The 4th European Conference on Corporate R&D and Innovation (CONCORDi-2013) will focus on "Financing R&D and innovation for corporate growth in the EU: Strategies, drivers and barriers". It will take place from 26 to 27 September 2013 at the premises of the JRC’s Institute for Prospective Technological Studies (JRC-IPTS) in Seville, Spain. The two-day programme will address the financial challenges affecting the link between innovation and growth of European companies.
Finance for growth is one of the most important roles that the financial system plays within the innovation sector, at regional, national and supranational level. Start-ups and innovative companies use finance as the fuel needed to pass through a variety of growth stages. However, finance for growth is exposed to market failures which stimulate policy discussions and interventions. These failures are mainly related to the intrinsic risk of R&D and innovation activities, the difficulties of reaping their benefits, and the asymmetric information pervading the relationship between lenders, equity investors and borrowers.
Credit rationing and suboptimal levels of innovation investments are some of their well-known consequences. In addition to that, finance for growth is also exposed to strategic failures, stemming from firm internal competition on alternative destinations of internal resources (for example, in the form of cash flows), and from the timorous attitude that managers often have with respect to their use.
This year's edition of the biennial conference will focus on the companies’ access to external financial sources and the strategic use of internal ones. Based on the evidence arising from theoretical and empirical studies that will be presented during the course of the Conference, CONCORDi-2013 is aimed at collecting cutting edge scientific knowledge in the field, delivering policy relevant messages and providing sound support for policy-making.
The programme – featuring a plenary and a series of parallel sessions - will address three main topics:
- Financial sources, constraints and firms' growth;
- Financial strategies and their determinants;
- Public policies, policy means and financing facilitators.
CONCORDi-2013 shares the unique approach of the previous Conference editions in linking science and policy around relevant questions, which need scientific debate and empirical support. It is thus addressed especially to researchers, but also opened to practitioners, industry, and policy makers alike. It aims in particular, to support the EU initiative to enhance access to finance for innovation companies, stemming from the EU2020 strategy and included in the Innovation Union flagship initiative.