joint- †ventures  and  strategic  alliances   We  have
Corporate venture capital Innovation policy 1. Introduction Nowadays, no single company, not even the manufacturing giants, can monopolise the knowledge landscape as it used to be
venture capital; state-of-the-art knowledge. Furthermore, the author concludes that the resulting changes in NSI stimulated and accelerated the emergence of OI in the US
benchmark and developing linked indicators 13 These approaches are developed separately and they emphasise different NSI characteristics.
corporate venture capital (CVC) 3, 23. In technology markets, ï rms purchase, sell, and use technologies developed by other ï rms
are ï rms, universities, venture capital organisations, and public agencies chargedwith innovation policy 29. Institutions embrace
Corporation, as well as an advisor to Epic Ventures, a venture capital firm, and an advisory board member of the
David Eccles School of business Shorter tenures As a result of their greater willingness to pursue new opportunities, many of these leading CIOS have been in
private venture capital. The availability of that capital does not depend only on financial issues but also on other factors as follows
available at regional/county level, the unadjusted national rate is used as the benchmark SOUTH EAST EMPLOYMENT ACTION PLAN †FORFà S
ventures with high-growth potential in an open environment FORFÃ S REGIONAL COMPETITIVENESS AGENDA: REALISING POTENTIAL:
Science is a commercial venture that grew out of the collaboration of two Northwestern University
success of entrepreneurial ventures and small firms (Fiol 1996. Research has shown that innovation stimulates ven
of companies, easier access to venture capital, and intensified collaboration between universities and the private sector would help the country to move toward a
97th), or venture capital (97th) for their investment projects. In addition, labor markets are considered too rigid (137th) and the level of local competition low
79th), or venture capital (94th. As a result, the business community continues to face important challenges in
to venture capital (3rd), has contributed to making Israel The Global Competitiveness Report 2012†2013: Country Profile Highlights 13
2. 2 Benchmark Objective The next project milestone was twofold •First, to assess the potential impact of green technologies to be applied on the
Table 1 Baseline corridor benchmark 2 Corridor Mode Cost â/tn. km Av speed km
To develop a green corridor benchmark with green technologies, the steps below were followed Step 1:
analysis) and development of a green corridor benchmark. This process required a) Quantitative data on the technology impact, validated against real-life per
Since such data were not available for all corridors, a limited set of benchmark scenarios was produced based on the baseline transport chains (Sect. 2) and the
3. 2 Benchmark Scenarios After an extended review on industry and academic works 8†11, the impact of
The development of the green corridor benchmark was based on the technol -ogy-specific analysis. The benchmark consisted of 20 scenarios;
each scenario corresponded to a baseline transport route, combined with a green technology that would improve the route performance.
Tables 2 and 3 present the green corridor benchmark. Uncertainty regarding the baseline calculations and the technology impact may have affected the results.
Also, the benchmark does not imply any endorsement on the routes and/or the green technologies, by the Supergreen consortium, or the EU
In this paper, the benchmark scenario for exhaust gas abatement systems on the Mare nostrum corridor is presented;
To develop a green corridor benchmark with ICTS, the steps below were followed Step 1: Conduction of a specialised expert ICT workshop (held in Genoa, Italy
4. 2 Benchmark Scenarios The next target was to develop the green corridor benchmark with ICTS.
A set of 15 benchmark scenarios was constructed (Table 4), aiming to reveal the impor -tance of ICT implementation on the corridors.
The importance level had 5 grades plus the ability to characterise the importance as ††unknown†â€.
The benchmark scenarios were compiled by individual experts or subgroups of experts, during the Genoa workshop.
-dor-specific ICT benchmark with respect to the KPIS. An example (only one among several) for the mean importance of the Congestion Charging ICT on the
Table 4 ICT benchmark scenarios Scenario no Corridor Mode ICT 1 Mare nostrum SCM Tracking units
Similar analyses were performed for the benchmark scenarios of Table 4, but are reported not here due to space limitations
The benchmark also shows the technology potential benefits and drawbacks compared to conventional practices 5. 1 Green Technologies and Corridors
benchmark scenarios, for which there was sufficient availability of data This work revealed the need for adequate and consistent statistical information on
2. 2 Benchmark Objective 3†Benchmarking of Green Corridors with Green Technologies 3. 1 Green Technology Survey and Qualitative Assessment
3. 2 Benchmark Scenarios 3. 3 Implementation of Exhaust Gas Abatement Systems in the Mare nostrum Corridor
4. 2 Benchmark Scenarios 4. 3 Implementation of Expert Charging ICT in the Brenner Corridor
their venture. The global study Good Incubation (2014) 12 explores how social venture incubation has grown as a set of techniques to help founders develop ventures that are
investable propositions, including a focus on incubators with a specific focus on sup -porting digital social innovators
Incubators typically support innovators in exchange for equity, at pre-seed or seed stage There are nearly 100 incubators/accelerators in Europe
Ventures, and the Waag society in Amsterdam, working on setting up and hosting one of Europe†s first Fab Labs, are two examples of this in Europe.
Bethnal Green Ventures in the UK, who support early-stage technology start-ups tackling a social or environmental problem with £15, 000 and 3
Ventures Tor Open Garden Guifi. net Confine Smart Santander DSI AREAS 37growing a Digital Social Innovation Ecosystem for Europe
Bethnal Green Ventures Citysdk Clearlyso Angels Communia Commons 4 Europe Confine Crisisnet Desis Network Everyaware
Bethnal Green Ventures Citysdk Clearlyso Angels Communia Commons 4 Europe Confine Crisisnet Desis Network Everyaware
Ventures Tor Guifi. net Confine Smart Santander Makerfaire The different methods by which these organisations are supporting DSI
Venture capital Big data and cloud computing Collective awareness platforms collective intelligence CENTRALISED TOP-DOWN GRASSROOTS DISTRIBUTED COMPETITION ECONOMIC ENTERESTS
Venture capital Big data and cloud computing Collective awareness platforms collective intelligence CENTRALISED TOP-DOWN GRASSROOTS DISTRIBUTED COMPETITION ECONOMIC ENTERESTS
more than 400 ventures were started among its members One of the most obvious measures is to crackdown on tax abuses by technology
mainly aimed at start-ups and ventures There are other elements such as prizes, competitions, events, knowledge sharing
venture incubation, with a focus on what can be learned by this sector from other pro -grammes around the world.
The Triple Helix outlines how social tech ventures, and investors, should focus on three types of value †Social Value, User
the venture intends to create i e positive impact health resilience and sustainability society. Social value is the
the venture to be sustainable and the venture has to be active in it. The generation
of sustainable income is understood as financial value which comes as the result of realising user or social value
accelerator programme run by Bethnal Green Ventures have demonstrated potential in how models developed to support early-stage businesses can be adapted to support
BAK Basel to benchmark and map out their economic strengths. The research resulted in an analysis and international benchmark of the region†s strengths and weaknesses.
It indicates how the Top Technology Region relates on an international level playing field to similar
technology transfer, knowledge exchange, venture funding, regional economic development business services, and management consultancy, all of which afford an overview of the regional
Seed and venture capital funds R&d subsidies or tax incentives Management advice Incubators with'soft'support
innovation and public-private partnerships (including benchmarks. 59 For the 2014-2020 programming period, the European commission has proposed
thus to benchmark themselves with any other regions to assess where the real or believed competitive advantages are challenged in order to
financial engineering actions such as loan funds, guarantee funds and venture capital funds. These funds, the setting-up of which depends on the choice of the
access to private venture capital for their further growth Also in Europe public procurement holds an enormous †so far largely unused â€
•Higher mobilisation effect on private investors/venture capital, thanks to the faster market access and return-on-investment for innovative firms
financial engineering (venture capital 5. Is the strategy outward looking and how does it promote critical
financial instruments such as bankers, venture capital (VC) and other risk-capital fund managers, business angels, and individuals working in corporate VC, family offices
more valuable †and, in the process, spawned hundreds of ventures building on top of the original technology
spin off new ventures serving low-income individuals and entrepreneurs, and more Virgin Unite, the philanthropic arm of Virgin Group, says â€oewe†ve learned a lot about a range of different businesses over the years
centers, and as independent, entrepreneurial ventures 3. 2 Developing Human Capital Effective use of technology to expand economic opportunity, at the national, organizational, and individual
The availability of venture capital has been increasing in Austria in the recent past, but the major innovation support schemes have not yet adopted the
-sociations offering specialised services or financing institutions such as venture capital fonds and business angels. Cluster research differentiates between miscellaneous
such as science and technology commercialisation programmes, venture capital initia -tives, or consulting in intellectual property rights and internationalisation.
is seen not as an obstacle for starting a new venture †Boston†s continuing survival is the result of repeatedly successful responses to ad
Development of cooperation in new venture support networks: the role of key actors. Journal of Small Business and Enterprise Development 13 (1), 62-72
Roles of Social Capital in Venture Creation: Key Dimensions and Research Implications. Journal of Small Business Management 43 (4), 345-362
started as new ventures and the rest were inherited either or acquired. About 80 per cent
comparable indicators to benchmark ICT adoption and ensuring that systems for monitoring ICTS are sufficient to assist in meeting
competence to new and early stage ventures are often a prerequisite to mobilise sufficient private
than the Venture capital industry. This is also linked with the framework conditions and initiatives attracting serial entrepreneurs and
Venture capital Guarantee programme •Do not replace market actors, but try to foster better market players and market conditions
Australia compares well against a number of international economic benchmarks, but in recent years our competitiveness has weakened.
early-stage venture capital market (OECD, 2013. Australia was ranked recently 81st out of the 143 countries for the efficiency with which it turns its innovation inputs into outputs
August 2014, from http://www. austrade. gov. au/digital-benchmark/talent. html#anchor12 Australian Chamber of commerce and Industry.
benchmarks Member country technology and innovation policies and assesses their impact on eco -nomic performance.
and ventures from the innovation pipeline. They involve techniques to assess the value of a pipeline in
the next 6 months, 5 experimental business concepts in 12 months, 2 ventures ready for commercial launch within 24 months, 10%of innovation projects in the pipeline receiving sup
type of benchmarking would take place when an organisation benchmarks with partners from different business sectors or areas in order to discover ways in which to improve similar func
ï Initially, it is important to identify what you want to benchmark. The objectives of the bench
benchmark process "Innosupport: Supporting Innovation in SMES "-5. 3. Benchmarking process page 103 of 271
but two companies agreed to participate after having had a number of amendments to the benchmark
The benchmarking plan provided a list of benchmarks which were to be analysed in the benchmarking
-mally, this is carried out against some benchmark of expected performance. Usability issues may be "Innosupport: Supporting Innovation in SMES
7. Benchmark changes in resource use to identifying savings in resource purchasing (energy water, materials),
ï acquiring venture capital and enhancing access to finance ï obtaining access to new markets "Innosupport:
ï Venture capital ï Banks ï Stock markets ï Business angels 8. 1. 1. Determining the Right Financing for You...
8. 1. 3. Venture capital...175 8. 1. 4. Banks...176 8. 1. 5. Stock markets...176
8. 1. 3. Venture capital Venture capital is one of the most commonly used sources of financing start-up companies or innova
-tive projects as venture capital often focuses on knowledge-based or innovative industry sectors Companies that receive venture capital are perceived generally to have a very good growth prospect
but lack access to the necessary funds to finance this growth Nevertheless, venture capital doesn†t come for free.
In exchange for the venture capital, the investor will expect some kind of compensation for the funds raised on the capital market.
This may take the shape of a partial ownership of the company, seats on the board of directors, preferred shares, royal
-ties or a combination of the above. The investment is made not with view to an immediate profit,
The advantages of venture capital are that no security needs to be given, so if the investment doesn†t
http://www. evca. com/-The website of the European Private Equity & Venture capital Association 8. 1. 4. Banks
goes wrong in the business venture. The banks will want to ensure that they can recover their loan
Ventures Illustrated by Two Case Studies†(http://www. tu-freiberg. de/wwwfak6/paper/hinnertext. pdf
8. 1. 3. Venture capital 8. 1. 4. Banks 8. 1. 5. Stock markets 8. 1. 6. Business Angels
appropriate financial returns on successful ventures can particularly affect small and medium-sized enterprises What are the policy obstacles to innovation by SMES
Most respondents cited the lack of well-functioning venture capital or seed finance markets to support
recommended public programmes and support for venture capital and other types of risk financing through, for example, tax incentives.
What are the best ways to stimulate the development of venture capital, including business angels†financing and seed capital?
financial instruments such as bankers, venture capital (VC) and other risk-capital fund managers, business angels, and individuals working in corporate VC, family offices
the well-developed venture capital market in the United States has benefited from federal funding for many years
Figure 2. Venture capital investment, 1999-2002 Percentage of GDP Note: 1998-2001 for Australia, Japan, Korea and New zealand.
The definition of private equity/venture capital tends to vary by country Source: OECD Venture capital Database, 2003
0. 80 0. 70 0. 60 0. 50 0. 40 0. 30 0. 20 0. 10
venture capital they should be reviewed with a view to easing or eliminating them Key policy recommendations
investment community that has expertise in venture capital-backed initial public offerings avoids the need to create new institutions
investors to invest in risk capital or barriers to flows of foreign venture capital funds should be reviewed with a view to reducing,
ventures in other countries. 6 Governments should reduce barriers to access to global markets, â€
Describes how firms can benchmark and scan their environment to find best practices Carland, J. W.,F. Hoy, W. R. Boulton, J. C. Carland (1984."
for new service ventures de Brentani, U. 1995.""New Industrial Service Development: Scenarios for Success Failure
the total SME population, the most important goals are to promote the development of the private venture capital
up much excitement over such small fish, nor can they accommodate small ventures easily into their
relations and venture capital firms †provide technical, financial, and networking services which the region†s enterprises often cannot afford individually.
venture capital creation, and the rapid establishment of start-up firms. In many OECD countries improvements can be made to the financial sector
venture capital. Thus the government has a strong impact on innovative SMES. Significantly, the SBIR and
most public programmes fund early stage research, a stage which is ignored generally by private venture
1. Closer collaboration with the Venture capital industry. In those countries such as Belgium France, and Germany where venture capital markets are booming,
there should be better collaboration between the R&d granting institutions and the private or semipublic VC
in The netherlands) are indeed cooperating with the local venture capital industry, and they do so for two main reasons.
development, venture coaching--rather than simply public financing (Chiesa & Piccaluga 2000). ) Public bodies might provide support for such nontechnical aspects of the innovation
innovative ventures. Uncertainties about the technical feasibility, the time period of development, the total financing needed,
institutions hesitate before funding venture projects To overcome the information gap between entrepreneurs and financing bodies †and thus increase the
Venture capital Finance & accounting Exports Sales & marketing General business advice Information technology Grant advice Direct access
diagrams (Hannan and Freeman 1977) have been used to explain new venture creation and survival (Penings 1982.
independent as possible when it comes to financing their ventures. The ratio of self-financed
New ventures and small business. Longe Range Planning 14 (5), 39†45 Cooper, A c. 1986.
-based new ventures. Academy of Management Journal 31 (2), 257†279 Keasey, K. and Watson, R. 1986a.
and performance in technology-intensive new ventures 119 Evidence from the semiconductor silicon industry. Journal of Small Business
Public support for technology-based ventures Phd Dissertation. Linkã ping University, No. 1175 (ISBN 987-7393-923-2), Linkã ping
Toward a theory of international new ventures Journal of International Business studies 25 (1), 45†64
A model for new venture initiation: A discourse on rapacity and the independent entrepreneur. Academy of Management, 1 (1), 26†37
Alliances, cooperative ventures and the role of government in the Knowledge Based Economy: Policy Issues for Canada and beyond.
Support regional Venture capital Funds ï¿How to address the lack of innovation management skills Innovation processes need to be managed from the generation of ideas to the generation of
in order to validate the benchmark of the knowledge from INTERREG IVC? What is their learning effect on the still running INTERREG IVC projects?
categories †Non-R&d innovation expenditure†and †Venture capital†and, to a lesser extent, for †SMES
provided venture capital for SME financing. The GIF was funded by the CIP but was managed by the European Investment Fund (EIF) on behalf of the Commission.
Venture capital Seed/Start-up Emerging growth Debt financing Bank loans Guarantees Public loans Emerging growth Development
Venture capital funds In addition to innovation vouchers and public grants, which are popular GPS within the projects and
across Europe in general, INTERREG IVC projects have addressed also access to Venture capital VC) with •SMART+31
One of the most relevant Good Practices concerning access to Venture capital is •Financial Engineering (Veneto Region, Italy) in the MINI-EUROPE project:
-Launch a venture capital fund for start-ups and companies at an early stage A well-balanced mix of financial engineering tools, focused on research
-Venture capital and private equity fund In line with the operating programme strategy, the regional authority has launched tenders to
and moreover, the venture capital fund is based on a reinvestments system This GP was used to improve financing methodologies in the à szak-Alfã ld
†Summer Entrepreneur†can almost instantly be measured by the number of new ventures created (even if many never get off the ground),
which is the first venture capital company at regional level and is owned 100 by IDEA, and
Venture capital Funds MINI-EUROPE Financial Engineering Financial engineering involving guarantees, revolving funds and venture capital funds (§3. 2. 1
High Public Grants, Loans and Guaranties PERIA Young Innovative Enterprise Contract Public loans for young innovative enterprises and public grants for
which is useful for an initial benchmark, but it is not detailed to the extent of this report (and to the level of the other thematic reports.
but at regional level when dealing with financing (seed capital, venture capital, tax exemption, etc Therefore it seems relevant to have common tools between the two programmes and more links
project partners (INTERREG or URBACT) to stay abreast of the GP benchmark that they should do when there are several different programmes and several hundreds of projects.
however, it is somewhat difficult to conduct a benchmark when sources of knowledge are diverse and not known.
to require a benchmark analysis of the GPS that exist when considering transferring a GP.
guarantees schemes, seed capital and venture capital. We have seen that access to financing is one of the most important barriers impeding innovation in SMES.
•Support regional Venture capital Funds, either public, private (with regional support), or public-private, as addressed in SMART+(through the sub-project Innofin), INNOHUBS
of †Summer Entrepreneur†can almost instantly be measured by the number of new ventures created
benchmarks and criteria for success and failure are needed. Smart specialisation policies need to have measurable goals,
initiatives, strategic investment, venture capital, education and training. Nevertheless, in many countries and regions, there is no clear articulation of priorities (e g. stated in policy documents) and policy
assess the relevance and effectiveness of their policies. 18 Clear benchmarks and criteria for success and failure are needed
It contains trend analysis, benchmark with national average and, where possible other European Innovation Regions (Regional Innovation Scoreboard top 20.
benchmarks for innovation to ensure agriculture does not lag behind the national push to develop
the benchmark average. Moreover, the alignment of the knowledge base in Flanders is not too high and
publication activity in Flanders is not much above the average level of all OECD benchmark countries
venture capital) have replaced existing subsidy instruments. Moreover, in the runner-up to the new programming period 2014-2020 current available
Moreover there are venture capital funds managed by subsidiaries of the developments banks of both Berlin and Brandenburg,
The availability of venture capital in the region is limited rather. In order to attract international VC investors Berlin-Brandenburg has to present itself as the open, vibrant and
benchmark value for the MOCR on the basis of journal†s impact factors. The expected number of citations
the whole of patents in the USPTO system can serve as benchmark. However one can also chose to limit the benchmark group to a subset of countries or regions.
Benchmark data can be obtained by summing up sectoral data over all countries in these OECD database (or over a smaller group of
benchmark countries if desired. Also Eurostat publishes ample economic data on a sufficiently detailed sectoral level.
•Dedicated venture capital INNOVATION-DRIVEN GROWTH IN REGIONS: THE ROLE OF SMART SPECIALISATION  OECD 2013 187
•Dedicated venture capital (more important in Lower Austria •Dedicated education and training •Regulations adapted to the goals (e g. green building
but little dedicated venture capital and education and training programmes. A number of programmes set the membership of regional cluster as a
•Dedicated venture capital •Support to international platforms and collaboration And it is estimated that more than 50%of public funds is channelled to the priority areas, notably
contains trend analysis, benchmark with national average and, where possible other European Innovation Regions (Regional Innovation Scoreboard top 20.
SWOT analyses, benchmarks, etc..The enquiry showed that indeed both sources are used for the definition of the priorities.
Chapter14, Innovation, www. maxwell. af. mil/au/awc/awcgate/doe/benchmark/c h14. pdf Accessed 18 september 2012
and performance in Chinese technology ventures. Strategy Management 23 (6): 469-490 Machipisa, L. 1998.
criteria and benchmarks are being developed to enable authorities and transport operators to assess security levels and to apply the most efficient and
which the venture operates be taken into consideration when measuring performance (Sandberg & Hofer, 1987. Therefore, subjective performance measures were
) Busenitz & Lau (1996) described how national culture influences a tendency towards new venture creation 4
A cross-cultural cognitive model of new venture creation. Entrepreneurship: Theory and Practice 20 (4), 25-39
environment, venture capital and business development support. The research recommendation is to include the notion of absorptive capacity in studies of innovation systems
attention to macroeconomic stability, business environment, city attractiveness and venture capital. Despite significant improvements in these fields, improvements are needed still.
policies on public sector venture loans or grants would generally be desirable In addition, many countries have established
indicators and benchmarks for ICT-ELI 122 55.7 48. Taking the initiative (e g. forming cross-sector working groups and/or partnerships) to
-develop indicators and benchmarks for ICT-ELI Following the Open Method of Coordination*for identifying common challenges
order to co-develop indicators and benchmarks for ICT-ELI 3. 3 4. 1 8. 2 5. 7 23.0 32.0 23.8 55.7
-develop indicators and benchmarks for ICT -ELI *5. 57 53 5. 52 27 5. 4 25 4. 12 17
These are useful benchmarks when looking at patient information systems Capability Maturity Model The Capability Maturity Model (CMM)( 4) was defined originally for software development by Carnegie
The GOE€ s first objective was to undertake a global survey on ehealth to determine a series of benchmarks
The aim was to provide governments with data that could be used as benchmarks for their own development as well as a way to compare their own progress with that of other Member States
The Commission wants to make venture capital funds accessible to SMES providing them with more expertise and a capacity to apply for them.
The facility covers investment into venture capital funds which have an early stage focus (GIF1) and funds with a focus on SMES with high growth potential in their expansion stage
This can be done via the means of loans/guarantees, equity, venture capital, Business Angel Match -ing Funds and investments in Technology Transfer Funds under the umbrella of a Holding Fund.
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