The IPR System, Venture Capital and Capital Markets – Contributions and Distortions of Small Firm Innovation?

This study explores how capital markets, exemplified by venture capital, and recent trends in the patent system may influence innovation activity and the financing of small businesses. Specifically it is evaluated if there are costs and distortions of incentives related hereto. Additionally, the positive contribution of venture capital in the patenting process is investigated. It is found that trends at a macro economic level is nowadays of major importance for the patenting and innovation behaviour and financing of firms. Patenting has increased in scale, scope and trade volume, patents have become a strategic asset to an extent that may de-link it from innovation activities. The IPR-system may render distortions of innovation activities facilitated by these trends. These distortions may impose costs on the overall function of the innovation system, costs that are unequally distributed among firms as small firms are bearing most of the burdens. The results points to new perspectives on strategy that are important to management of firms and investment funds.Small firms; venture capital; IPR

Extending and Deepening the Analysis of Innovation Systems - with Empirical Illustrations from the DISCO-project

Traditionally innovation system have been analysed either as rooted in the R&Dsystem or the production system. This paper suggests a broader approach to national innovation systems and analyse these as rooted in constellation of a national production structure and human resource development institutions. The argument is linked both to the literature on innovation systems and an empirical account of the Danish innovation system (the DISKO-project) and the economy in general. It is argued that change of the innovation and production system is difficult without a reform of the human resource development system as the dynamics of these two dimensions are closely connected. Results from the DISKO-project are used to illustrate the new analytical and political issues emanating from such a shift in perspective. On the one hand it is shown that the general economic climate in terms of the transformation pressure and the intensity of competition has a major impact on what the firm does in terms of technical innovation and organisational change. On the other hand it is demonstrated how the behaviour of individual firms affect aggregate employment and specifically the employment opportunities of unskilled workers. It is argued that the broader approach to the analysis of innovation systems also calls for a broader policy approach. Innovation is affected by other types of policy than industrial policy and a sharp division between macro-economic and competition policy on the one hand and education, labour market and innovation policy on the other hand is shown to be problematic.innovation systems, human resources, transformation pressure, organisational change

Finance and Innovation System or Chaos

The present paper discusses an important part of the framework conditions for innovation in a number of European countries (France, Italy, Spain, the Netherlands, the United Kingdom) as well Japan and the United States through a comparison of the development of the financial systems in these countries. The main focus is whether a convergence can be observed between what is traditionally perceived as market based and credit based systems respectively. Based on quantitative statistics it is concluded that a convergence has taken place, and it is becoming increasingly more difficult to divide national financial systems into two main categories based on quantitative data alone. But differences still remain, and the paper continues by discussing reasons for convergence and divergence respectively. These reasons include internationalization, differences in industrial structure, as well as changes in national and international regulation. Before turning to a discussion of the policy perspectives of the observed development the paper discusses the financial systems ability to finance different types of transactions.Financial systems; innovation financing; economic integration and convergence

RIO Country Report 2016: Denmark

The 2016 series of the RIO Country Report analyses and assesses the development and performance of the national research and innovation system of the EU-28 Member States and related policies with the aim of monitoring and evaluating the EU policy implementation as well as facilitating policy learning in the Member States.JRC.B.7-Knowledge for Finance, Innovation and Growt

Regulatory requirements and information gaps – challenges for pension funds to do adequate ESG-reporting

The rapid development in ESG investments and reporting has been driven by several factors, including pressures from stakeholders, better and more data, ethics, and regulation. Adverse and visible effects of climate change have pushed to this movement and accelerated the need for actions to reduce carbon emission and mobilize capital. Governments, firms, and organisations formulate target for emission reductions, but it is needed that information is available to monitor progress. For this purpose, adequate accounts of investments and reporting of carbon dioxin footprints of portfolios are essential. This study investigates if there are gaps between what major Danish pension funds can report in terms of the data and accuracy of sustainability accounts compared to the expectations from stakeholders, regulators, and society broadly regarding climate-related investments and reporting