As an immediate step, it will pilot a European Public sector Innovation Scoreboard as a basis for further work to benchmark public sector innovation.
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?
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,
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.
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
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.
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.
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 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
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.
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.
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...
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
reliable technologies and set the benchmark for key digital applications to make Germany not only the leading provider in the area of smart production and logistics,
zzimproving the financing conditions for start-ups by creating an internationally competitive environment for venture capital and crowdfunding;
The competition targets start-ups and businesses through competitive funding, offering venture capital, mentorship and other forms of support.
as well as new venture capital initiatives focused on the developing world. Crowdfunding is the collective effort of individuals who network and pool their money, usually via the internet,
According to Forbes, crowdfunding will generate USD 500 billion in transactions in 2013.142 Venture capital for Africa is an example of a crowdfunding model to connect entrepreneurs building promising companies in Africa with investors from some 159 countries
The ihub provides a space where young entrepreneurial members can receive mentorship, internet connectivity and the possibility of venture funding through connections with the international venture capital community.
Venture capital Financial capital invested in start-up companies. Web 2. 0 Websites that allow users to interact,
project representatives will be able to visualise their impacts by comparing their performance with a set of benchmarks (Passani at al, 2014a).
adapted from Sestini, F (Digital) Innovation Venture capital Big data and cloud computing COMPETITION, ECONOMIC ENTERESTS Innovation and innovation policy are not new to the European union.
105 3. 2. 2. Access to venture capital The European Venture capital Funds...105 3. 2. 3. The European regulatory framework for social investment funds:
Together with the Regulation on European venture capital funds (Euveca) and the Alternative Investment Fund Managers Directive (AIFMD), this Regulation aims to make it easier for AIFMD-exempt venture capitalists
The range of eligible financing tools/investments under the Eusef Regulation is wider than those available for venture capital funds under the EVCF Regulation. 58 The third axis of this programme focuses on microfinance
yy The Commission launched a pilot European Public sector Innovation Scoreboard (EPSIS) with a view to improving its ability to benchmark the innovation performance of the public sector in Europe.
and benchmark progress. Much will depend on creating a critical mass of public sector leaders who have the skills to manage innovation.
yy piloting a European Public sector Innovation Scoreboard as a basis for further work to benchmark public sector innovation
and by investing in funds that provide venture capital and mezzanine finance to expansion and growth-stage SMES;
For the same period, the Structural Funds have been reformed to enable Member States to earmark Structural Funds to finance social enterprises. 3. 2. 2. Access to venture capital The European Venture capital Funds174
European Venture capital Funds (Euveca which along with Eusef175 became available on 22 july 2013. Euveca invest in unlisted companies with limited access to capital,
and venture capital with those from tendering and grant giving. Others are combining ethnography, visualisation techniques from product design, userinvolvement ideas from social movements,
some NGOS are learning from venture capital not only how to finance emerging ideas, but also how to kill off ones that aren't advancing fast enough to free up resources.
The Bell-Mason methods from the field of venture capital, for example, provide a rigorous framework for paying attention to the many elements that together make up a credible business plan,
They sometimes have an advantage over venture capital funding in that they can tap investors who want to make social impact their primary incentive rather than financial returns.
or provide a means for providers of money to judge between alternatives. 208) Standard investment appraisal methods there are a wide range of tools in use in banking, venture capital and other fields of investment
This approach reflects the development of biographical methods as qualitative research techniques in the social sciences. 228) Outcome benchmarks,
or any benchmarks to draw on. Instead, assessments need to include some judgement of the broader direction of change in the field as a whole;
They include specialists in technology transfer, venture capital firms, conferences, and academic journals which sit alongside consultants adept at looking at companies'IP,
1 per cent of turnover as a rough benchmark (similar to the proportion of GDP now devoted to government support for technological and scientific research and development).
and fair trade. 458) Social enterprise funds including the new venture capital fund, set up by Triodos Bank,
including faster prototyping, intensive handholding by venture capital companies, and the use of rigorous milestones against which funds are released.
but also because of public subsidy of technology and private investment in incubators, venture capital, and startups. The equivalent potential supports for social innovation foundations and public agencies are much weaker.
High entry barriers (technological skills) Lack of conflict-resolution mechanisms Tension between hierarchy and equality Developers Developers Entrepreneurs Tech events Accelerators/incubators Venture capital
Joel Gascoigne's51 or Ryan Carson's52 Others are maintained by different people, organizations or companies and post interesting messages about marketing (such as Startup Marketing53-),venture capital (such as The Startup Lawyer54),
Finally, venture capital can also be considered as an enabler in relation to the community of developers and entrepreneurs.
The venture capital fund earns money by owning equity in the companies it invests in. There are many venture capital firms, many
of which usually invest in technology start-ups. Accel Partners64, Founders Fund65, and Greylock Partners66 are only a few examples in the United states. Regarding governance,
more visible performance to the relevant audience (peers, labour market, and venture capital community; 2) higher impact of effort on performance;
comparisons and benchmarks are valid across economies. The data not only highlight the extent of obstacles to doing business;
and benchmark regulations applying to domestic small to medium-size businesses through their life cycle. Economies are ranked from 1 to 189 by the ease of doing business ranking.
The distance to frontier score benchmarks economies with respect to regulatory practice, showing the absolute distance to the best performance in each Doing Business indicator.
The aggregate ranking on the ease of doing business benchmarks each economy's performance on the indicators against that of all other economies in the Doing Business sample (figure 1. 1)
The distance to frontier score benchmarks economies with respect to regulatory practice, showing the absolute distance to the best performance in each Doing Business indicator.
The distance to frontier score benchmarks economies with respect to regulatory practice, showing the absolute distance to the best performance in each Doing Business indicator.
) The rankings for comparator economies and the regional average ranking provide other useful benchmarks for assessing the efficiency of contract enforcement in Spain.
) The rankings for comparator economies and the regional average ranking provide other useful benchmarks for assessing the efficiency of insolvency proceedings in Spain.
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.
are able to spread their innovations throughout society due to the flexibility of venture capital in Silicon valley,
when the venture capital firm, Andreessen Horowitz, invested $100 million in the company during its Series A Funding.
are able to spread their innovations throughout society due to the flexibility of venture capital in Silicon valley,
when the venture capital firm, Andreessen Horowitz, invested $100 million in the company during its Series A Funding.
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?
At a firm level, the survey and interviews also highlighted the importance of ICT enablers such as skills, R&d and access to venture capital.
spurs to innovation such as access to venture capital; and, more contentiously, the creation of open and competitive markets.
Innovative ventures need venture capital In the US, venture capital provides a valuable catalyst for the emergence of new, innovative businesses.
By contrast, Europe's venture-capital industry remains small and underdeveloped. Although overall private equity investment levels in Europe approach those across the Atlantic,
The lack of venture capital is a strong disincentive to innovation and enterprise. Germany, for example, boasts some of Europe's more prolific R&d programmes with close ties to business (see below),
but limited access to venture capital can make it difficult for technology start-ups to find funding. Eike Röhling, director-general of technology policy in the federal Ministry of Economics and Labour, cites the shortage of venture capital as one of the key barriers to innovation in his country.
Funding for university and research institute spinoffs is another area where Europe compares*For example Van Ark and O'Mahony, 2003 20 The Economist Intelligence Unit 2004 Reaping the benefits of ICT Europe's productivity challenge unfavourably with the US.
the European Venture capital Association ranks the UK and Ireland as boasting the most conducive tax and legal system for private equity funding in Europe,
The amount of equity capital available for new and early-stage ventures in Europe is beginning to increase and, according to the European Venture capital Association,
Still, fundraising for venture capital remains difficult in Europe. Industry veterans point out that European venture-capital firms are extremely selective in their investments
Such projects help bring together important ingredients in the innovation mix including venture capital, secure networks and skills training in powerful demonstrations of the role that ICT can play in business and society.
which indicates that Europe has the greatest gap with benchmark economies and the greatest divergence between its member states with regard to measures of smart growth, particularly with reference to the digital agenda and innovation.
Availability of and access to capital Friends and family Regulatory framework 4 Network access 6 Market framework 5 Incubators Business Angels Availability of and access to capital Venture capital
Venture capital is primarily available in Europe to ventures that are past the proof of concept stage,
venture capital supply has decreased by 56 %since 2007 The EU is home to 19.0 million micro companies (those with less than 10 employees),
venture capital fundraising in the early and expansion stages amounted to only €3. 6 billion in 2012,
venture capital and banks. 20 Enhancing Europe's Competitiveness The challenge of access to capital Mediocre long-term performance dampens capital supply
in recent years the European venture capital segment has seen a number of notable successes such as Supercell and Spotify.
Many European venture capital experts say the sector is stronger than the long-term data indicate. Today
Matthias Ummenhofer, Head, Venture capital, European Investment Fund Figure 13: New Venture Funds Raised in Europe by Investors,
European Private Equity and Venture capital Association (EVCA) New VC funds raised in EU-28 (in bn. €), thereof:
000) but smaller than the deal size typical of venture capital funds operating in Europe (from €3-5 million up).
39 In the aftermath of the crisis, government agencies provide a key share of venture capital As mentioned above
the supply of venture capital has seen a sharp decline in recent years. Part of it is linked to higher levels of risk aversion following the financial crisis as investors struggle with an increased regulatory burden. 39 This drop in private investment has seen the role of government agencies in venture capital raised from institutional investors increase from pre-crisis
activity of 14%in 2007 to 38%in 2013. A reliance on public funds in this way is not a good sign of the health of the venture market government agencies'financing volumes are limited typically in the case of the German Gruenderfonds, for example, to €500, 000 for the first round and up to
European Private Equity and Venture capital Association (EVCA) Figure 15: Imbalance between Seed and Follow-on Rounds by Number and Region Source:
European Private Equity and Venture capital Association (EVCA; National Venture capital Association/Thomson Reuters Europe's next challenge is to increase the number of highgrowth businesses receiving financing rounds Further financing challenges appear
when start-up businesses attempt to scale their activities. Comparing seed/start-up/early-stage rounds with follow-on rounds between the United states and Europe in Figure 15,
. 0 United states Sweden Finland Luxembourg United kingdom Netherlands India Access to venture capital Access to bank loans Belgium Slovenia Portugal Croatia Spain Romania Lithuania
such as the United kingdom, potential difficulty with access to bank loans is alleviated by easier access to venture capital.
and venture capital reflects Europe's competitiveness divide, with Northern European countries being among global leaders in access to venture capital and loans.
The growing number of legislative initiatives in the wake of the financial crisis has amplified the burden for longterm investors.
and insurance companies out of European long-term equity financing, impacting private equity and venture capital. André Loesekrug-Pietri
Access to Venture capital and Bank Loans in EU-28, the United states and BRIC Countries (Brazil, Russia, India, China), Average of Survey Respondent Scores per Country Survey questions:
Access to venture capital: In your country, how easy is it for entrepreneurs with innovative but risky projects to find venture capital?(
1=extremely difficult, 7=extremely easy; Access to bank loans: In your country, how easy is it to obtain bank credit with only a good business plan and no collateral?(
In venture capital, for example, the fund invests £0. 5-2. 0 million in deals of £2-10 million.
and 14%in the US. 48 We need to strengthen access to capital across the region beyond the early stage by creating a partnership between public and private investors in a new European fund-of-funds for venture capital Dörte Höppner, Chief executive,
The European Private Equity and Venture capital Association (EVCA) We need more of a pan-European mentality, both on the investor's and on the entrepreneur's side.
In this context, a new regulation on venture capital funds has been approved recently: fund managers can now have a European passport and market their funds across the EU. Current and future challenges of high priority on the policy agenda:
and venture capital to SMES and will work in conjunction with Horizon 2020. In early 2013, the Commission launched a public consultation on how to foster the supply of long-term financing
Including a fund of funds of €120 million for business angel co-investment, venture capital and expansion capital (of this,
This should be supplemented by a highly developed market for venture capital, being the second cornerstone, and a strong link between knowledge institutions and the private sector as the third cornerstone.
microfinance institutions, venture capital funds and innovation grants all linked to business mentoring and training of substantial scale and availability for women entrepreneurs who want to take their companies to European markets and beyonds.
the benchmarks for successful entrepreneurial ecosystems and innovation hubs tend to be Silicon valley and Tel aviv.
EVCA (2012), Pan-European Private Equity Performance Benchmarks Study, p. 4. 38. Interview with Luis Galveias, Director of Secretariat, EBAN;
European Private Equity and Venture capital Association Dörte Höppner Secretary-general Cornelius Müller, Head of Research Henkel Kasper Rorsted, Chief executive officer Thomas Müller-Kirschbaum, Corporate Senior vice-president, Research & development/Sustainability Marc-Steffen Schiedel, Senior
, Prime minister of the Czech republic Fridolin Stary, Head, Group R&d, Wacker Chemie, Germany Terence Tse, Associate professor, ESCP Europe, United kingdom Matthias Ummenhofer, Head, Venture capital
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