– prepared by Michele Cincera and Anabela Santos, ULB, Solvay-iCite
Following the initial literature review and data collection, the “State of Implementation and Direct Impact Assessment” report regarding Innovation and Access to Finance aimed to explain the links between the targets of commitments 10 to 13 and their implementation in the NEMESIS model. For each commitment, the following questions were addressed: i) In which category can each commitment be classified, regarding their implementation in the NEMESIS model? ii) Which parts of the NEMESIS model can best describe each commitment’s mechanism and actions? iii) What is the rationale with regard to how each commitment can be integrated in the NEMESIS model? iv) What kind of commitment inputs will be provided to the SEURECO team?
All four commitments were classified as “selected” regarding their implementation in the NEMESIS model because they have precise objectives, they have a significant direct impact on the European innovation system, and data to quantify them is available (with some restrictions).
All four commitments are inserted in the “Finance” thematic in the NEMESIS model and the inputs to be provided to the SEURECO team are essentially data and elasticities of several econometric model estimations.
The ULB team foresees estimating at least nine econometric models in order to quantify the commitments’ rationale. The aims of each of them are the following:
- C10 – What are the effects of RSFF on country R&D expenditures and jobs?
- C10 – For what kind of firms is access to finance a pressing problem?
- C10 – What factors influence the interest rate of a credit line?
- C10 – Could access to finance influence R&D decisions, innovation and firm performance?
- C11 – How can macroeconomic conditions affect the cross-border operation of venture capital funds?
- C11 – What is the impact of cross-border venture capital funds on innovation, competitiveness and growth?
- C12 – How can innovation capacity be affected by networks and collaboration across entities?
- C12 – How can economic growth and productivity be affected by networks and collaboration across entities?
- C13 – How can legal frameworks affect the effectiveness and efficiency of RDI state aid?
 Commitment 10 – Put in place EU level financial instruments to attract private finance; Commitment 11 – Ensure cross-border operation of venture capital funds; Commitment 12 – Strengthen cross-border matching of innovative firms with Investors; Commitment 13 – Review State Aid Framework for Research, Development and Innovation.