Synopsis: Entrepreneurship: Investment:

Specific provisions concerning the ERDF and the Investment for growth and jobs goal†(EC) No

whether the model of attracting productive investment in Asturias, developed in recent years, can be maintained in the future

With a large presence of foreign industrial investment accentuated in recent years thanks to public incentives for investment

In view of the above data the main features of the Asturian economy and more specifically of its

c) Strong presence of foreign industrial investment with decision centers outside of Spain d) High specialization in three sectors:

investments, for instance through public-private partnerships. It looks like it won†t be easy to get financial commitment of the private sector with the current strategy

k) Try to stimulate private R&d&i investments, for instance through public-private partnerships A cultural change must be focused in that respect passing from a traditional subsidized

has therefore set smart specialisation as a prior condition for investments in two key cohesion policy objectives for the 2014-2020 period:

knowledge, thereby stimulating private investment •Participatory process to build a shared vision among companies, citizens

companies†investment effort (with 61.8%of spending on R&d), Castilla y Leã n has started to regain its position in the Autonomous Communities rankings,

•Decline in private investment, decrease in R&d investment •Reduction of budget earmarked for R&d that leads to a reduction of public

capacities for the support of structures human resources, and development of initiatives •Loss of support structure for R&d

economic return on investment related to ICT use •Hesitation in using ICT in the classroom by

 investment  in  R&d  •†International  approach  à ï †Co- †operation

 investment  especially  reduction  of   R&d&i  investment  •†Reduction

 of  public  budget  for  R&d&i  loss  of  support

 investments  Need  to  be  realistic  (crisis   27

-tions often require highly specialized complementary investments from the buyers, who are exposed consequently to the risk of â€oehold

Whereas in the past innovation policy worked through investments in research and development, a broader view now needs to be taken of where innovation occurs and the

coaching of entrepreneurs, angel investment) promoting more and better technology -based start-ups (â€oetechnostartersâ€) in and around universities.

direct investment ventures; and to attract highly-skilled labour from abroad SMES, ENTREPRENEURSHIP AND INNOVATION Â OECD 2010 17

alliances, securing better local embedding of foreign direct investment ventures, and attracting highly-skilled labour from abroad

â Embedding of foreign direct investment ventures should be promoted through integration of inward investment policies and cluster policies;

promotion of corporate spin-offs from foreign direct investors; and joint technology development and training initiatives involving foreign affiliates and local SMES

a social investment marketplace, for example with fiscal incentives to attract investors multiple forms of credit enhancement,

methods such as Social Return on Investment measures and balanced scorecards â Provide training opportunities to social entrepreneurs

knowledge investments. This is what is seen now generally by economists to be the major factor behind the bulk of economic growth, the growth that is not due to additions to

trade and investment have increased therefore, escalating competition and specialisation This puts a premium on innovation.

Investments in new knowledge are seen to spill over in part to other agents, increasing their returns to innovation and driving further investment and growth

Knowledge built up in universities, large firms and research organisations does not spill over automatically, however.

Whereas typical problems for STI-based innovation are under-investment in scientific research, lack of connections between science and industry and poor access

being about investment in science and R&d policies, leaving aside the crucial issues of diffusion and exploitation of research

demand stimulus or targeted employment and investment subsidies and the improvement of productivity by helping new and small firms to carry innovations into

example through embedding of foreign direct investment, attraction of highly-skilled labour from overseas and building cross-national SME alliances

and barriers to trade and investment. The indicator â€oebarriers entrepreneurship†measures different regulations in the domain of entrepreneurship and is composed

Action Plan 2009, NRC-IRAP received an additional investment of CAN 200 million over two years to

CAN 1. 88 investment from the client and other sources at the initial stages of a project

which collectively represent investments of EUR 817.6 million State aid in the form of a business activity subsidy reached EUR 191.9 million,

and to prepare them to be more investment-ready for venture capital placements. The first three start-up accelerators were selected by a steering committee in

investments with other local partners SMES, ENTREPRENEURSHIP AND INNOVATION Â OECD 201062 2. FRANCE France

In pursuit of this goal, the Fund participates in innovation-oriented investment projects and assists SMES

direct investment; increasing output; tech transfer; and the development of a fourth level in the higher

this. i) Centres for Science, Engineering and Technology (CSETS) †This investment programme links scientists

better economic returns from R&d investments. iii) Research and development Fund †This is a EUR 500 million grant scheme available to enterprises to support their R&d.

companies, private investment equity, and local governments. The projects intend to improve the competitiveness of Italian industry over the medium and long run by coordinating R&d activities carried

funded with R&d investments of about EUR 500 million Additionally, 50 projects from 420 firms,

Only 25 projects were funded with investments of about EUR 450 million, of which EUR 180 million were

The overall investment value is EUR 2. 2 billion. The selected projects concern new products and processes (158), firm co-operation systems (34), and new

such as patent fee reductions, loan guarantees, capital investment loans, and loans for facilities. Funding recipients should have less than 300 employees or capital below

National Credit and Investment Society The National Credit and Investment Society (SNCI) is owned a state bank that specialises in financing

medium-and long-term projects undertaken by Luxembourg-based companies. With resources standing at EUR 580 million in 2005, the Society provides financing through equipment loans, medium-and long

-term loans, innovation loans, financing of foreign investments, equity loans and participating interests in small companies.

The National Credit and Investment Society also provides start-up loans of between EUR 5 000 and

Technz is a business investment programme designed to support companies and people undertaking research and development in projects that result in new products, processes and services.

fostering SME investment, and coordinating financial instruments COMPETE The National Strategic Reference Framework (NSRF) 2007-2013, co-financed by EU Structural Funds

company investments that lead to innovation in technological and non-technological areas: IS Innovation IS R&td and IS Qualification and Internationalisation of SMES.

Collective Efficiency Strategies†formal recognition allows the submission of investment projects and respective action programmes, thereby facilitating access to instruments available within the National

technology poles and 8 clusters) foresee an eligible investment of around EUR 2 000 million, of which

increase the amount of venture capital investment for SMES in the Slovak economy. The company looks for

The European Investment Bank earmarked EUR 50 million for the Slovak Guarantee and Development Bank in 2009

and EUR 400 million in leveraged investments NEOTEC NEOTEC is a programme that aims to encourage the creation and consolidation of new technology-based

In this case, the investment cannot exceed EUR 500 000 per company From 2002 to 2007, NEOTEC approved 257 projects, for which EUR 171 million were invested and

Sweden has a long history of large (private) R&d investments and successful innovations, while the

Fixed investment costs are financed also through grants and soft loans. Another policy measure for promoting technology-based entrepreneurship began in 2008 under the R&d Support

themes in the Board†s investments relate to energy technologies, biotechnology, and projects focused on

1. Average level of financial investment by that source; includes all start-up firms. 2. Expressed as a proportion of the total start

investments and hiring in R&d activities The policy has had a high impact on R&d investments within the private sector.

Brazil registered an increase from BRL 1. 5 billion undertaken by 130 enterprises in 2006 to BRL 4. 8 billion undertaken by

technical innovation and to new investments stated in the business plan of the enterprise is eligible to be

Foreign direct investment (FDI) in the zones reached USD 61.88 billion in 2005, accounting for 10%of FDI to China in the same period

investments were made by the Fund in the spring of 2008 Estonian policy has given a great deal of attention to entrepreneurship awareness raising among key

Technology Investment The Technology Investment programme supports (up to 40%of co-financing for SMES, 20%for large

companies) the acquisition of both tangible assets and the intangible assets that are required to bring these acquired tangible assets into use.

programme, up to a maximum 60%of the total cost of the investment; ii) the provision of grants to assist

investment. The former scheme is managed directly by state-owned enterprises or SOE-affiliated entities while the latter is managed through third parties or foundations.

From 1998 to 2006, LIPI (Indonesian Institute of Sciences) has launched 389 projects with a total investment

or expected returns on investment) and those that cannot yet meet bank requirements. Secondly, Iptekda has assisted successfully non-bankable SMES in financing and

Established with a budget of USD 100 million in 1993, Yozma made ten investments in

and 15 direct investments in technology start-ups. Yozma contributed towards 40%of the ten funds†total investment

while the rest came from foreign investors, creating a total of USD 210 million for investment in start-ups.

To minimise and spread risk, the new funds syndicated many of their investments to a far larger extent than funds would

consider today. In addition, Yozma offered the foreign investors in these small funds insurance of 80%of their risk as well as the option of buying out the government†s share within five years.

and nine of the 15 companies that enjoyed direct Yozma investment either went public or were

Fund of venture fund (fund-of-funds model), stimulating venture investment and financial support of the

innovative research investments, research infrastructure, participation in international research networks, and innovation vouchers. In 2009, the measure to co-finance R&d projects was redesigned in

Its goal is to stimulate the investment of micro and small enterprises in R&d, new technologies, products and processes.

promoting the further involvement of Slovenian enterprises in defence R&d, development and investment projects, support to strategic R&d projects in the business sector, strengthening the national innovation

and investment projects and support of strategic R&d projects. The latter was to be the single largest TIA programme, with more than EUR 109 million for the period 2009-12

Agency of the Republic of Slovenia for Entrepreneurship and Foreign Investments (PAEFI) has two main

all participating firms) and investment by MSMES increased significantly: from ZAR 21.3 million (2006/07 to ZAR 75.8 million (USD 10.8 million) in 2007/08

linkages and innovation through internal investments in R&d The innovation system approach significantly departs from an approach merely based

local presence of green-field (newly established) foreign direct investment. Examples include Mazowieckie and Wielkopolskie in Poland;

Tacit knowledge is created not just a priori through investments in education and training or the attraction and retention of qualified labour,

of the impact of R&d investment on patent production provides similar results (Bottazzi and Peri, 2003;

innovation in terms of returns to R&d investments than narrow sector specialisation Similarly, Fritsch and Slavtchev (2007) find an inverse U-shaped relationship between

have equity investments in new firms and commercialise R&d results. The establishment of KTOS has also been encouraged

support investments in R&d New financial services for R&d investments in technology-based start-ups; appropriate evaluation

of research intangibles Intermediary institutions Development agencies incubators, science parks, etc Facilitate the match between

direct investment (FDI; and iii) attraction of skilled labour. All three can contribute to the

Knowledge transfers from foreign direct investment Another important source of global knowledge is inward foreign direct investment

FDI). ) Foreign multinationals can stimulate local development through firm-specific advantages, including efficient and advanced operational practices and technologies

Similarly, investment readiness SMES, ENTREPRENEURSHIP AND INNOVATION Â OECD 2010152 3. KNOWLEDGE FLOWS programmes are appropriate for later stages of business development in which equity

experience, although marked inter-firm labour mobility can deter private investments in training, especially in SMES.

investment is also an important †though sometimes overlooked †source of new knowledge for the local economy,

difficult to justify strong investments in what may be seen by their hierarchies and peers as side projects, whatever the expressed interest of the students

of activities, investment in the training itself, and the adverse effects on management of workloads.

despite limited investment in formal training and strategic planning of training (Muller and Zenker, 2001.

and the investment activity of local governments in private sector development, for instance through smart infrastructure such as HEI networked business

Zwick, T. 2007), â€oeapprenticeship Training in Germany †Investment or Productivity Driven? †Discussion Paper No. 07-023, Centre for European Economic Research, Germany

and third, the investment is based on a commitment from government to use a portion of the public spending savings resulting from improved social outcomes to pay back the

investment Box 5. 9. Equisol (France The Regional Council of Ile-de-france launched on 21 september 2009 Equisol (a

which is an investment fund specifically targeting social enterprises. It aims to fund hundreds of projects â€oewith a social and/or

that a Social Investment Bank be established to accelerate the flow of nongovernmental pools of capital to address social issues

Social Finance developed a new social investment product, the Social Impact Bond, to target such social problems.

The bonds raise investment to fund prevention programmes. Investors receive returns from government when targets are met on improved social outcomes, such as

investment into addressing the causes of deep-rooted social problems and create a new way of

emprunt) to finance investment projects in order to increase growth in some priority areas as a response to the economic crisis.

-up and also the costs of capital investments. This could be provided through small loans or grants

including the social return on investment measures and the balanced scorecard Social innovation â Support further research

qualitative measurement tools, including Social Return on Investment measures and the balanced scorecard Notes 1. Kerlin (2006) analyses the commonalities and differences of the notion of social enterprise in the

investment (the †double bottom lineâ€. †(p. 1 Thompson 2002 â€oealthough social entrepreneurship is in evidence in many profit-seeking businesses †sometimes in

between SMES and foreign direct investment ventures and attracting highly-skilled labour from abroad 3. Strengthen entrepreneurial human capital

economic and social goals, including facilitation of a social investment marketplace, introduction of pu procurement measures that include socioenvironmental criteria and experimentation with innovat

appropriate methods such as Social Return on Investment measures and balanced scorecards â Provide training opportunities to social entrepreneurs

growth means making investment in the environment a new source of economic growth Green jobs Jobs that contribute to protecting the environment and reducing the harmful effects

Investment in knowledge creation, diffusion and exploitation are critical in this environment Knowledge flows The flows of knowledge occurring

National Credit and Investment Society Luxinnovation Mexico AVANCE The netherlands Innovation Voucher Technopartner Programme New zealand Technz

Technology Investment India Information technology (IT Biotechnology Technopreneur Promotion Programme Indonesia Innovation Centre for Micro, Small and Medium Enterprises

Knowledge transfers from foreign direct investment The attraction of foreign skilled workers Conclusions and policy recommendations

Australia were made available specifically for social impact investment. 2 The term â€oesocial innovation†has been embraced also broadly among socioeconomic

systematically supported through public investment and new regulatory frameworks More than £350 million of public money has been spent on social entrepreneurship

in the Alternative Investment Market at the London Stock exchange for instance; another example is the Social Impact Bond or the Big Society Bank in the UK.

futures) and social return on investment; their organizational strategies do not follow traditional financial ratio modeling.

credit) market fails to underpin social innovation investment However, alternative funding can be made available within the not-for-profit sector

investment and government support Smart is the New Green Smart products with intelligent sensing technology are being integrated with

investment with each city becoming a unique customer with untapped opportunities in key industries such as mobility.

Smart Governance, Transportation and Smart Energy driving investment growth in this space The pace of smart city market development will depend on how quickly

new business and investment opportunities. Concepts like bike and car sharing, integrated door-to-door transport solutions, inter-modality, smart

In fact, investments in high speed rail have been estimated to have potential to add 2 to 3%to countries†GDP

Innovation investment need of over $2 trillion in 2020 alone †a significant economic opportunity from even a conservative angle

investment The project includes a total of 866 railway cars (electric and bi-mode) using proven

Investment department (UKTI have put together a scheme where the NHS establishes overseas clinics Moorfields Eye Hospital

•Extra investments generated outside the UK to improve services at local hospitals in the UK

investment from cure to prevention and diagnostics in healthcare o There is a need to deliver value for many through new business models

another for investment and business o There is an opportunity for technology convergence (such as digital intelligence, internet of everything and data analytics in buildings, homes

emerging businesses and the investment community from more than 40 offices on six continents. To join our Growth Par tnership,

Global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasingcompetitive

These involve policy support at local, regional and national level and varying levels of State investment in both the short and long term.

To ensure that the Southeast has at least the same IDA Investment Aid as the BMW region as part of the Regional Aid Guidelines for 2014 †2020

Investment in the roll out of Dark Fibre Network (Broadband) in the region Investment in the regional Airport to allow for expansion of the runway and the opening of opportunities to access new markets and supporting growth in tourism

Supporting tourism as a key driver of economic growth through a coordinated and integrated regional strategy and the development of a strategic tourism vision

The IDA to secure provision of new Foreign Direct Investment (FDI) and high value jobs to the region through increased site visits, marketing, branding and enabling clustering of industries

To ensure that the Southeast has at least the same IDA Investment Aid as the BMW region as part of the Regional Aid Guidelines for 2014 †2020

An investment in wind power industry and wave energy to take advantage of the regions geographical strengths

The re-designation of these ITS as a technological university will greatly enhance the attractiveness of the region for inward investment

Government investment in science and technology mostly goes to universities and the resultant high-potential start-ups stay near the universities

and to make the necessary targeted investment to support a ten-year regional economic development plan

It is important that a full cost benefit analysis of all infrastructural investment is carried out

This report is clearly setting out the need for strategic investment in key infrastructural projects that are a regional priority.

and Government must target investment where it is needed most The region and Waterford are fully accessible with the necessary infrastructure in place,

While Waterford has a number of property solutions including strategic investment sites suitable for a range of industries,

Enterprise agencies in partnership with local authorities need to ensure provision of property solutions suitable and available for Foreign Direct Investment.

Any business model for Rosslare Europort and its business stakeholders needs to track emerging trends and respond to them appropriately so as to ensure timely investments are made

It will also require further investment at the port such as the deepening of the Port to cater for larger ships travelling longer distances.

and the associated loss of revenue to the Port, may put this necessary investment at risk

and keep ahead of trends in the market place requires a long term investment plan and the finance to underpin it

and the priority capital investments to underpin it Strategy for Port Hinterland †A clear and agreed strategy is needed for how best to exploit the port hinterland to the benefit of County Wexford and the Southeast region and the scope for enterprise and tourism development in that context.

This requires investment in the roll out of dark fibre broadband network across the region and the introduction of a pilot scheme that provides State financial support in key towns in each of the counties in the region in

The IDA Ireland has two key strategic investment sites available servicing the Southeast which are located at Knockhouse in Waterford and Belview in South Kilkenny

This valuable site provides excellent opportunities for the IDA to attract FDI investment to the region

Regional Aid, also known as investment aid, is paid in the form of grants by the industrial development agencies to businesses in order to support new investment and new employment in productive projects in Europe's most disadvantaged regions

and that the Southeast is at least on par with the Border, Midlands and Western (BMW) region as regards IDA Investment aid

%Lower aid rates apply to Large Investment Projects (i e.>>â 50 million Developing an enterprise environment

To ensure that the Southeast sub region has at least the same IDA Investment Aid as the BMW region as part of the Regional Aid Guidelines for 2014 †2020

Since 2008, Ireland has seen a marked decline in its business environment, reflected in the number of layoffs and the collapse in private sector investment in the economy.

Kilkenny City in particular has attracted significant investment from leading financial services companies such as State street International, Bank of Ireland and Taxback. com

There has been significant investment in the water supply and waste water treatment systems in the region, providing significant capacity for environmentally responsible industrial expansion.

Indeed, there should also be investment in the wind power industry and wave energy to take advantage of the Southeast†s geographical strengths

An investment in wind power industry and wave energy to take advantage of the regions geographical strengths

Further strengthening and investment in the research and innovation infrastructure capacity within the Southeast region is critical.

where investment is in technology and people rather than building industrial units Specifically, there are opportunities in creative industries such as:

and investment strategies for business development in Ireland, including Enterprise Ireland†s High Potential Start up (HPSU) fund.

and sources funding for investment in these start-ups CCJ is currently organising new groups across the length and breadth of the country.

Overseas investment/Foreign Direct Investment (FDI The Southeast has 63 multinational companies across several business sectors:

which are essential to delivering the high quality infrastructure required to support a growing competitive economy focused on attracting foreign direct investment

Foreign Direct Investment FET Further Education and Training FETAC Further Education and Training Awards Council

-Reviewing the overall development needs and investment priorities of the region -Preparation of statutory Regional Planning Guidelines (RPGS) and reviewing

merely focus on specific investment programmes alone 4. Implementation/Administrative Requirements Most responsibility for successful implementation of the RDP 2014-2020 will rest

without investment. Access to finance for business is another policy area that requires serious attention.

core technology investments and bottom line 4 No Some Hamel (2001) Core strategy, strategic resources value network and customer

moreover, assume that investments embodying information technology earn only a normal private rate of return and do not yield significantly higher â€oesocial rates of return†due to externalities and other spill

perplexing conjuncture with the wave of ICT-embodying investments in the U s. economy thus have continued

2) there has been a vast overselling of the productivity-enhancing potential of investments in computers and related information equipment and software--due in part to misplaced technological enthusiasm

assets, and much new investment being allocated to ventures that remain experimental, and adaptive in nature

token, the hedonic deflation of investment expenditures on computer equipment contributes to raising the measured growth of the computer capital services,

3. 1 Micro-level evidence on payoffs from IT investment--the â€oeexcess†returns puzzle The first involves the surprising appearance of â€oeexcess rates of return on computer capital. †These

computer investments, and the weaker (time series) effects gauged in terms of task productivity, might indicate simply that very high gross private rates of return are associated with such capital expenditures.

additional intangible investments that were correlatives of high information technology-intensity. Much of the evidence for this is reasonably direct,

3. 2 Leaving out investments in organizational change: the narrow scope of the NIPA How should the investments made by organizations

and individuals in learning to utilize a new technology be treated for national income accounting purposes? The factor payment side of the official National

and non-market investments in learning remains more or less unchanged But that has not been the case

intangible investments in the retraining of workers and the reorganization of business operations that, as as been

while others are part of the learning investments being made by firms in formal and informal â€oeon the job†knowledge acquisition about information technology

the (unbundled) price-performance ratios that have been used as deflators for investment in computer hardware If so, Sichel†s (1997) price indexes of quality adjusted â€oecomputer services†(from hardware and software) would

and Paul A. David, â€oethe Rise of Intangible Investment: the U s. Economy†s Growth Path in the

Brynolfsson, Erik and S. Yang, â€oethe Intangible Costs and Benefits of Computer Investments: Evidence from

David, Paul A.,â€oegeneral Purpose Engines, Investment, and Productivity Growth: From the Dynamo Revolution to

the Computer Revolution, †in Technology and Investment-Crucial Issues for the 90s, E. Deiaco, E. Hà rner and G. Vickery

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