Synopsis: Entrepreneurship: Investment:

investment Budgettedâ companyâ valueâ atâ exit Investmentâ/ exitâ valueâ forâ investor †5, 000

atâ investment Budgettedâ companyâ valueâ atâ exit Riskâ adjustedâ Companyâ value Horizon 2020 Expert Advisory Group â€oeinnovation in SMES€:

increaseâ companies† chancesâ ofâ securingâ externalâ investment,  itâ willâ beâ essentialâ toâ establishâ

ï Addressâ theâ highâ transactionâ costsâ associatedâ withâ smallâ investments: Â Forâ theâ investorâ communityâ theâ transactionâ costsâ relatedâ toâ dueâ diligence, Â projectâ monitoringâ andâ exitâ

diligenceâ assessmentâ isâ aâ significantâ costâ barrierâ forâ smallâ investments, Â especiallyâ forâ smallâ funds.

ï Increasedâ privateâ investments, Â alsoâ privateâ equityâ financing; Â ï Reducedâ timeâ fromâ ideaâ toâ market;

companiesâ andâ entrepreneursâ toâ makeâ commercialâ senseâ outâ ofâ theâ researchâ investments. Â Business, Â

and enhance investments...31 Access to finance...31 Use of alternative financing sources...32 Finance knowledge...

and enhance investments...58 Pillar 5: Boost the digitally powered single market...61 Impacts...65

and enhance investments. Improve access to finance for each stage of enterprise development and support the growth of digital entrepreneurial

investments 5. Boost digitally powered Single Market Increase the take-up and use of digital technologies by

an investment of at least S$50k (equivalent to ca. â 30k) is required and a 10-page business plan must be submitted.

and enhance investments Finance is crucial to business success and an important factor for economic growth in Europe

Microfinance as well as lending from the European Investment Bank. This financial support is complementing finance provided by the Member States,

finance, the Seed Enterprise Investment Scheme (SEIS) was created in the UK. To be eligible, a

business receiving the investment must be a UK resident unquoted company, less than two years old, have fewer than 25 employees

ï§Difficult access to finance and investments ï§Fragmented digital market By not tackling these stumbling blocks, policymakers not only compromise the economic

investments ï§Applicable to: Silicon valley & Sweden Hands-off ï§Emerged organically ï§Little active and direct government

infrastructure investments ï§This has resulted in a tech savvy population (engineering background), eager to adopt

investments in education, research and innovation-sustainable, thanks to a decisive move towards a low-carbon economy,

domains to stimulate a virtuous circle of investment in and usage of digital technologies 1. Digital single market

-discrimination and wholesale pricing to promote investments in high-speed networks and strengthen competition across all networks

micro-and nano-electronics, to increase Europe's attractiveness for investment in design and production as well as growing its global market share

1. Investment in innovation-providing the right framework conditions for investment 45 2. Better market conditions †improvements in the functioning of the Internal Market and

investments and internet connectivity, e-business policies have matured towards personalised e -business coaching, and more recently towards a more holistic, sector oriented, policy approach

and enhance investments 5. Pillar 5 †Boost digitally powered single market This list of policy actions is the result of in depth research

Horizon2020, the European Investment Fund, JEREMIE (Joint European Resources for Micro to medium Enterprises) and JASMINE (Joint Action to Support Micro-finance Institutions in

Enterprise Investment Scheme in UK Description ï§Consider the case for a capital gains tax rollover relief for shares in order to attract

in order to facilitate cross border investments in digital businesses ï§Tax relief systems can combine income tax relief for individuals who subscribe for

ï§â€ with a capital gains re-investment relief system in which an asset which would give

investment and maintenance costs Here, in order to estimate effort to implement policy actions, in a qualitative way, the time needed

and enhance investments Pillar 5: Boost digitally powered Single Market Low Medium High Lo w

Strategic investment projectsquick Wins Options for policy action 1 European Digital Innovation campaigns 2 Reinforcing existing industry clusters

Tactical investment projects 65 A handful of policy actions, e g. policy actions 2, 4, 7, 13 and 18 can be implemented with

investment projects and require time and or bear a significant cost (high implementation effort but are expected to have a high impact on the economy.

Table 5 †Strategic investment projects Objective Action Description Pillar 1 Increase industry digital transformation

investments 13) Promote use of existing financial instruments Promote the use of existing European financial instruments and initiatives such as

Horizon2020, the European Investment Fund, JEREMIE (Joint European Resources for Micro to medium Enterprises) and JASMINE (Joint Action to Support Micro-finance

investments 14) Tax incentives for a capital gains tax rollover relief for shares Share, promote and support best practices on tax incentives for digital entrepreneurship

Seed Enterprise Investment Scheme in UK Pillar 5 Boost digitally powered Single Market 21) Facilitation of

Table 6 †Tactical investment projects As a final remark, it is important to note that the true impact will only be realised when delivering

investments 15) Implementation of the European Intellectual Property framework Accelerate the implementation of the European Intellectual Property framework,

investments ï Fragmented digital market 68 To turn ambitions from vision to reality, bold policy reforms are needed for Europe to

set of †quick winsâ€, †strategic investment and †tactical investments†projects were identified Embedding digital innovators in existing

encourage investment in design as a key driver of competitiveness and innovation. ID 2015 is

Investment in Design-Driven Innovation Processes by Governments and Firms Across Europe and the World Is increased Yielding Growth

Demonstrate the positive ROI from investment in design-driven innovation 27 †33 Building Design-Driven Capability

investment with supports provided across a range of areas such as â€oe Design in America isn†t about form

investment in design-driven innovation 19 The returns from design -driven innovation Demonstrate the positive ROI from

investment in design-driven innovation Design has been proven as a source of competitive -ness for all firms.

the return on investment is greater than when design is used only for styling 20 Th

criteria and monitors the impact of their investment in design and innovation over time†21 compared to Standard and Poor†s (S&p

manufacturing sector to understand the impact of investment in strategic design had on profitability. The Foundation found that

Enterprise, Trade and Investment) is influencing companies in Northern ireland to help increase their productivity, reduce costs

Investment: â 290,000 (2010-2012 Run by: Danish Design Centre 37 Scherfig, C.,Brunander, M and Melander, C. 2010.

The total investment by the Danish Government was â 200,000 Design Boost was a short intensive program that aimed to introduce

total investment by the Danish Government was â 90,000 These examples give a quick overview of programmes strategically

Investment: NZ$5MILLION per annum (approx. â 3. 8m)( ongoing Run by: Better By design (Operating within New zealand Trade and Enterprise

behaviour change (the employment of designers, investment in R&d and implementation of design processes), performance

clients revealed a 119%increase in investment in design, an average increase in exports of 37.5,

Trade and Investment, manages the country†s Design Service Programme. Since 2008 there have been two significant phases

the Design Service investments set out above Programme The Design Service has been delivering support for strategic

Department of Enterprise, Trade and Investment Investment: £2. 4m (2008-2011) £3. 5m (2012-2015

Run by: Invest Northern ireland Design Awareness: Promoting the strategic importance of Design through events, conferences and road shows

Investment: £1. 3m per year (2007-ongoing Run by: Design Council UK 39 Cox, G. 2005) Cox Review of

Investment: â 8m to date (2008-ongoing Run by: The Norwegian Centre for Design and Architecture S

significant R&d investment by the companies themselves. Compa -nies involved emphasise that this investment would not have been

made without the initial support from the programme User Research: learning how to uncover the needs of use

Investment: £1. 2m (2010-2013 Run by: National Centre for Product Design and Development Research (PDR), Cardiff Metropolitan University, Wales

Investment: â 121,000 (2007-2008 Run by: Centre for Design Innovation Institute of technology Sligo S upport P

Investment: â 202,500 (2013-ongoing Run by: Design Flanders S upport P rogram m es 76

Investment: â 1. 5m (2011-2016 Run by: Intertradeireland S up po rt P ro gr

Internationally there is widespread investment in ehealth, broadly defined as the exploitation of information and communication technologies (ICT) in healthcare to enhance the quality

In the current economic climate, where it is unlikely that there will be significant investment in the development of EHRS, it is important to use the opportunity to work on those

significant investment in existing systems and be proofed future against whichever of the competing standards available at the time (2007) became the international norm

-ness and investment. ICT drives innovation, increases productivity and contributes to safeguarding sustainable growth, prosperity and employment

that supports investment and innovation, creates legal and planning certainty for all stakeholders and also gives due

planning certainty required for investment The â€oenetwork Alliance for a Digital Germany†(Netzallianz Digitales Deutschland) is established a forum by the govern

market investments. It acts both as a forum for new ideas and as a discussion platform.

we are further incentivising investment in the expansion of the broadband network 3. Promoting mobility and supporting

analysis. She worked for Citigroup analysing economic trends and providing investment recommendations on Latin America†s financial assets.

developing country suppliers, highlight the need for strategic investments in workforce development. 63 Timely access to information and communication allows farmers to cope with and even benefit from

to instantaneously increase their workforce †without the investment and commitments associated with hiring full-time employees †though,

It requires investment in constant development, upgrades, and new features. App stores are highly competitive

offered six minutes to demonstrate their app†s utility, their business model and their case for investment

turn to crowdfunding as one of their primary sources of investment capital. According to Forbes crowdfunding will generate USD 500 billion in transactions in 2013.142

and review ventures that match their investment criteria. Members meet online as well as organize offline-networking events called VC4AFRICA Meetups.

It aims to support entrepreneurs by providing them with investment, training and mentorship in an effort to accelerate the transformation of their business ideas and start-ups into high

and possibly investment directly from Oasis500 Since 2010, it has received 2 000 applications and has invested in 49 companies

and civil society) investments; supportive policy environments, and partnerships across sectors to spur innovation, economic growth and employment.

However, despite significant investments, formal educational systems continue to face challenges in preparing youth with the ICT-related skills they need to succeed.

investments are designed to attract students into science, technology, engineering and mathematics STEM) fields. Similar programmes are emerging in developing countries.

coordination of investments in skills development and education. Many businesses make public-private partnerships a priority and have dedicated budgets for apprenticeship, job placements, and other

opportunities and seek financial investments •Promote and support collaborative innovation spaces, including co-working spaces, tech hubs

%shared value investments can raise their incomes by more than 300%.%Initial investment and time may be required to implement new procurement practices

and develop the supporting cluster, but the return will be greater economic value and broader strategic benefits for all participants

purchases, investments, and taxes. Conducting business as usual is sufficient social benefit. A firm is largely a self-contained

Shortening investor time horizons began to narrow thinking about appropriate investments. As the vertically integrated firm gave way to greater reliance on outside vendors,

isolated interventions and overlooked critical complementary investments Page 8 of 13creating Shared Value-Harvard Business Review

Yara is tackling this problem through a $60 million investment in a program to improve ports and roads,

which has benefited from continued investment from both the private sector and local government, has experienced huge growth in employment, incomes, and company

standards, which reflect the investment or new-product cycle in the industry. Phase in periods give companies time to

Creating shared value (CSV) should supersede corporate social responsibility (CSR) in guiding the investments of

investments made in Europe over the last decade. DSI aims to promote innovation and social change based on the network effect:

and the type of investments made by the European Union in this field. The final part of the paper concerns DSI impact evaluation and

The investments made by the 2 European commission since 1999 are indeed significant with the largest budgets coming

In this policy context we document the investments made by the European commission since 1999. After a workshop on social innovation in 2009, President Barroso asked the

actions will make possible to better evaluate the investments made so far; it will also be

and works through a combination of research, investments networks, grant funding and practical support to innovators

In some cases substantial investment will be needed to achieve this 5. Expand the European DSI network

While massive commercial investment and business models fuelled the web†s incredible growth, the use of platforms like Facebook to serve social good has

difficulty finding investment The future of the Internet should remain pluralistic, so that there is space for DSI

Europe could provide an alternative model in the form of investment in open infrastructures on

more investment in fundamental research to promote net-neutrality, strong encryption, banning of trivial patents, open standards and free software together

of investment. It is crucial for successful crowdsourcing to design the activity properly to prevent excessive demands and frustrations.

INVESTMENT AND FUNDING 152 26 13 7674 70 32313030 0 Pr oj ec t T

support, investment advice and funding oppertunities for SMES and young compa -nies are also available through the Startup

government investment and subsidies in the USA than the EU. Approximately eight times as much public as private business invest

In the EU investment in research and technological development is more market-based †and demonstrably less

Investment Fund. They combine investments in new hardware and software with experi -ments to discover better ways of delivering healthcare or reducing carbon emissions

PUBLIC/DIRECT FUNDING President Obama set up an office for social innovation in the White house, with a fund for supporting NGOS.

Seed funding is a very early-stage investment, meant to support the business until it can

or until it is ready for further investments. Seed money options include friends and family funding, angel funding andâ crowdfunding.

One important objective is to provide infrastructural investments such as broadband de -ployments and pan-European digital services that underwrite robust, equal, society-wide

INVESTMENT ON ENABLING INFRASTRUCTURES Community and bottom-up networking is an emerging mode of the Future Internet,

it needs investment in alternative archi -tectures that favour new players and allow for bottom-up innovation.

Investment for this kind of innovation support programmes can come from public funds but could also be through public private partnerships or

Impact Investment team78, which invests between £150, 000 and £1 million in organisa -tions whose digital social innovations are designed to address key societal challenges

strong public investment that funded general-purpose technologies and basic research. However, noninstitutional actors (hackers geeks, social innovators and activists) are key in this process

Ultimately, just as in science and technology, innovation in society needs carefully crafted investment and support.

In some cases substantial investment will be needed to support innovations through to sustainability †just as in business, where many of the most transformative innovations required many

years of patient, large-scale investment before they delivered returns Alternative socioeconomic models based on trust and their reputations are emerging.

Initiative, the Employment and Social Investment packages, the Digital Agenda, the new industrial policy, the Innovation Partnership for Active and Healthy Ageing, and Cohesion Policy

For that reason, the forthcoming Communication"Towards Social Investment for Growth and Cohesion-including implementing the European Social F und 2014-2020"(Social Investment Package

†SIP) emphasizes the importance embedding social policy innovation in policy making and connecting social innovation policies to priorities,

obvious and consensual), consistently with a logics of investment -mobilising a wide range of actors whose (non-)action has an impact on

investment and social audit are explored in the report †Strengthening social innovation in Europe journey to effective assessment and metrics†from the EU Social Innovation Europe Initiative27

The European commission defines the overall strategic guidelines of investment and then agrees seven year investment programmes with the Member States which focus the resources on agreed

objectives. A Managing Authority for each programme, normally located within a national or regional ministry, is then responsible for launching the calls for proposals,

The ERDF finances direct aid to investments in companies-in particular small and medium sized entreprises (SMES)- to create sustainable jobs as well as infrastructures linked notably to research

Joint European Support for Sustainable Investment in City Areas-supports sustainable urban development and regeneration through financial mechanisms

disabled people but is unattractive for those who seek a quick return on investment. Via support

enterprises and many of the new ethical banks specialise in this type of investment. The UK€ s

Other funds have raised money for specific types of investment. For example, the Asset based development fund enables communities to raise money to buy public assets such as redundant

investment. SESC helps social enterprises to become financially sustainable, deliver quality services and, where appropriate, supports them to gain

supported the investment needed to improve and adapt the physical working conditions to make them accessible to people with disabilities.

budget and managed by the European Investment Fund with a total fund of â 160 million.

through the ERDF€ s JASMINE and investment from the European Investment Fund, its scale and

monitoring instruments regarding social investment. The forthcoming Social Investment Package SIP) will reinforce the necessity of reexamining existing social policies in order to optimise their

effectiveness and efficiency. In doing so, it will translate a social investment approach as a framework

for redirecting Member States policies towards greater investment throughout the life-cycle. It is important to recall that progress made by Member States in implementing SIP will be assessed by the

Commission as part of the European Semester. In addition, in order to support MS efforts, the Commission will develop integrated operational policy guidance for the CSF-funds to facilitate the

of the Social Investment Approach by early 2013 Social innovation is a tool which is capable to integrate various stakeholders to address social needs

the thematic objectives and investment priorities of the funds. On the basis of the set of planned

According to this, projects which integrate hard infrastructural investments business support measures, investment into human resources and others are feasible.

In case one part of the envisaged actions fall under the scope of one fund and another part under the other

and innovation thematic objective under which social innovation is addressed through an investment priority. The ERDF also specifically includes social enterprises under the investment priority for social

inlcusion and combatting poverty. At the same time, the European Social Fund foresees social innovation in all the policy fields which belong to its scope,

place through all investment priorities of the employment, education, social inclusion and administrative capacity building priorities or address the areas of these thematic objectives through a

the different types of investments will be made conditional to ex-ante requirements (ex-ante conditionalities. These are linked to the investment

priorities. Corresponding to the two, explicit and horizontal thematic approaches to social innovation described above, ex-ante conditionality differs according to investment priority.

A specific requirement linked to innovation strategies applies to the relevant investment priority under the

research, technological development and innovation thematic objective in ERDF. At the same time conditionality sets are in place for specific investment priorities of the employment, education, social

inclusion and institutional capacity building thematic objectives. These ex-ante conditionality requirements, e g. the elaboration of national or regional strategies covering the respective policy

funding for investments which address multidimensional needs. Social innovation is conceived often to address complex social problems which call for investment into human capital, skills, institutions

organisational structures, technology, equipment, infrastructure etc. at the same time. The provisions of the new regulatory environment, favourable to integrated responses with simultaneous

investment priorities. In terms of programming, the provision translates into the possibility to design social innovation programmes through every ESF investment priority.

The themes which are selected for social innovation in order to address specific needs tackled by the operational programme will

least 60,70 or 80%of funding to be concentrated on maximum 4 investment priorities in each ESF

to social inclusion and the concentration on 4 investment priorities, social innovation will be closely linked to the policies contributing to Europe 2020 and supported by ESF

comprise one or more investment priorities (CPR Article 87.1). ) By derogation from this rule, social

investment priorities. Depending on the number of themes which have been selected for social innovation, the amount of funding allocated and the weight of funding in relation to the budget of

takes place through the investment priorities under the thematic objectives by the obligation to explicitly set out the contribution of ESF actions to social innovation (Article 11.3 (b

Article 5 of the ERDF Regulation sets out the investment priorities under each thematic objective for

the following investment priority (b "promoting business R&i investment, product and service development, technology transfer, social

innovation and public service applications, demand stimulation, networking, clusters and open innovation through smart specialisation "This shows that social innovation is part of the wider concept of innovation,

As investment in innovation, together with investment in energy efficiency and supporting SME's competitiveness, will be the main orientation for ERDF in the coming

financing period, this is a key investment priority. It is linked to the ex-ante conditionality on smart

But there are more possiblities to include social innovation in ERDF investments under other priorities Under thematic objective (2) enhancing access to and use and quality of ICT,(c)" strengthening ICT

competitiveness of SMES mentions the investment priorities (a) promoting entrepreneurship, in particular by facilitating the economic exploitation of new ideas and fostering the creation of new

and investment support for self employment and business creation can be very relevant for socially innovative start-ups

It is very important that ERDF support to these investment priorities is coordinated with ESF

investments Finally, thematic objective (11) on enhancing institutional capacity and an efficient public administration by strengthening of institutional capacity and the efficiency of public administrations

Financial Instruments or Integrated Territorial Investments, which offer both new possibilities and wider flexibility to adapt to the specific nature of social innovation processes.

the Social Investment Package (SIP) will provide a strategic approach for implementing social policy reforms. Social policies are as complex as the needs

is important that adequate funding is provided to all types of investment needs of the policies,

human capital investment or infrastructure, and this aspect has to be taken into account during the

Also, ERDF investment in health or education infrastructures, are impossible without compliance with the corresponding health and education strategies and reform

plans, also involving ESF investment. Joint planning is necessary There needs to be complementarity between ESF and ERDF investments.

ERDF funding for productive investment in SMES can be coupled by ESF funding for retraining personnel, for example

ERDF funding for networking, cooperation and exchange of experience between regions, towns and the relevant social, economic and environmental actors can help to identify the right niches for

when planning investments for innovation. Its aim is to boost the innovation potential of the region or member state, to be able to create more jobs and growth

interventions with an infrastructure investment need are covered either by cross-financing or complemented with ERDF funding.

the Social Investment Package (SIP...71 2. Main programmes, action plans and supporting schemes...75

economic concepts of capital and investment have become social policy instruments and corporate social responsibility is shifting from being a matter of charity to one of

developing ethical investment products, including †social and environmental impact financing†y the institutions are also changing:

investment models, development and evaluation methodologies from an empiri -cal as well as a conceptual perspective and the underpinnings of social innovation

experimental grants to investments in large projects likely to bring substantial social benefits in the medium to long term (e g. investment in the social integration of prison

-ers to eventually reduce crime. As illustrated in the Malmoì example mentioned below this can even include regrouping investments to achieve the same social objective and

involving stakeholders and end users can often double or treble the impact of budgets and or investments

29 cf. for example SOS (http://www. groupe-sos. org 30 http://www. websourd. org/;/http://www. websourd-entreprise. fr

investments markets. This was only done for 11 Member States. 36 It studies the following issues for these countries:

schemes are in use, the social investment markets. Finally, it assesses the opportunities and barriers for each country.

Investment Fund Managers Directive (AIFMD), this Regulation aims to make it easier for AIFMD-exempt venture capitalists and social entrepreneurs to raise funds across Europe without the requirement to comply

The range of eligible financing tools/investments under the Eusef Regulation is wider than those available for venture capital funds under the EVCF Regulation

investments and guarantees to social enterprises which can demonstrate that they have a †measurable social impactâ€

investments intended to create a positive impact beyond financial returns. The study noted that the rigour of

Mapping of public policies and social investment markets †to provide an overview of national policies, schemes and actions aimed at promoting social entrepre

and, the current state and dynamics of social investment markets in Europe; and Task 5:

overview of existing traditions and legal, public policy and investment conditions for the development of social enterprises

-cial enterprises and many of the new ethical banks specialise in this type of investment The European Social Fund (ESF) also supports social enterprises.

is a joint initiative of the Commission, the European Investment Bank (EIB) and Eu -ropean Investment Fund (it is financed out of the ERDF

y The ERDF, which provides support for setting up and growing microfinance y The EU PROGRESS Microfinance facility †a fund managed by the European Invest

A social investment fund is being launched, which is necessary and the main current concern for the BIS.

who seek a quick return on investment. Via support from the Social Economy network in The netherlands, Belgium

research and innovation system (notably, under-investment, conditions which are not sufficiently innovation-friendly, and fragmentation and duplication), which considerably

R&d investment, which should continue to increase in advanced economies and to further develop in China.

challenges, government policies, technology and investment over the next years? Social enterprises are on the rise throughout the EU, with governments and investors increas

From grants to investment: one of the most important drivers will be the development of the social finance sector.

Hybrid models of social investment (Social Investment Bonds, Social Impact Bonds) will emphasise new tools (†investment readinessâ€, †impact

reportingâ€) with two consequences: pressure on investors to consider social impact in investments and growing involvement of social enterprises on financial services delivery

But the context will also be constraining: new national and EU funding priorities could exclude innovative social investments;

innovative social enterprises will have to make an international impact thanks to social franchising Complex networks:

to traditional political investment. Indeed, effective social enterprises will be consid -ered as models and will spread more rapidly than classical mechanisms (e g.,

The Employment and Social Investment packages, which frame and fund a new ap -proach to social policies.

whereas the Social Investment Package (SIP) brings fresh impetus to social policy 1. 1. Europe 2020 flagship initiatives96

Social Investment Package (SIP The adoption by the Commission, in February 2013, of a new approach to social policy

The SIP provides a strategic social and health investment approach to the mod -ernisation of these policies.

activating policies, focusing on simple, targeted and conditional social investment and a systematic approach to the role of social protection throughout the different stages

-tural and Investment funds (in particular the ESF) can make to social investment in the next financing period. 127

-icies around strategic social investment; to address gender challenges in a more coher -ent manner, to support people in lifelong learning,

a social investment approach will be monitored during the semester and this would in -clude how the Member State has benefited from social innovation in this regard

policies oriented towards social investment, in order to y prioritise social policy innovation in the implementation of relevant CSRS and re

social investment 73p A r T I I †M A i N d E V E L O P m E N t S i N e U P O

supporting investment •How to ensure a better use of European instruments available for social innovation to facilitate the necessary

in order to reduce differences in investment in social policies The findings of this conference provided an input for the meeting of the Employment, Social policy, Health and Con

-sumer Affairs Council (EPSCO) which adopted a specific set of conclusions on the SIP †Towards social investment for

and makes the case for social innovation through investment under the Structural Funds. Furthermore, the Ad hoc Group on Trans-nationality and Social Innovation offers a forum for discussion

the European Regional Development Fund and on specific provisions concerning the Investment for growth and jobs goal and repealing Regulation (EC) No 1080/2006;

It is the EU€ s principle investment tool for delivering the Europe 2020 goals: creating growth and jobs, tackling climate change and energy dependence

innovation in the programming of their investments We will first review the three main funding schemes in the field of social innovation

-tween the important long-term returns on human capital and social investments on the one hand and the necessity of keeping public budgets in balance on the other hand, the

set out in the Social Investment Package Communication, 129 including through social innovation, the social economy and social entrepreneurship

With a view to that challenge, the Social Investment Package (SIP) has encouraged Member States to use European funding, most notably the European Social Fund (ESF

policy resources to the ESF to support human capital investment and social reform. At the same time, the SIP has also called for more effective and efficient spending in social

instance, support for social issues can be programmed together with other investment priorities at the level of functional regions or at the urban level.

advisory activities, farm management and farm relief services, investments in physical as -sets (e g. investments in new technology to improve the farm†s efficiency), and farm and

business development. The so-called †Community-Led Local Development†(CLLD), towards which the LEADER approach has evolved in the 2014-20 programming period,

another five projects on social policy experimentation supporting social investment were funded under the 2013 call (budget of EUR 4. 2 million.

-tation of the Social Investment Strategy 133 See Annex IV to the first BEPA report on social innovation

achieving better outcomes for the investment made and in some cases generating cost offsets and even savings

Social Investment Package (SIP; explore the role of public-private partnerships in welfare reforms and investment in human capital;

and test innovations in social policies to support key SIP policy orientations. For example, one-stop-shop approaches to services design, or

with the social investment approach. The SIP stresses the need to embed social policy innovation in policymaking and to connect it to social priorities

Social services represent a smart and sustainable investment as they do not only assist people but also have a preventive, activating and enabling func

Social services are fundamental for the social investment approach and for the social protection systems as they,

-mission and the European Investment Bank (EIB) and operates as a guarantee instrument to microcredit organisations and a fund

y explore the role of public-private partnerships in welfare reforms and investment in human capital

investment for people. The event will involve over 200 regional partner and cities in 100 Brussels-based workshops spanning a week.

-ments such as Integrated Territorial Investments and Community-led Local Develop -ment, financial instruments, etc An annual event on innovation and social and employment policy:

the Social Investment Package 143 For a fully representative list of social innovation events, the reader should also refer to the hearings and

On 20 february 2013, in the Social Investment Package, the European commission drew attention to the importance of social policy innovation as a catalyst for social policy

the Social Investment Package, social policy innovation must be embedded in policy -making and connected to social priorities.

and estimated that the collective investment at EUR 5 billion over five years would be

needed for the implementation of the recommendations, an investment which would pay off with quantifiable benefits reaching EUR 50 billion by 2020

barriers to growth, job creation and investment, and ultimately propose new policy or legislative approaches. The main target being a new policy initiative on growth & jobs

available to support the development of the social investment market and facilitate access to finance for social enterprises through quasi-bond instruments from 2014-20

to make an investment of at least EUR 100 000 3. 2. 3. The European regulatory framework for social investment funds

On 22 july 2013, a new European investment fund specifically designed to enable in -vestment in social businesses became available.

support the development of the social investment market, facilitate access to finance for social enterprises, extend the support given to microcredit providers under the current

period by the European commission, the European Investment Bank Group and other financial institutions. They will continue as from 2014 and beyond

European Investment Bank Offers technical assistance to the 12 Member States that joined the EU in 2004

European Investment Bank, and the Council of Europe Development Bank Supports sustainable urban development and

European Investment Bank Seeks to improve access to finance for small business â 200 million

or investment risks related to financial-return crowdfunding as well as the high cost of cross-border operation for crowdfunding platforms that host

In May 2013, the European Investment Fund (EIF), with the collaboration of private sector investors, launched the Social Impact Accelerator (SIA), a pilot initiative which

The SIA operates as a fund of funds managed by European Investment Bank with fund

as part of their investment activity. The SIA will also ensure that knowledge-sharing between private sector actors committed to social impact investing

y to map public policies and social investment markets that impact on the start, de

the healthcare marketplace encouraging start-up development and SMES investments in R&d Inclusive, flexible, combined, multi-channel public services:

the Social Investment Package (SIP 2. Main programmes, action plans and supporting schemes 2. 1. ï¿

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