financing rtd. a practical approach : a global view and the estonian case alar kolk, vice president,...
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Financing RTD. A Practical Approach :
a Global View and the Estonian Case
Alar Kolk, Vice President, Enterprise EstoniaKnowledge Economy ForumBudapest, March 23 – 26, 2004
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Contents
•General outlook of Estonian Innovation Policy
•About Enterprise Estonia (EE)
•Financing object, objective to finance
•Partnership in financing (How much funding?)
•Segmentation as a prestep for financing (How is funding absorbed?)
•Key aspects of operational practice (How is funding allocated?)
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Favourable economic environment and performance• major macro-economic reforms completed the
creation of an open market• impressive FDI inflow; acquisition of new technology,
process techniques and managerial knowledge
…but no pressure to innovate – low cost/price advantage, no long-term strategic planning
No “demand” for innovation policy!• situation similar like in the 7 Candidate Countries
today (EC recent CC7 study)
It was the year 1999 ...
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• Domination of “science” in governance system
• Innovation as a result of linear process from scientific discovery to product in market
• National Innovation Programme – full of empty statements and priorities, like a shopping list
• No administrative capacity nor hard cash for policy planning and implementation
• “Technology parks” ruling in the innovation policy and system
Innovation policy in 1999
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Favourable Economic Environment and Performance– 4th open economy in the world – second highest FDI stock in CEE– 21st competitive economy in the world– one of the fastest growing economies in EU– And probably the only country with
mobile parkingE-governmentE-tickets for transportation
…but, worries about the long-term competitiveness
Innovation Policy at the top of policy agenda at the national level… named as one of the most advanced amongst CCs
Four years later …pretty results?
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National innovative capabilitiesand related policy
Innovative Capacity Index : 11 lowest to 30 highest (Porter & Stern, 2000)
Policy Maturity: 1= absence; 2) Design 3) Competing 4) Mature policy +2 years.
Policy Delivery: 1= no measures, 2= projects; 3= ad hoc schemes; 4=multi-annual programmes +2 years
+ or - = recent trend
(Reid & Nauwelaers 2002)
Czech 21,3 2 3-Estonia 21,2 3+ 3+Hungary 21,1 2+ 4-Slovenia 20,4 2 3Slovakia 20 1 3-Poland 19,6 3 3Lithuania 19,2 2+ 3Latvia 18,5 3 2+Turkey 17,8 4 4Bulgaria 16,8 2 2+Romania 16,3 2 3Malta n.a. 1 1Cyprus n.a. 2 2
Country Innovative
Policy maturity
Policy delivery
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EE is today: The largest Estonian institution of the business support system Largest agency implementing European Union Structural Funds EE representative offices: Helsinki, Stockholm, London,
Hamburg, Moscow, St. Petersburg EE offers over 40 different services for providing a wide range of
support to businesses and research institutions, from specific project financing to wide-based information programs.
About Enterprise Estonia (EE)
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<
We have a dream
Estonian business environment will be among
the best in the world!
We have a dream
Estonian business environment will be among
the best in the world!
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Five directions, one goal
We promote Estonian business environment and
business competitiveness, increasing social well-
being.
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Synergies of EE activities
Fostering business and regional
development
Exportdevelopment
Promotion of R&D, innovation
Foreign investment involvement
Tourismdevelopment
EE
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EE’s main services
Consultation program
Business infrastructure development program
Regional competitiveness enhancement program Competence (R&D) center program
Training program
R&D grant and loan program
Export planning program
Product development and marketing program for tourist
industry
Existing businesses
Raising Estonia’s reputation as a tourist destination
program
Starter program for business start-ups
Incubator services
Mentor services
Innovation awareness program
SPINNO program
Business and living environment Business start-ups
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EE structure
Business start-up’s division
Businessdevelopment
division
Business and living
environment division
Marketing
Analysis and scheme development
Expert assessment
Support and financing service
Tourism Development
Center
Informationcenter
Foreign Investments and representative
offices
PHARE unit
Supervisory board
Managementboard
Internal audit unit
Advisory boards
RDC*
*RDC – regional development centers
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Financing Object, Objective to Finance
Technological Innovation
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Financing a change, change in the model
• You finance change!• What is the model of technological innovation?• What about financing the business model?• What is basic and applied research, what is
development?• Think about marketing from the very beginning!• What value you create, where?
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Investment in knowledge
Source: OECD
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Theory, subsidy and RTD policy
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Linear model of innovation is “dead”
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An interactive model of innovation
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Financing is “only” a part of the process – develop the whole!
IDEA BUSINESS PLAN
TEAM START-UP FINANCING
COMPANY SET-UP
ACTIVITIES’ LAUNCH
ADDITIONAL FINANCING
PRODUCT DEVELOPMENT
WORKING CAPITAL
PUBLIC
ISSUE
Develop the whole process – you create much more value! Be systematic!
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Business R&D by industryWhat industries to finance?
Source: OECD
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R&D financing and performanceWhat is the main objective?
Source: OECD
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Client Segmentation – the Key to Impact and Effectiveness
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Business R&D by size classes of firms
Source: OECD
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Segmentation
• Allocate your financing according to segments• Every segment needs a specific financing tool • Attach a change agent to a client• In the short-term – the effectiveness• In the long-term – the impact• You need a tool for segmenting the client – an audit• Build up your communication strategy
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Target areas of financing R&D perfomers
= Target area of government instruments = Strategic direction
Technologydevelopment SMEs
Largecompanies
Research institutes,universities
Technologydevelopment
Basic research
Pilot projects
Productdevelopment
Market entry
Source: Rand Europe
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What went wrong?
• We wanted to help all, finance every firm, every project with a good idea
• We ended up in extensive preconsulting, even building up a project, training in the middle of evaluation.
• Policy makers – just loved it• What happened - our handling period was long and
our troops (consultants) were overworked• We had wrong clients!• You should attract only the best of a segment and
help the rest – this is the key to impact
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Technological capability – the base for programm development
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The innovation funnel
ATTRACT
INFORM
ASSIST
DEVELOP
HARVEST
Economicreturn, additionality
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Client engagement process (CRM) andmarketing communication
Level 4
Level 3
Level 2
Level 1
One to many
One to one
One to few
Many to one
Depth of relationship
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Partnership in Financing:
Key for Sustainability
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You need a financing consortium
• Your project is not the end, it’s a start
• Who will carry your project to cash?
• What are your tools for the next financing round?
• Do you create grant addicts?
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Sample of a financing structure
0% 20% 40% 60% 80% 100%
Seed
Start-up
Other early stage
Expansion
Bridge financing
MBO
MBI
Turnaround
Private
Public
Source: FVCA
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Start-up of new technology intensive companies; financiers and promoters
Time
Public investments, benefits
Financing for development of businessand internationalization (private investors, public gurrantee)
Venture capital financing (private)
Venture capital financing (seed, start-up; no public investments)
Search and identification of new ideas for start-ups (EE)
Applied research (EE)
Strategic basic research (ETF, Academy of Sciences)
R&D funding (grants, product development loans, EE)
Funds for knowledge improvement in businessand finance (grants, EE)
Cash flow of a company
$
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Financing the Life Cycle
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Perceived Practice
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Perceived problems:
• Fragmentation of funding for research• Research funding is used mainly to cover salaries• An aging research community• Research infrastructure issues• Image of science• Visions of science• Science and industry (academia-industry links)• Science and society
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Operational Practice
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Financing RTD
Feasibility
studies Development and
applied research
Product/process development and
preparation of production
RTD STRATEGY
Planning
Max Min
TECHNOLOGY RISK
% OF SUPPORT
Application
LOAN – 75%
75% GRANT 25%
GRANT – 75%
Production, marketing
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Joint projects for the integration of “new” and “old” economy
EXCHANGE INTEGRATION
oldeconomy
neweconomy
oldeconomy
neweconomy
Creation of high-tech companies, emergence of new markets and sectors,
growth.
Modernisation, development of existing markets and
present competitive advantages.
+
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Vision of technology development – mapping future technology needs
Related technologies
Break-throughtechnologies
Key technologies
1Y 3YRS 5YRS 7YRS
COMPANY´S GOALS
TEHNOLOGICALCAPABILITIES
MARKETNEEDS
Teach your client to see the future!
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Research3 - 10 years
10% of resources
Research3 - 10 years
10% of resources
Fundamental research1 - 20 years- Universities- Scientific institutions
Fundamental research1 - 20 years- Universities- Scientific institutions
Technology programmesTechnology transferApprox. 1 - 5 years- Enterprise Estonia - EU- Industry- Universities
Technology programmesTechnology transferApprox. 1 - 5 years- Enterprise Estonia - EU- Industry- Universities
Applied research andproduct developmentApprox. 1 - 2 years- Industry- Enterprise Estonia
Applied research andproduct developmentApprox. 1 - 2 years- Industry- Enterprise Estonia
RESOURCES
RISKS
Strategic choices2 - 5 years
30% of resources
Strategic choices2 - 5 years
30% of resources
Product development1 - 2 years
60 - 70% of resources
Product development1 - 2 years
60 - 70% of resources
RISKS
RESOURCES
INDUSTRY MODEL ACADEMIAMODEL
Time and sources of financing.Time and allocation of resources.
problems andresearch objects
co-operation
Strategic basis for industry – co-operation with academia
To teach…one has to understand the operational time-frame of ones clients
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Aggregateevaluation
MarketingOrganisation
and management
FinancingProduct andtechnology
Evaluation of RTD projects
Guess, where do you find difficult problems, reasons for not financing a project? Not only in technology...
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Lessons learned – program level
There is no ready-made solution available Use of international best practices is important, as well
as professional consultancy Long-term financial commitment is important for
successful implementation of any policy Political commitment and trust are needed during the
policy-making process Delegation of responsibilities What is the next instrument to implement?
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Transparency Do not forget the goal of R&D financing by state Real business benefits from financing R&D occur “day after
tomorrow”, not “tomorrow” It takes at least 2 years to win the confidence of a client Avoid mass communication means for R&D scheme
introduction Finance only the best and help the rest Success cases – a tool for awareness raising, marketing Develop your clients, partners, financing authorities –
difficult to over-do Our long-term client pool: FDI and science awareness
program
Lessons learned – project level
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• Understanding of innovation is too narrow equalling innovation with R&D based technological innovation and hi-tech. (more awareness, shift in financing)
•Building up new client pool – innovation awareness, international cooperation, FDI •More towards the creation of new economic structures (long-term) than to the generation of positive changes in traditional sectors (short-term) – innovation management capacity, productivity, value-added, R&D (more cross-selling, broking model)
• R&D and innovation policy is divided between two ministries – Ministry of Education and Research and Ministry of Economy. However, expected impact remains limited, if no introduction into other policy areas takes place • More development work among (implementation) partners
Our further challenges
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New products and technologies
Access to new knowledge
Surveys, support for technology
transfer
Increasing ofawareness
Development of competence
Estonian Technology Agency
New products and technologies
Access to new knowledge
Surveys, support for technology
transfer
Raisinginnovationawareness
Development of competence
Estonian Technology Agency
EE’s Programs
Synergies in innovation and RTD support