1. This project is co-funded by the European Union
I3U “Investigating the Impact of the Innovation Union“ Kick off meeting - 10 March 2015
Venue: ISIS – Institute of Studies for the Integration of Systems
Largo dei Lombardi, 4
00186 Rome, Italy
This project is co-funded by the European Union

2. Tasks description / Who does what?
Workpackage (WP3): Innovation and Access to Finance Michele Cincera Université Libre de Bruxelles (ULB)
WP objectives
to carry out an impact assessment of the enhanced access to finance for innovation activities (commitments 10 to 13)
macro-sectoral econometric methods - EU28 MS - last 5 years
Tasks description / Who does what?
(i) what is the nature of the direct impacts of each (group of) commitment(s) / ULB
(ii) collect the relevant data / ULB
(iii) assess the direct impact of the commitments by econometric method / ULB
(iv) define how to integrate the commitments in models in order to assess the indirect dynamic impact in the innovation ecosystem / ULB & UM-MERIT & SEURICO

3. Deliverables
List of expected deliverables in your WP/responsible organisation /delivery date
Task 3.1 Field of action of the commitments, literature and data / ULB /
Task 3.2 Assessment of the state of implementation of the commitment / ULB /
Task 3.3 Direct impact analysis Finance / ULB /
Task 3.4 Direct impact analysis venture Capital / ULB /
Task 3.5 Direct impact analysis Matching / ULB /
Task 3.6 Direct impact analysis State Aid / ULB /

4. Task 3.1 field of action of the commitments, literature and data (task leader: ULB): identification of the potential indicators and data available, and a short literature review about the related economic theories.
Task 3.2 Assessment of the state of implementation of the commitment (task leader: ULB) (review of actions undertaken to implement the commitment)
Task 3.3 Direct impact analysis Finance (task leader: ULB): Analysis of the commitment’s effects on the indicator previously identified (direct impact of the commitment C10. Access to Finance – Innovation)
 Facility for start-up investment’s funding on equity or quasi equity investments in SMEs and small midcaps in the seed and start-up phase;
 Equity Facility for Growth (EFG) funding on SMEs growth in their expansion stage and on the development of the European VC market;
 Expanding the scope and scale of the existing Risk-Sharing Finance Facility (RSFF) on loans demand by SMEs, small mid-caps and EU-scale research infrastructures required in key scientific areas.
Task 3.4 Direct impact analysis venture Capital (task leader: ULB): Analysis of the commitment’s effects on the indicator previously identified (direct impact of the commitment C11. Access to Finance - Venture Capital)
 Measures to improve the fiscal environment (e.g. tax-transparent structure) of venture capital on VC investments.

5. Task 3.5 Direct impact analysis Matching (task leader: ULB): Analysis of the commitment’s effects on the indicator previously identified (direct impact of the commitment C12. Access to Finance – Matching)
 Current industry practices and activities which help to identify innovative ideas and businesses on a cross-border basis to enhance access to finance for innovative firms in strengthening cross-border matching of innovative firms with suitable investors;
 Best practices and suitable tools to support entrepreneurs in attracting the right sources of risk capital;
 Definition of policy options and assess these under the aspects of feasibility, European added value as well as budgetary requirements.
Task 3.6 Direct impact analysis State Aid (task leader: ULB):

6. Relation with other workpackages
Inputs / assistance provided to other workpackages
WP5 / ZEW
define how to integrate the commitments in models in order to assess the indirect dynamic impact in the innovation ecosystem / UM-MERIT
Inputs /assistance needed from other workpackages
SEURECO
UM-MERIT

7. Resources
Provide an overview of the resources available in the WP per partner
One researcher 30M FTE + supervisor
UM-MERIT: 1.5
SEURICO: 2M

8. Open points Any other considerations
Macro-sectoral econometric assessment: 5 years !
Which sectors?
What level of aggregation?
Which actors?

9. Immediate actions
Provide an overview of the activities planned for the next 6 months
Task 3.1 Field of action of the commitments, literature and data / ULB /
Task 3.6 Direct impact analysis State Aid / ULB /

10. Thank you
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