Smart Specialisation Strategy
First presentation introducing the
discussion
Open Days 2015
Ancona, 13th of November 2015
Agenda of the day
• 10.30 – 10.45: Introduction
• 10.45 – 11.00: Presentation (t33) – Financial Instruments and Smart
Specialisation Strategy
• 11.00 – 11.45: Discussion on the financial instruments and Smart
Specialisation
• 11.45 – 12.00: Break
• 12.00 – 12.20: Romanian and Austrian experiences
• 12.20 – 12.30: Presentation (t33) – Evaluation of the Smart
Specialisation Strategy
• 12.30 – 13.30: Discussion
• 13.30 – 15.30: Lunch and departure
Outline of the presentation
• What is a Smart Specialisation Strategy?
• What is the role of financial instruments in the
implementation of Smart Specialisation
Strategies?
What is a Smart Specialisation
Strategy?
Smart Specialisation Strategy
promotes structural changes as…
• Transition
from an existing sector to a new one based on
cooperative institutions and processes
• Modernisation
and technological upgrading of an existing
industry, involving the development of specific applications of a Key
Enabling Technology
• Diversification
through the discovery of potential synergies
(economies of scope and spillovers) between an existing activity and a
new one
• Radical foundation of a new domain
Steps of Smart Specialisation
Strategy
1) Analysis of the
context and of the
potential for
innovation
2) Set up of a solid
and inclusive
governance system
ensuring participation
and ownership
3) Elaboration of an
overall vision for the
future
6) Integration of
monitoring and
evaluation
mechanisms
5) Definition of
coherent policy mix,
roadmaps and action
plan
4) Identification of
priorities
What is the role of
financial instruments for
the strategy delivery?
What is the role of financial
instruments?
Advantages of financial
instruments in RIS3
Revolving forms of
finance make such
support more
sustainable over the
longer term
Financial instrument
can be seen as
alternative or
complementary to
traditional grants
Leverage effect to ESI
funds
Qualitative additional
benefits
Flexibility
Advantages of financial
instruments in RIS3
Revolving forms of
finance make such
support more
sustainable over the
longer term
Financial instrument
can be seen as
alternative or
complementary to
traditional grants
Leverage effect to ESI
funds
Qualitative additional
benefits
Flexibility
Financial Instruments Products
for RIS3
VENTURE CAPITAL
MEZZANINE
SEED CAPITAL
BUSINESS ANGEL
DEDICATED
GUARANTEE
SCHEME
RISK SHARING
LOAN
Flexibility of financial instruments
for RIS3
Source: Ex-ante assessment […] Volume II.
Early Stage
Source: Ex-ante assessment […] Volume II.
Technology Start-up Fund in
Saxony (TGFS)
• TGFS invests in start-ups and young
companies in the high-tech that do
not have access to sufficient capital in
their early phases
• Divided into TGFS Seed Fund (for the
creation phase of new companies) and
TGFS Start-up Fund (to finance
growth of tech-based companies in
the early staged)
• FPs that TGFS offers are:

Equity investments

Support during business development and the
establishment of corporate structure

Regional and national networks with experts
Source: http://www.tgfs.de/our-focus.html
Late Stage
Source: Ex-ante assessment […] Volume II.
2) JEREMIE Fund Catalonia
•
Equally co-funded by the ERDF
and regional government, the fund
supports the creation and growth of
SMEs and development of private
investment market in Catalonia
•
FPs provided are:

Guarantee to support SME
development and growth

Venture capital to support the
development and consolidation of risk
capital funds for SME start-ups and
expansion

Microloans for micro-enterprises’
establishment, consolidation and
expansion

Co-investment scheme offering joint
loan with business angels to innovative
SME in their start-up and expansion
phases
Source: JEREMIE Fund Catalonia, fi-compass
Smart Specialisation Strategy
Second presentation
Open Days 2015
Ancona, 13th of November 2015
Outline of the presentation
• How to assess the (Smart Specialisation)
Strategy?
Steps of Smart Specialisation
Strategy
1) Analysis of the
context and of the
potential for
innovation
2) Set up of a solid
and inclusive
governance system
ensuring participation
and ownership
3) Elaboration of an
overall vision for the
future
6) Integration of
monitoring and
evaluation
mechanisms
5) Definition of
coherent policy mix,
roadmaps and action
plan
4) Identification of
priorities
How to assess the
strategy?
How to assess the strategy?
How to assess the strategy? (1)
Effective implementation of the strategy
The Monitoring
provides
implementation
data
The Evaluation
identifies
qualitative and
quantitative effects
of the interventions
Peer Review
compares other EU
Regions’
experiences
How to assess the strategy? (2)
Monitoring
Evaluation
Indicator
system (context,
output and result
indicators)
Peer review
•
•
•
Indicators should be:
focused on results
feasible
clearly connected to the policy
The evaluation activities
Change
produced by
the
interventions
External factors
NET EFFECT
(Impact)
Evaluation questions:
•
Did the regional innovation context change?
(both qualitative changes and quantitative changes)
•
How relevant have been the interventions?
Methodology: Theory based approach – counterfactual analysis
Main challenges
Focus:
Integration
among Funds
Governance of
the evaluation
Methodological
mix: qualitative
and
quantitative
methods
Stakeholders’
involvement
Timing of the evaluation
Evaluation
phase 1
Evaluation
phase 2
2017-2020
2020-22
External
evaluation report
(case studies to
evaluate the
behavioural
additionality)
Peer Review
Counterfactual
analysis to verify
the impact
Questions for discussion (1)
Evaluation framework for the Smart Specialisation Strategy
•
Has the strategy been launched after an evaluation process?
•
Is there any plan for the evaluation of the Strategy? Does it include the
comparison of different policy delivery mechanisms (grant vs financial
instruments; different type of actions; different programmes)?
•
Have you considered the possibility to carry out a counterfactual analysis for
the impact evaluation of the strategy?
•
Do you think it could be useful to promote the peer review with other
programmes and strategies? Have you already been involved in a similar
exercise?
•
Has the monitoring of the strategy included other indicators beyond
programme indicators?
•
Do you plan to consult the stakeholders and the citizens during the
implementation of the strategy?
Questions for discussion (2)
Evaluation framework for the Smart Specialisation Strategy
– evaluation questions (example)
Implementation, effectiveness and
efficiency
Impact
•
What activities have been realised?
•
•
What are the characteristics of the projects (type
of partnership, localisation)?
How many new services delivered? How many
products created?
•
•
What is the best delivery mechanisms (grant vs
financial instruments; different type of actions;
different programmes)?
Has the strategy created jobs / promoted
investments (in terms of net effect)?
•
•
Is the allocated budget consistent with the initial
estimation?
Are there any distortionary effects (e.g. projects
concentrate in a part of the region rather than in
others)?
•
•
Have the administrative burdens been reduced?
What are the intangible effects (networking;
behavioural additionality?)
•
Have the targets been achieved?
•
Has the strategy financed projects according to a
technological domain perspective beyond the
‘standard’ sectoral approach?
Grazie
Danke
Mulţumesc
Thank you
@t33Srl
www.t33.it
[email protected]
[email protected]