The importance of the nature of cognitive factors for human capital recognizing that not all managers possess the requisite combination or level of skills to
Country Capital VAT Currency Population EU28 Austria Vienna 20%Euro (EUR) 8. 4mn EU28 Belgium Brussels 21%Euro (EUR) 11. 1mn EU28
Country Capital VAT Currency Population EU28 Albania Tirana 20%Lek (ALL) 2. 7mn Candidate Bosnia &
Common characteristics of KETS include a high demand for R&d, skills and capital expenditure, a multidisciplinary approach cutting across many technology areas, long time
and capital that the cluster reaches its maturity phase as public funding and support looses importance compared to private sources
substantial external capital to finance product development. Many nanotechnology firms report a lack of public funding and a lack of venture capital as main barriers to
In addition to fiancial capital, human capital tends to be a restricting factor, too Nanotechnology R&d and commercialisation requires skilled people with a background in a
The need for complex human capital makes nanotechnology particularly vulnerable to shortages in labour markets for qualified personnel
since huge amounts of capital is needed while technological and market risks are high and future returns not yet known.
While availability of capital for start-ups is an issue in Canada generally, the Ottawa microelectronics cluster does particularly well.
time providing access to qualified human capital and technologies Contribution of microelectronics to social wealth
between â 48 billion (Festel Capital, 2009) and â 65 billion (Mckinsey, 2009. The lower of
Festel Capital 2009). ) Depending on the application the adoption of biotechnology varies significantly. In basic chemicals †which accounts for 59 percent of chemical sales,
equals 18.7 percent (Festel Capital, 2009. Biotechnology-based polymers are the most important biomaterials and are produced in substantial quantities †estimations range from
Festel Capital, 2009. A more conservative estimate for biochemical sales is announced by Mckinsey (2009.
Festel Capital 2009 12 34 113 25 Consumer che-Festel Capital 11 32 84 23
PROJECTIONS Chapter 5 Industrial Biotechnology EN 173error! Unknown document property name. EN micals (billion â)( 2009
Festel Capital 2009 15 38 73 17 Active pharmaceut ingredients (billion EURO Festel Capital 2009
10 31 70 21 Commercial amino acids BCC (2009) 1. 1 1. 3 3 Synthetic biology BCC (2009) 0. 08 1. 6 82
Total (billion â) Festel Capital 2009 48 135 340 22 Enzymes for industrial application Total BCC (2008) 2. 1 2. 7 4
their non-capital R&d expenditure over £10, 000 at 150 percent. If the firm makes no taxable
function of providing capital, these business angels offer professional advice, contacts, and practical help. Another new angel initiative is the †Cambridge Capital Groupâ€, which supports
than $4 billion in capital, including $600 million in venture financing (2006). 59 Institutions Rules and regulations:
and build the social capital of this area which is one of the key success factors for this cluster (Su and Hung, 2009
Tax credit on their non-capital R&d expenditure over £10, 000 at 150 percent losses can be surrendered to the Exchequer
While start-up capital is abundant Chapter 6 Photonics EN 229error! Unknown document property name. EN
the region suffers from the lack of venture capital firms with the level of capital required to
Also the small size of firms and their limited availability of capital is a potential barrier to growth and innovation
Changsha, capital of Hunan province, is located in south-central China. The origin of the Changsha cluster as a high-tech base was developed first since 1989 for the machinery sector
system include the China Investment Corporation (CIC) and the China International Capital Corporation (whose seed capital was provided by Morgan stanley back in 1995), the latter
providing additional funding. The role of large Banks is particularly relevant, since around 102 Albeit these Banks are not explicitly run by the Government,
capital is provided by firms and at the local level there are also Venture capital providers Large leading machinery firms had no finance difficulties for its continuous development
to the whole cluster, some other firms are short of capital because of inadequate finance channels (Li and Ya-Qing, 2006
critical role of human capital in upgrading technology successfully and to stimulate co -operation and mutual learning among SMES.
external capital, lack of specific skills, uncertainty of price-cost advantages over the life cycle of new technologies) matter
Festel Capital (2009), Market evaluation of FESTEL CAPITAL, in: OECD (eds. Discussion Paper -Session II â€oeindustry Structure and Business models for Industrial Biotechnologyâ€, OECD
One of the crucial elements holding the open innovation system together is its human and social capital.
In addition, policy-makers need to address postgraduate training and †lifelong learning†for a society's human capital as
The availability of that capital does not depend only on financial issues but also on other factors as follows
development of new products or increase the productivity of labor and capital, but also bring more economic growth, employment, a better balance of payments, improve the labor conditions
as part of the Infrastructure and Capital Programme 2012-16 announced on 10 November 2011 Â the extension of the Waterford CITY MAN to service the Belview Strategic Site and
Infrastructure and Capital Investment Programme 2012-16 announced on 10 november 2011  SOUTH EAST EMPLOYMENT ACTION PLAN †FORFà S
of the Infrastructure and Capital Investment Programme 2012-16 announced on 10 november 2011 Completing the Atlantic corridor from Galway to Waterford (including the N25) remains an
 Upskilling †Boosting our human capital by enhancing education and skills levels in line with the National Skills Strategy and the needs of the †Smart Economyâ€.
The Government has committed to providing capital and operational funding to Waterford Airport post 2012 and this commitment is welcome
Support company expansions and investment in capital and productivity initiatives ï¿Provide supports for training and management development
Journal of Intellectual Capital 6 (2 237†252 Izushi, H. 2003. â€oeimpacts of the Length
or the UK€ s Big Society Capital fund and India†s Inclusive Investment Fund. They combine investments in new hardware and software with experi
the social capital and wellbeing of local areas What is measured? Common standards of evidence and adoption
what can be described as social capital to create knowledge based growth. Nevertheless local interaction can also be negative
capital out of the region (in a process labelled'brain-drain 'ï¿Integration of policies at regional level:
For example, increasing human capital through a programme to enhance skills should match the needs of emerging industries
Human capital for S&t Science Parks Technology Transfer Offices and schemes Technology brokers Mobility schemes, talent
intellectual capital should be inspected: the mobility of resources from declining lines of business firms and sectors to expanding ones should be facilitated
counselling, technology or qualified human capital, to face up to the new forms of competition that are developing in the global economy.
regional human capital (e g. training and attracting international researchers and technicians) and thus stimulate turning science and innovation into a key
of social capital. They also provide visibility and hence attraction to wider local strategies aimed at the creation of conditions for high-tech industries to prosper
succeed in decoupling growth from natural capital utilisation and is therefore the key to enabling sustainable and smart growth to go hand in hand.
Such entities would be able to better use their intellectual capital if: 1. they had
3. 2 Developing Human Capital 3. 3 Building Institutional Capacity 3. 4 Helping to Optimize the â€oerules of the Gameâ€
enables technology transfer, builds human capital and physical infrastructure, generates tax revenues for governments, and, of course offers a variety of products and services to
Developing Human Capital Improving the health education, experience, and skills of employees, business partners, and members of the community
human capital, building institutional capacity, and helping to optimize the â€oerules of the game†can also have significant impacts
Social capital: Maintaining strong family ties is critical to mental and physical well-being, especially while working away from home.
Large ICT companies are also engaging in human capital development on a significant scale. Sometimes these
opportunity, developing human capital, building institutional capacity, and helping to optimize the â€oerules of the game†seek changes in a firm†s competitive context. 26 These changes enhance both the commercial viability
This system reduced capital and maintenance costs and established the viability of non-subscription mobile services.
raising capital for growth. 30 Vertical deepeningmodalities seek to grow markets by connecting technology more directly to opportunities and
including IT-based platforms for access to capital and market opportunities. 48 3. 1. 3 Crosscutting considerations
3. 2 Developing Human Capital Effective use of technology to expand economic opportunity, at the national, organizational, and individual
therefore employing deliberate human capital development strategies aiming to develop employees, business partners, and customers, both present and future
BOX 4 HUMAN CAPITAL DEVELOPMENT EFFORTS IN THE ICT SECTOR The ICT sector also requires a certain level of comfort with technology among customers.
with companies in agribusiness, manufacturing, mining, tourism to provide the investment capital their SME partners need to upgrade, diversify, and scale.
human capital and building local institutional capacity. These services target entrepreneurs, small business owner-operators, local industry associations and intermediaries, and clusters
with access to information, training, capital, and markets, as well as the opportunity to collaborate with peers
Business News Americas. 2006. â€oecisco Capital expands financing capabilities for channels in Latam. †Business News Americas, December
2006. â€oecisco Capital expands financing capabilities for channels in Latam. †Business News Americas, December 13
cities of Linz (the capital of the province), Wels, and Steyr. Outside this core area there are peripheral areas
anyway, regarding capital as well as time and know-how of the employees SMES are engaged less often in research than large
close to the capital of Linz. It is a technology and research centre for software development, industrial
-search, the overall quality of human capital and the numbers of star scientists employed in regional institutions and universities.
-tracting human capital and fostering technological regional development, which be -comes visible in spatial patterns of a so-called †geography of talentâ€.
-fies a triangular relationship between his three †tâ€, namely talent (human capital tolerance and high technology growth:
-man technical capital and knowledge. Secondly, policy can contribute by supporting the global connectedness of local development,
Bangalore, known as the †Garden City†of India, is the capital of the Indian state of
capital of the region Languedoc-roussillon and administrative capital of the HÃ rault department (cf. Figure 4). There are 225,000 inhabitants in the city and 397,000 in the
-munes and its capital is the city of Prato (cf. Figure 8). Overall, there are approx
Infrastructure, human capital, institutional capital Regional image and identity Market re -sources Size, customer base, distribution channels Openness of customer base for new
Creation of social capital in the form of trust-based and reciprocal relationships within re
Creation of social capital in the form of trust-based and reciprocal relationships within re
The articulation of social capital in entrepreneurial networks: a glue or a lubricant? Entrepreneurship & Regional Development 14,193-210
Roles of Social Capital in Venture Creation: Key Dimensions and Research Implications. Journal of Small Business Management 43 (4), 345-362
Berlin, who used econometric statistical methods to explore how ICT capital and e -business activity are linked with firm and industry characteristics and influence those
development of human capital, research and adaptation of new knowledge and skills is the source of growth in the competitiveness of the economy, labour force and in the
Complementary investments in human capital organisational changes and working practices, combined with ICT investments will have
complementary investment in working practices, human capital, and firm restructuring will it have an impact on performance (cf.
and productivity growth in the transportation and logistics sector, while other capital inputs summarised as non-ICT-capital have diminished in their respective importance
However, there are complementarities between other factor inputs which are imperfectly incorporated in the traditional other factors included in productivity measurement and
growth is the complementarity between ICT capital and skills. A large body of literature on skill-bias in technical change supports the finding that technical change is biased
-capital and non-ICT-capital, working hours and labour quality by means of growth accounting
ICT capital is larger than that of non-ICT capital in some of the countries (4) but smaller
Overall, we find hardly any evidence that ICT capital has an overarching role to play in
a remarkable contribution of ICT capital of 1. 56%on average to total gross value added
four countries, changes in ICT capital are of even lesser importance Exhibit 4. 1-2:
Hours Worked Labour composition ICT Capital Non ICT Capital Total factor productivity Source: EUKLEMS database, GGDC;
capital, broken down into two different types of capital, and labour input measured in working hours, broken down into three different types of skills),
2000) who found a high impact of ICT capital on U s. labour productivity growth. 118 Finally, no significant average annual rate of technical progress for the common
The results indicate that ICT capital by itself is not the main element, but that
Changes in ICT and non-ICT capital have had about the same importance for value added growth
technological change with ICT-capital as its complementary factor driving growth of the transport sector
accounting confirms that, on the whole, ICT-capital has played a positive role in this industry in all countries.
supported a possible relationship between investments in ICT-capital and TFP growth Probably, this might be due to the time structure between investments in ICT-capital and
its impact on TFP. The standard approach in growth accounting typically assumes that TFP-growth instantaneously increases with increased investments in ICT-capital.
-biased technological change with ICT-capital as the complementary factor driving productivity growth in the transportation sector
study did not find positive effects of ICT capital on productivity, while ICT labour positively
Regarding the role of ICT capital in the transport and logistics sector, the economic analysis found the following evidence
between) ICT capital in terms of boosting labour productivity growth Little evidence for convergence of the EU Member Countries in terms of common
First, the growth accounting decomposition confirms that ICT capital played an important role for the majority of the countries studied (albeit not for all.
growth, an adequate use of human capital and strong total productivity growth, as well as the outsourcing of non-core activities may actually play a more important role
investments in ICT capital itself in order to attain optimal benefits. In other words, in a knowledge economy driven by rapid technical change,
investments in ICT capital themselves in order to realise the optimal benefits Using the key findings and the
least equally important as investments in ICT capital themselves in order to realise the optimal benefits. Thus investments in e-skill formation and training have to be prioritised
Duffy, J.,Papageorgiou, C.,Perez-Sebastian, F. 2004), Capital-Skill Complementarity? Evidence from a Panel of Countries, in:
Griliches, Z. 1969), Capital-Skill-Complementarity, in: The Review of Economics and Statistics, Vol. 51
Polgreen, l.,Silos, P. 2005), Capital-Skill Complementarity and Inequality: A Sensitivity Analysis, Working Paper No. 2005-20, Federal reserve bank of Atlanta, August 2005
along with rate of growth of capital as well as that of labour, has a significant influence on the rate of growth of sales
Similarly, Kg and Lg are CARG of capital and labour respectively, during 2001/2†2005/6 and ISP is average percentage of innovated products
for both GVA and capital (at 2001/2 prices. The analysis covers both innovative and non-innovative SMES.
variables of labour and capital, we have not used any interaction term for the present analysis
important is the increase in capital as well as labour. Thus if an innovative SME could expand the scale of production in terms of capital
and labour and achieve an increase in innovation sales, it will be able to experience a significant improvement in the growth of
there is a clearly identifiable capital or fixed assets investment. In the Balearic islands (Spain), local government subsidies were used, for
that is quite different from other capital investments in the health sector, for example a hospital building or medical equipment.
ICT capital at some point pays for itself by displacing costs elsewhere in the hospital
†make SMES more attractive for private capital markets (SUP3 †make innovation processes of SMES more
to capital, costly patenting, market fragmentation outdated regulations and procedures, slow standard-setting and the failure to use public
growth capital to the company •SME adapted innovation contexts. SMES need better linkages to innovation enabling contexts
This requires a solid capital foundation to work from and such funds must be able to commit themselves to
of growth capital, not only equity based investment but also loans, guarantees etc adapted to companies having predominantly
•Adequate supply of capital and competences are crucial for growth in SMES. Measures addressing
â€'returning $200 million in capital to the Export Finance and Insurance Corporation to help small and medium enterprises increase exports;
hard for sales of goods and services exports, for skilled labour, for investor capital and for a
Access to international capital, skilled workers, and goods and services, has been critical to the growth and development of
have depended on international capital expertise and materials (Santos, 2014 Imports and the inflow of foreign
flexibility to relocate capital and labour, including from offshore, into the resources sector Economic reforms of the past allowed the economy to smoothly absorb the resources boom.
combination of a floating exchange rate, flexible capital and product markets and independent monetary policy stopped the economy from overheating.
investor capital and for a place in the world†s supply chains International institutions such as the International monetary fund (IMF), the OECD, the G20 and
which areas, to invest their capital. Government subsidies and other policies that have distorted these decisions, without addressing significant market problems, have undermined Australia†s
competition with private businesses for labour, land and capital. Finally, less government regulation will reduce business compliance costs
included provisions to improve access to foreign capital. In addition, the Government will help significant investment to proceed
Skilled migrants also often bring capital, or can help to attract it, and are major contributors to government taxation revenues
Corporation (EFIC) with an additional $200 million in capital in the 2014-15 Budget and is
or early stage capital to help innovative start ups and other small enterprises develop. CAMAC (2014) recommended an alternative
Their scale means they can find it more difficult to access capital or carry and spread risks themselves, they can find it more difficult to attract and retain
access to capital is essential for newly established enterprises. the government wants to see effective public sector measures in the capital market conducive to the implementation
advantages acquisition, like capital, ground, raw materials and technology do not represent the only determinants of success for an enterprise or an organization.
ï When the knowledge capital of the firm, although existed, is used not effectively 4. 6. 2. Why K. M is that important
and the participation of each employee to the firm cognitive capital is also rec -ognized
Capital versus labour/material intensive Labour Labour & mate -rial Material & labour Capital 6. 3. 3. How decisions in a production context should be made
In this section a unified framework for production decision-making is provided. The framework applies across a variety of processes,
and more capital is required. Banks will generally be reluctant to provide financing to a company or
Human capital and innovative regional networks †theoretic background and empirical re -search findings ï http://library. fes. de/fulltext/asfo/00853003. htm
human capital is in step and striving to produce outcomes of value for the organisation What creating a company culture for continuous innovation is
human capital abroad 3. 3. 2 Financial Problems and State Support As stated in section 3. 2 the lack of financial resources hinders many SMES from initiating
Such entities would be able to better use their intellectual capital if: 1. they had
technologies, and human capital PROMOTING ENTREPRENEURSHIP AND INNOVATIVE SMES IN A GLOBAL ECONOMY 8 SMES, especially in developing economies, to take best
capital is a major obstacle to SME expansion High administrative costs and uncertainties about future performance often make financing SMES unattractive
international capital markets can make. Where capital markets are developed not well, especially in developing countries, accessing finance
developed capital markets can draw on the expertise of countries with well developed stock markets. Access to liquid international stock markets and an
host economies include sources of external capital technology and knowledge transfer, job generation, skills enhancement and enterprise development through linkages
e g. tax, chamber of commerce), can only be taken in capitals and in several cases involve issues (e g. confidentiality
with respect to capital after the labor market reforms of the early 1990s (Brandolini et al.,, 2007? Or does the explanation lie in the evergreen motto that Italian firms exhibit
process innovation is linked directly to firm†s investment in fixed capital. In comparing those results from the ones we obtain in this paper,
and with labor, capital, and knowledge inputs 1 2 3i i i i iy k PROD PROC vpi pi pi=++4
our proxy for physical capital, PRODI and PROCI are knowledge inputs, proxied by product and process innovation indicators respectively.
proxy capital intensity by investment intensity, in order to be comparable to the results in Griffith et al. 2006.
absence of lagged capital (beginning of year capital) for some of the observations 16 with capital stock,
innovation, but capital in the production function. Column (5) includes both investment and capital in both equations
The results are somewhat encouraging: capital stock is preferred clearly in the production function. In fact, when it is included,
innovation, although capital still plays a role. However, recall that innovation is measured over the preceding three years,
supply factors (high costs of capital or other inputs, availability of inputs, and the regulatory environment).
. and F. Johansen (1996), â€oeaccumulation of R&d Capital and Dynamic Firm Performance: A Not-so-fixed Effect Modelâ€, Discussion Papers 184
. and A. Heshmati (2002), â€oeknowledge Capital and Performance Heterogeneity: a Firm Level Innovation Studyâ€, International Journal of
Table A4-Robustness check using lagged capital and ML estimation (9014 observations 1)( 2)( 3)( 4)( 5
Log capital stock†0. 098***0. 041 ***per employee (0. 013)( 0. 014 Step 2-Product Innovation
Log capital stock†0. 108***0. 111***0. 101 ***per employee (0. 016)( 0. 007)( 0. 010
†Capital measured at the beginning of the period The method of estimation in the last three columns is pooled maximum likelihood applied to the 3 steps,
stockholders focus mainly on return on invested capital, which narrows senior management†s range of acceptable strategies (including innovation.
Private capital providers (personal, family friends, and local banks) do not have limited a similarly focus,
external capital. Chemstation has used its franchisee network very effectively to get tremendous reach within the U s. market.
The Needs of Technology Developers †Looking Beyond Seed Capital...21 The Added Value of R&d for Lead Technology Users...
of production, such as land, labour and capital, towards knowledge-based economic activities. The ability of SMES in the OECD to create,
Substituting capital and technology for labour, along with shifting production to lower-cost locations has resulted in waves of corporate downsizing throughout Europe and North america.
1) capital equipment or input-embodied innovation, and (2) design innovation. In capital equipment based innovation firms acquire new process technologies or intermediate
input is inherently different than the more traditional inputs of labour, capital and land because the value of
new economic knowledge include a high degree of human capital, a skilled labour force, and the strong
and high investments in human capital â'Continual innovation. Both the nature of the products,
proprietary knowledge or a position of market leadership or human capital. The second factor is that the
The Needs of Technology Developers †Looking Beyond Seed Capital 73. Several studies have shown that public funding in the form of R&d grants plays a decisive role
cheap sources of seed capital and the sums received can total several Million euros in their start up stage
Governments should encourage such a trend by improving the conditions for private capital investments to
Public R&d grants were the only viable source of seed capital in Europe during most of the
First, the amount of European seed capital from non -government sources has been rising constantly. Although these sources of seed capital are much more
expensive than a public R&d grant or loan (EVCA figures show that seed capital funds earned in 1998
about 36%on their invested capital per annum), they are obtained easily and can be spent with great
and only later resort to private capital sources for business development needs. Second, public agencies employ a large numbers of
necessary since these firms do not have the cash flow or capital to initiate R&d activities,
emergence of private capital sources reduced the necessity of public grants for this group. Since R&d
if no seed capital is available, its development should be stimulated 98. The second group, the leading technology users, has benefited the most from the recent SME
Zucker, L.,Darby, M. and Armstrong, J.,1994, †Intellectual Capital and the Firm: The Technology of
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