investments and are less risky for the organization van de Vrande et al. 2009; Chesbrough, 2010
realization of future-related investments. These problems lead to a high level of insecurity and skepticism
enough to compensate for these investments. †3. 2. 5. Public funding and bureaucracy. Since
ï Foreign direct investments. Trends and developments, Frederik De Witte, Isabelle De Voldere, Leo Sleuwaegen, June 2008, published in English
ï Foreign Direct Investments. Location choices across the value chain, Frederik De Witte, Leo Sleuwaegen, May 2009, published in English
SMES usually do not have the money to make this investment. Less expensive alternatives exist
This organization analyzes the investments required for a building to reduce energy consumption to a minimum. Combining people with strong ideas and reputation with
That implies that some partners may have to be compensated for losses, investments, or risks they take
whereas the technology transfers might still require significant investments from engineering Furthermore, large firms that license technologies risk knowledge leaks with adverse competitive
-organisms that could produce a specific flavor was the single largest investment for Isobionics developing a new natural ingredient was estimated to amount to approximately â 5 million.
Second, Toine Janssen had to secure the required investments for his start-up once the business plan
investments to advance the technological development and commercialization of the first flavors Classic venture capital funds (VCF) were somewhat reluctant to finance Isobionics at the time it was
established, because the venture needed considerable investments which were too big a risk for VCFS
in an early investment stage 42 In the end, Isobionics was financed in a complex but interesting way
The start-up was financed combining investments from VCFS, a regional venture capital investor in which DSM participated, bank loans, and subsidies from
in turn, did also win from its investment in Isobionics. First, it had the opportunity to follow the evolution
Isobionics can be acquired in case its business is becoming an interesting investment area for DSM Isobionics illustrates how a start-up can establish a business by licensing technology of a large firm
small firms cannot commercialize their own inventions because excessive investments in complementary assets are required 43
corporate venturing investments, co-development agreements, and acquisitions. Licensing agreements imply that the licensor and licensee share revenues,
Partners may have to bear considerable risks or investments in dedicated complementary assets. In open business models,
their technology investments. Worldwide licensing deals can be challenging for SMES, which forces them to sublicense to other companies.
investments. Imagining a new product is one thing, whereas start ing the venturing process is another
corporate venture capital investments (Chesbrough, 2002; Dushnitsky and Lenox 2005a; Ernst et al. 2005). ) Through these kinds of equity investments, firms gain a
â€oewindow†on new technological developments (Keil, 2002. Moreover, the equity investment might serve as the creation of an option to further increase collaboration
with the partner firm in case the technology provides to be valuable for the investing firm (Van de Vrande et al.
venture capital investments have a positive effect on the innovative performance of firms (Dushnitsky and Lenox, 2005b;
which can be used to make high-risk investments with uncertain return on investment. Larger firms typically have more financial resources to engage in these
kinds of investments. The same holds for the in-and out-licensing of intellectual property rights;
in-licensing of IP requires financial slack, whereas out-licensing of IP requires the structure
Finally, we looked at the degree firms participate by equity investments in new or existing companies, we asked
investment in open-source software. R&d Management 36,319-331 45 The results of EIM's Research Programme on SMES and Entrepreneurship are published in the
Such equity investments provide opportunities to further increase external colla -boration in case their technologies prove to be valuable
processes demands higher investments in capital and technologies. For services†due to their relatively intangi -ble, simultaneous and heterogeneous nature†the opposite
Equity investments in new or established enterprises in order to gain access to their knowledge
require substantial investments, including employee invol -vement and external networking. Medium-sized enterprises are represented clearly over and their innovation activities
substantial investments, including venturing, external participations, IP licensing and R&d outsourcing 5. 4. Motives and challenges
substantial investments. IP licensing, venturing and ex -ternal participation on the contrary, require ï nancial investments, formalized contracts and a structured innova
-tion portfolio approach to manage the risks. This ï nding is in line with former studies about innovation in SMES
CIS mainly focus on R&d and innovation investments of enterprises, and external networking activities, but do not pay attention to other open innovation practices
Such equity investments provide opportunities to further increase external colla -boration in case their technologies prove to be valuable
processes demands higher investments in capital and technologies. For services†due to their relatively intangi -ble, simultaneous and heterogeneous nature†the opposite
Equity investments in new or established enterprises in order to gain access to their knowledge
require substantial investments, including employee invol -vement and external networking. Medium-sized enterprises are represented clearly over and their innovation activities
substantial investments, including venturing, external participations, IP licensing and R&d outsourcing 5. 4. Motives and challenges
substantial investments. IP licensing, venturing and ex -ternal participation on the contrary, require ï nancial investments, formalized contracts and a structured innova
-tion portfolio approach to manage the risks. This ï nding is in line with former studies about innovation in SMES
CIS mainly focus on R&d and innovation investments of enterprises, and external networking activities, but do not pay attention to other open innovation practices
ï Foreign direct investments. Trends and developments, Frederik De Witte, Isabelle De Voldere, Leo Sleuwaegen, June 2008, published in English
ï Foreign Direct Investments. Location choices across the value chain, Frederik De Witte, Leo Sleuwaegen, May 2009, published in English
SMES usually do not have the money to make this investment. Less expensive alternatives exist
This organization analyzes the investments required for a building to reduce energy consumption to a minimum. Combining people with strong ideas and reputation with
That implies that some partners may have to be compensated for losses, investments, or risks they take
whereas the technology transfers might still require significant investments from engineering Furthermore, large firms that license technologies risk knowledge leaks with adverse competitive
-organisms that could produce a specific flavor was the single largest investment for Isobionics developing a new natural ingredient was estimated to amount to approximately â 5 million.
Second, Toine Janssen had to secure the required investments for his start-up once the business plan
investments to advance the technological development and commercialization of the first flavors Classic venture capital funds (VCF) were somewhat reluctant to finance Isobionics at the time it was
established, because the venture needed considerable investments which were too big a risk for VCFS
in an early investment stage 42 In the end, Isobionics was financed in a complex but interesting way
The start-up was financed combining investments from VCFS, a regional venture capital investor in which DSM participated, bank loans, and subsidies from
in turn, did also win from its investment in Isobionics. First, it had the opportunity to follow the evolution
Isobionics can be acquired in case its business is becoming an interesting investment area for DSM Isobionics illustrates how a start-up can establish a business by licensing technology of a large firm
small firms cannot commercialize their own inventions because excessive investments in complementary assets are required 43
corporate venturing investments, co-development agreements, and acquisitions. Licensing agreements imply that the licensor and licensee share revenues,
Partners may have to bear considerable risks or investments in dedicated complementary assets. In open business models,
their technology investments. Worldwide licensing deals can be challenging for SMES, which forces them to sublicense to other companies.
investments. Imagining a new product is one thing, whereas start ing the venturing process is another
R&d investment, with data related to 2004 (European Commission, 2005) and to 2009 (European Commis -sion, 2010.
-tion of high levels of investment in rapidly progressing information and communications technology in the second half of the 1990s, fol
complementarity between investment in ICT and or -ganizational change in companies, again pointing to a gap between US and Europe (Bloom et al.
manufacturing and marketing investment by large companies such as IBM (Flamm, 1988; Chandler 1990; Langlois, 1992;
The recent EU Industrial R&d Investment Scoreboard states clearly that †the EU€ s innovation gap is a consequence of
2005 EU Industrial R&d Investment Scoreboard. Volume II Company Data. Brussels: Directorate-General Joint Research
2010 EU Industrial R&d Investment Scoreboard. Brussels Directorate-General Joint Research Centre Flamm, K 1988.
Investment Fund. Targeted national policies for high growth SMES were mainly found in the Nordic
for example, be related to investment regulation, start-up regulation, market entry barri -ers, labour law, bankruptcy law, taxation, and also
-trants, the result may be an undesirable contest with too much rent seeking and investment from the soci
-cation by their own investment, pricing or quantity decisions. Imperfect competition may be due to entry bar
Imperfect information may lead to inefficient investment decisions. For example, imperfect information re -lated to market conditions
and resource availability can lead to suboptimal investments. A particular type of imperfect information is asymmetric information,
holds up investment because of uncertainty. Access to growth finance is an example of asymmetric informa
-kets. †31 Access to finance may also be hampered by unfavourable regulations related to investment and
The European Investment Fund†s high growth and innovative SME facility The European Investment Fund (EIF), a public-private partnership founded in 1994
whose shares are held by the European Investment Bank (61.2%),the European commission (30%)and financial institutions 8. 8%),is a specialist provider of SME risk finance across Europe and a major player in the European ven
-ture capital market. Its investment strategy has focused historically on early stage VC funds and the promo
-55 See http://ec. europa. eu/small-business/policy-statistics/policy/index en. htm 56 See http://www. eurostars-eureka. eu
2007 the European Investment Fund†s operates A high Growth and Innovative SME Facility (GIF), providing
%SMES seeking equity investment from these schemes need to contact funds that have signed an agreement
These funds decide about their investments based on normal commercial criteria. The GIF€ s indicative budget for 2007-2013 is 550 million euro.
turnover growth and return on investment was indicated yet because the programme was not fully implemented yet
state investment fund â€oevaekstfondenâ€, the Region Hovedstaden (Denmark†s capital region), Region Midtjyl -land (Denmark†s Middle-Jutland Region) and the European Commission†s Regional Development Fund
These companies then do a pitch to Accelerace†s investment committee which makes the final decision.
The investment committee is made up of several investors, industry experts as well as Symbion†s CEO. The initial pitch to enter the programme resembles a typical investor pitch, while the final
investment company serving as the hub for public early-stage venture capital investments. VIGO is a type of
when exiting their investments. The Ac -celerators can also charge a monthly acceleration fee from the target companies
investment branch focusing on â€oecompanies that are targeting markets that are very large and profitable or
taxpayer, by virtue of its Lottery endowment. †80 NESTA investments can thus not be classified as â€oegovern
79 See http://www. nesta. org. uk/investments/our approach/investments criteria 80 See http://www. nesta. org. uk/home1/assets/features/government grants nesta full independence
networks change, new investment rounds are nec -essary, business plans and a new business strategy need to be developed,
venture capital, angels†investment and other financing partners which are essential to further growth 81 Murray/Hyytinen/Maula (2009), p. 168.
investments have an even bigger impact of 0. 96 pp. The direction of causality is not always easy to estab
-investments to growth. There is also substantial micro-evidence that supports this view. †93 Yet, bank loans are preferred the source of growth finance for European companies.
private equity investments in Europe had been tripling from 24.3 Billion euros in 2001 to 72.9 Billion euros in
2007, investments fell to 23.4 Billion euros in 2009, even below the 2001 value, and recovered to 42.6 billion
Private equity investments in Europe 2000 †2010 35,0 24,3 27,6 29,1 36,9 47,1 71,2 72,3
-uity investments made up 1. 123%of GDP there in 2010, followed by Sweden (0. 893%)and Switzerland
Private equity investments as%of GDP in Europe in 2010 0, 0 %0, 2 %0, 4
ï Business angels and investment readiness: â€oethe Commission's policy is to identify and spread good
practices that can help improve the conditions for business angel investment. †104 ï Early stage investment:
â€oefinancing through the high growth and innovative SME facility is available to small businesses in their early or expansion phase under the Competitiveness and Innovation
ï Single market for venture capital investment: â€oeat present, there is no integrated European venture capital market-the regulatory situation varies widely from country to country(..
investments. †106 However, â€oewhile there is a consensus among Member States on promoting mutual recognition of national frameworks, no significant measures have been taken yet that would make
investment and also to lead to a phased reduction of its dependence on public moneyâ€. 109 The EVCA sug
in that Europe†s large institutional investors consider VC as too small for allocating investment expertise and
Furthermore, GIF provisions could be tuned more towards business angel investments. GIF1 includes the option that intermediaries with co-investment arrangements with business angel networks may receive an
additional and separate commitment for co-investments. By the end of 2010, such investments were made
103 See http://ec. europa. eu/enterprise/policies/finance/financing-environment/sme-finance-forum/index en. htm
104 See http://ec. europa. eu/enterprise/policies/finance/risk-capital/business-angels/index en. htm 105 See http://ec. europa. eu/enterprise/policies/finance/risk-capital/start-up-finance/index en. htm and section 4. 1. 1 in this
The government also plans to encourage venture capital investment from over -seas funds, oil money, and other sources.
required high loans for survival, investment diversification and possible expansion Canada: 115 While there are no specific policies for grants to industry in Canada that focus on high growth
Specifically, the government has encouraged R&d investment in response to the contraction of SME invest -ment potential due to the recent economic slowdown.
investment and support for technology innovation R&d of global leader enterprises. The government also initiated the â€oesme-type Promising Green Technology Roadmap†in June 2009.
Inno-biz and measures to strengthen venture capital investment The Korean government intensively fosters the programme â€oeinno-biz†(acronym for â€oeinnovative businessâ€.
The government also plans to encourage venture capital investment from overseas funds, oil money, and other sources.
It intends to allow joint fund operation between overseas investment in -146 See http://eng. smba. go. kr/pub/poli/poli04010802. jsp#cer02 for the SMBA€ s criteria of inno-biz certification
%In addition, the government plans to facilitate venture investment by institutional investors, the post office insurance firms, universities,
-uity investment in the Fund of Funds more than three times a year and to rapidly respond to demand in the
investment market. Since the Korea Venture Fund has confirmed other investors, small investments of less than one billion won are allowed at any time
In April 2009, the government created a venture ecological system that integrates the capabilities of newborn
Trends in SME€ s R&d Investment 2000 2002 2004 2005 2006 2007 No. of SMES conducting R&d
New venture investments 7, 870 12,041 Newly established venture funds 4, 929 11,954 Foreign venture funds 30 702
Overseas investment: Not only large enterprises, but also SMES invested in foreign countries aggressively SMES€ share of overseas investment reached 54%in terms of the number of cases and 26%in terms of
amount. The majority of Korean SMES invested in China Negative side effects of SME support Over 100 SME policy measures resulted in application congestion in SME administrations,
considers its funding mechanisms as an investment when reviewing potential high-growth SMES Business capability development programmes
was crucial for high-growth SMES that required high loans for survival, investment diversification and possi
-gapore dollars equity investment in a qualifying start-up can claim a 50%tax deduction on the in
-gapore dollars investment per year ï Catalysing growth investments through co-investment: 1. 5 billion Singapore dollars of growth capital
for companies by seeding a range of funds over ten years, with contributions of up to half the capital
Government initiatives as well as investments in infrastructure and education are strong in Singapore. Con -sidering the dominance of micro, small and medium-sized enterprises in Singapore and the traditional
strength of the manufacturing and finance sectors, the government is seeking strategic investments to groom
property and new ventures, human resources headhunting, consulting and market research, and investment banking services for merger and acquisition activities.
and the interest in VC fund investment is problematically low Background and objectives of VC funding and government assistance
In Canada total bio investments increased from 210 mil -lion CAD in 2009 to 300 million in 2010.154
According to the Canadian Angel Investment Network their members are currently investing over CAD 3 bil
VC investments by the VC community in Canada have decreased from a peak of CAD 5. 9
-natives (such as income trusts), investment by individuals in VC funds in Canada has dried all but up.
other major investment source has been pension funds, but these funds have become risk-averse and have
cut back their interest in high tech VC investments preferring to go to infrastructure investments instead Foreign VC flow has been an important source of financing for technology firms.
funds but there is no data available to measure the investment performance of this group of funds
http://mikevolker. com/2010/09/b-c-investment-tax-credit-program /Policies for high-growth innovative SMES v1. 6
loan guarantees, capital investment loans, and loans for facilities. Funding recipients should have less than 300 employees or capital below JPY 300 million.
investment and used risk-reward criteria for approvals and if they can squeeze the entire process from appli
education system, investment regulation, start-up regulation, market entry barriers, labour law, bankruptcy law, taxation, and also to SME policies rewarding to stay small.
European Investment Bank instruments for high growth of SMES Ensure effective growth capital provision VC funds, corporate VC, business angels
European Investment Fund, http://www. eif. org/what we do/equity/venture/index. htm, last accessed May
European Investment Fund, GIF 1-GIF 2 Investment Policy http://www. eif. org/what we do/resources/european commission/GIF INVESTMENTPOLICY IMPLEMENATIO
Making innovation flourish, Investment criteria http://www. nesta. org. uk/investments/our approach/investments criteria, last accessed May 2011
NESTA. Making innovation flourish, Government grants NESTA full independence http://www. nesta. org. uk/home1/assets/features/government grants nesta full independence, last
Arengufond â€oethe Development Fund performs risk capital investments into the starting and growth-oriented technology com
you can apply to the Innovative HPSU Fund for an Enterprise Ireland equity investment. Having se
-cured the necessary investment to start the business, further supports are available to assist in the implementa
This high-tech and innovation co-investment facility was subscribed in February 2006 by CDTI, EIF and several other private investors, mainly Spanish blue chip companies.
investment represents just over 25%of the fund's final size of EUR 183m. â€) The programme has brought to
-gether Spanish public and private sector investors to boost investments in Spanish SMES which will foster inno
Investment Fund. Targeted national policies for high growth SMES were mainly found in the Nordic
for example, be related to investment regulation, start-up regulation, market entry barri -ers, labour law, bankruptcy law, taxation, and also
-trants, the result may be an undesirable contest with too much rent seeking and investment from the soci
-cation by their own investment, pricing or quantity decisions. Imperfect competition may be due to entry bar
Imperfect information may lead to inefficient investment decisions. For example, imperfect information re -lated to market conditions
and resource availability can lead to suboptimal investments. A particular type of imperfect information is asymmetric information,
holds up investment because of uncertainty. Access to growth finance is an example of asymmetric informa
-kets. †31 Access to finance may also be hampered by unfavourable regulations related to investment and
The European Investment Fund†s high growth and innovative SME facility The European Investment Fund (EIF), a public-private partnership founded in 1994
whose shares are held by the European Investment Bank (61.2%),the European commission (30%)and financial institutions 8. 8%),is a specialist provider of SME risk finance across Europe and a major player in the European ven
-ture capital market. Its investment strategy has focused historically on early stage VC funds and the promo
-55 See http://ec. europa. eu/small-business/policy-statistics/policy/index en. htm 56 See http://www. eurostars-eureka. eu
2007 the European Investment Fund†s operates A high Growth and Innovative SME Facility (GIF), providing
%SMES seeking equity investment from these schemes need to contact funds that have signed an agreement
These funds decide about their investments based on normal commercial criteria. The GIF€ s indicative budget for 2007-2013 is 550 million euro.
turnover growth and return on investment was indicated yet because the programme was not fully implemented yet
state investment fund â€oevaekstfondenâ€, the Region Hovedstaden (Denmark†s capital region), Region Midtjyl -land (Denmark†s Middle-Jutland Region) and the European Commission†s Regional Development Fund
These companies then do a pitch to Accelerace†s investment committee which makes the final decision.
The investment committee is made up of several investors, industry experts as well as Symbion†s CEO. The initial pitch to enter the programme resembles a typical investor pitch, while the final
investment company serving as the hub for public early-stage venture capital investments. VIGO is a type of
when exiting their investments. The Ac -celerators can also charge a monthly acceleration fee from the target companies
investment branch focusing on â€oecompanies that are targeting markets that are very large and profitable or
taxpayer, by virtue of its Lottery endowment. †80 NESTA investments can thus not be classified as â€oegovern
79 See http://www. nesta. org. uk/investments/our approach/investments criteria 80 See http://www. nesta. org. uk/home1/assets/features/government grants nesta full independence
networks change, new investment rounds are nec -essary, business plans and a new business strategy need to be developed,
venture capital, angels†investment and other financing partners which are essential to further growth 81 Murray/Hyytinen/Maula (2009), p. 168.
investments have an even bigger impact of 0. 96 pp. The direction of causality is not always easy to estab
-investments to growth. There is also substantial micro-evidence that supports this view. †93 Yet, bank loans are preferred the source of growth finance for European companies.
private equity investments in Europe had been tripling from 24.3 Billion euros in 2001 to 72.9 Billion euros in
2007, investments fell to 23.4 Billion euros in 2009, even below the 2001 value, and recovered to 42.6 billion
Private equity investments in Europe 2000 †2010 35,0 24,3 27,6 29,1 36,9 47,1 71,2 72,3
-uity investments made up 1. 123%of GDP there in 2010, followed by Sweden (0. 893%)and Switzerland
Private equity investments as%of GDP in Europe in 2010 0, 0 %0, 2 %0, 4
ï Business angels and investment readiness: â€oethe Commission's policy is to identify and spread good
practices that can help improve the conditions for business angel investment. †104 ï Early stage investment:
â€oefinancing through the high growth and innovative SME facility is available to small businesses in their early or expansion phase under the Competitiveness and Innovation
ï Single market for venture capital investment: â€oeat present, there is no integrated European venture capital market-the regulatory situation varies widely from country to country(..
investments. †106 However, â€oewhile there is a consensus among Member States on promoting mutual recognition of national frameworks, no significant measures have been taken yet that would make
investment and also to lead to a phased reduction of its dependence on public moneyâ€. 109 The EVCA sug
in that Europe†s large institutional investors consider VC as too small for allocating investment expertise and
Furthermore, GIF provisions could be tuned more towards business angel investments. GIF1 includes the option that intermediaries with co-investment arrangements with business angel networks may receive an
additional and separate commitment for co-investments. By the end of 2010, such investments were made
103 See http://ec. europa. eu/enterprise/policies/finance/financing-environment/sme-finance-forum/index en. htm
104 See http://ec. europa. eu/enterprise/policies/finance/risk-capital/business-angels/index en. htm 105 See http://ec. europa. eu/enterprise/policies/finance/risk-capital/start-up-finance/index en. htm and section 4. 1. 1 in this
The government also plans to encourage venture capital investment from over -seas funds, oil money, and other sources.
required high loans for survival, investment diversification and possible expansion Canada: 115 While there are no specific policies for grants to industry in Canada that focus on high growth
Specifically, the government has encouraged R&d investment in response to the contraction of SME invest -ment potential due to the recent economic slowdown.
investment and support for technology innovation R&d of global leader enterprises. The government also initiated the â€oesme-type Promising Green Technology Roadmap†in June 2009.
Inno-biz and measures to strengthen venture capital investment The Korean government intensively fosters the programme â€oeinno-biz†(acronym for â€oeinnovative businessâ€.
The government also plans to encourage venture capital investment from overseas funds, oil money, and other sources.
It intends to allow joint fund operation between overseas investment in -146 See http://eng. smba. go. kr/pub/poli/poli04010802. jsp#cer02 for the SMBA€ s criteria of inno-biz certification
%In addition, the government plans to facilitate venture investment by institutional investors, the post office insurance firms, universities,
-uity investment in the Fund of Funds more than three times a year and to rapidly respond to demand in the
investment market. Since the Korea Venture Fund has confirmed other investors, small investments of less than one billion won are allowed at any time
In April 2009, the government created a venture ecological system that integrates the capabilities of newborn
Trends in SME€ s R&d Investment 2000 2002 2004 2005 2006 2007 No. of SMES conducting R&d
New venture investments 7, 870 12,041 Newly established venture funds 4, 929 11,954 Foreign venture funds 30 702
Overseas investment: Not only large enterprises, but also SMES invested in foreign countries aggressively SMES€ share of overseas investment reached 54%in terms of the number of cases and 26%in terms of
amount. The majority of Korean SMES invested in China Negative side effects of SME support Over 100 SME policy measures resulted in application congestion in SME administrations,
considers its funding mechanisms as an investment when reviewing potential high-growth SMES Business capability development programmes
was crucial for high-growth SMES that required high loans for survival, investment diversification and possi
-gapore dollars equity investment in a qualifying start-up can claim a 50%tax deduction on the in
-gapore dollars investment per year ï Catalysing growth investments through co-investment: 1. 5 billion Singapore dollars of growth capital
for companies by seeding a range of funds over ten years, with contributions of up to half the capital
Government initiatives as well as investments in infrastructure and education are strong in Singapore. Con -sidering the dominance of micro, small and medium-sized enterprises in Singapore and the traditional
strength of the manufacturing and finance sectors, the government is seeking strategic investments to groom
property and new ventures, human resources headhunting, consulting and market research, and investment banking services for merger and acquisition activities.
and the interest in VC fund investment is problematically low Background and objectives of VC funding and government assistance
In Canada total bio investments increased from 210 mil -lion CAD in 2009 to 300 million in 2010.154
According to the Canadian Angel Investment Network their members are currently investing over CAD 3 bil
VC investments by the VC community in Canada have decreased from a peak of CAD 5. 9
-natives (such as income trusts), investment by individuals in VC funds in Canada has dried all but up.
other major investment source has been pension funds, but these funds have become risk-averse and have
cut back their interest in high tech VC investments preferring to go to infrastructure investments instead Foreign VC flow has been an important source of financing for technology firms.
funds but there is no data available to measure the investment performance of this group of funds
http://mikevolker. com/2010/09/b-c-investment-tax-credit-program /Policies for high-growth innovative SMES v1. 6
loan guarantees, capital investment loans, and loans for facilities. Funding recipients should have less than 300 employees or capital below JPY 300 million.
investment and used risk-reward criteria for approvals and if they can squeeze the entire process from appli
education system, investment regulation, start-up regulation, market entry barriers, labour law, bankruptcy law, taxation, and also to SME policies rewarding to stay small.
European Investment Bank instruments for high growth of SMES Ensure effective growth capital provision VC funds, corporate VC, business angels
European Investment Fund, http://www. eif. org/what we do/equity/venture/index. htm, last accessed May
European Investment Fund, GIF 1-GIF 2 Investment Policy http://www. eif. org/what we do/resources/european commission/GIF INVESTMENTPOLICY IMPLEMENATIO
Making innovation flourish, Investment criteria http://www. nesta. org. uk/investments/our approach/investments criteria, last accessed May 2011
NESTA. Making innovation flourish, Government grants NESTA full independence http://www. nesta. org. uk/home1/assets/features/government grants nesta full independence, last
Arengufond â€oethe Development Fund performs risk capital investments into the starting and growth-oriented technology com
you can apply to the Innovative HPSU Fund for an Enterprise Ireland equity investment. Having se
-cured the necessary investment to start the business, further supports are available to assist in the implementa
This high-tech and innovation co-investment facility was subscribed in February 2006 by CDTI, EIF and several other private investors, mainly Spanish blue chip companies.
investment represents just over 25%of the fund's final size of EUR 183m. â€) The programme has brought to
-gether Spanish public and private sector investors to boost investments in Spanish SMES which will foster inno
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