When aiming for resilience, what instruments are at hand? Vincent Fleischer, avdelingsdirektør, Regionalpolitisk avdeling, KMD EPRC-seminar, Oslo, 9. mai 2016

Agenda Hva er omstilling? Hvilke valg har vi tatt sålangt? Finanskrisen 2009 Oljepriskrisen 2015 Hvilke valg står vi overfor? Type kapitalvirkemidler Det umulige valget: Hvilken type virkemidler velger vi?

Restructuring is the new it. It seems. The truth is rather the opposite. Since Bob Dylan released this record in 1964 on Colombia Records, Times have been changing dramatically, and so have we. This change or restructuring also it seems, is easier in Norway than in many other countries. Fiona? Or maybe we are pretty good at changing? Are we just richer than the others or are we really more resilient? Do we adapt easily to changes in markets and technologies?

Building capacity to change all the time Creating more jobs now Building capacity to change all the time Maybe, the possible success of Norwegian restructuring has been the patient investments in building capacity in innovation systems and clusters, in R&D and competence in risky projects. Rather than spending money to save sinking ships, or factories with little future. Focus has always been to look forward rather than saving what was.

2009 Grants Start-up grants Risk loans Commercial loans Guarantees Customer driven R&D R&D tax relief … 2009 was a bank crisis. The markets were still OK, but the banks didnt want to give away money It was a A bridge over troubled waters By providing Risk capital and Competence programmes to keep skilled personnel busy

2015 Pumps and pipes, knowledge transfer from oil to health Start-up grants Pre-seed funds Regional R&D funds (Agder, Vestlandet) R&D commercialisation (Forny2020) Green grants (Miljøteknologiordningen) User-driven R&D (BIA) Demo2020 New recruits at research institutions …

The times will keep changing "Money isn't all that matters" Since 2003: Heavy investment in clusters and innovation systems Coordination and external economies of scale Customers drive innovation, far more than R&D Interaction business-research All to increase the resilience

How do we know? What is best at creating (long/short term) restructuring? Grants or loans? Capital or cluster? If both capital and clusters are good, what is the perfect mix? Is it about what time perspective you work on? Is it simply what problem you need to solve? Is it not possible to say because they represent different approaches and policy schools? Utløser en krone i tilskudd det samme som en krone til låns? Løser de ulike problem? Hva gir mest effekt av kapitalvirkemidler og klyngetiltak?

Vincent.Fleischer@kmd.dep.no