From right to left: Mariana Mazzucato, Xabier Goenaga, John Bensted-Smith. (Click for more details)© EU, 2013
How to overcome obstacles to financing business innovation?
The JRC has organised its fourth bi-annual European Conference on Corporate R&D and Innovation (CONCORDi) on 26-27 September in Seville, Spain. This year's theme on 'Financing R&D and innovation for firms' growth', included financial sources and company growth strategies and the role of public policies as main topics.
Over one hundred international experts addressed questions such as how financial constraints influence innovation, how they impact companies’ growth and competitiveness and what the related main obstacles are. The empirical evidence presented at the conference, while confirming the existence of a relation between financial constraints and the growth of innovative companies, contained novel interesting conclusions bearing relevant policy implications.
First, evidence shows that the interaction between financial constraints and innovation is bi-directional, so firms' successful innovative activities can entail in turn higher financial barriers. Second, financial constraints come along with other important external barriers, providing evidence of important demand-side problems which policies need also to address. Concerning the assessment of policy interventions, results confirm the positive impact of measures such as tax credits and subsidies. However, the great heterogeneity of companies and framework conditions across countries and regions, call for much more systematic and comprehensive policy analysis and monitoring of instruments, as well as proper indicators. One salient conclusion of the conference has been the call from both scientists and policy makers to establish a stronger network of R&D and innovation policy evaluators, to support the proper implementation of the up-coming European financial support instruments agreed for the period 2014-2020.
In addition to the 20 papers presented and discussed at CONCORDi-2013, there were keynote addresses by Mariana Mazzucato, RM Phillips Professor in Science and Technology Policy at the University of Sussex (United Kingdom) and Alexander Popov,Economist at the European Central Bank.
Every other year CONCORDI brings together international leading scientists and experts to present the state-of-the-art on selected policy relevant topics related to industrial research and innovation.
- 4th European Conference on Corporate R&D and Innovation (CONCORDi-2013)
- CONCORDi2013 - Background Note
- Horizon 2020
- Innovation Union
- The 2012 EU Industrial R&D Investment Scoreboard
- Innovation Union Scoreboard 2013