Project: InnoFun - Funding Policies to Bring Innovation to Finance/Market/People
The project’s MAIN OBJECTIVE is to improve regional policies concerning innovation funding in order to achieve the ultimate goal of reducing the (communication) gap between innovation and finance/market/people.
Project will be carried out from 01.01.2012 - 31.12.2014
Project budget: 1,9 MEUR (incl. ERDF co-financing ca 1,6 MEUR), incl- budget for Tartu Science Park 128 416,93 EUR (incl. co-financing 19 262,54 EUR).
Summary of the project:
The project consortium consists of 14 partners from 9 Member States with a good mixture of regions with different levels of innovation development. All partners are involved in the development of their own regional innovation policy either as regional government or an intermediate body with full support of the government and therefore they wish developing policies to speed up the process „from Research to Sale“. All the partners have in common the problem that innovation has very often difficulties to gain financial support from public funds.
The reasons for that can be found in following points:
- The selection criteria for public funds are often too rigid and risk averse
- Innovations have difficulties to be “translated” to the public fund managers.
Often the “translator” of research and innovation for the public funds are intermediates such as innovation agencies, foundations or universities. Therefore some regions will be represented by two interdependent partners (e.g. Innovation Agency + regional government.) These twin-partnerships ensure quality and the implementation of the RIPs at the same time.
The project’s MAIN OBJECTIVE is to improve regional policies concerning innovation funding in order to achieve the ultimate goal of reducing the (communication) gap between innovation and finance/market/people. Those policies should enable scarce public support to adopt the type of decision making process used by private investors to focus on businesses with the most potential. Secondly the project will work on the acceptance of “translation” methodologies between innovators and regional public finance. The partnership will make use of the knowledge existing in the partner regions to improve the effectiveness of regional policies especially in the area of innovation funding and the “translation” of research to public funds in order to:
- select innovative start-ups for seed funding
- identify research needs for businesses
- identify innovative ideas for the society
A. Create regional stakeholder networks for the implementation of the measures
B. Joint development of RIPs
C. Promoting good practices. The project partnership decided to use an action oriented methodology which enables all partners to develop solutions which go beyond good practice exchanges. The project lifetime is divided in 5 interrelated phases and characterised by an intensive interregional exchange.
Phase 1: Screening and exchanging good practice within the partnership
Phase 2: discussing good practices in a serious of Regional and national stakeholder meetings
Phase 3: design of the policies and methodologies in co-operation with the respective experts.
Phase 4: Pilot Actions on improved regional policies on innovation funding or methodologies how to translate innovation to finance/market/people
Phase 5: Development of the Regional Implementation Plan
Tel: +372 7381 027
Project is co-financed from Interreg IVC programme