o Creation of a sole and competitive market for the information society. o An increase of investments in research concerning ICT o Promotion of a comprehensive information society Having in view that the spread
The announced investments by companies as Infineon Motorola, Nokia or Ruwel in research-development centers in Romania are relevant for illustrating the potential of research-development sectors and ICT in Romania.
broadband sector development shall make Romania attractive as a destination for foreign investments. Broadband communications as facilitator of ICT development favors the creation of new working places
Volume of investment can reach a reduction because of the current economic crisis; The lack of a common approach at government level for implementing projects,
In this way private investments shall be encouraged, competition and reduction of prices shall be promoted as a result of the competitive level development in the field of broadband communications.
leading to a new broadband communication demand, that shall justify investments in infrastructure and the circle starts from the beginning. 20 Also,
Also, with a view to assess the dynamics of investments in infrastructure projects of broadband type we shall monitor the number of projects
whose objective is the create the conditions to encourage private investments with internal, but mostly external resources
The parliaments in Europe and around the world are struggling to counter the effects of one of the worst financial and economic crises for decades, with its severe negative impact on growth, trade, investment and employment across the globe and untold social and human consequences.
to stimulate investment in an open and competitive infrastructure for high-speed Internet and related services;
1. the development of electronic communications infrastructure by stimulating the investment in next generation networks, a European action plan for spectrum and technological neutrality of networks 2. Promoting the use of the Internet,
The scale of investment in this field especially the rapid expansion and ability to induce a multiplying effect on economic growth,
Although the broadband infrastructure in Romania is developed well in major cities due to private investment, it is poor in rural areas
the electronic communications sector has experienced in recent years, a particularly dynamic progress based on structural investments in established technology development and rapid adoption of innovations.
and competitive market for investment in digital television services, ensuring: the compliance of pluralistic expression of ideas and opinions in the content of audiovisual media services transmitted by service providers under the jurisdiction of the Romanian audiovisual media, the pluralism of public information sources and a balanced
efficiency of investment in electronic public services Preparation of European and international governance based on electronic public services.
investments are behind expectations. Involved actors say that fundamental decisions concerning future structures are needed for going ahead.
which is shorter than the lifetime of conventional energy infrastructure investments, will require considerable and timely efforts.
investments into smart grids whatever might specifically be meant by this are far below expectations, investments into appropriate capacities for balancing fluctuating renewable generation (demand response, storage,
and may lead to a boost of investments in these technologies independently from public grid regulations.
investments are behind expectations, and enthusiasm for the envisaged smart--meter rollout is fading14. Equipment vendors, distribution grid operators and electricity retailers are complaining that business cases for smart grid investments are still difficult to be identified
and that missing standards make technical choices risky. Increasingly they are calling for a clarifi--cation or revision of the regulatory framework.
Although smaller investments which lead into the direction of smarter grids are happening everywhere, it seems that more fundamental decisions would need to be taken for going ahead.
The attempts to reorganise revenue flows which would help to fund smart grid investments, to define or restructure responsibilities for data handling, customer contact or local congestion management, easily lead to considerable shifts in technological, commercial and political power between the players involved.
Jessica Stromback The EU Smart Grids Debate 19 ing the necessity of investments in smart grids and transmission.
Poland contributes only 1, 7%and Bulgaria 0, 4%.The same holds for the investments:
While Italy invested € 2150 million (mostly smart meters), Germany 228 (mainly integrated systems), France 195 (mainly smart meters), investments in Eastern europe were mostly negligible, with € 3
Expected heavy investment requires new definition of roles All this will only be possible with heavy investments in smartening the grids.
How to organise that these benefits contribute to the return on the initial investment is still an open challenge.
Effectively, Italy is one of the leading countries concerning smart grid investments. Smart meters Italy has been a pioneer in smartening its grids
Enel achieved the return on investments (EUR 2, 1 billion) in just four years. Also consumers may save considerably,
a smart grid approach with new technologies promises to save costs where massive investments in grid infrastructure
the United states where decades of low investment into the grid system have led to a relatively low system reliability compared to Europe as well as China,
Forecasts concerning smart grid investments vary widely but show the dimensions: while Europe is expected to invest € 56 billion by 2020 (Woods and Gohn, 2011),
Smart pricing to reduce network investment in smart distribution grids--Experience in Germany, in: Sioshansi, F. P. Ed.),Smart Grid, Integrating renewable, distributed & efficient energy.
How State Regulators Can Steer Investments Toward Customer--Side Solutions. Regulatory Assistance Project, Montpelier, Vermont, USA. http://raponline. org/docs/RAP SCHWARTZ SMARTGRID ACEEE PAPER 2010 08 23. pdf. Schwartz, L.,Sheaffer, P.,2010.
Regulation of the European parliament and of the Council on Specific provisions concerning the ERDF and the Investment for growth and jobs goal (EC) No 1013/2013 Foray, D. 2009a.
whether the model of attracting productive investment in Asturias, developed in recent years, can be maintained in the future.
With a large presence of foreign industrial investment accentuated in recent years thanks to public incentives for investment.
a) Low level of technological innovation in relation to the Spanish average. b) High concentration of economic activity in the industrial sector. c) Strong presence of foreign industrial investment with decision
There is no evidence yet that the document outline measures to stimulate private R&d&i investments, for instance through public-private partnerships.
RIS3 Strategy can be a great opportunity. k) Try to stimulate private R&d&i investments, for instance through public-private partnerships.
therefore set smart specialisation as a prior condition for investments in two key cohesion policy objectives for the 2014-2020 period:
and development needs based on knowledge, thereby stimulating private investment. Participatory process to build a shared vision among companies
In 2012, thanks to the regional companies'investment effort (with 61.8%of spending on R&d), Castilla y León has started to regain its position in the Autonomous Communities rankings,
Decline in private investment, decrease in R&d investment. Reduction of budget earmarked for R&d that leads to a reduction of public capacities for the support of structures, human resources,
Lack of previous analysis In public Government Bodies for social and economic return on investment related to ICT use.
Stop the fall of private and public investment in R&d. International approach: ü Co--operation with other regions (institutional.
Decline of private investment. especially reduction of R&d&i investment. Reduction of public budget for R&d&i: loss of support structure to R&d&i.
Increasing competition in international markets. Building the evidence base for RIS3 (I) SWOT Analysis R&d&i 14 Strengths Availability of broadband coverage throughout the territory (universal service).
Regional budget appropriations Funds obtained in competitive calls (national & European) Private R&d&i investments. Need to be realistic (crisis). 27 Evolution of science and technology expenditure in the Regional Government annual budget (1996--2013) Source:
outline measures to stimulate private RTD investment; build on a region's capabilities, competences, competitive advantages and potential for excellence with European and global value chains;
RIS3 is about the selection of a few investment priorities based on a process of entrepreneurial discovery to identify promising areas for specialization;
innovation, social investment, change and open society. Even if we focus on a single (broad) discipline, such as sociology,
A third related criticism might be that the vision of social innovation presented by BEPA has echoes of the social investment state (Giddens,
The'social investment state'represents a pragmatic response to the perceived economic and social challenges facing mature welfare states,
The main objectives of investment were improving web site presence and greater and richer interaction with customers.
As with previous rounds of‘e-government'cost savings and improved services are key imperatives behind recent and proposed investment (GOSS Interactive, 2013.
and end-users into this process and innovation that aims directly to address social challenges must cope with specific barriers that cause under-investment
For example, several reports on Social Return on Investment (SORI) have been published. Fujiwara (2013) suggests that defining social purpose
Whereas in the past innovation policy worked through investments in research and development, a broader view now needs to be taken of where innovation occurs
angel investment) promoting more and better technologybased start-ups (technostarters) in and around universities. These programmes can provide inspiration for policy development in other countries.
to create linkages between SMES and foreign direct investment ventures; and to attract highly-skilled labour from abroad.
securing better local embedding of foreign direct investment ventures, and attracting highly-skilled labour from abroad:
Embedding of foreign direct investment ventures should be promoted through integration of inward investment policies and cluster policies;
Facilitate the development of a social investment marketplace, for example with fiscal incentives to attract investors, multiple forms of credit enhancement,
and social innovation, using appropriate methods such as Social Return on Investment measures and balanced scorecards.
pervasive and generates an aggregate learning curve effect that increases the productivity of new knowledge investments.
Cross-national trade and investment have increased therefore, escalating competition and specialisation. This puts a premium on innovation.
Investments in new knowledge are seen to spill over in part to other agents, increasing their returns to innovation and driving further investment and growth.
Knowledge built up in universities, large firms and research organisations does not spill over automatically, however.
Whereas typical problems for STI-based innovation are under-investment in scientific research, lack of connections between science and industry and poor access to finance for knowledge-based start-ups,
this is still too often understood as being about investment in science and R&d policies, leaving aside the crucial issues of diffusion and exploitation of research
and investment subsidies and the improvement of productivity by helping new and small firms to carry innovations into the economy.
ENTREPRENEURSHIP AND INNOVATION OECD 2010 41 example through embedding of foreign direct investment, attraction of highly-skilled labour from overseas and building cross-national SME alliances.
and barriers to trade and investment. The indicator Barriers to entrepreneurship measures different regulations in the domain of entrepreneurship and is composed of three sub-indicators:
as part of Canada's Economic Action Plan 2009, NRC-IRAP received an additional investment of CAN 200 million over two years to stimulate innovation in Canadian SMES.
there was a demonstrated CAN 1. 88 investment from the client and other sources at the initial stages of a project.
which collectively represent investments of EUR 817.6 million. State aid in the form of a business activity subsidy reached EUR 191.9 million
and to prepare them to be more investment-ready for venture capital placements. The first three start-up accelerators were selected by a steering committee in June 2009.
and share the risk of R&d and innovation investments with other local partners. 2. FRANCE SMES, ENTREPRENEURSHIP AND INNOVATION OECD 2010 63 France A. Structural indicators on enterprise population
the Fund participates in innovation-oriented investment projects and assists SMES in developing their marketing skills.
foreign direct investment; increasing output; tech transfer; and the development of a fourth level in the higher education sector into an integrated framework,
Four key initiatives have been put in place to address this. i) Centres for Science, Engineering and Technology (CSETS) This investment programme links scientists and engineers across academia and industry.
The aim is to ensure better economic returns from R&d investments. iii) Research and development Fund This is a EUR 500 million grant scheme available to enterprises to support their R&d.
The projects will favour partnerships and synergies among universities, research centres, private companies, private investment equity, and local governments.
Only 30 projects were funded with R&d investments of about EUR 500 million. Additionally, 50 projects from 420 firms,
Only 25 projects were funded with investments of about EUR 450 million, of which EUR 180 million were state contributions.
The overall investment value is EUR 2. 2 billion. The selected projects concern new products and processes (158), firm co-operation systems (34),
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.
E 80 NTREPRENEURSHIP AND INNOVATION OECD 2010 Luxembourg National Credit and Investment Society The National Credit and Investment Society (SNCI) is owned a state bank that specialises in financing medium
With resources standing at EUR 580 million in 2005, the Society provides financing through equipment loans, medium-and longterm loans, innovation loans, financing of foreign investments, equity loans and participating
The National Credit and Investment Society also provides start-up loans of between EUR 5 000 and EUR 250 000 to new firms upon presentation of a business plan and reciprocal funding from the beneficiary of at least 15%.
E 86 NTREPRENEURSHIP AND INNOVATION OECD 2010 New zealand Technz Technz is a business investment programme designed to support companies
This institute acts under the authority of the Portuguese Ministry for Economy, Innovation and Development and aims at supporting the enhancement of SMES'capabilities, fostering SME investment,
COMPETE includes the Incentive schemes (IS) to support company investments that lead to innovation in technological and non-technological areas:
Collective Efficiency Strategies'formal recognition allows the submission of investment projects and respective action programmes,
and 8 clusters) foresee an eligible investment of around EUR 2 000 million, of which around one-quarter goes to anchor projects involving over 500 actors.
the company was created to help increase the amount of venture capital investment for SMES in the Slovak economy.
The European Investment Bank earmarked EUR 50 million for the Slovak Guarantee and Development Bank in 2009.
with EUR 163 million worth of subsidies and EUR 400 million in leveraged investments. NEOTEC NEOTEC is a programme that aims to encourage the creation and consolidation of new technology-based firms in Spain.
the investment cannot exceed EUR 500 000 per company. From 2002 to 2007, NEOTEC approved 257 projects, for which EUR 171 million were invested and EUR 81 million committed. 2. SPAIN SMES, ENTREPRENEURSHIP AND INNOVATION OECD 2010
Sweden has a long history of large (private) R&d investments and successful innovations, while the entrepreneurial climate and activities are limited very.
Fixed investment costs are financed also through grants and soft loans. Another policy measure for promoting technology-based entrepreneurship began in 2008 under the R&d Support Law No. 5746.
Key themes in the Board's investments relate to energy technologies, biotechnology, and projects focused on the low carbon economy.
1. Average level of financial investment by that source; includes all start-up firms. 2. Expressed as a proportion of the total startup firms with new financial injections. 3. Index scale of 0-6 from least to most restrictive.
In addition, the Goodwill Law provides a wide range of fiscal incentives or subventions for investments and hiring in R&d activities.
The policy has had a high impact on R&d investments within the private sector. Brazil registered an increase from BRL 1. 5 billion undertaken by 130 enterprises in 2006 to BRL 4. 8 billion undertaken by 291 enterprises in 2007.
Any item related to technical innovation and to new investments stated in the business plan of the enterprise is eligible to be financed by this programme.
Foreign direct investment (FDI) in the zones reached USD 61.88 billion in 2005, accounting for 10%of FDI to China in the same period.
The first investments were made by the Fund in the spring of 2008. Estonian policy has given a great deal of attention to entrepreneurship awareness raising among key stakeholders,
Technology Investment The Technology Investment programme supports (up to 40%of co-financing for SMES, 20%for large companies) the acquisition of both tangible assets and the intangible assets that are required to bring these acquired
or do not have a credit history) through a partnership programme, up to a maximum 60%of the total cost of the investment;
and technical skill improvement through mentoring programmes, up to a maximum of 40%of the total cost of the investment.
From 1998 to 2006, LIPI (Indonesian Institute of Sciences) has launched 389 projects with a total investment of IDR 54.46 million (USD 5. 4 million;
or expected returns on investment) and those that cannot yet meet bank requirements. Secondly, Iptekda has assisted successfully non-bankable SMES in financing
Established with a budget of USD 100 million in 1993, Yozma made ten investments in USD 20-25 million venture capital funds,
and 15 direct investments in technology start-ups. Yozma contributed towards 40%of the ten funds'total investment
while the rest came from foreign investors, creating a total of USD 210 million for investment in start-ups.
To minimise and spread risk the new funds syndicated many of their investments to a far larger extent than funds would consider today.
In addition, Yozma offered the foreign investors in these small funds insurance of 80%of their risk as well as the option of buying out the government's share within five years.
and nine of the 15 companies that enjoyed direct Yozma investment either went public or were acquired.
RVC plays the role of the Federal Fund of venture fund (fund-of-funds model), stimulating venture investment and financial support of the high-tech sector. 2. RUSSIAN FEDERATION SMES, ENTREPRENEURSHIP
, Science and Technology (MHEST) and the Ministry of the Economy (ME) have been supporting R&d and innovation activities in SMES through co-financing R&d projects, innovative research investments, research infrastructure, participation
Its goal is to stimulate the investment of micro and small enterprises in R&d new technologies, products and processes.
promoting the further involvement of Slovenian enterprises in defence R&d, development and investment projects, support to strategic R&d projects in the business sector,
and investment projects and support of strategic R&d projects. The latter was to be the single largest TIA programme, with more than EUR 109 million for the period 2009-12.
Besides the traditional programmes to support young researchers and young researchers from the business sector, the Public Agency of the Republic of Slovenia for Entrepreneurship and Foreign Investments (PAEFI) has two main programmes:
and investment by MSMES increased significantly: from ZAR 21.3 million (2006/07) to ZAR 75.8 million (USD 10.8 million) in 2007/08. 2. SOUTH AFRICA SMES, ENTREPRENEURSHIP AND INNOVATION OECD 2010 127 South africa Notes:
which points to a potential virtuous cycle effect between innovation through external linkages and innovation through internal investments in R&d.
which might indicate the local presence of green-field (newly established) foreign direct investment. Examples include Mazowieckie and Wielkopolskie in Poland;
Tacit knowledge is created not just a priori through investments in education and training or the attraction and retention of qualified labour,
Analysis of the impact of R&d investment on patent production provides similar results (Bottazzi and Peri, 2003;
) For instance, Feldman and Audretsch (1999) find that the diversity among complementary economic activities with a common science base is more conducive to innovation in terms of returns to R&d investments than narrow sector specialisation.
have equity investments in new firms, and commercialise R&d results. The establishment of KTOS has also been encouraged,
support investments in R&d. New financial services for R&d; investments in technology-based start-ups; appropriate evaluation of research intangibles.
Intermediary institutions (Development agencies, incubators, science parks, etc. Facilitate the match between providers and users of technology;
ii) knowledge transfers from foreign direct investment (FDI; and iii) attraction of skilled labour. All three can contribute to the generation, transmission and exploitation of knowledge,
Knowledge transfers from foreign direct investment Another important source of global knowledge is inward foreign direct investment (FDI.
Similarly, investment readiness 3. KNOWLEDGE FLOWS SMES, ENTREPRENEURSHIP AND INNOVATION OECD 2010 153 programmes are appropriate for later stages of business development in which equity finance is involved.
although marked inter-firm labour mobility can deter private investments in training, especially in SMES. University-industry staff exchange programmes should also be considered,
Inward foreign direct investment is also an important though sometimes overlooked source of new knowledge for the local economy
and promotion and those not working on core activities can find it difficult to justify strong investments in what may be seen by their hierarchies and peers as side projects, whatever the expressed interest of the students.
Examples of cost issues are involved the paperwork, the cost of preparation and planning of activities, investment in the training itself,
despite limited investment in formal training and strategic planning of training (Muller and Zenker, 2001).
and the investment activity of local governments in private sector development, for instance through smart infrastructure such as HEI networked business incubators,
Zwick, T. 2007), Apprenticeship Training in Germany Investment or Productivity Driven? Discussion Paper No. 07-023, Centre for European Economic Research, Germany.
and third, the investment is based on a commitment from government to use a portion of the public spending savings resulting from improved social outcomes to pay back the private investors, potentially more than their initial outlay.
The Social Impact Bonds are an example of a new financial tool to facilitate a more efficient market in social investment.
which is an investment fund specifically targeting social enterprises. It aims to fund hundreds of projects with a social and/or environmental objective during its 15-year lifetime.
The Commission had recommended that a Social Investment Bank be established to accelerate the flow of nongovernmental pools of capital to address social issues.
Social Finance developed a new social investment product, the Social Impact Bond, to target such social problems.
The bonds raise investment to fund prevention programmes. Investors receive returns from government when targets are met on improved social outcomes,
This will drive significant investment into addressing the causes of deep-rooted social problems and create a new way of working between government and socially motivated investors.
France launched in December 2009 A large Loan facility at the national level (Grand emprunt) to finance investment projects
E 206 NTREPRENEURSHIP AND INNOVATION OECD 2010 funding is critical in the early phases of a project as it covers the costs linked to a startup and also the costs of capital investments.
including the social return on investment measures and the balanced scorecard. Social innovation Support further research Governments should support further research in the field of social innovation.
and the identification of quantitative and qualitative measurement tools, including Social Return on Investment measures and the balanced scorecard.
p. 288) Institute for Social Entrepreneurs 2002 Social entrepreneurship is the art of simultaneously pursuing both a financial and a social return on investment (the‘double bottom line'.(
and foreign direct investment ventures and attracting highly-skilled labour from abroad. 3. Strengthen entrepreneurial human capital Build up entrepreneurship education in universities
including facilitation of a social investment marketplace, introduction of public procurement measures that include socioenvironmental criteria and experimentation with innovative institutional arrangements between civil society,
and social innovation policies and programmes using appropriate methods such as Social Return on Investment measures and balanced scorecards.
Green growth means making investment in the environment a new source of economic growth. Green jobsjobs that contribute to protecting the environment
Investment in knowledge creation, diffusion and exploitation are critical in this environment. Knowledge flows The flows of knowledge occurring
Europe and Australia were made available specifically for social impact investment. 2 The term social innovation has been embraced also broadly among socioeconomic scholars.
Over the past 15 years, social innovation in the UK has been supported systematically through public investment and new regulatory frameworks.
Some medium-sized technology start-ups and pharmaceutical research companies raise capital in the Alternative Investment Market at the London Stock exchange for instance;
They lack collateral (current assets or futures) and social return on investment; their organizational strategies do not follow traditional financial ratio modeling.
In other words, the demand and supply model of the traditional (credit) market fails to underpin social innovation investment.
R&d and technical excellence, attracting massive investment and government support. Smart is the New Green Smart products with intelligent sensing technology are being integrated with internet technologies to allow systems to react
Eventually cities, rather than countries, will be targeted as hubs of investment with each city becoming a unique customer with untapped opportunities in key industries such as mobility.
with sectors such as Smart Governance, Transportation and Smart Energy driving investment growth in this space. The pace of smart city market development will depend on how quickly companies converge
and position themselves as partners and solution providers to cities will benefit from new business and investment opportunities.
In fact, investments in high speed rail have been estimated to have potential to add 2 to 3%to countries'GDP growth through wealth and job creation.
but it still presents a Social Innovation investment need of over $2 trillion in 2020 alone a significant economic opportunity from even a conservative angle.
thereby changing traditional fixed costs to a variable cost model and massively diminishing upfront investment.
and the UK Trade and Investment department (UKTI) have put together a scheme where the NHS establishes overseas clinics.
& employees about health Extra investments generated outside the UK to improve services at local hospitals in the UK New forms of care delivery:
environmental food processing and eco-friendly packaging) o There are emerging paradigm shifts (such as the global shift in investment from cure to prevention
while also competing with one another for investment and business) o There is an opportunity for technology convergence (such as digital intelligence, internet of everything and data analytics in buildings, homes, grids, water networks, hospitals, cities, factories and transport
Frost & Sullivan leverages over 50 years of experience in partnering with Global 1, 000 companies, emerging businesses and the investment community from more than 40 offices on six continents.
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