Vision for Ireland 6 Entrepreneurship Environment Key Elements 8 Strategic Objectives 12 Entrepreneurship in Ireland 14 Measuring Irish Entrepreneurship International Benchmarks 15
Alternative and innovative sources of financing 41 4. 3 Microfinance Ireland & Credit Guarantee Scheme 41 4. 4 Venture capital 41 4. 5 Access
we must benchmark ourselves against the best in each area and promote improvement across the system.
Stimulate and support high levels of quality entrepreneurial ventures with high growth, export, wealth and job creation potential. 3 Innovation Make Ireland a location of choice for high quality international startups.
and international venture capital investors and continue to develop the domestic venture capital sector. Ensure that the banks develop the skills
Measuring Irish Entrepreneurship International Benchmarks Measuring a country's entrepreneurial profile is not a straightforward exercise.
Benchmarks are required to measure the impact of entrepreneurship and compare performance across a number of variables and between comparator countries.
Ireland is performing well against a number of international benchmarks on various business environment indicators.
IRELAND GEDI Benchmark or Indicator Reference point Size of population (million) 4, 588,252 Per capita GDP Euro (PPP, World bank) 40,375 Rank in Doing Business index 2013 15
and the availability of venture capital. GEDI addresses many of the deficiencies of previous measures by combining some of the basic requirements.
A number of the larger EU countries, such as Britain (10th), France (13th) and Germany (17th), all perform below their potential because of a shortage of venture capital.
while India has a shortage of venture capital. The capital-rich Gulf states score very low on launching new products and on starting new companies.
Stimulate and support quality entrepreneurial ventures that have high growth, export, wealth and job creation potential.
and operation of new ventures. 7 All policy initiatives that are intended to stimulate or promote entrepreneurship
Given that Ireland is performing strongly across international entrepreneurship benchmarks, as measured by GEDI, Ireland's entrepreneurial profile is that of an innovation-driven economy.
and data for Ireland compiled across international benchmarks. This analysis will reveal the particular conditions that are driving high
DJEI) Develop a consistent benchmark index for Ireland that will measure and track trends across the national entrepreneurship system.
This strategy will set out performance indicators and measures to benchmark entrepreneurial activity in Irish higher education.
HEA) Set out performance indicators and measures to benchmark entrepreneurial activity in Irish higher education. DES, HEA) Develop an Entrepreneurial Phd programme with a view to training more scientists in SFI supported research teams to launch their own businesses.
The availability of seed and venture capital funds The availability of tax breaks under various startup tax reliefs An expanding suite of easy-to-use regimes that take unnecessary compliance costs out of the requirement to meet
Subject to EU State aid clearance, Budget 2014 introduced a targeted CGT relief designed to encourage business people to re-invest the proceeds of previous asset disposals into new business ventures.
500 Startup Training 4. 0 3, 800 Seed & Venture capital 55.0 186 Commercialisation Fund 15.7 64 Incubation Centres (26) 2. 0
355 National Policy Statement on Entrepreneurship in Ireland 29 The supports available range from startup training and feasibility study grants to direct support, access to seed and venture capital and various levels
A wider range of performance indicators will be developed on foot of this Policy Statement to benchmark progress
Únag) Stimulate and support high levels of quality entrepreneurial ventures which have high growth, export,
Benchmark the quality and outcomes of these courses in Ireland against international best practice. DJEI and other Depts./Agencies) Vigorously promote the full range of supports to startups under the Action Plan for Jobs brand to ensure startups are aware of and avail of the full range of available supports.
the seed and venture capital markets in Ireland have tripled in size in the past decade, with almost half of this finance coming from funds leveraged by Enterprise Ireland.
and impact of both schemes. 4. 4 Venture capital Venture capital is an essential source of funding for innovative
In the last 10 years Irish venture capital firms have invested €1. 5 billion in Irish SMES
The sizes of the venture capital funds have increased and the skill set of Irish venture capitalists has deepened considerably in recent years,
However, a shortage of capital worldwide for venture investment is creating uncertainty about the level of future inflows to Ireland.
a Government initiative designed to attract leading international venture capital fund managers to Ireland. Venture capital funds that receive an investment from EI have to invest a meaningful proportion of their fund in Irish companies or companies with significant Irish operations.
By June 2014, Enterprise Ireland had made four investment commitments through IFI with a combined value of approximately €80 million, out of a total EI allocation to the fund of €125 million.
and international venture capital investors and continue to develop the domestic venture capital sector Double the volume of angel funding over the next five years through such actions as reforming the Employment Investment Incentive.
EI, NPRF) EI will issue a second call for expressions of interest under the Seed and Venture capital Scheme 2013-2018.
The private sector supported Seed and Venture capital framework in Ireland, including the current AIB Seed Capital Fund,
and data for Ireland compiled across international benchmarks. Many of the performance indicators listed below focus on output.
Further indicators will be added from international benchmarks such as the Global Entrepreneurship & Development Index (GEDI. Culture, Human Capital & Education The Global Entrepreneurship Monitor (GEM) provides an annual assessment of the entrepreneurial activity,
Performance indicators will be developed to benchmark progress to compare best practice at home and abroad and to set stretch targets.
Seed & Venture capital Scheme: Aims to increase the availability of risk capital for SMES to support economic growth through the continued development of the Seed
and Venture capital Sector in Ireland to achieve a more robust, commercially viable and sustainable sector. 2011: 116 investments;
and support them to commence investment under the first call for expressions of interest under the Seed and Venture capital Scheme 2013-2018.
and Venture capital Schemes and minimum of those commitments are invested in Irish companies. The funds do
Venture capital funds need to be involved more intensively in the implementation of start-ups'support programmes. As for policy measures that support innovation collaboration,
access to venture capital services; and linkages building with potential business partners. 36 Regional Innovation Monitor Plus 3. 5 Possible Future Orientations
We are introducing closer monitoring of impacts to measure performance and to test areas of opportunity against international benchmarks in the areas of job creation, startups, market penetration, innovation, efficiency of public sector interface with enterprises, cost competitiveness, finance
Benchmark metrics are supplemented with key data from the annual surveys of the Enterprise Agencies, such as employment, expenditure, sales,
650 respectively between 2011 and 2013 and further progress is needed to get to international benchmarks. Across the EU
Increase researchers in enterprise to international benchmarks; and Target to double patent and trademarks and registered design performance.
equity provision or venture capital support. 7 Central bank SME Market Report 2014 H2 26 Selected Targets for 2015:
which is below international benchmarks. Increasing intellectual property management and exploitation capabilities within firms across all sectors of the enterprise base is an important step in addressing this gap.
The commitment by EI of €99. 5 million to a number of funds under its Seed and Venture capital Scheme (2013-2018;
venture and growth capital in Ireland is above average in an international context. The ESRI suggests that in practice the scope to substantially increase the share of this type of funding may be limited.
& Venture capital Scheme (2013 2018) to stimulate job creation and support the 68 funding requirements of young innovative Irish companies.
The overall vision of the Seed & Venture capital Scheme (2013-2018) is to increase the availability of risk capital for SMES to support economic growth through the continued development of the Seed
& Venture capital Sector in Ireland to achieve a more robust, commercially viable and sustainable sector.
D/Finance, DJEI) 120 Issue a competitive second call for expressions of interest under the Seed and Venture capital Scheme 2013-2018.
Under each objective we shall identify key benchmarks and develop actions with public agencies and private actors in the field to deliver continuous improvement. 7. 1 Progressing the National Policy Statement on Entrepreneurship The six key elements that make up the ecosystem for entrepreneurship in Ireland are:
HEA) 187 Set out performance indicators and measures to benchmark entrepreneurial activity in Irish higher education. DES, HEA) 188 Work with the Department of Social Protection to promote the Back to Work Enterprise Allowance,
The international invitees will be from strategic target areas such as venture capitalism, corporate venturing, corporate backed accelerators, intern programme placement managers.
D/Taoiseach, All Departments) 247 Benchmark key business costs and publish a report highlighting areas where Irish enterprise costs are out of line with key competitors.
while in 2013, Enterprise Ireland invested €203 million in capacity, innovation and equity ventures to allow agri-food companies become more agile in order to secure export sales on global markets.
000,000 (169) of indigenous and MNC (2017) Increase researchers in enterprise to international benchmarks Target to double patent and trademarks and design performance 2. 3-Europe's Energy
Business Innovation Research SCS Seed Capital Scheme SEAI Sustainable Energy Authority of Ireland SVCS Seed and Venture capital Scheme SFA Small Firms Association
in order to enhance social wealth by creating new ventures or managing existing organizations in an innovative manner (p. 522).
and,(5) is unusually resourceful in being undaunted relatively by scarce assets in pursuing their social venture.
As an immediate step, it will pilot a European Public sector Innovation Scoreboard as a basis for further work to benchmark public sector innovation.
In terms of financing of new social innovation ventures, the SI Park will contribute to expanding funding opportunities through establishing a‘Social Business Stock market'
into a single figure to benchmark country performance for policy consumption seems likewise irresistible. Saisana et al.
Extreme values should be examined as they can become unintended benchmarks. Multivariate analysis. An exploratory analysis should investigate the overall structure of the indicators
To discuss the presence of outliers in the dataset as they may become unintended benchmarks.
The reference could also be an external benchmark country. For example, the United states and Japan are used often as benchmarks for the composite indicators built in the framework of the EU Lisbon agenda.
Alternatively, the reference country could be the average country of the group and would be assigned a value of 1,
or an external benchmark. 5. 5. Indicators above or below the mean This transformation considers the indicators which are above and below an arbitrarily defined threshold, p, around the mean:
It requires any of actual time series, benchmarks or projections, thus poor data availability may hamper its use.
analysis (DEA) Data Envelopment Analysis (DEA) employs linear programming tools to estimate an efficiency frontier that would be used as a benchmark to measure the relative performance of countries. 26 This requires construction of a benchmark (the frontier) and the measurement
The following assumptions are made for the benchmark:(i) positive weights the higher the value of a given individual indicator, the better for the corresponding country;(
The distance of each country with respect to the benchmark is determined by the location of the country and its position relative to the frontier.
The line connecting countries a b and c constitutes the performance frontier and the benchmark for country d
while the benchmark corresponds to the ideal point with a similar mix of indicators (d'in the example).
The benchmark could also be determined by a hypothetical decision-maker (Korhonen et al. 2001), who would locate the target in the efficiency frontier with the most preferred combination of individual indicators.
the composite indicator is defined as the ratio of a country's actual performance to its benchmark performance:
suggested obtaining the benchmark as the solution of a maximisation problem, although external benchmarks are also possible:()
===Q q 1 qk q I, k {1,,...M} I*I*(w) argmax I w k (20) I*is the score of the hypothetical country that maximises the overall performance (defined as the weighted average),
ii) the benchmark would in general be country-dependent, so there would be no unique benchmark (unless,
as before, one particular country were best in all individual indicators), (iii) individual indicators must be comparable,
..M (21) subject to non-negativity constraints on weights. 28 The resulting composite index will range between zero (worst possible performance) and 1 (the benchmark).
The benchmark is based not upon theoretical bounds, but on a linear combination of observed best performances.
(which will remain stacked to 1). This can be solved by imposing an external benchmark. Unobserved Components Models--e g.
M. 29) The second method is based on the number of indicators that are above and below a given benchmark.
(and reach compromise on weighting) on an index to be used to benchmark best practice, but such acceptance cannot be taken for granted.
Conduct benchmarks and consider what is being done externally in the field. Map Resources Design a supply chain map:
Benchmark your product (s) against competitors on environmental aspects, alongside function, cost, pricing etc. Identify your product (s) absolute and relative environmental features
venture capital; angel investors; share ownership; and crowd funding? What are associated the risks with each source of funding?
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.
easy-tounderstand way, project representatives will be able to visualise their impacts by comparing their performance with a set of benchmarks (Passani at al, 2014a.
certainly including the current fragmentation of the Internal Market and the absence of welldeveloped venture capital;
a total lack of harmonisation prevents cross-border venture capital investment and the creation of funds in areas where financing for innovation is needed.
In addition to cross-border venture capital 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,
increasing venture capital, increasing the availability of skilled labour and enhancing international cooperation. In more in detail, short-term solutions include better application of existing state aid rules, a level international playing field and improved access to finance.
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,
a total lack of harmonisation prevents cross-border venture capital investment and the creation of funds in areas where financing for innovation is needed.
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.
In addition to cross-border venture capital 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,
and calls into question contractual forms or venture partnering, whereas transfer of knowledge also means skills, mobility of researchers, incentives for talent.
Attention is shifting to mechanisms to assess and benchmark the quality and performance of university teaching and learning,
while QA agencies use institutional data to benchmark and assess quality and performance. o Funding Agencies o Enterprise and Development Agencies Academic Organisations and Academies In many countries,
helping to benchmark performance against appropriate peer institutions worldwide in order to learn and share experience, and improve performance.
and efficiency Quality assurance Publicity Student and academic recruitment Improve and benchmark performance and quality Institutional and discipline/field data re. level of intensity, expertise,
and benchmark performance and quality Aid resource allocation Investor confidence/value-for-money and efficiency Benchmarking performance and quality of HE system institutions nationally and worldwide ACADEMIC ORGANISATIONS AND ACADEMIES Benchmark
Accordingly, it is often difficult to simply compare or benchmark performance on the basis of departments or faculties.
Use holistic peer review assessment panels to benchmark performance against international comparators, assisted by simple output indicators.
compare Australia's university research effort against international benchmarks; create incentives to improve the quality of research;
At the same time, the evaluation will provide a benchmark for further development of research..Methodology, incl. time-frame, resources, costs, technologies:
but universities do use it to benchmark performance. Both rankings have helped to make it clear that there are differences between German universities.
A ratio of 10:1 as a benchmark for excellence, worthy of 100pts in the league table.
This sensitization to mutual cultural issues may play a key-role in the success of an international venture.
Kakati M. 2003), Success criteria in high-tech new ventures, Technovation, Vol. 23 Issue 5, pp. 447 457 2013 Brief on INNOVATION PERFORMANCE
which is not really very uncommon for social ventures in Germany. As the venture is still in the planning/start-up phase,
there is yet no proven sustainable business model. However, economic sustainability is envisioned to be achieved by the commercial branch.
There are many relationships that are worth mentioning in dothiv becoming a successful venture: First and foremost, the 105 relationship between domain operators, large and small,
Overall, one the central goals of the venture is just that: The establish and improve relationships,
which is not really very uncommon for social ventures in Germany. As the venture is still in the planning/start-up phase,
there is yet no proven sustainable business model. However, economic sustainability is envisioned to be achieved by the commercial branch.
As of December 2013 Coursera had received over $85 million in venture capital (Crunchbase, 2014. It has been crucial for MOOC's success that it has been able to make strategic collaborations with some of the most renowned universities around the world.
'Assessing User Centric egovernment performance in Europe egovernment Benchmark 2012 European commission (2014) Mapping smart cities in the EU, Directorate-General for Internal Policies, Economic and Scientific
Many ventures start with a practice or prototype and only fully flesh out the demand in terms of needs much later.
International benchmark categorisations point to nonnegligible gaps between CH and advanced knowledge hub regions in terms of a wide variety of indicators.
International benchmark categorisations point to non-negligible gaps between CH and advanced knowledge hub regions in terms of a wide variety of indicators.
The Central Hungary Operational Programme (CHOP) applies SWOT analysis, benchmark comparisons in the field of innovation performance assessment.
In Hungary, the venture capital (VC) part of the JEREMIE initiative was introduced in 2009, (the micro loan and SME working capital financing programmes started earlier).
media events that provide publicity to innovative actors'results. 6. Promotion of the diffusion, production and use of new products and technologies by information provision about access to venture capital or to business angels
It consists of venture capital and quasi-equity investment that have been earmarked to support innovative SMES & small midcaps.
the entrepreneur can invite the investor to join the venture at the same 33%ownership conditions
Incentivise private funding sources (business angels/venture capital funds) to provide financing facilities to overcome the liquidity gap constraints likely to be experienced by applicants receiving Phase 2 funding.
Established innovation agencies across Europe provide relevant benchmarks here: Vinnova in Sweden, Tekes in Finland, the Technology Strategy Board in the UK.
National contests could be held, e g. the Venture Cup, and the EU could collaborate with national schemes
either directly or through corporate venture funds. Examples of potential‘sandboxes'in the European context include:
Our concerns over the budget available for communication activities and the opportunity to benchmark communication efforts against national innovation agencies have already been noted in relation to the SME Instrument
Venture capital as%of GDP (Eurostat table code tin00141) 0. 001 0. 019 0. 031 0. 067 n. a. Employment in high-and medium-high-technology
Hungary has one of the most recipients of financial engineering instrument (loans, guarantees and venture capital) in the economic development operational programme (EDOP.
As regards the annual volume of venture capital and private equity investments in terms of percentage of annual GDP,
During this period, venture capital and private equity funds invested close to $4 billion into more than 400 Hungarian enterprises (HVCA, 2012.
Within the frame of the New Széchenyi Venture capital Programmes, 28 Jeremie funds were established between 2010 and 2013.
Growth in venture capital investments has been the highest of all Member States. A strong decline is observed for non-R&d innovation expenditures.
0. 75 1. 27 11.2%Venture capital and seed capital as%of GDP 0. 03 0. 094 4. 0%Linkages & entrepreneurship Public-private co
Hungary has one of the most recipients of financial engineering instrument (loans, guarantees and venture capital) in the Economic Development Operational Programme (GOP) of the New Széchenyi Development Plan.
Within the portfolio guarantee program, Venture Finance Hungary Plc. and Garantiqa ans MV Zrt provides direct guarantee for the financial claims (backing SME credits) of the financial intermediaries
For a given credit, the amount of collateral to be secured by Venture Finance Hungary Plc is a maximum of 80%of the bank claim the rest constitutes the bank's own risk
Within the frame of the New Széchenyi Venture capital Programmes, eight venture capital funds (Jeremie I) were set up in the first half of 2010.
foresees €140. 3 m (40.7 billion HUF) venture capital to be invested by the end of 2015 in three different investment categories:
and changing the situation of low share of available early-stage venture capital reported in the Innovation Union Scoreboard.
entrepreneurship and innovation(+)Favourable conditions are in place through the New Széchenyi Venture capital Programme that resulted in establishment of 28 Jeremie funds between 2010 and 2013.
+The RDI strategy 2013-2020(+)New Széchenyi Venture capital Programme(-)The RDI strategy 2013-2020 9. Public support to research and innovation in businesses is simple, easy to access,
(-)low number of domestic high-growth SMES that are competitive on global markets 11 Venture capital Funds(+)Altogether 28 JEREMIE
Venture capital and private equity industry position paper. Hungarian Venture capital Association, Budapest. IU (2010: Europe 2020 Flagship Initiative Innovation Union, SEC (2010) 1161.6.10.2010.
European commission, Brussels. MHR (2011: Statistical Yearbook of Education 2011/2012, Ministry of Human resources, Budapest. Havas, A. 2010:
SZTNH Hungarian Intellectual Property Office STI Science, Technology and Innovation TTPK Science and Technology Policy Council VC Venture capital Europe Direct is a service to help you find answers to your questions
and allows governments to benchmark their economy's performance against that of other economies. Notwithstanding the important benefits of rankings
Kaushik Basu Senior vice president and Chief Economist The World bank WASHINGTON DC Doing Business 2015 Going Beyond Efficiency Overview Great ideas for new business ventures happen every day and everywhere.
The distance to frontier score benchmarks economies with respect to a measure of regulatory best practice showing the gap between each economy's performance
The Doing Business methodology was designed to be an easily replicable way to benchmark business regulation.
The data produced are comparable across locations within the economy and internationally, enabling locations to benchmark their results both locally and globally.
investors are encouraged to venture into business when potential losses are limited to their capital participation. Another assumption underlying the Doing Business indicators is that entrepreneurs have knowledge of
The distance to frontier score benchmarks economies with respect to a measure of regulatory best practice showing the gap between each economy's performance and the best performance on each indicator.
and encourages new business ventures. In Poland the utility in Warsaw revised the fee structure for new connections in ways that reduced the cost for new customers.
rule of law can be a catalyst for growth in frontier economies with many young firms and entrepreneurial ventures.
And fear of bankruptcy and its consequences can deter potential entrepreneurs from starting a new business venture.
They allow entrepreneurs to determine the maximum risk associated with a failed venture. 7 And they allow creditors to calculate the maximum risk associated with an unpaid Loan collection of debt through bankruptcy proceedings may be the least attractive option for any creditor,
the distance to frontier score benchmarks economies with respect to regulatory best practice, showing the absolute distance to the best performance on each Doing Business indicator.
benchmark analysis of existing schemes and policies to boost digital entrepreneurship...38 The European policy background...
Improve access to finance for each stage of enterprise development and support the growth of digital entrepreneurial ventures. 5. Boost the digitally powered single market.
and supply of digital technologies and creating economies of scale. 5 Digital entrepreneurship embraces all new ventures
and support the growth of digital entrepreneurial ventures Improve the ease of doing digital business in and across Member States,
Nevertheless, the stigma attached to a failed entrepreneurial venture, the heavy administrative burdens, the social constraints and obligations and resulting difficulties in attracting investors make it challenging to develop a more entrepreneurial climate
Also, the 2013 Commission Staff Working Document'Strengthening the environment for Web entrepreneurs in the EU'24 proposes an action with regard to venture capital
and venture capital firms, compared to 63%when talking with banks. In this respect, the 2012 report‘A framework for European 20 Directive designed to improve the quality of information provided to investors by companies wishing to raise capital in the European union (2003/71/EC
and entrepreneurs a barrier to accessing finance. 33 crowdfunding'indicates that SMES often fail to attract venture capital finance as a result of information asymmetry between entrepreneurs and investors.
benchmark analysis of existing schemes and policies to boost digital entrepreneurship To understand what actions can be initiated both by public and private sector in order to boost digital entrepreneurship, digital and entrepreneurial policies and schemes
regions or cities were assessed in a benchmark analysis27. According to this analysis digital entrepreneurship is in most cases determined by a combination of key factors illustrated in Figure 18
the impact of new ICT developments in the global business landscape-Benchmark analysis. See also annex. 38 Figure 18 Overview of key success factors boosting digital entrepreneurship Source:
with the government developing policies and regulations rapidly as start-up ecosystem continues to emerge Applicable to Berlin Role of policy makers 39 EXHIBIT KEY FINDINGS BENCHMARK ANALYSIS Silicon valley Silicon valley emerged organically as a start-up ecosystem
and‘new business ventures'between young and digitally-minded entrepreneurs and existing enterprises in any other sector Description Leverage the existing‘Erasmus for Young Entrepreneurs'exchange programme to encourage exchanges and new business
ventures between young and digitallyminded entrepreneurs and existing enterprises in any other sector. Encourage the applications for exchanges of young entrepreneurs
Create a digital entrepreneurial culture (6) Erasmus for young entrepreneurs Promote an initiative to encourage exchanges and‘new business ventures'between young and digitally-minded entrepreneurs and existing enterprises in any other sector.
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