, published in English Prototypically Branded Innovations.
and SMES usually do not have the money to make this investment. Less expensive alternatives exist
This organization analyzes the investments required for a building to reduce energy consumption to a minimum. Combining people with strong ideas and reputation with green technology projects is an interesting recipe for successful new ventures.
That implies that some partners may have to be compensated for losses, investments, or risks they take. 3. Innovation networks need to be activated continuously.
whereas the technology transfers might still require significant investments from engineering. Furthermore, large firms that license technologies risk knowledge leaks with adverse competitive effects as a consequence.
The development cost of the microorganisms that could produce a specific flavor was the single largest investment for Isobionics;
Second, Toine Janssen had to secure the required investments for his start-up once the business plan was drafted.
the start-up was need in of considerable investments to advance the technological development and commercialization of the first flavors.
because the venture needed considerable investments which were too big a risk for VCFS 80 in an early investment stage42.
The start-up was financed combining investments from VCFS, a regional venture capital investor in which DSM participated, bank loans,
DSM, in turn, did also win from its investment in Isobionics. First, it had the opportunity to follow the evolution of Isobionics.
Finally, the indirect participation of DSM also implies that Isobionics can be acquired in case its business is becoming an interesting investment area for DSM.
because excessive investments in complementary assets are required43. Examples of complementary assets include large-scale manufacturing, brands,
corporate venturing investments, co-development agreements, and acquisitions. Licensing agreements imply that the licensor and licensee share revenues,
Partners may have to bear considerable risks or investments in dedicated complementary assets. In open business models,
because partners will ask for a return on their technology investments. Worldwide licensing deals can be challenging for SMES
and made investments. Imagining a new product is one thing, whereas starting the venturing process is another.
IPLICENSING, venturingandex-ternal participationonthecontrary, requirefinancial investments, formalizedcontractsandastructuredinnova-tion portfolioapproachtomanagetherisks. Thisfindingis in linewithformerstudiesaboutinnovationinsmes (e g. Vossen, 1998.
for instance through minority holdings or corporate venture capital investments (Chesbrough, 2002; Dushnitsky and Lenox, 2005a; Ernst et al.
) Through these kinds of equity investments, firms gain a window on new technological developments (Keil, 2002.
Moreover, the equity investment might serve as the creation of an option to further increase collaboration with the partner firm in case the technology provides to be valuable for the investing firm (Van de Vrande et al.
) Prior studies have shown already that corporate venture capital investments have a positive effect on the innovative performance of firms (Dushnitsky and Lenox, 2005b;
which can be used to make high-risk investments with uncertain return on investment. Larger firms typically have more financial resources to engage in these kinds of investments.
The same holds for the in-and out-licensing of intellectual property rights; in-licensing of IP requires financial slack,
20 Finally, we looked at the degree firms participate by equity investments in new or existing companies,
the paradox of firm investment in open-source software. R&d Management 36,319-331.45 The results of EIM's Research Programme on SMES and Entrepreneurship are published in the following series:
IPLICENSING, venturingandex-ternal participationonthecontrary, requirefinancial investments, formalizedcontractsandastructuredinnova-tion portfolioapproachtomanagetherisks. Thisfindingis in linewithformerstudiesaboutinnovationinsmes (e g. Vossen, 1998.
April 2008, published in Dutch 5 Foreign direct investments. Trends and developments, Frederik De Witte, Isabelle De Voldere, Leo Sleuwaegen, June 2008
Len De Looze, May 2009, published in Dutch Foreign Direct Investments. Location choices across the value chain, Frederik De Witte, Leo Sleuwaegen, May 2009, published in English Prototypically Branded Innovations.
and SMES usually do not have the money to make this investment. Less expensive alternatives exist
This organization analyzes the investments required for a building to reduce energy consumption to a minimum. Combining people with strong ideas and reputation with green technology projects is an interesting recipe for successful new ventures.
That implies that some partners may have to be compensated for losses, investments, or risks they take. 3. Innovation networks need to be activated continuously.
whereas the technology transfers might still require significant investments from engineering. Furthermore, large firms that license technologies risk knowledge leaks with adverse competitive effects as a consequence.
The development cost of the microorganisms that could produce a specific flavor was the single largest investment for Isobionics;
Second, Toine Janssen had to secure the required investments for his start-up once the business plan was drafted.
the start-up was need in of considerable investments to advance the technological development and commercialization of the first flavors.
because the venture needed considerable investments which were too big a risk for VCFS 80 in an early investment stage42.
The start-up was financed combining investments from VCFS, a regional venture capital investor in which DSM participated, bank loans,
DSM, in turn, did also win from its investment in Isobionics. First, it had the opportunity to follow the evolution of Isobionics.
Finally, the indirect participation of DSM also implies that Isobionics can be acquired in case its business is becoming an interesting investment area for DSM.
because excessive investments in complementary assets are required43. Examples of complementary assets include large-scale manufacturing, brands,
corporate venturing investments, co-development agreements, and acquisitions. Licensing agreements imply that the licensor and licensee share revenues,
Partners may have to bear considerable risks or investments in dedicated complementary assets. In open business models,
because partners will ask for a return on their technology investments. Worldwide licensing deals can be challenging for SMES
and made investments. Imagining a new product is one thing, whereas starting the venturing process is another.
In recent years, the European commission has provided highly informative company-level analyses of R&d investment with data related to 2004 (European commission, 2005) and to 2009 (European commission, 2010.
the resurgence of productivity growth in the United states appears to have been a combination of high levels of investment in rapidly progressing information
A related body of literature has investigated the complementarity between investment in ICT and organizational change in companies
and marketing investment by large companies such as IBM (Flamm, 1988; Chandler, 1990; Langlois, 1992; Mowery, 1996;
The recent EU Industrial R&d Investment Scoreboard states clearly that: the EU's innovation gap is a consequence of its industrial structure in
The 2005 EU Industrial R&d Investment Scoreboard. Volume II: Company Data. Brussels: Directorate-General Joint Research Centre.
The 2010 EU Industrial R&d Investment Scoreboard. Brussels: Directorate-General Joint Research Centre. Flamm, K 1988.
Investments will focus on enhancing innovation activity and competitiveness of enterprises in order to increase their added value and integration into the international value chain also through better access to financing.
development and innovation system, including through matching the labour market demand through high quality higher education supply, cooperation with the business sector and increased private investment.
Vocational education and early childhood care and education also constitute important areas for investment. The funds will continue to finance projects that help people in difficulty
Beyond rail investments emphasis will be put on improving urban and suburban transport connections and enhancing regional connectivity to the Trans-European Transport Networks.
In the waste and water sectors, some investments are needed still to make sure EU environmental requirements are fulfilled.
Hungary has chosen to finance investment under all 11 thematic objectives defined in the Regulations. Details on thematic objectives are presented in Table 1. Chosen expected results Investments are aimed at addressing key challenges ahead of the country where development gaps are significant.
The ESI funds will assist Hungary in strengthening social economic and territorial cohesion and in particular achieving national targets of EU2020 and its flagship initiatives:
Related EU-wide programmes include Eurostars and the growth facilitator of the European Investment Fund.
for example, be related to investment regulation, start-up regulation, market entry barriers, labour law, bankruptcy law, taxation, and also to SME policies rewarding staying small.
Economic stability and growth are conducive to future revenues and thus foster companies'investment into growth. 16 Last but not least
the result may be an undesirable contest with too much rent seeking and investment from the society's perspective.
or a few agents in the market are able to shape the equilibrium allocation by their own investment, pricing or quantity decisions.
Imperfect information may lead to inefficient investment decisions. For example imperfect information related to market conditions and resource availability can lead to suboptimal investments.
A particular type of imperfect information is asymmetric information, i e. one side is informed better than the other about a certain subject
and holds up investment because of uncertainty. Access to growth finance is an example of asymmetric information:
will be particularly hard hit by malfunctioning financial markets. 31 Access to finance may also be hampered by unfavourable regulations related to investment and company shares:
some scope for further improvement also remains. 58 The European Investment Fund's high growth and innovative SME facility The European Investment Fund (EIF),
whose shares are held by the European Investment Bank (61.2), %the European commission (30%)and financial institutions (8. 8%),is a specialist provider of SME risk finance across Europe and a major player in the European venture capital market.
Its investment strategy has focused historically on early stage VC funds and the promo-55 See http://ec. europa. eu/small-business/policy-statistics/policy/index en. htm. 56 See http://www. eurostars-eureka. eu/.57
Since 2007 the European Investment Fund's operates A high Growth and Innovative SME Facility (GIF), providing risk capital for innovative SMES.
%SMES seeking equity investment from these schemes need to contact funds that have signed an agreement with the EIF.
These funds decide about their investments based on normal commercial criteria. The GIF's indicative budget for 2007-2013 is 550 million euro.
turnover growth and return on investment was indicated yet because the programme was implemented not fully yet
and by the state investment fund Vaekstfonden, the Region Hovedstaden (Denmark's capital region), Region Midtjylland (Denmark's Middle-Jutland Region) and the European commission's Regional Development Fund.
These companies then do a pitch to Accelerace's investment committee which makes the final decision.
The investment committee is made up of several investors, industry experts as well as Symbion's CEO. The initial pitch to enter the programme resembles a typical investor pitch,
serving as the hub for public early-stage venture capital investments. VIGO is a type of incubator that focuses on young enterprises with high growth potential.
when exiting their investments. The Accelerators can also charge a monthly acceleration fee from the target companies
which has an investment branch focusing on companies that are targeting markets that are very large and profitable
by virtue of its Lottery endowment. 80 NESTA investments can thus not be classified as governmental policy.
nesta. org. uk/investments/our approach/investments criteria. 80 See http://www. nesta. org. uk/home1/assets/features/government grants nesta full independence.
networks change, new investment rounds are necessary, business plans and a new business strategy need to be developed,
For example, the label of The swiss CTI Start-up coaching programme has become an important determinant in attracting venture capital, angels'investment and other financing partners
An increase in VC investments of 1 of GDP is associated statistically with an increase in real GDP growth of 0. 30 pp.
Early-stage investments have an even bigger impact of 0. 96 pp. The direction of causality is not always easy to establish.
While private equity investments in Europe had been tripling from 24.3 Billion euros in 2001 to 72.9 Billion euros in 2007
investments fell to 23.4 Billion euros in 2009, even below the 2001 value, and recovered to 42.6 Billion euros in 2010 see Exhibit 4-2. This decline
Private equity investments in Europe 2000 2010 35,0 24,3 27,6 29,1 36,9 47,1 71,2 72,3 54,3 24,0 42,6 03000 6000 9000
private equity investments made up 1. 123%of GDP there in 2010, followed by Sweden (0. 893%)and Switzerland (0. 365%).
Private equity investments as%of GDP in Europe in 2010 0, 0%0, 2%0, 4%0, 6%0, 8%1, 0%1, 2
Business angels and investment readiness: The Commission's policy is to identify and spread good practices that can help improve the conditions for business angel investment. 104 Early stage investment:
Financing through the high growth and innovative SME facility is available to small businesses in their early
or expansion phase under the Competitiveness and Innovation framework Programme (CIP) for the years 2007 to 2013.105 Single market for venture capital investment:
To achieve this, it is promoting cross-border venture capital investments. 106 However, while there is a consensus among Member States on promoting mutual recognition of national frameworks,
in order to increase its competitiveness, attract private investment and also to lead to a phased reduction of its dependence on public money. 109 The EVCA suggests a Venture capital Action Plan 2010-2020 for the EU,
and has a serious funding gap in that Europe's large institutional investors consider VC as too small for allocating investment expertise and resources to this asset class.
GIF provisions could be tuned more towards business angel investments. GIF1 includes the option that intermediaries with co-investment arrangements with business angel networks may receive an additional and separate commitment for co-investments.
By the end of 2010, such investments were made 103 See http://ec. europa. eu/enterprise/policies/finance/financing-environment/sme-finance-forum/index en. htm. 104 See http://ec
. europa. eu/enterprise/policies/finance/risk-capital/business-angels/index en. htm. 105 See http://ec. europa. eu/enterprise/policies/finance/risk-capital/start-up
The government also plans to encourage venture capital investment from overseas funds, oil money, and other sources.
This was stated to be crucial for high-growth SMES that required high loans for survival, investment diversification and possible expansion.
The Canadian experience (see section 5. 3) of linking governmental R&d funding with venture capital investment suggests to focus high-growth policies on technology-based industries
Specifically, the government has encouraged R&d investment in response to the contraction of SME investment potential due to the recent economic slowdown.
which encompasses, for example, continuous expansion of SMES'R&d investment and support for technology innovation R&d of global leader enterprises.
Inno-biz and measures to strengthen venture capital investment The Korean government intensively fosters the programme inno-biz (acronym for innovative business.
The government also plans to encourage venture capital investment from overseas funds oil money, and other sources.
It intends to allow joint fund operation between overseas investment in-146 See http://eng. smba. go. kr/pub/poli/poli04010802. jsp#cer02 for the SMBA's criteria of inno-biz certification
while providing preferential treatment by increasing the investment equity ratio for foreign funds to 50%from the present 30%.
%In addition, the government plans to facilitate venture investment by institutional investors, the post office, insurance firms, universities,
The government intends to review the methods of equity investment in the Fund of Funds more than three times a year
and to rapidly respond to demand in the investment market. Since the Korea Venture Fund has confirmed other investors,
small investments of less than one billion won are allowed at any time. In April 2009, the government created a venture ecological system that integrates the capabilities of newborn venture companies and of the leading venture companies in the market.
Trends in SME's R&d Investment 2000 2002 2004 2005 2006 2007 No. of SMES conducting R&d(%in all manufacturing SMES) 10,748 (12.0) 18,101 (18.1
KRW) New venture investments 7, 870 12,041 Newly established venture funds 4, 929 11,954 Foreign venture funds 30 702 Source:
Overseas investment: Not only large enterprises, but also SMES invested in foreign countries aggressively. SMES'share of overseas investment reached 54%in terms of the number of cases and 26%in terms of amount.
The majority of Korean SMES invested in China. Negative side effects of SME support Over 100 SME policy measures resulted in application congestion in SME administrations,
they have been reproached for not having been equally active in actual investment. Lessons learned Positive assessment of the new SME policy concept The new directions of SME policy in Korea for nurturing global players and institutionalising policies for midsized enterprises
The government considers its funding mechanisms as an investment when reviewing potential high-growth SMES.
This was crucial for high-growth SMES that required high loans for survival, investment diversification and possible expansion.
Eligible angel investors committing a minimum of 100,000 Singapore dollars equity investment in a qualifying start-up can claim a 50%tax deduction on the investment at the end of a two-year holding period.
This deduction is subject to a cap of 500,000 Singapore dollars investment per year. Catalysing growth investments through co-investment:
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.
Lessons learned Government initiatives as well as investments in infrastructure and education are strong in Singapore. Considering the dominance of micro
small and medium-sized enterprises in Singapore and the traditional strength of the manufacturing and finance sectors, the government is seeking strategic investments to groom potential high-growth enterprises and drive the diversification
Consequently, investments by Singapore's government are expected to rise steadily. However, as there are no evaluations of government support available,
and investment banking services for merger and acquisition activities. Such preconditions may be conducive to high growth of SMES in any region in the world.
and the interest in VC fund investment is problematically low. Background and objectives of VC funding and government assistance Canada Current situation in venture funding The Canadian experience suggests strongly that a concentrated focus by governments on high-tech based SMES combined with adequate levels of VC
In Canada total bio investments increased from 210 million CAD in 2009 to 300 million in 2010.154 Description of Canadian capital Financing Market Business Angels Angel financing is dispersed widely across most regions
According to the Canadian Angel Investment Network their members are currently investing over CAD 3 billion in Canadian businesses each year. 155 Venture capital:
VC investments by the VC community in Canada have decreased from a peak of CAD 5. 9 billion dollars in 2000 to just over CAD one billion dollars for each of the past three years (2008-2010.
With the relatively poor ten year returns for VC funds and the availability of other more attractive retail alternatives (such as income trusts), investment by individuals in VC funds in Canada has dried all but up.
The other major investment source has been pension funds, but these funds have become risk-averse and have cut back their interest in high tech VC investments preferring to go to infrastructure investments instead.
Foreign VC flow has been an important source of financing for technology firms. Indeed for placements of over CAD 5 million dollars over 75%of the funds come from foreign sources.
but there is no data available to measure the investment performance of this group of funds.
http://mikevolker. com/2010/09/b-c-investment-tax-credit-program/Policies for high-growth innovative SMES v1. 6 74 5. 4 Japan:
such as patent fee reductions, loan guarantees, capital investment loans, and loans for facilities. Funding recipients should have less than 300 employees or capital below JPY 300 million.
If government looked at support as an investment and used risk-reward criteria for approvals
They may for example be related to the research and education system, investment regulation, start-up regulation, market entry barriers, labour law, bankruptcy law, taxation,
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
Policies for high-growth innovative SMES v1. 6 102 European Investment Fund, http://www. eif. org/what we do/equity/venture/index. htm,
European Investment Fund, GIF 1-GIF 2 Investment Policy: http://www. eif. org/what we do/resources/european commission/GIF INVESTMENTPOLICY IMPLEMENATIO n guidelines. htm?
Making innovation flourish, Investment criteria: http://www. nesta. org. uk/investments/our approach/investments criteria, last accessed May 2011.
NESTA. Making innovation flourish, Government grants NESTA full independence: http://www. nesta. org. uk/home1/assets/features/government grants nesta full independence, last accessed May 2011.
/http://symbion. dk/sub sites/accelerace/engli sh/**Estonia Arengufond The Development Fund performs risk capital investments into the starting
you can apply to the Innovative HPSU Fund for an Enterprise Ireland equity investment. Having secured the necessary investment to start the business,
further supports are available to assist in the implementation of key aspects of your plan.
This high-tech and innovation co-investment facility was subscribed in February 2006 by CDTI, EIF and several other private investors, mainly Spanish blue chip companies.
EIF's investment represents just over 25%of the fund's final size of EUR 183m.
and private sector investors to boost investments in Spanish SMES which will foster innovation, research and development.
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