and companies face investment choices regarding scarce resources. Innovation is often in competition with other business functions for this investment
To address this challenge, regional and local authorities can ï¿Implement innovation voucher schemes ï¿Implement flexible innovation funding schemes (guarantees, public/private
by the European Investment Fund (EIF) on behalf of the Commission. The GIF's objective was to improve access to finance for the start-up and growth of SMES,
and investment in innovation activities, including eco-innovation According to its Interim Evaluation10 CIP€ s efficiency improved †at both national and European levels â€
investments and supports countries and regions in strengthening their innovation capacity, while focusing scarce human and financial resources in
aims to support SMES€ R&d investments by providing funding to help companies clarify their R&d investment needs (â 3 500) as well as actual R&d funding (â 50 000.
The grant can be used to pay an external research provider from all over Europe. The application process is very
stimulate investment in micro-companies in order to improve their products and/or services facilities, equipment, and other necessary modifications.
investment in developing strategic areas such as quality, new technologies, environment security and hygiene The mechanism is applied through a partnership between ADRAL (the regional
This GP is now part of a national investment programme •Young Innovative Enterprise (YIE) Contract (Champagne-ardenne, France) in the
practice consists of a synergic set of tools designed to foster investments in innovation in order
-Decrease the costs for innovative investments -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 appoint external bodies to manage the funds.
o Enhancing R&d intensive investments in the à szak-Alfã ld region in cooperation with Innova
initiative, the Capital Investment and Risk management company of Andalusia INVERCARIA which is the first venture capital company at regional level
It focused on both the foreign investment in firms from local clusters leading to cluster upgrading and innovation as well as on the internationalisation of the firms
/Cluster internationalisation via foreign investment •Cluster and Foreign Investment Dovetailing (West midlands, United kingdom) in the
NICER sub-project (DISTRICT+project: this GP aimed at increasing foreign direct investment FDI) within the local cluster firms by embedding the attraction of FDI into the regional
development strategy, achieved by dovetailing the attraction of FDI with the regional cluster policy. The attraction of FDI was aimed to strengthen existing regionally embedded clusters
Investment Dovetailing Support for foreign direct investment within cluster firms and internationalisation of cluster firms (§3. 2. 5
Medium Cluster Creation SMART+TREC Creation of a transnational renewable energy cluster (§3. 2. 5). Medium
complex solution, with a typical reach of ten beneficiary companies per year for investments of â 1 million or higher,
and a return on investment of five years or more It is important to note that the innovation vouchers are very popular in European Regions, so much so
incentives at Member State level, especially to include investments in innovation management (e g tools, dedicated staff and training.
investments and activities and rarely cover aspects of non-technological innovation. Tax incentives target established companies that make profit,
investment that is outside the scope of INTERREG IVC projects and is suited better to trans-border or
It addressed policies for attracting foreign direct investment into business clusters as well as policies supporting their internationalisation
The programme aims to support SMES€ R&d investments by providing funding to help companies clarify their R&d investment needs (â 3 500) as well as actual R&d
funding (â 50 000. The grant can be used to pay an external research provider from all over Europe
with minimal infrastructural investments. Lately, the growing penetration of cloud technologies opens up further new paths for the provision of new services, including those based on massive volumes of data
The objectives of the mechanism were to stimulate investment in micro companies in order to improve their products and/or services, facilities, equipment,
also aimed to promote investment in developing strategic areas such as quality, new technologies environment, security and hygiene
†non-technological†measures and simple modernisation or support to investment initiatives Country Institution, Town
-Enhancing R&d intensive investments in the à szak-Alfã ld region in cooperation with Innova
Key policy instruments and investments...114 Future development for smart specialisation...115 Lessons learned and conclusions for policy...
were seen to spread public investments in knowledge and innovation †research, education, public support to business R&d, etc †thinly across technology research fields such as biotechnology, ICTS, and
encourage investment in domains that would â€oecomplement the country†s other productive assets to create
investments on particular activities in order to strengthen comparative advantage in existing or new areas †the conceptual and policy implications of smart specialisation are far more complex
Another concern that arises from the concentration of R&d investments is that of the â€oediminishing returns†to R&d
bottom-up and top down process in priority setting for public investments in knowledge. They also point
Concentration of public investments in R&d and knowledge on particular activities is crucial for regions/countries that are not leaders in any of the major science or technology domains.
specialisation context is about focusing knowledge investments on †activities††those †business functionsâ€
of these goals by focusing on promoting structural change in the economy through investments in
strategies are based on targeting of public investments and top-down and bottom up initiatives are visible
Strategies for concentrating investments in knowledge-based assets on particular activities through an entrepreneurial-led process have also found fertile ground at the OECD as the result of a confluence of
growth and investment. General purpose technologies (GPTS) in particular are seen as way to revitalise existing industries and to stimulate innovation downstream including innovation in services (e g.
public policies that spread public investments in knowledge and innovation †research, education, public support to business R&d, etc. thinly across technology research fields such as biotechnology, ICTS, and
governments should focus their knowledge investments in activities†not in sectors in per se †that reflect
of which EUR 65 billion are spent for innovation (the total investment for innovation in this period from
but especially R&d and innovation investment policies can influence economic, scientific and technological specialisation of a region and consequently
led/knowledge-based investments in regions INNOVATION-DRIVEN GROWTH IN REGIONS: THE ROLE OF SMART SPECIALISATION
R&d and innovation investment policies †can influence economic, scientific and technological specialisation within a regional policy framework and through this mechanism, productivity
investments. While sectors still matter, the issue is not to target sectors but rather activities
•outline measures to stimulate private RTD investment •build on a region's capabilities, competences, competitive advantages and potential for excellence
where public investment is located only where a consolidated project is already in place, following strictly a low cost philosophy.
rationale for public policies to promote clusters through infrastructure and knowledge-based investments networking activities and training,
policy framework it aims to improve the allocation of public investment in R&d and innovation related
investments, in order to stimulate competitiveness, productivity and economic growth through entrepreneurial activities. Smart specialisation â€oestrategies†can be viewed as a mix of modern industrial
and efforts to preserve investments in knowledge based assets such as education and innovation especially in areas from where new drivers of growth may arise such as in green technologies and health
Preserving the margin for public investment in knowledge-based capital so that it contributes to productivity growth will be increasingly important not only in the medium term but also in the longer term
policies, even if national policies such as attractiveness policies can influence the investment and innovation strategies of global firms
of fiscal constraint and investment in longer-term growth potential in a context of rapid technological
and large-scale investments required by some projects, and in particular by the spillovers that are specific to knowledge driven investments.
Policy intervention is required to facilitate the coordination of investments and decisions of different entrepreneurs A second set of rationales for smart specialisation concern:
1) incentive problems that lead to underinvestment in the â€oediscovery processâ€; 2) The discovery of pertinent specialisation domains may
However, the coordination of investment decisions of different entrepreneurs and the coordination among many economic agents throughout the value chain are daunting tasks for policy
investments required by some projects Prevention of emerging trends for regional economic growth Coordination of investments and
decisions of different entrepreneurs Coordination among many economic agents throughout the value chain suppliers, producers
Broad policies such as investment in education and infrastructure, social policies and regulations in labour and product markets can play a role in shaping specialisation patterns by affecting comparative
characterised by increasing returns on knowledge investment (e g. automobile suppliers Technological attributes. Differences in technologies across regions/countries also shape specialisation patterns
knowledge investments to take advantage of these technologies. While some regions are better in carrying out basic research or technological development of these technologies, others should focus on the use and
The survey results show that the prioritisation of public investments in R&d and innovation is more intense at regional than at national level.
In many EU countries, policies related to knowledge investments †from education research and innovation and industrial/sectoral policies are spread across many fields of intervention with a
investments Different processes but strong commitment of all stakeholders Multiply participation since none of the
e g. to attract firms and/or foreign investments •Link economic goals with societal and environmental challenges (e g. the transition of the
increased attention in countries about the need to preserve the margin for public investment in knowledge
novel avenue to pursue the dual objectives of fiscal constraint and investment in longer-term growth
innovation, research and development commitments, complementary investments in related industries early stage market transactions as well as for interregional and international collaboration deserve more
the Finnish Funding Agency for Technology and Innovation Investment Strategy (Tekes) and the Regional Innovation
initiatives, strategic investment, venture capital, education and training. Nevertheless, in many countries and regions, there is no clear articulation of priorities (e g. stated in policy documents) and policy
Knowledge-based capital driving investment and productivity in the 21st centuary. DSTI/IND (2012) 5
This amount included AUD 244 million of industry investment and AUD 207 million in Government
The GRDC investment in R&d represents approximately a quarter of the total investment in Australian R&d for grains21.
Australian agriculture contributes on average approximately 3. 2%of Gross domestic product (GDP)( as measured between 1999-00 and 2005-06). 22 When all of the
and iii) the â€oegrowers Report††an overview of R&d investment in the pipeline. Growers participate in regional Annual General Meetings and elect panel representatives.
These themes guide investments and research topics over a five year period. Most investments are made
over multiple years, so only approximately one third of funds are available each year for new investments
The Australian Government†s guidance in regard to RDCS€ research focus comes via the national and rural
i) approaches investment using programme logic; ii consults extensively with stakeholders, particularly growers; iii) maintains strong networks with
to focus investment and will deliver practice change on farm. These themes are grower centric, consistent
GRDC determines future priorities on the basis of maintaining a balanced portfolio of investments This balance not only relates to risk;
users take an active interest in the investments and the resultant research. GRDC capitalises on
The current strengths in research have been a result of years of investment in the strategic research centres
large enough to carry the burden of investment needed in future research and research infrastructure.
The Flemish government has endorsed the development of this cluster by investments that should lead to increased strategic decision-making
total R&d investment of EUR 2. 5 bn, of which more than 80 per cent private. Brainport accounts for about
Another main challenge is increasing public investment in the Brainport region. This especially applies to boosting public R&d expenditure
Key policy instruments and investments The most important innovation policy instrument, both in funding size and in popularity, is the
technological investment decisions Source: TUBITAK Â OECD 2013 87 Regional, national and international policies that have been decisive for prioritisation of domains
The UK automotive sector is characterised by significant foreign direct investment and high exports equivalent to 12 per cent of the UK€ s exports of goods. Overall, automotive manufacturing provides
that there is a great deal of investment globally in low carbon technologies yet the market for the next
investment for the development and production of LCVS The NAIGT initiated three phases of work to achieve this
development and identified the activities that should be a focus for R&d investment and made strategic
then carried out to give an initial indication of likely Return on Investment (Roi) levels across different
-making around prioritisation of United kingdom automotive technology investment Conclusions The lessons learned can be grouped as follows •The government as a facilitator:
and infrastructure investment. The strategy is implemented through three †Horizon Strategies†aimed at encouraging manufacturing to modernise
ii) increased investment and new †leading businesses†attracted to the region and iii) high level support professionals moving into designated innovation hubs.
Key policy instruments and investments The main key policy instruments in the Lower Austrian policy mix can be divided into three groups
Investment policy and subsidies of the EU, Austria, and a regional government Priedl, I. 2011c:
Key policy instruments and investments Several features of Upper Austria†s innovation system and policy are of key importance from the
-sustainable exogenous development strategy aimed at creating jobs by attracting foreign direct investments FDI) to a more endogenous approach.
Key policy instruments and investments The key instruments in the third generation of RIS in South Moravia include
Key policy instruments and investments For supporting and funding the priority areas the national programmes in the key areas were initiated
Key policy instruments and investments In the synchronization process, national and regional innovation policy goals were harmonized, and
Investment Strategy, and the Regional Innovation Strategies. The Tekes 2008 strategic focus area paper â€oepeople-Economy-Environment †Choices for building the future†represented the main linkage between
Key policy instruments and investments The innobb approach concentrates on industries that are characterized by having a critical mass of
investment, patents, and new products, visibility on the national and international level Future development grasping the opportunities for smart specialisation
Key policy instruments and investments The key policy instruments implemented by the regional authority are
The funding is directed to investments in education infrastructure, lifelong education infrastructure as well as investments in infrastructure and
technology with a view to developing information society. The majority of the R&d projects financed under the Priority are in three fields:
which aims to direct investment-related support for SMES and strengthening of their institutional environment and support for commercialisation
In particular the founding is directed to investments in industrial research performed by research units for entrepreneurs;
investment projects in the form of tangible assets provided for the purpose of conducting R&d works in enterprises;
investment grants, aimed at supporting the development of the Maå opolska innovation centre •The Special Economic zone in Krakã w (SEZ),
both in terms of its implementation, strategic investments, as in their regular funding INNOVATION-DRIVEN GROWTH IN REGIONS:
investment by 2015, starting from 2. 02%in 2011. In terms of measuring outcomes and impacts of research
and iii) Indicators of investment in RDI. Country Indicators measure those aspects of the evolution of the
The Basque Country faces a fundamental challenge to substantially increase its investment in innovation and, particularly, its investment in focused basic research.
It is imperative that every effort under public budgets is leveraged by structural reforms in the areas of education
In a considerable number of case studies public investments for R&d are still spread across a wide number of priority areas.
A NIP is about stimulating innovation, competition and investment in know-how; it is not only about
be required for a cost-benefit analysis is a nearly impossible task and one better left to investment markets
such as research and development commitments, complementary investments in related industries and early stage market transactions in addition to more traditional indicators such as patenting and publication
production, operating surplus, employment, labour costs and investment. Benchmark data can be obtained by summing up sectoral data over all countries in these OECD database (or over a smaller group of
commitments, complementary investments in related industries and early stage market transactions in addition to more traditional indicators such as patenting and publication levels.
research and development commitments, complementary investments in related industries and early stage market transactions, as well as for interregional and international collaborations deserve more attention in
concentrated public investment process on a few selected fields, organized through the public funding of clusters and technopoles
public investments have been focused on the specific niches identified in the strategy: smart mobility solar&energy in built environment;
•Strategic investment support •Dedicated venture capital INNOVATION-DRIVEN GROWTH IN REGIONS: THE ROLE OF SMART SPECIALISATION
dedicated education and training programme and also strategic investment support as a major tool from the economic policy domain.
limited set of challenges and economic fields where investment could upgrade the whole region†s
what is the level of foreign direct investment) †which sectors are most open in that respect?
•Which economic sectors in your region are strong in R&d investment and technology development?
science fields are R&d investments, R&d personnel, publications, and patent applications concentrated)? ) Please name up to five.
regional investments from both public and private side in place to complement your own resources and attract co-funding
Key policy instruments and investments Coordination activities to support smart specialisation Measuring the effects and impacts
Key policy instruments and investments Coordination activities to support S3 Measuring the effects and impacts
Key policy instruments and investments Coordination activities to support S3 Measuring the effects and impacts
Key policy instruments and investments Future development for smart specialisation External challenges to the regional innovation system
Key policy instruments and investments Coordination activities to support smart specialisation Measuring the effects and impacts
Key policy instruments and investments Coordination activities to support S3 Measuring the effects and impacts
Key policy instruments and investments Coordination activities to support S3 Measuring the effects and impacts
Key policy instruments and investments Coordination activities to support smart specialisation Measuring the effects and impacts
%Considering the part of SMES€ investments dedicated to innovation (products, processes or organization), we observed that in most of the enterprises subject to our
%respective 18.21%),companies with investments of 20%and 50%(13.40), %and the last position goes to economic agents
with investments of more than 50%of the investments fund with a weight of 6. 98%of the SMES.
innovative investments, which actually make the difference between companies, generating competitive advantage. See figure 2
Figure 2. SMES€ investments in innovation Analyzing SMES€ investments in innovation by size classes (table 3), we observe that:
the percentages of SMES investing in innovation weights from 5 to 10%and 10-20
SMES€ INVESTMENTS IN INNOVATION BY SIZE CLASSES Size classes No Part of investments dedicated to innovation Micro
enterprises Small enterprises Medium enterprises 1 0%29.46%10.67%9. 17 %2 0-5%19.38%16.33%16.51
50%of investments register higher percentage in constructions (14.29%)and lower in trade business 2. 26
percentage regarding the investments in innovation of 10-20%(27.03%)and lower proportions if we
take into account investments of 5-10%and 20-50 %13.51%,respective 8. 11%.%See table 4 for further
SMES€ INVESTMENTS IN INNOVATION BY FIELDS OF ACTIVITY Fields of activity No Part of investments dedicated to
innovation Industry Constructions Trade Tourism Transportation Services 0%12.82%17.86%29.32%24.32%25.57%21.79 %0-5%15.90%14.29%21.05%16.22%15.86%20.95
•Taking into account the percentage of investments dedicated to innovation in products, processes or
the investment fund (with weights of 20.00 %19.25%,respective 18.21%),companies with investments of 20-50%(13.40%),and the last
position is held by economic agents with investments of more than a half of the investment fund (with a weight of 6. 98%of the SMES
•Innovation investments of more than 50%are more frequent for the SMES with more than 15 years of
experience (10.14%),enterprises in North West 14.71%),small sized companies (9%),companies with other juridical status (10.91%)and firms within
investment, and long-term viability. In this vein it is imperative to assess the role played by
departure the investment in R&d by industry or at the country level as a percentage of GDP and
for technical work, capital investment for plant and equipment, marketing and promotions. They went on to clarify that larger size have a key enabling condition because of access to key
vision, enthusiasm, future-oriented exploit external opportunities for inward investment and information gathering. In addition, Motwaniet al.
ï Create an open market for capital investment and rewards. He outlined that strategic thinking must not only be encouraged
local action and investment For more information, the Smart Cities and Communities Stakeholder Platform is available at
investment and may have a high cost-benefit ratio The concept of mobility management has been investigated in various research projects, and a wide
investment and operations. The EU Regulation on Public Passenger Transport Services by Rail and Road
substantially increased their investment in research. While this did lead to a major growth in scientific and technological knowledge, it still failed to lead to many
factors determining the societal return on investments made in the development of science and technology
the (hard) input variables like investments in R&d and the number of scientists, but also the far more intangible throughput and output variables.
have to support durable investment, competition is transformed into a bilateral transaction. In such a
as a cost but as an investment (Everaere, 1993 Agents rely on this process to learn about their
this scheme, investment costs are dissociated from receipts (Amendola and Gaffard, 1994. Thus, it takes time to recover the initial investment.
Collab -orative relationships will release the financial con -straints by helping the firm to share the sunk costs
heavily depends on investment made during previous periods. These initial investments allow them to make better technological choices and to exploit new oppor
-tunities better. If a firm temporarily neglects to invest in a technical field, it will be less aware of techno
INVESTMENT SUBCOMMITTEE FACT Over 90%of all businesses in Ireland are in the SME sector
requires an investment with an uncertain outcome. Firm level attributes include firm size and organizational structures and routines, such as participation in decision making, job rotation and
there are no large investments in capital-intensive mass production. This is not only considered risky in volatile markets,
The investments would be huge and demand is unsure. If you want to modernize, you have to specialize in one
subsiding associations and subsiding environmental-friendly investments. They also play an important role in rebuilding the sector after the earth quake.
We lose our investment in innovation, which easily adds up to 10 to 20%.%Such opportunistic behavior reduces trust and reciprocity and hence limits collective
Foreign direct investment. technology development and competitiveness: Issue and evidence. In Competiotivenmess, FDI and technological activity in east asia.
Foreign direct investment and its role in economic development: do need we a new agenda? In
*Investment, borrowing and business plan significantly associate with each other and were computed into a new variable The three constraints do not associate significantly with most others
increase and private sector investments in R&d continue to rise (OECD, 2003 The centrality of knowledge as a source of
investment Mazzoleni and Nelson (1998. Patenting is considered generally particularly important in †discrete product industries†(e g. pharmaceutical or
investments, R&d laboratories or R&d personnel. In such cases, other intellectual property rights, such as utility models, industrial designs, trade secrets, and
investments in innovation. The important question is therefore, the extent to which SMES are currently
-defence litigation had an impact on investments in R&d (European commission, 2000 a). In the US, the
I believe this makes investment decisions safer, helps to unlock service innovation potential and ensures that transport can
well as for investment decisions. An ITS architecture needs to cover technical aspects plus the related organisational, legal
investments in intelligent infrastructure Cooperative systems DGMOVE brochure ITS A4 indd 23 11/05/11 15:
is recognised as a key reason for slow investment. Decision -making for ITS deployment on the urban, regional and national
Development of a decision-support toolkit for investment decisions in ITS applications and services †This should include a quantified evaluation of the economic, social
Investment decisions are typically based on awareness and understanding of possible options, steered by perceptions of
funding, investment and deployment >AIMS >know more about policies and schemes already in place to fund ITS
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