-What does strategic social investment look like and how can social policy support it? -How to support people in lifelong learning to ensure adequate livelihoods in a changing world?
and the public and third sectors. o It will promote social innovation through the European Social Fund (ESF) building on the significant investments in social innovation which the ESF has made over the last ten years, all along the innovation cycle.
and sees that investments decrease. However, the sense of ownership and contribution of each individual country to the whole grid is different from how the U s. directs initiatives through its Department of energy.
and securing investments for projects in the energy sector. 2) An overall energy-efficiency action plan (2007 2012) establishes a firm objective of 20%improvement 3) The European energy infrastructure package identifies smart
Dispositions are taken also to favor international energy (electricity and gas) trade, collaboration and investment, separation of generation and supply from transmission networks, decentralized generation and energy efficiency,
and correspond to an investment of about 190 million. The Seventh Framework Program, the current program, will run until 2013
including on-demand power quality of supply, enhanced reliability, deferrals in transmission investment, and avenues for meeting renewable mandates in the face of growing disinvestments in transmission assets all of which cater to the smart grid philosophy.
and 5) supports transmission-anddistribution (T&d) investment deferral. Energy storage with power-electronics-interfaced units can create virtual rotational inertia, the so-called virtual synchronous generators,
while some conservation programs aimed at deferring investments in new assets (including generating facilities, power purchases,
since mid-1990s following deregulation of the industry, has enabled economic efficiency, fostered investments in technological innovations, and, for the most part,
climate change legislation and energy policy have been linked intimately with a strong impact on investment decisions from private companies.
in order to ensure that each player finds an acceptable ratio between the costs and returns on investments.
capital-upfront investment model to an operational expense, cloud computing promises to enable especially SMES and entrepreneurs the development and adoption of innovative solutions.
and scale back their operations without a major upfront investment. Despite its potential, the level of uptake remains low
wide range of financial products (encompassing equity investment, invoice discounting, secondary debt markets and insurance) will be of key importance to increasing its appeal.
others, such as Crowdcube in the UK, Seedmatch in Germany or Wiseed in France, provide equity investment,
Saves costs of raw materials, transport, storage, management etc. over relatively short time periods and with generally low-risk investments.
On average, these investments paid off after 13 months. Micro companies achieved high relative savings (comparable to 11%of annual turnover)
Research by the Carbon Trust showed that large UK businesses undervalue the financial returns from investments in energy efficiency by more than half.
Orangebox has set up a recycling centre at their site in Wales achieving a significant return on investment
Impact investment for eco-innovation? Impact investment is investment assessing not only the financial return on investment,
but also the environmental and social impacts in the course of the operations of the business and the consumption of the product or service,
Currently, several crowfunding platforms, such as www. Impactcrowd. com (NL) and www. crowdmission. com (UK), specialise in impact investment for ventures that aim to create environmental, social and economic impact.
and investments made in Europe over the last decade. DSI aims to promote innovation and social change based on the network effect:
and the type of investments made by the European union in this field. The final part of the paper concerns DSI impact evaluation and proposes a methodological framework for assessing specific results in a qualitative and quantitative way.
The investments made by the 2 European commission since 1999 are indeed significant with the largest budgets coming from its Research Development and Innovation framework programme of activities.
Adaptation from Jeremy Heimans Tedsalon Talk (2014) The role of the European union In this policy context we document the investments made by the European Commission since 1999.
These actions will make possible to better evaluate the investments made so far; it will also be possible to better understand the replicability and transferability of these initiative at national and local level and in non-European countries.
18 1. 2. 1 The European Investment Bank...23 1. 3 Structure of the report...
This report presents a number of recommendations for actions that are needed to ensure that the EU becomes a more attractive place for investment and education and research opportunities.
practitioners, academics and representatives of institutions such as the European commission, the European Investment Bank and the European Patent office (see list at the T ii FOREWORD end of this report.
but overall innovative investments by businesses still appear relatively weak. Importantly, highly dynamic sectors such as ICT (information communication technology) account for almost one half of EU productivity growth,
a total lack of harmonisation prevents cross-border venture capital investment and the creation of funds in areas where financing for innovation is needed.
high-impact projects receive adequate funding and return innovation and growth on this investment. The European Institute of Innovation and Technology (EIT) is to be a key driver of sustainable European growth and competitiveness through the stimulation of world-leading innovations with a positive impact on economy and society.
and technology transfer support via the European Investment Fund (EIF), the European Investment Bank (EIB) could consider widening the scope of applications, in particular by broadening and deepening risk-sharing operations,
i e. to include innovative services and demandside measures, such as the lead market initiative or pre-commercial procurement.
On the contrary, it may discourage investment by major players. Access to CRTS does not depend on the removal of IPRS and patents.
Encourage the elimination of tariff barriers for CRTS One serious obstacle to investment by advanced companies in LDCS
TOWARDS EUROPE 2020 An important issue is the ability of the European Investment Bank (EIB) to reach dynamic and innovative small firms
in which SMES suffer from a chronic lack of support for innovative investments, in particular due to difficulties in accessing both public and private sources of funding.
for example the US and Japan in terms of investment in R&d&i. Public funds at EU level are available.
A NEW APPROACH TO INNOVATION POLICY IN THE EUROPEAN UNION 23 1. 2. 1 The European Investment Bank The European Investment Bank Group already leverages EU budgetary funds in support
of R&d&i investment. In addition to cross-border venture capital and technology transfer support via the European Investment Fund (EIF),
the EIB could consider widening the scope of applications, in particular by broadening and deepening risk-sharing operations,
IP financing, technology transfer, seed financing, investment readiness Target group: VC Funds, business angels EIF product:
financing SMES/Midcaps, banks, PE investors (sub-investment grade) Loans (incl. Mezzanine), funded risk-sharing facilities with banks (investors) 4 Investment lloans Investment lloans RDI financing Midcaps/Large corporates/public sector entities (investment
grade) Loans, guarantees Later Stage Counterparts Source: Presentation by Harald Gruber at the CEPS Task force. 5‘Pre-commercial procurement'describes an approach to procuring R&d services other than those where the benefits accrue exclusively to the contracting authority for its use in the conduct of its own affairs,
such as senior investment loans. RSFF instead is used to fuel innovation by sub-investmentgrade rated firms (Moody's BBB-or less),
but overall innovative investments by businesses still appear to be relatively weak, especially if compared to the US
With respect to the EU, US and Japan, the US appears to be a major destination and the EU a major source of R&d investments.
a total lack of harmonisation prevents cross-border venture capital investment and the creation of funds in areas where financing for innovation is needed.
There is a general need to expand private investment and public financial support, and the amount of risk capital from different 34 A NEW APPROACH TO INNOVATION POLICY IN THE EU sources;
o Establishing an integrated venture capital market in Europe o Expanding the permanent risk-sharing products of EIB o Developing tax incentives to support investments in R&d and innovation, especially for young innovative companies.
and technology transfer support via the European Investment Fund (EIF), the European Investment Bank (EIB) could consider widening the scope of applications, in particular by A NEW APPROACH TO INNOVATION POLICY IN THE EUROPEAN UNION 35 broadening and deepening risk-sharing operations,
to include, for instance, innovative services and demand side measures, such as the lead market initiative or pre-commercial procurement.
For example, there has been a lively debate over Europe's huge investment in the ITER project,
and to investments in research by 20 Two cases are taken often as an example of inconsistent results:
Both areas of technology transfer also relate to the impact of public investment into research and, more closely,
One major goal of any policy on innovation should be to pay more attention to the return on investment for public money devoted to research.
the transfer of technology in this field is about ensuring appropriate returns on investments. At the outset, the definition of CRTS is necessary to identify those technologies
since large investments are required along the value chain. Yet, the role of IP protection should be emphasised,
At the same time, though, compulsory licensing brings about negative incentives on R&d investments and business development since returns for technology producers become shaky. 35 The idea was developed first by Cohen and Levinthal (1990),
In this respect, intellectual property rights are still one of the determinants of foreign direct investments (FDI)
Notably, a failure to protect R&d investments abroad due to opportunistic behaviours of competing MNCS or other foreign institutions would result in harm to LDCS,
since in the long run FDIS will be redirected towards those countries that ensure higher standards of protection for R&d investments.
Directorate General for Research EIB European Investment Bank EIT European Institute of Innovation and Technology EOTA European Organisation for Technical Approvals EPLA European Patent
Electricity and Semiconductor Technology European Patent office Mr. Harald Gruber Head of Division European Investment Bank-EIB H. gruber@eib. org Mr. André
. Per Tervahauta Counsellor for Industrial Affairs Permanent Representation of Sweden to the EU per. tervahauta@foreign. ministry. se Mr. Kristian Uppenberg Senior Economist European Investment Bank
i e. the kind of investments needed to achieve the vision state of technology. After the creating a vision and a roadmap,
76 9. 9 INDICATORS BASED ON INVESTMENT...77 8 9. 10 INDICATORS OF ECONOMIC & SOCIAL BENEFITS...
and attract international talent, new business and investment. This requirement for a knowledge-based society is central to European union and national government strategies for sustainable economic and social development
providing human capital through education and training, attracting high-skilled talent and investment, actively engaging with the local and regional community through knowledge and technology transfer,
In 2005, the European council (p. 4) reaffirmed its commitment to increasing investment in R&d to 3%GDP in addition to as well as‘more numerous well-trained and motivated researchers'.
and research to generate increased investment, attract researchers from inside and outside Europe, enhance the impact of university-based research on SMES and regional innovation,
and HE performance and output and to support return-on-investment. Many research agencies also use the results of research assessment exercises to help aid resource allocation,
are likely to use benchmarking data to identify potential‘investment'opportunities, using the information as a proxy for value-for-money
and return-on-investment. o Benefactors/Philanthropists o Alumni Ministries of Higher education in Developing Countries A growing number of countries use rankings to award scholarships for overseas studies
It is also important to inform government, industry, business and the community about the results of public investment in research.
'Total R&d investment Total investment in university-based R & D (research and development) from all sources, including external research income
and university resourcing of research, including Investment in research is a strong predictor of research performance.
Agree basis on which to calculate full cost of research investment. 48 INDICATORS DESCRIPTION PRO/POTENTIALITIES CON/LIMITATIONS
She is interested in the subject of mobility and knowledge flows focusing on the higher educated people, the human resources of S&t and the impact of foreign direct investments on mobility.
and experts groups of the European commission, the High Level Expert Group on Reporting of Intellectual Capital for increasing investment in Research and development among them.
In other words, it works better for the sciences than the arts, humanities or social sciences. 9. 9 INDICATORS BASED ON INVESTMENT 9. 9. 1 EXTERNAL RESEARCH INCOME Description:
It may also be difficult to find comparable data on research income. 9. 9. 3 TOTAL R&d INVESTMENT Description:
Total Investment in University-Based Research from All Sources This indicator includes all university allocations (e g. investment) in research allocated from the government block or operating grants and externally-earned income, e g. international
Pro Investment in research is arguably one of the strongest predictors of research performance at the level of the institution, region and country.
This indicator links university R&d investment to Government and Business Investment in R&d (BERD) at regional and national level.
because a significant proportion of institutional investment is cross-institutional subsidisation. 79 9. 9. 4 RESEARCH INFRASTRUCTURE Description:
identifying areas that are internationally competitive and emerging areas for further investment. A trial of ERA in 2009 will evaluate two clusters, with the full ERA running in 2010.
together with emerging areas where there are opportunities for development and further investment'.'Policy Objective (s:
Over time, increased confidence and investment in Australian research by State and Federal governments and industry.
1. Investment in the dissemination of scientific culture; valorization (patents; 2. Number of full research fellows (chercheurs) in the lab, compared to other members (university faculty) who teach
and to know how far China needed to go in investment and development, the SJTU researchers developed ARWU.
and the taxpaying public that has a form of investment in their government-funded higher education opportunities;
Dilemmas for managers include proof of return on investment for health IT versus leadership and tough management decisions;
health information technology, e-health, critical success factors, critical enablers, leadership, physician collaboration investment remains difficult.
The study showed that effective e-health investment does indeed result in better quality and improved productivity
even if there is a lack of sufficient empirical and quantitative evidence regarding return on investment, particularly in the area of cost containment.
In addition, in all cases, there was a major investment on the part of the Health System Integrator organisation in training,
'and‘return on investment'studies under the assumption that these will convince leadership to make the commitment and the necessary investment.
Connectivity and investment in the communication infrastructure for clinical data exchange is a must for a system that will be sustainable over time, in terms of benefit to doctors, patients and the healthcare system.
which do not require a high level of capital investments. Potential strategies, for instance, could be: o Cooperative agreements with local research institutions and/or firms o Outsourcing of parts of the innovation process o To limit the financial burden of setting up
World Investment Report 2005: Transnational Corporations and the Internationalization of R&d, United nations Conference on Trade and Development, Geneva.
EUR%Investitionen in Infrastruktur (Investitionen und Kosten des Entwicklungsträgers) 503 34%167 20%670 29%Investment in Wissenschaftsinstitute (Humboldt-Universität und außeruniversitäre
Institute) 506 34%60 7%566 24%Investments WISTA MANAGEMENT GMBH 290 19%72 9%362 15%Private Investments 197
140 Mio. € Public and private investment in Adlershof (1991 2012) Sustainable Development Companies in the Science and Technology Park IT and Media 75 Biotechnology and Environment 71
and air analysis Analytics Biotechnology products and procedures development Pharmaceutics and Medicine Energy-saving processes 19 Centres, Real estate, Investment 20 Innovation and Business Incubation
6. 761 m (for about 25 enterprises) Investment: 8. 6 Million euro Start of Construction:
6. 500 m Special infrastructure with labs, clean room (1. 050 m), offices, pre-installed network for gases, centralcooling system, high-speed communication network Investment:
approx. 8, 000 m Investment: approx. 26 Million euro Start of Construction: October 2009 Completion:
EUR%Infrastructure Investment 495.0 35+70 14 Investment in Res. Institutes 426.9 30+10 2 Investments WISTA 233.1 17+70 14 Private Investments 197.2 14+350 69 Investments Service provider
56.2 4+5 1 TOTAL 1, 408.5 100 505 100 Success Criterion finance model: Increasing private investment Services 45 WISTA-MANAGEMENT GMBH Services for Companies Comprehensive building infrastructure Favorable rent and additional expenses Incubation and promotion of start-ups
, Consultation for grants and loans, etc. Joint project development Participation in specialized networks Communication services Service Packages International contacts
High Tec Facilities Lab and related office space at low rents for SME Flexibility Berlin Subsidies Investment subsidies Research subsidies Personel recruitment subsidies
grants & Cohesion Fund grants European Investment Bank (EIB) EIB loans LGTT guarantees The Europe 2020 Project Bond Initiative loans Marguerite Fund equity
financing Nordic Investment Bank (NIB) NIB loans BSAP Fund grants European Bank for Development and Reconstruction (EBRD) Loans, equity financing, guarantees, grants
Corridor investments, Smart logistics and governance, Clean shipping and Business solutions for green transport. This report is one of the Cluster's outputs and concerns the best practices in transport infrastructure financing.
and to combine the EU grants with national funding and private investments. Grants that support the cohesion policy of the Union and individual EU Member States.
For example Nordic Investment Bank has created its own financing instruments in order to fulfill its specific targets and action plans.
and Commercial banks and Investment banks such as NIB and EIB are the main lenders. Source: http://www. eib. org/epec/resources/epec-using-EU-funds-in-ppps-public. pdf EU instruments TEN-T grants EU has founded the Trans-European transport network,
and during the period 2007-2013 total investments in the regions will be a total of 347 Billion euros
During the budget period 2007-2013 investments to transport sector will be concentrated to the Convergence regions.
PDF http://ec. europa. eu/regional policy/financial/index en. cfm European Investment Bank (EIB) EIB loans EIB's main financing instruments are medium
and EIB covers up to 50%of the investment costs, but the average loan amount is approximately one-third.
The lending conditions depend on the investment target and securities that third parties offer. Indirect lending or intermediate lending is designed for smaller projects than 25 Million euros.
-bank-launch-new-instrument-to-finance-european-transport-network. htm http://ec. europa. eu/economy finance/financial operations/investment/europe 2020/documents/annex 2a en. pdf 11/38 Best
http://ec. europa. eu/economy finance/financial operations/investment/europe 2020/documents/com2011 660 en. pdf http://europa. eu/rapid/press-release memo-12-370 en. htm
Transport Cluster commitments in Greenfield. 30-40%of the fund's investments go to core transport sector
pageid=1 Nordic Investment Bank (NIB) NIB loans Nordic Investment bank has several loan products:
The BSAP-fund is managed by NIB, Nordic Investment Bank and NEFCO, the Nordic Environment Finance Corporation.
and also the European union and the European Investment Bank are participating. The EBRD cooperates with other international financial institutions such as the World bank.
Direct investments for projects range from 5 Million euros to 230 Million euros. The funding rate is up to 35%of the total project costs.
The role of private funding has increased at the current economical situation and infrastructure projects need more private investments.
European Investment Bank, The EIB's role In public-Private Partnerships PPP models are built often using project finance.
DBFOM is financed also 16/38 Best practices in transport infrastructure financing 1/23/2013 The Baltic Institute of Finland/BSRP Transport Cluster with public grants and private equity investments.
http://ec. europa. eu/economy finance/financial operations/investment/europe 2020/documents/com2011 660 en. pdf http://www. eib. org/attachments/efs/eibpapers/eibpapers 2010 v15 n02 en. pdf
and the relevance of private investments is increasing. Nevertheless national funding is the backbone for transport infrastructure financing.
Nordic Investment Bank (NIB) is financing the first phase of the project by granting a loan of 192 Million euros to the Norwegian Avinor.
and this has led to various investments and expansions. The video surveillance system of the terminal was upgraded in 2005.
but the EU Cohesion Fund and the Republic of Lithuania are also participating to the investments.
and are dependent on the size of the investment. Norway has taken advantage of the Nordic Investment Bank (NIB.
Several Norwegian infrastructure projects also in the field of airports have received loans from NIB. The Baltic states Latvia, Lithuania and Estonia have received funding for airport infrastructure from Cohesion Fund
The construction of a total new airport is a massive investment and the risks are enormous,
In Berlin Brandenburg airport the investments and risks were transferred to a Special Purpose Vehicle (SPV), Berlin-Brandenburg International Partner (BBIP.
The investment consortium collected the necessary funding and carried the risks 23/38 Best practices in transport infrastructure financing 1/23/2013 The Baltic Institute of Finland/BSRP Transport Cluster caused by the delay.
and EU is supporting investments in the airports. Because of the fast growth in air travelling, the European commission is creating a legislative framework for European aviation and developing the common European airspace.
and investments but nevertheless the investments have also other targets and goals, few examples of water infrastructure projects:
and the rest of the investments would be paid by the port authority. The second phase of the project would be financed from public and private sources.
Decisions on organization, operations and investments are made at local level, because almost every port is owned by a municipality in Sweden.
What comes to return on investments it is a great failure. The Channel tunnel consists of three tunnels connecting Britain to the Continental Europe.
European Investment Bank provided the tunnel project a loan the deal was signed by a group of 50 banks
The European Investment Bank finances nearly half of loan demand and it granted loans from the Nordic Investment Bank, Nordea and other commercial banks.
The financing consortium for the A2 motorway is composed of 11 international banks led by the European Investment Bank
European Investment Bank provided a 14-year-maturity loan for the project. Also Pohjola Pankki Plc is participating in the financing of the E18 motorway.
The European commission has created the White paper which acts as a roadmap for future's transport infrastructure investments.
and to generate revenues for future transport investments. The aim of this report was to describe different and available funding sources
which makes it an attractive investment target for private sector. One goal for this report was to represent a wide range of different PPP models
which enable firms to pursue the necessary investments in R&d and enhance the knowledge content of the product
and will investigate investments associated to innovation; expenditures in R&d both internal and external to the firm;
As such, they consider all the investments associated to: R&d; acquisition of advanced machinery, equipment and software for innovation;
The next two tables provide a more specific proxy of the actual expenditures in research and development at the firm level providing a more direct assessment of the investments purely associated to technological innovation.
In 2010, the EU-25 average proportion of intramural R&d expenditures by SMES was around the 35 per cent and the countries with a higher quota of SME investment in internal R&d awere eleven
The average level of outsourced investment for SMES was slightly lower than the average internal expenditures:
along with investment in equipment, enhances the likelihood of having both process and product innovation. Both these kinds of innovation have a positive impact on firm's productivity, especially process innovation.
final remarks In the previous section we looked at key innovation inputs such as broad investments associated to innovation and expenditures in R&d;
How would you define non-performing investments in the S3 context? 2 Summary Innovation Index (SII) Source:
making it a sustainable knowledge economy Investment in Our Future The National RDI Strategy 2020 Main objective:
Objectives in the National RDI Strategy 2020 used already in the EDIOP GINOP planning Smart specialisation the planning framework Investment in our future:
*before detailed processing of the regional strategy documents and finalisation of the synthesis Required strategic integration for RDI-based growth (only the main and RDI-relevant funding sources are illustrated) Investment in our future:
to be defined, see the slides on governance) Private R&d+I investments are stimulated foremost by the National RDI Strategy (tax measures+collaborative R&d), for the S3 process,
including a review of the strategy based on the evaluation outcomes to weed out non-performing investments Challenges in relation to monitoring at regional level
How would you define non-performing investments in the S3 context? THANK YOU VERY MUCH FOR YOUR ATTENTION
or the absence of investment in vital infrastructure such as sewage, or starvation and undernourishment in the midst of the world's food overproduction, among many others.
so it does not require material investment or large-scale logistics for implementation. Indeed, it could be said that there was an almost immediate passage from research to the effective resolution.
at least from the start, on significant ICT and other infrastructure investments. Such high levels of investment were not necessary in the Naprawmyto case,
but because both smart places cases potentially have a broad focus across different issues and sectors
and use of ICT in social innovation The Eastserve case shows how ICT can have an important supporting role in helping an economically and socially deprived community through significant ICT investment in infrastructure and training
originally supported by public innovation funds (both European and Danish) as well as private investment by Medisat itself,
originally supported by public innovation funds (both European and Danish) as well as private investment (by Medisat itself),
The company also continues to cooperate with the public sector in developing new applications using its own and public investment and innovation funding.
investment and commercialisation represented by the Patient Briefcase are documented well and include: The problems associated with the release of commercially sensitive information and data
originally supported by public innovation funds (both European and Danish) as well as private investment (by Medisat itself),
Overtext Web Module V3.0 Alpha
Copyright Semantic-Knowledge, 1994-2011