with specialist expertise in the field of financial instruments such as bankers, venture capital (VC) and other risk-capital fund managers, business angels,
The availability of venture capital has been increasing in Austria in the recent past, but the major innovation support schemes have not yet adopted the provision of risk capital as a major instrument.
which produce specialised knowledge and trained personnel, industry associations offering specialised services or financing institutions such as venture capital fonds and business angels.
Consequently, policy support is focused on instruments such as science and technology commercialisation programmes, venture capital initiatives, or consulting in intellectual property rights and internationalisation.
venture capital, favourable loans, guarantees and tax incentives. The Science and Innovation Programme of the New Széchenyi Plan highlight pre commercial procurement as a high priority.
A strong decline is observed for venture capital as a percentage of GDP which decreased by more than 75%between 2009 and 2010 (the highest decline in the EU). Links between public sector
Average annual growth refers to 2004-2011.4) Venture capital includes early stage, expansion and replacement for the period 2000-2006 and includes seed, start up, later stage, growth, replacement and buyout for the period 2007-2011.5) Venture capital:
EU does not include EE, CY, LV, LT, MT, SI, SK. These Member States were included not in the EU ranking.
50 0. 47 0. 46 0. 48 0. 45 0. 43:1. 3 0. 74 21 Venture capital (4) as%of GDP 0. 06
. 48 0. 45 0. 43:1. 3 0. 74 21 Venture capital (4) as%of GDP 0. 06 0. 04 0. 02 0. 03
Average annual growth refers to 2004-2011.4) Venture capital includes early-stage, expansion and replacement for the period 2000-2006 and includes seed, start-up, later-stage, growth,
replacement, rescue/turnaround and buyout for the period 2007-2011.5) Venture capital: EU does not include EE, CY, LV, LT, MT, SI, SK,
and internationally comparable indicators to benchmark ICT adoption and ensuring that systems for monitoring ICTS are sufficient to assist in meeting the improvement goals.
since Europe does not have the capital structure of the US where private money is much larger than the Venture capital industry.
the main sources have been the peer reviews of The irish initiative for High-Potential Startups, the Scottish Proof of Concept programme, the Finnish VIGO-and Young Innovative Enterprise-programme and The french Venture capital
Australia compares well against a number of international economic benchmarks, but in recent years our competitiveness has weakened.
and industry and a weak early-stage venture capital market (OECD, 2013). Australia was ranked recently 81st out of the 143 countries for the efficiency with
Retrieved August 2014, from http://www. austrade. gov. au/digital-benchmark/talent. html#anchor12 Australian Chamber of commerce and Industry.
Innovations in the working place page 9 of 271 Also the Organisation for Economic Co-operation and Development (OECD) monitors and benchmarks Member country technology and innovation policies and assesses their impact
when an organisation benchmarks with partners from different business sectors or areas in order to discover ways in which to improve similar functions.
Initially, it is important to identify what you want to benchmark. The objectives of the benchmarking process will be important
and has a good overview of the benchmark process.""Innosupport: Supporting Innovation in SMES"-5. 3. Benchmarking process page 103 of 271 Contact the selected partners
The benchmarking plan provided a list of benchmarks which were to be analysed in the benchmarking exercise.
Normally, this is carried out against some benchmark of expected performance. Usability issues may be"Innosupport: Supporting Innovation in SMES"-6. 2. Rapid prototyping & Product Testing Strategies page 125 of 271 scored in terms of speed, accuracy or rate of use,
reuse and recycle'resources. 6. Champion changes in processes to achieve identified opportunities. 7. Benchmark changes in resource use to identifying savings in resource purchasing (energy, water, materials),
franchising or other IP-based contractual agreements increasing the market value of the company acquiring venture capital
Grants Venture capital Banks Stock markets Business angels 8. 1. 1. Determining the Right Financing for You...
174 8. 1. 3. Venture capital...175 8. 1. 4. Banks...176 8. 1. 5. Stock markets...
before applying for a grant. http://www. is4profit. com/busadvice/grants/index. htm-Free guide to grants for small businesses 8. 1. 3. Venture capital Venture capital is one of the most commonly used
or innovative projects as venture capital often focuses on knowledge-based or innovative industry sectors. Companies that receive venture capital are perceived generally to have a very good growth prospect,
but lack access to the necessary funds to finance this growth. Nevertheless, venture capital doesn't come for free.
In exchange for the venture capital the investor will expect some kind of compensation for the funds raised on the capital market.
This may take the shape of a partial ownership of the company, seats on the board of directors, preferred shares, royalties or a combination of the above.
Supporting Innovation in SMES"-8. 1. Financing Innovation in Europe page 176 of 271 The advantages of venture capital are that no security needs to be given,
& Venture capital Association 8. 1. 4. Banks Another option available for financing is to get a loan from a bank.
Most respondents cited the lack of well-functioning venture capital or seed finance markets to support their research and development efforts,
For example, on the issue of access to financing for R&d, many respondents recommended public programmes and support for venture capital and other types of risk financing through, for example, tax incentives.
What are the best ways to stimulate the development of venture capital, including business angels'financing
with specialist expertise in the field of financial instruments such as bankers, venture capital (VC) and other risk-capital fund managers, business angels,
For example, even the well-developed venture capital market in the United states has benefited from federal funding for many years.
In this regard the impact of the forthcoming Figure 2. Venture capital investment, 1999-2002 Percentage of GDP Note:
The definition of private equity/venture capital tends to vary by country. Source: OECD Venture capital Database, 2003.0.80 0. 70 0. 60 0. 50 0. 40 0. 30 0. 20 0. 100 Israel Expansion
Start-up and early growth financing Buyout and others United Statescanadakoreaswedennetherlandsunited Kingdombelgiumfinlandeuropean Uniongermanyaustraliafrancenorwayirelandspaindenmarkswitzerlandnew Zealanditalypolandczech Republicportugalgreeceaustriahungaryjapanslovak Republic PROMOTING ENTREPRENEURSHIP
or limit international investment in venture capital they should be reviewed with a view to easing or eliminating them.
Access to liquid international stock markets and an investment community that has expertise in venture capital-backed initial public offerings avoids the need to create new institutions.
or barriers to flows of foreign venture capital funds should be reviewed with a view to reducing,
Venture capital Trusts; Enterprise Investment Scheme) 2 590 Total 7 932 (as a per cent of GDP)( 0. 8) PROMOTING ENTREPRENEURSHIP
Describes how firms can benchmark and scan their environment to find best practices. Carland, J. W.,F. Hoy, W. R. Boulton, J. C. Carland (1984."
the most important goals are to promote the development of the private venture capital industry and associated services,
and a myriad of specialised consulting, market research, public relations and venture capital firms provide technical, financial, and networking services
Examples of this new policy approach include measures to encourage R&d investment, venture capital creation, and the rapid establishment of start-up firms.
and taken together the public SME finance is about two-thirds as large as private venture capital.
Significantly, the SBIR and most public programmes fund early stage research, a stage which is ignored generally by private venture capital.
1. Closer collaboration with the Venture capital industry. In those countries such as Belgium, France, and Germany where venture capital markets are booming,
there should be better collaboration between the R&d granting institutions and the private or semipublic VC industry.
, ANVAR in France and SENTER in The netherlands) are indeed cooperating with the local venture capital industry,
3 0 5 10 15 20 25 30 35 Other Training Business information Venture capital Finance & accounting Exports Sales & marketing General
Implement innovation voucher schemes Implement flexible innovation funding schemes (guarantees, public/private loans, grants) Support regional Venture capital Funds How to address the lack of innovation
in order to validate the benchmark of the knowledge from INTERREG IVC? What is their learning effect on the still running INTERREG IVC projects?
A high negative growth rate is observed also in the categories‘Non-R&d innovation expenditure'and‘Venture capital'and, to a lesser extent
which provided venture capital for SME financing. The GIF was funded by the CIP but was managed by the European Investment Fund (EIF) on behalf of the Commission.
etc) Equity (Public or Private) Seed Capital Venture capital Seed/Start-up Emerging growth Debt financing Bank loans Guarantees Public loans Emerging growth Development
Venture capital funds In addition to innovation vouchers and public grants which are popular GPS within the projects and across Europe in general,
INTERREG IVC projects have addressed also access to Venture capital (VC) with: SMART+31 o INNOFIN, to improve the working skills of the people working in seed funds INNOHUBS32 o Business Accelerator,
%20report. pdf One of the most relevant Good Practices concerning access to Venture capital is: Financial Engineering (Veneto Region, Italy) in the MINI-EUROPE project:
-Enhance SMES'access to the credit system,-Launch a venture capital fund for start-ups and companies at an early stage.
-System of guarantee for innovative investments-Revolving fund for SMES innovative investment-Venture capital and private equity fund In line with the operating programme strategy, the regional authority has launched tenders to select
and moreover, the venture capital fund is based on a reinvestments system. This GP was used to improve financing methodologies in the Észak-Alföld Region, Hungary. 32 for innovation,
which is the first venture capital company at regional level and is owned 100 by IDEA, and collaborating entities composed of the universities of Andalusia, CSIC (Spanish Council for Scientific research), CTAP, FIBA, ISAPA and FSP.
small-scale (often up to €25k) for provision of external technical services(§3. 2. 1). Very high Venture capital Funds MINI-EUROPE Financial Engineering Financial engineering
involving guarantees, revolving funds and venture capital funds(§3. 2. 1). High Public Grants, Loans and Guaranties PERIA Young Innovative Enterprise Contract Public loans for young innovative enterprises and public grants for consulting services(§3. 2. 1). High Private
which is useful for an initial benchmark, but it is not detailed to the extent of this report (and to the level of the other thematic reports).
venture capital, tax exemption, etc..Therefore it seems relevant to have common tools between the two programmes
or URBACT) to stay abreast of the GP benchmark that they should do when there are several different programmes and several hundreds of projects.
however, it is somewhat difficult to conduct a benchmark when sources of knowledge are diverse and not known.
Another way to improve synergies would be for the programme to require a benchmark analysis of the GPS that exist
guarantees schemes, seed capital and venture capital. We have seen that access to financing is one of the most important barriers impeding innovation in SMES.
Support regional Venture capital Funds, either public, private (with regional support), or public-private, as addressed in SMART+(through the sub-project Innofin), INNOHUBS, INNOMOT, MINI-EUROPE and DISTRICT+.
clear benchmarks and criteria for success and failure are needed. Smart specialisation policies need to have measurable goals,
The most common policy instruments used to support specialisation range from dedicated budgets, institutions, clusters initiatives, strategic investment, venture capital, education and training.
and effectiveness of their policies. 18 Clear benchmarks and criteria for success and failure are needed.
It contains trend analysis, benchmark with national average and, where possible other European Innovation Regions (Regional Innovation Scoreboard top 20.
the data allows the grain sector to develop its own benchmarks for innovation to ensure agriculture does not lag behind the national push to develop broader skills
as the publication outputs in this domain are below OECD 2013 67 the benchmark average. Moreover, the alignment of the knowledge base in Flanders is not too high
the patenting and publication activity in Flanders is not much above the average level of all OECD benchmark countries.
venture capital) have replaced existing subsidy instruments. Moreover, in the runner-up to the new programming period 2014-2020 current available funding for regional projects is almost zero,
Moreover there are venture capital funds managed by subsidiaries of the developments banks of both Berlin and Brandenburg
The availability of venture capital in the region is limited rather. In order to attract international VC investors Berlin-Brandenburg has to present itself as the open
The Mean Expected Citation Rate (MECR) gives a benchmark value for the MOCR on the basis of journal's impact factors.
the whole of patents in the USPTO system can serve as benchmark. However, one can also chose to limit the benchmark group to a subset of countries or regions.
Benchmark data can be obtained by summing up sectoral data over all countries in these OECD database (or over a smaller group of benchmark countries if desired.
Dedicated venture capital; INNOVATION-DRIVEN GROWTH IN REGIONS: THE ROLE OF SMART SPECIALISATION OECD 2013 187 Dedicated education and training;
Dedicated venture capital (more important in Lower Austria; Dedicated education and training; Regulations adapted to the goals (e g. green building.
but little dedicated venture capital and education and training programmes. A number of programmes set the membership of regional cluster as a INNOVATION-DRIVEN GROWTH IN REGIONS:
Dedicated venture capital; Support to international platforms and collaboration; And it is estimated that more than 50%of public funds is channelled to the priority areas,
It contains trend analysis, benchmark with national average and, where possible other European Innovation Regions (Regional Innovation Scoreboard top 20.
foresight, SWOT analyses, benchmarks, etc..The enquiry showed that indeed both sources are used for the definition of the priorities.
Chapter14, Innovation, www. maxwell. af. mil/au/awc/awcgate/doe/benchmark/ch14. pdf Accessed 18 september 2012 Baumgartner, J. P. 2009.
Security criteria and benchmarks are being developed to enable authorities and transport operators to assess security levels
This redirects policy attention to the business environment, venture capital and business development support. The research recommendation is to include the notion of absorptive capacity in studies of innovation systems.
business environment, city attractiveness and venture capital. Despite significant improvements in these fields, improvements are needed still.
from the demand-side programmes to the uniform patent and standardization package, from establishing a Union-level institutional system for venture capital to supporting the Joint Programming Initiatives. 10 The size of the research and development sector and its main
. if the whole European union is taken as the benchmark, then these results are more modest in proportion to the population
Nevertheless, according to the estimates of the European commission (based on data of the European Venture capital Association) a significant change has occurred in the field of venture capital investments due to JEREMIE funds:
in 2011, Hungary was ranked 5th among EU member states regarding the value of invested venture capital proportional to GDP.
Data of the Innovation Union Scoreboard, 2011 Hungary Figure 10 Medium and high-tech product exports Non-EU doctorate students Venture capital as a per cent of GDP 2pct patent applications
the low quality of venture capital (where seed capital is only component), the innovation weaknesses of the SME sector, the low patent activity and the shortcomings in the co-operation networks within the innovation system.
is unused Insufficient incubation Slowly strengthening venture capital Missing governmental innovation management services Lack of RDI managers of international level Weak sector of medium-sized enterprises
the gazelles 16), innovative supplier SMES, innovative start-ups, early-phase and venture capital investors integrated into the international markets,
and venture capital funds and securing of stable, market-compatible financial and legal regulatory frameworks, elements of taxes and contributions. 5) Provision of training and accreditation services for the purpose of making enough suitably qualified project evaluators and managers and coaches available. 6) Support for investors
and social network. 8) The funding programmes shall be suitable for supporting early stage innovation. 9) The modernization of the Act on venture capital and clarification of the incentive mechanisms. 36 3 vision and objectives The specific objectives related to
including the orientation of venture capital investments and special contributions and tax benefits. 34 Particular attention shall be paid to the community-led local developments (CLLD) on the microlevels of systemic building.
Fiscal instruments (e g. taxes) Systematic interventions Other regulation (e g. qualification) Capital market instruments Systematic interventions Venture capital (e g. seed capital) Guarantee (e g. for market development) Direct instruments supporting RDI Supply-side instruments
tax allowance Smart procurement Mentoring Company life cycle-illustration Venture capital Cooperative research RDI grants for companies IP support Incubation, seed capital PCP
SYSTEMATIC INTERVENTIONS Demand-side interventions Supply-side interventions professional content Source of funding Tax incentive Other regulations Venture capital instrument Guarantee
Regulation of share options36 qualification, legislative rationalisation Venture capital export guarantee; preferential loan Support for foreign market entry Hungarian research centres of multinational large companies Targeted calls for proposals;
The use of financial instruments for RDI purposes (e g. seed capital and venture capital: in an annual amount of HUF 2-3 billion.
Venture capital: Private capital provides companies not listed on the stock exchange with share capital. The private capital is provided for developing new products,
Strictly speaking, venture capital is only one subset of private capital investments that are used for starting companies,
The enterprise can be a potential investment area for venture capital and it is suitable for incubation.
In particular, the positive growth of public R&d expenditures (1. 8%)was offset by a continuous decline in venture capital investments(-2. 8%).In addition,
and measures the availability of finance for innovation projects by venture capital investments and the support of governments for research and innovation activities by R&d expenditures by universities and government research organisations.
For Venture capital investment data is available for 20 Member States. Changes to the IUS 2013 Although the general methodology of the IUS 2014 remained unchanged there have been three modifications as compared to the IUS 2013.
At the request of the European council to benchmark national innovation policies and monitor the EU's performance against its main trading partners, the European commission has developed a new indicator on innovation output
2011 Finance and support 1. 3. 1 R&d expenditure in the public sector as%of GDP Eurostat Eurostat 2005 2012 1. 3. 2 Venture capital investment as%of GDP
Estonia's strong performance has to be interpreted with care as the score for this dimension is based on one indicator only (R&d expenditures in the public sector) as data on venture capital investments are not available.
in particular due to a strong decline in Venture capital investments(-2. 8%)and Non-R&d innovation expenditures(-4. 7%).3. 2 EU growth performance For the EU innovation
Performance has worsened in Non-R&d innovation expenditures and to a lesser extent also in Venture capital investments, SMES with marketing and/or organisational innovations and Fast-growing innovative firms.
Bulgaria has performed below the average of the EU. The weakest indicators are Venture capital investments and Non-EU doctorate students.
Strong declines in growth performance are observed in Venture capital investment and Non-R&d innovation expenditures. Note:
Non-R&d innovation expenditures and R&d expenditures in the public sector. Relative weaknesses are in Non-EU doctorate students and in Venture capital investments.
A strong decline is observed in Venture capital investment and Non-R&d innovation expenditures. Note: Performance relative to the EU where the EU=100.46 Innovation Union Scoreboard 2014 Denmark is an Innovation leader.
Relative weaknesses are in Non-EU doctorates students, Venture capital investments and License and patent revenues from abroad.
Most notable growth declines are observed in Non-R&d innovation expenditures Venture capital investments and Sales share of new innovations.
No data for Venture capital investments. Innovation Union Scoreboard 2014 49 Ireland is an Innovation follower.
Community designs, Venture capital investments and R&d expenditures in the business sector. Greece performs above the EU average on International scientific copublications, Sales share of new innovations and SMES with Marketing and/or Organisational innovations.
Growth has declined in Non-R&d innovation expenditures and Venture capital investments. Note: Performance relative to the EU where the EU=100.
The largest growth decline is observed for Venture capital investment. Other notable declines are in SMES innovating in-house and in Community designs.
No data for Venture capital investments. 54 Innovation Union Scoreboard 2014 Italy is a Moderate innovator.
Growth declines are observed in Venture capital investments, Non-R&d innovation expenditures, Community designs and Employment in knowledgeintensive activities.
No data for Venture capital investments. 56 Innovation Union Scoreboard 2014 Latvia is a Modest innovator.
No data for Venture capital investments. Innovation Union Scoreboard 2014 57 Lithuania is a Moderate innovator.
No data for Venture capital investments. 58 Innovation Union Scoreboard 2014 Luxembourg is an Innovation follower.
Relative strengths are in International scientific copublications, community trademarks, Venture capital investments and in Community designs.
No data for Venture capital investments. Innovation Union Scoreboard 2014 61 The netherlands is an Innovation follower.
Relative weaknesses are in Non-EU doctorate students and Venture capital investments. Strong increases in growth are observed for Community trademarks
Large declines in growth are observed in Non-R&d innovation expenditures, New doctorate graduates and Venture capital investments.
Strong declines are observed Non-R&d innovation expenditures, R&d expenditures in the business sector, Non-EU doctorate students and Venture capital investments.
No data for Venture capital investments. Innovation Union Scoreboard 2014 67 Slovakia is a Moderate innovator.
No data for Venture capital investments. 68 Innovation Union Scoreboard 2014 Finland is an Innovation leader
but slightly declined in 2013, in particular due to declining venture capital investments. The performance relative to the EU has been declining over the whole period from 148%in 2006 to 135%in 2013.
Strong declines in growth are observed for Venture capital investments and Sales share of new innovations. Notes:
No data for Venture capital investments, Non-R&d innovation expenditures and SMES innovating in-house. 10 Over the whole 2006-2013 period Community trademarks grew strongly as shown in the graph showing the growth rates per indicator.
Large growth declines are observed in Community designs and Venture capital investments. Notes: Performance relative to the EU where the EU=100.
No data for Venture capital investments, PCT patent applications in societal challenges and Employment in fast-growing firms of innovative sectors.
No data for International scientific co-publications, Most cited scientific publications, Venture capital investments, PCT patent applications,
No data for Venture capital investments. Innovation Union Scoreboard 2014 77 6. Innovation Union Scoreboard methodology Step 1:
Venture capital investments, Publicprivate co-publications, PCT patent applications, PCT patent applications in societal challenges and License and patent revenues from abroad.
, 34 0, 51 0, 66 0, 49 0, 43 1. 3. 2 Venture capital investments 0, 277 0, 307 0, 038
1. 3. 2 Venture capital investments 0, 277 0, 300 0, 134 0, 234 0, 213 0, 137 0, 310 0
, 4%12,9%-2, 1%1. 3. 2 Venture capital investments-2, 8%-1, 1%-17,5%-12,0%-1, 3%-1, 6%-1
7%-0, 5%3, 3%-0, 4%0, 6%2, 6%10,9%-0, 7%1. 3. 2 Venture capital investments-2
Eurostat Eurostat 1. 3. 2 Venture capital(%of GDP) Venture capital investment is defined as private equity being raised for investment in companies.
Venture capital includes early stage (seed+start-up) and expansion and replacement capital Gross domestic product The amount of venture capital is a proxy for the relative dynamism of new business creation.
In particular for enterprises using or developing new (risky) technologies venture capital is often the only available means of financing their (expanding) business.
Eurostat Eurostat Comment: Two-year averages have been used 2. 1. 1 R&d expenditure in the business sector(%of GDP) All R&d expenditures in the business sector (BERD) Gross domestic product The indicator captures the formal creation of new knowledge
1. 3. 1 Public R&d expenditures as%of GDP Identical Eurostat 2005 2009 1. 2. 2 Venture capital as%of GDP 1. 3. 2 Venture capital
Eurostat 1. 3. 2 Venture capital(%of GDP) Numerator: Venture capital investment is defined as private equity being raised for investment in companies.
Management buyouts, management buyins, and venture purchase of quoted shares are excluded. Data are broken down into two investment stages:
The amount of venture capital is a proxy for the relative dynamism of new business creation.
or developing new (risky) technologies venture capital is often the only available means of financing their (expanding) business.
Venture capital is a highly volatile indicator: two-year averages have been used to reduce volatility rates. This is a highly skewed indicator
Eurostat (EVCA (European Venture capital Association) is the primary data source for VC expenditure data) 9 2. 1. 1 Business R&d expenditures(%of GDP) Numerator:
The indicator Venture capital has the lowest data availability in the database (69%across all Countries.
UK-1. 3. 1 Public R&d expenditure-IS IS IS IS 1. 3. 2 Venture capital LU LU LU, UK LU, UK LU 2. 1
Non-EU doctorate students (1. 23), Venture capital (1. 89), Non-R&d innovation expenditure (1. 67), Public-private co-publications (1
Non-EU doctorate students, Venture capital, PCT patents in societal challenges and License and patent revenues from abroad.
IE ROEE PT LU 37 1. 3. 2 Venture capital(%of GDP) Venture capital as a%of GDP 0. 000 0. 050 0. 100 0. 150 0
The amount of venture capital is a proxy for the relative dynamism of new business creation.
or developing new (risky) technologies venture capital is often the only available means of financing their (expanding) business.
expansion and replacement would provide a better picture on the availability of a domestic venture capital industry
For several countries data are not available as the domestic Venture capital markets are too small to collect such data.
The availability of venture capital differs widely in Europe. Only in Luxembourg Sweden and the UK venture capital represents more than 0. 2%of GDP.
Growth performance Growth performance is diverse with increases over time in 10 countries and decreases in 12 countries plus the EU27.
%The availability of venture capital has been declining rapidly in Austria, Denmark, Hungary, Ireland and Spain. Venture capital as a%of GDP-40%-30%-20%-10%0%10%20%30%40%50%HU DK AT IE ES PT CZ PL SE NO EU
NL UK SK DE LU IT FR BG FI RO CH BE GR 38 2. 1. 1 Business R&d expenditures(%of GDP) Business
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