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POLITICAL ECONOMY OF GROWTH
SECS-P01, CFU 9
Finance and Development
academic year 2016-17
9. INNOVATION TRANSFER
Roberto Pasca di Magliano
Fondazione Roma Sapienza-Cooperazione Internazionale
[email protected]
Model Background
• The Solow growth model is the starting point to
determine why growth differs across similar countries
– it builds on the Cobb-Douglas production model by
adding a theory of capital accumulation
– developed in the mid-1950s by Robert Solow of MIT,
it is the basis for the Nobel Prize he received in 1987
– the accumulation of capital is a possible engine of
long-run economic growth
Innovation= value creation
Value Creation
Innovation converts reasearch into economic value and
creation of specialized jobs
“Capitalism is based on a process of continuous revolution based on technological
innovation through phases in which new structures emerge and old ones are destroyed.
"This process of 'creative destruction' is the fundamental fact of capitalism”
( Joseph Schumpeter)
4
Innovation is the action of making new
products or new methodologies/process that
did not exist before
In order to innovate one has to focus applied research on technology transfer towards the
business sector :
a) Identification of new technologies and their industrial application
b) Protection of the investment into new technologies via patent, copyrights, license, design
rights
c) Definition and development of appropriate marketing strategy
d) Technology transfer via licensing and commercial agreement towards existing companies
or to new stratups
Innovation:
 Makes a discontinuity in traditional knowledge, and knowhow,. This discontinuty increase
overall productivity and labour productivity: with the some ammount of resources we can
produce more goods (development) or with less resources we can produce the some ammount
of goods than before (sustenability)
 Development and sustenability are linked to technology diffusion and production process, quality
oflife (rise of income or more spare time) and to the environment (improved usage of resource)
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The new enterprenerual capitalism of
Research & Innovation in Italy
In Italy
 It is a tech-based capitalism focused on researh as the main levr for
competition and development
 It is a capitalism based on innovative eneterpreneurs with an
advanced university curriculum
 It is a capitalism that favour technology and innovation diffusion (via
spill overs and knowledge sharing) and and the creation of new strat
ups with a direct benefit fo the overall economy
 It is a capitalism that is able to actract foreign investment as both
acquisition of equity into existing companies and green field
investments
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Life cycle of innovatoive firms and
finacing resouces
Idea
Activity
Analysisi and
idea evaluation
FInancingI
Product definition
Business plan
Market analysis
- Incubatorors
- Business Angels
- Public Admin.
support
Structure and
what it does
Spin-off
Family
financing Pre- Family
financingSeed
seed
financing
Company set up
Innovative
prototype
Commercial feed
backs
Support
Start-up
Tuning of innovative Continous innovation of the
product
product
Final organization structure
Commercial
marketing e6 sales
structure
investments
Strategic
Partneship and acquisitions
Parteneship
Venture Capital
Private Equity
Venture
capital
market
Second Round
Risk
High
Medium
Low
- Private Equity
- IPO
Expansion Capital
Pre-seed financing:
typically involved in the analysis and evaluation of the idea
Seed financing:
It intervenes in the testing phase of the innovative idea. The idea is often channeled into paths of incubation to
determine the product, the technical validity and the target market
Start up financing:
It occurs at an advanced stage of the idea. The idea became a prototype of which must be checked for validity
commercial
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Start up e gli spin-off are unattractive to
the conventional credit
«Lab-pure»
Research
Base Research
Market Test
R
I
S
K
100% financing from Public
Institutions
( Incentives, contributions,
scholarships,…)
Applied Research
Patents and Licences
Prototype
Partnership private-public sector
(Equity Capital, Loans, guarantees)
Produce and Put the
innovative product on
the market
Venture Capital
hi tech investments
(Private sector)
 NOT have a solid bankable
 NOT generate a positive cash flow
Risk
High
Medium
Low
 NOT have a business model to understand
 NOT have access to forms of finance based on collateral
 NOT generate interest for the banks because of the limited investment
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How to finance tech.
innovation
Venture
Capital
 financing of business ventures in high-technology sectors in the initial phase of the business
 investment in risk capital for firms with high growth potential, by a specialist Venture
Capitalist
 mechanisms to return to investors the capital collected final goal is to exit advantageous
 limit: considerable managerial skills of the team
Business Angels
 non-institutional investors (eg managers) that can occur through management support and
forms of direct financing to companies still in their infancy and require limited financial
resources
 Notwithstanding a strong risk attitude, they take a limited equity capital investment in
companies with high growth potential and they provide important management consulting
and financial
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R&D investments as a percentage of GDP
R&D invetsments -% over GDP-
Sweden
Japan
United States
Germany
France
Canada
UK
Italy
0
1
2
3
4
Private sector
Public sector.
Both Italian private and public sector present a R&D gap
when copared with other developed counties
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R&D investments: EU comparison
Svezia
Finlandia
3,74%
3,45%
Germania
2,54%
Danimarca
2,48%
Austria
2,46%
Francia
2,10%
Belgio
1,88%
Regno Unito
1,76%
Olanda
1,71%
Lussemburgo
1,66%
Slovenia
1,56%
Rep. Ceca
1,55%
Average UE
1,85%
Irlanda
1,30%
Spagna
1,20%
Italia
1,16%
Fonte: Eurostat, Key dati 2006
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R&D investments in Italy
=
R&D Investments
%
GDP
Fonte: Commissione europea, Key Figures 2006, Media EU-27
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Innovation Performance comparison
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Who invests in R&D in Italy?
(million euro 2010)
subjects
Investment in R&D
%
University
4.792
33%
Public and/or governamental bodies
2.565
18%
Private firms and private research
center
7.057
48%
186
1%
14.600
100%
Non Profit Organization
TOTAL
In Italy private company has a very law involvment inthe
R&D process and investments
Fonte: Elaborazioni IPI su dati ISTAT “Indagine sui centri per l’innovazione e il trasferimento tecnologico in Italia”
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R&D distriution within firms
more than 805 of private investment in R&D is
concentrated in only 3% of the firms
< 20% R&S
> 80% R&S
97% firms
3% firms
Fonte: Elaborazioni IPI su dati ISTAT “Indagine sui centri per l’innovazione e il trasferimento tecnologico in Italia”
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
How to facilitate the relationship
between research center and firms
In Italy there are many actors who try to fill the gaps within the innovation value
chain . These actors have to create links between the differnt subjects involved
This means
 different organizations are seeking to bring innovation from public research to
private companies, especially small and medium-through services for spin-offs
and start-ups in the areas of:
 promoting innovation (joint lab)
 service quality management
 business plan and market analysis
 business management systems
 support the participation of venture capital
 support to finance investment projects
Fonte: Elaborazioni IPI “Indagine sui centri per l’innovazione e il trasferimento tecnologico in Italia”
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Conclusions
Sin-offs and high-tech start-ups are the best way to create
value from applied reasearch and innovation diffusion. In
order to favour such a process we need:
• Support activities (e.g.: how to incorporate a company, how to manage
it, market analysis, business plan, procedure quality control, patenting)
• Laboratories and offices (Innovation parks)
• Coordination with selected partners in Italy and aborad
• Equity fianancing from SEED and Venture Capital
• Preferencial credi lines for research and innovation activities
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