In its assembly of March 2000, the European Council acknowledged the need of increasing the expenditure in innovation by implementing better policies and making a better use of public funds. To achieve this, the EC has put great emphasis on increasing the use of financial instruments (FIs) as a delivery tool for the Cohesion Policy. Besides the obvious advantages of recycling funds over the long term, financial instruments help to mobilise additional public or private co-investments to address market failures. Moreover, FIs (Guarantees, Business Angels, Venture Capital, Crowdfunding, Crowdlending) have also proved to be a useful tool in helping innovative SMEs overcome the ‘valleys of death’ and reach a sustainable growth phase to become ‘stock exchange listed’ companies.
Financial Instruments for Innovation – Innova-FI partners are seeking to improve the design and implementation of Financial Instruments as a delivery mode of Structural Funds, so that they best meet and serve the financing needs of innovative and RTDI-driven businesses in all the stages of their start-up and growth. Innova-FI partners will do this by learning about the innovation landscape, and how it is being publicly financed, in partner regions. The consortium will examine together identified challenges, such as: designing FIs that are well adapted to the different phases of the business; moving away from a grants culture, very much established in the RTDI and innovation field; achieving a better alignment of FIs with other support measures; or creating cross-border instruments.
INVEGA’s participation in Innova-FI project
INVEGA with partners from:
1. Portugal (National Innovation Agency);
2. Poland (Regional Development Agency in Bielsko-Biała);
3. Spain (IVACE (Valencia Institute for Business Competitiveness);
4. Italy (Friuli Innovazione – Research and Technology Transfer Center);
5. Slovenia (Government Office for Development and European Cohesion Policy);
6. Greece (Business and Cultural Development Center);
7. Belgium (Startup Europe Regions Network (SERN)
will strengthen their capacity as an institution to develop and implement financial instruments.
More information is available at https://www.interregeurope.eu/innova-fi/
Project news: https://www.interregeurope.eu/innova-fi/news/