Post on 19-Apr-2018
Document ID: IPF 11-006
VINNOVA Dno: 2009-04589
The CAMPUS programme
Part of Deliverable D2.2 INNO-Partnering Forum
Public version of report
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Description of the deliverable
This is a formal delivery under D2.2 Peer review within WP2 of the INNO-Partnering Forum (IPF) project. In the context of the IPF project a total of 12 peer reviews will be conducted and reported upon. Three peer reviews were conducted in spring 2010. Early May 2010 an invitation to participate in a new round of peer reviews was issued by various channels, including the PRO-INNO EUROPE / IPF website to innovation agencies with a public mission. Innovation agencies were asked to submit successful and suitable innovation programmes for peer review and to express interest in joining review teams.
IPF reviewed and evaluated the submitted programmes and considered their merits in view of the objectives of the IPF project, amongst which the ‘potential for good practices’ stood out as the leading criterion. One of the four programmes selected was:
CAMPUS (Technological Transferability and Business Support), operated by IDEA Andalucia (E)
The review of CAMPUS was prepared during October – November 2010. The review team visited Sevilla 1st – 2nd December. The review report was completed and agreed by all involved in February 2011. It will be made available on the PRO INNO Europe website, under IPF.
Stockholm 2011-03-10
Jenni Nordborg
Project Coordinator
INNO-Partnering Forum
Dissemination level:
The following dissemination level is set for this report/deliverable in accordance with the contract and discussions with the Commission services: PU =Public.
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This report was prepared by:
Jasper Deuten
Contact details:
Email: jasper.deuten@technopolis-group.com
The Peer review team:
Eelco Denekamp – NL Agency (team leader)
Seppo Röpelinen – ELY-Centre Uusimaa, Finland
Mike Dolan - Enterprise Ireland, Ireland
Jasper Deuten – Technopolis Group (external consultant)
Disclaimer:
The views expressed in this report are those of the Peer Review Team and the author. They do
not necessarily reflect the opinion or position of the European Commission and in no way
commit the involved organisations.
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The CAMPUS programme
Peer review report
TABLE OF CONTENTS
1 Introduction .............................................................................................................. 6
2 CAMPUS – Description of the programme .................................................................. 6 2.1 Background, mission and objectives of CAMPUS ........................................................... 6 2.2 Division of roles between the TTOs, IDEA and INVERCARIA in the detection, evaluation, selection, funding and monitoring of projects ........................................................................... 8 2.3 Processing system of IDEA .......................................................................................... 11 2.4 Results of CAMPUS ..................................................................................................... 11
3 Contextual aspects .................................................................................................. 12 3.1 The region of Andalusia .............................................................................................. 12 3.2 Agencia IDEA .............................................................................................................. 13 3.3 Policy context ............................................................................................................. 13
4 Our understanding of CAMPUS ................................................................................ 16 4.1 Strengths ................................................................................................................... 16 4.2 Observations of the peer review team ........................................................................ 17
5 Good practices and transferability ........................................................................... 19 5.1 Collaboration between TTOs, Agencia IDEA and INVERCARIA ...................................... 19 5.2 Participatory loan to bridge the funding gap of TBFs.................................................... 19 5.3 Flexibility and fast processes ...................................................................................... 19 5.4 Support for development of business and management skills ...................................... 19 5.5 General transferability issues...................................................................................... 19
6 Comments and recommendations to host agency .................................................... 20
Appendix A: Self-Assessment Questionnaire ................................................................. 23
Appendix B: Relevant web links .................................................................................... 30
Appendix C: Agenda of the peer review visit ................................................................. 31
Appendix D: The peer review team ............................................................................... 33
Appendix E: Process flow chart ..................................................................................... 34
Appendix F: The Application Form .............................................................................. 35
1
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1 Introduction The Peer Review as described in the present report is part of the INNO-Partnering Forum
(IPF). The INNO-Partnering Forum (IPF) is an INNO-Net. It was established as a project
under the auspices of the European Commission (DG Enterprise and Industry) for the period
2009–2012
The aim of IPF is to identify, develop and exploit synergies between public innovation
agencies in Europe and propose new approaches to innovation support for SMEs. The project
will in particular explore and test new ways of service delivery, aiming to accelerate the take-
up of the most advanced innovation mechanisms with proven efficiency and impact. IPF is
carried out by a consortium consisting of the following six partners Vinnova (SE, co-
ordinator), Tekes (FI), Technology Strategy Board (UK), Enterprise Ireland (EI), NL Agency
(NL) and FFG (AT).
For the peer reviews the cases (programmes) are provided by the partner organisations and by
other public innovation agencies. Also the membership of the review teams can come from
outside the project partners.
The review in this report is about the CAMPUS programme, run by Agencia IDEA in Sevilla
for the region of Andalusia.
The review visit took place the 1st and 2nd of December 2010.
The team members were:
Eelco Denekamp – NL Agency, The Netherlands (team leader)
Seppo Röpelinen – ELY-Centre Uusimaa, Finland
Mike Dolan – Enterprise Ireland, Ireland
Jasper Deuten – Technopolis Group, The Netherlands (external consultant)
The team wishes to express its gratitude to Agencia IDEA for the warm welcome given and
for the information and transparency which they provided about the CAMPUS programme
and its functioning.
2 CAMPUS – Description of the programme
2.1 Background, mission and objectives of CAMPUS In essence, the CAMPUS programme provides participative loans to technology-based firms
(TBFs) that are spin-offs from universities and other public funded research organisations.
The programme is a joint effort of the regional development agency IDEA, the regional
investment agency INVERCARIA and the Technology Transfer Offices of the research
organisations.
CAMPUS was launched in 2004 by the regional government of Andalusia (Spain) to promote
technology transfer from the public research system to the private enterprise sector through
the development of university spin-offs or the creation of TBFs. The Agencia de Innovación y
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Desarrollo de Andalucía (IDEA) implements the programme for the regional ministry of
Economy, Science and Innovation. CAMPUS is funded via the Incentives Programme for the
Promotion of Innovation and Business Development in Andalusia (2008–2013) of the
Andalusian government, which receives funding from the Global Grant Innovation
Technology Enterprise of Andalusia 2007–2013. The Global Grant is financed by the
European Regional Development Fund (ERDF).
The mission of CAMPUS contains three elements:
Valorisation of scientific knowledge through converting research results into
economic activities;
Creation and development of TBFs that are capable to generate new technology-based
products and/or services;
Conversion of Andalusia into one of the better European regions for the establishment
of companies with high added value.
An implicit part of CAMPUS‟ mission is to change the research culture within universities,
i.e. make universities and researchers more entrepreneurial and market orientated.
CAMPUS has five official objectives:
To strengthen the science-technology-industry system in Andalusia, i.e. to link
universities and other public research organisations to the market and to remove
barriers;
To create mechanisms for detecting research results that have the potential to become
business projects (TBFs);
To support the creation and growth of TBFs with high growth potential;
To provide seed capital to TBFs;
To establish a methodology for monitoring and follow-up of the projects, in order to
stimulate further growth of the business projects.
Originally, CAMPUS focused solely on the first stage in the life cycle of a TBF. In the new
CAMPUS programme, Agencia IDEA intends to offer additional support for TBFs in the later
stages as well. Currently, Agencia IDEA has several measures to support TBFs in the growth
stage (e.g. investments by the regional investment agency INVERCARIA, JEREMI
Andalusia1).
In CAMPUS, applicants have to apply for a participative loan2. Important aspects of this
participatory loan are a long grace period (2 years), a long-term maturity3 (between 7 and 10
1 The JEREMIE initiative "Joint European Resources for Micro to Medium Enterprises", has been developed jointly by the
European Commission and the EIF, in order to finance the operations contributing to the creation of financial engineering
instruments for enterprises, as venture capital funds, guarantee or credit, in accordance with Article 44 of Council Regulation
(EC) No. 1083/2006 and Commission Regulation (EC) No. 1828/2006. 2 A participatory loan is a type of financing which lies half-way between risk-capital and the traditional loan. Special features
include: it is a subordinate loan, i.e. it ranks after the usual creditors in the order of priority; it is a long-term loan, with a long
grace period, and an interest rate linked to the company's‟ profit margin (financial return). Thus, a participatory loan is a
financial instrument that provides long-term resources without interfering in the management of the company. Companies
can use the participatory loan to finance business projects, all sorts of tangible and intangible investments required to carry it
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years), an interest rate of 0%, and an originating fee and a cancellation fee of 0%. The
participatory loan is maximally 200,000 euro during three years. All categories of costs are
eligible.4 The legal framework is the Commission Regulation (EC) No 1998/2006 of 15
December 2006 on the application of Article 87 and 88 of the Treaty to de minimis aid.
2.2 Division of roles between the TTOs, IDEA and INVERCARIA in the
detection, evaluation, selection, funding and monitoring of projects One of the key aspects of CAMPUS is that it is a joint effort of Technology Transfer Offices
(TTOs)5 of universities and other research organisations, the regional development agency
IDEA and the regional investment agency INVERCARIA, each with their own roles and
responsibilities.
The TTOs act as promoter and gatekeeper of the CAMPUS programme.
The TTOs are responsible for the promotion of the CAMPUS programme (and of
technology transfer in general) within the universities. They specifically focus on
researchers with promising and tangible research results (patents) and researchers that
have interesting research products and active collaboration with companies. Typical
dissemination activities are „info days‟ for promoting entrepreneurship skills of
academics, organising workshops for researchers on entrepreneurship and
management skills.
The TTOs are responsible for identifying promising ideas for spin-offs via
competitions. TTOs organise (annual) Calls for Knowledge-Based Initiatives. Within
the competition a distinction is made between enterprise ideas (projects in an early
premature stage) and enterprise projects (more mature projects). Once a promising
project is detected, TTO staff make a brief dossier with a description of the business
idea that will allow an evaluation of the scientific and technological relevance of the
project.
The TTOs are responsible for a first assessment of the proposals. The evaluation of the
scientific and technical quality is done by external experts coming from non-linked
universities or RTD organisations. The experts make a report (two reports are
required). Based on this first evaluation by the universities/TTOs, a recommendation
(go, no-go) is made by an Expert Commission.6 Note that a second evaluation of the
technological and economic relevance of the whole project is done in a later phase by
out. The remuneration of invested capital is linked to the evolution of the activity of the company receiving the loan: profits,
sales income, property, etc. It is a subordinated debt, meaning that the lender participation lies after ordinary creditors in
order of priority of debts. Interest payments are deductible from income tax. To maintain guarantees against third parties, the
loan may only be redeemed early if it is compensated by an increase of equal amount of its capital. 3 The date on which a debt becomes due for payment. 4 Tangible fixed assets (lands, premises, installations, etc.); Intangible fixed assets (patents, exploitation license, etc.);
Constitution and first setting-up expenses; Acquisition and treatment of software; Rest of expenses. 5 TTOs are called OTRI (Oficina de Transferencia de Resultados de Investigacíon) in Andalusia 6 The Expert Commission in the case, of the University of Sevilla has seven members: Vice-Chancellor for Transfer
Technology of University of Seville; Cartuja Scientific and Technological Park (General Manager); Technological
Corporation of Andalusia (General Manager); Promoters of previous successful cases; Agencia IDEA technical
representative; Sevilla Global representative; Secretary: General manager of the OTRI.
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Agencia IDEA experts, who make a report that is sent to the Regional Commission.
This Regional Commission7 makes the final decision.
The TTOs offer services to the promoters of the proposals. They offer
entrepreneurship training (e.g. via 50% discount on the fees for MBA); assistance with
drawing up business plans; information and advice on IPR and on available funding
programmes (e.g. CAMPUS); incubators for start-ups; and special funding schemes
for collaboration with university groups.
After the TTOs have established that a project proposal is suitable for the CAMPUS
programme and after the technological aspects and business plan have been positively
evaluated, the university sends a letter to Agencia IDEA that they have identified a promising
project proposal. In this way, universities certify that they recommend support for the
proposal. The dossier with the certified proposal is handed over to Agencia IDEA.
Agencia IDEA ensures the eligibility of the applications (e.g. is the proposed business a
“technology-based firm” as defined by law; is it introduced and backed by a “Collaborative
Body”, i.e. a university or research centre, etc.).
After eligibility of the application is checked, Agencia IDEA makes an assessment of the
technological and economical aspects as well as the coherence of business plan and proposed
management, investments and costs.
In the final assessment of the project proposals, the following criteria are used:
Criterion Max. score
Innovation 20
ICT 15
Technology 15
Collaborations Science-Technology-Industry
system
10
Advanced services 10
Market 10
Environment 10
Internationalisation 5
Social Corporative Responsibility 5
Total 100
The maximum support depends on the specific category in which the project proposal fits.
7 The Regional Commission: General Secretary of Industrial and Energetic development – Regional Ministry (President);
General Directors of Regional Ministry; Managing Director of Agencia IDEA; Director of Fomento (Agencia IDEA),
Director Innovation and Sustainability (Agencia IDEA); Director of Finance (Agencia IDEA).
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The table below gives an overview of the maximum support.
Category Max. support
Creation of TBF 40%
Additionally:
Located in Science & Technological parks or
Business Innovation Parks
+10%
Priority sectors (aerospace, ICT, metal-
mechanics, agro, biotechnology, emerging
sectors, energy and environment sectors,
cultural related sectors)
+10%
Projects integrating economic sectors +5%
“Socio economic companies”, i.e. cooperatives
and worker-owned companies
+10%
Projects promoted mainly by young people
and/or women
+10%
With a total maximum of 65%
The regional investment agency INVERCARIA is responsible for giving the participatory
loan. INVERCARIA monitors the performance of the new TBF closely, and insists on good
management competences and business skills in the management of the companies. If the firm
performs well, INVERCARIA may decide to invest in equity as well. In that sense,
INVERCARIA uses CAMPUS to scout good investment opportunities.
When a participatory loan is given to the TBF, the „Collaborative Body‟ (usually the
university) receives a subsidy of 5,000 euro from IDEA, which helps the TTOs to provide
guidance and monitoring of the new TBFs.
The evaluation and selection process is summarised in a process flow chart in the Appendix.
Agencia IDEA and INVERCARIA are both involved in the monitoring of CAMPUS projects,
each with their own roles and responsibilities. IDEA is responsible for the administrative
monitoring of the projects. This means that they check compliance with the investment plan
and activity plan and analyse costs. The following deliverables are required from the project
leaders:
Activity report
Overview of costs incurred
Personnel (time sheets, wages)
Investments (invoices and payments)
Expenditures (invoices and payments)
INVERCARIA is responsible for the financial monitoring. This means that they check
whether the repayments of the participative loan are in accordance with the contracts.
Required deliverables are:
Payments received
Balance and profit and losses account
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Financial ratios (liquidity, solvency, ROI, etc.)
IDEA and INVERCARIA are jointly responsible for the qualitative monitoring. This means
that they check progress against the strategy and business plan, the products and services
provided, the economic activity of the company (sales and purchases), the turnover, the
market/potential and job creation. The TBFs have to deliver accounts on:
Activities accomplished and outcomes
Prototypes of products and services developed
Marketing developed
Future prospects
The TTOs play a mentoring role from the beginning of the project, with the collaboration of
INVERCARIA and (the provincial delegations of) Agencia IDEA.
2.3 Processing system of IDEA In terms of service delivery, IDEA has worked at making the processing of the incentives
easy, quick and efficient for the applicants. Applicants have to complete an on-line
application form, providing the information requested. The application can be submitted on-
line or personally (at any of the eight provincial offices of IDEA or the Registry of any other
official body or office). After the application has been recorded by IDEA, the applicant will
be informed of the deadline for decision and notification of the result of the application.8 In
the Appendix, more details are given on the Application Form.
After reception of the application, a report is made of the technological and economical
assessment. During the process of evaluation and reporting some request of information or
modifications in the application may happen. Once the report made in the Agencia IDEA
branches have been approved and signed by the Director of them, the report is sent to the
Regional Commission for final decision.
Once the application has been approved, total payment is done in advance. If contract clauses
are not accomplished, modifications for reimbursement may happen. The contract requires
companies to justify how they spend the money. This justification is made on the basis of cost
incurred. The applicant has to present documentary proof of the investment or costs to the
provincial Delegation of Agency IDEA, which will then check that it is correct (or not) and
make a report.
This processing system enhances contact between IDEA and the Andalusian companies,
offering personalised attention and guidance about the most appropriate types of projects and
incentives, as well as information about technical and financial questions for the award of
incentives.
2.4 Results of CAMPUS In the period 2005–2010, CAMPUS has supported 137 projects with a total support of 16.6
million euro. This means that the average support (participatory loan) amounts to
8 2 months, except where share capital is to be provided by INVERCARIA (4 months), Innovation Voucher incentives (1
month), interest rate subsidies (3 months) and the InnoEmpresa Programme (6 months).
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approximately 120,000 euro per project. Note that in the first years of CAMPUS, the
maximum incentive was 100,000 euro, which was later increased to 200,000 euro.
The 137 CAMPUS projects have resulted in a total investment of 32.3 million euro, almost
half of which is in R&D (e.g. via projects in European or national programmes). The 137
companies are involved in 252 R&D projects. CAMPUS has resulted in an employment of
606 people, almost 40% of which is related to R&D. The new TBFs employ more than 100
PhD graduates, which indicates that CAMPUS contributes to the creation of highly-qualified
jobs in Andalusia. The average turnover per new TBF is 446,000 euro. This is quite good for
young start-ups, but it should be noted that the average turnover is influenced by two very
successful projects. Without the influence of these projects the average is around 165,000
euro.
An indication of positive impact of CAMPUS is that Andalusia has become (since 2007) the
Spanish region in which most university spin-offs are created per year.
So far, none of the 137 TBFs that have been supported via the CAMPUS programme have
failed. This seems remarkable but can be explained by the fact that the participatory loans are
long-term. The participatory loans create a delay in potential failure. Also the thorough
screening and selection process is likely to play a role in this.
3 Contextual aspects This section describes the main contextual aspects (political, organisational) that impact on
the transferability.
3.1 The region of Andalusia Andalusia is relatively large region
9 of Spain. It is a so-called autonomous community of
Spain and has a high level of autonomy in matters related to research and innovation policy.
The competences in R&D and innovation policy of the regional government include regional
development policy, technological and scientific parks, research centres, technological
centres, planning and implementing the management of the EU Structural Funds, Innovation
Relay Centres and organisations for the transfer of technology and raising public awareness of
technology.
Andalusia is an eligible area under the Convergence Objective of the regional policy of the
EU,10
and receives substantial funding from the ERDF, which is also the funding source for
CAMPUS.
The unemployment in the region was quite high in 2009 (26%), having increased in the first
half of 2010 due to the current general economic crisis. The GDP of the region is 148,711
million euro (2008) and the GDP per capita is 18,357 euro (2008).
9 Andalusia has 8.2 million inhabitants, and is the second largest region in Europe (in terms of population). 10 On 3 December 2007, the European Commission approved an Operational Programme for the Andalusia region in Spain
for the period 2007-2013. This Operational Programme comes under the "Convergence Objective" and has a total budget of
around 9.84 billion euro. The financing provided by the EU out of the European Regional Development Fund (ERDF) is
almost 6.84 billion euro. The national contribution provided for amounts to some 3 billion euro and may be partly met by
Community loans from the European Investment Bank (EIB) and by other lending instruments.
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Andalusia‟s knowledge infrastructure includes 10 public universities, 9 business schools and
300 technical training colleges. In the 8 provinces of Andalusia there are various clusters,
innovation and technology centres and technology parks.
3.2 Agencia IDEA Agencia IDEA was created in 1987 as the Instituto de Fomento de Andalucía (IFA) by the
Andalusian Parliament as an instrument of the regional Administration for economic
development and the promotion of business activity in Andalusia. In 2004, Agencia IDEA
was established in its current form by the regional government (Junta de Andalucía). Agencia
IDEA is attached to the regional ministry of Economy, Innovation and Science. It acts as a
coordination centre for all forms of public support for innovation.
The aims of Agencia IDEA are:
To increase the competitiveness and productivity of firms in Andalusia;
To increase the number of innovative high-performance, mid & high technology and
global companies;
To turn Andalusia into an attractive region for foreign/domestic investments and for
innovative ideas and projects;
To strengthen the industrial sector in Andalusia: more and larger companies.
IDEA receives a large part of its funds from the ERDF (through the Andalusia Global
Grants), the European Investment Bank (EIB) and the European Investment Fund (EIF).
IDEA acts as a regional manager of ERDF (for enterprises) for the European Commission.
3.3 Policy context The CAMPUS programme is part of a broader policy agenda of the regional government of
Andalusia in which it is recognised that a new model of sustainable economic and social
development is needed. This model should focus on innovation, the value of human capital,
an entrepreneurial culture, integration into the Knowledge Society and the region‟s
connection and opening out to the globalised world.11
Innovation is identified as the basis for
the “second modernisation” of Andalusia.
One of the identified bottlenecks in the regional innovation system of Andalusia is
insufficient interaction between the public research system and the private enterprise sector.
Research results are insufficiently translated into economic value. The culture within
Andalusian universities (and other publicly financed research organisations) is insufficiently
entrepreneurial. Andalusian policy sees TBFs as a good mechanism to connect research to the
market and to commercialise or „valorise‟ the results of (publicly sponsored) research in
universities and other research organisations. Moreover, TBFs create highly qualified jobs,
have a high potential for growth and tend to be focused on key (strategic) sectors.
TBFs, however, face a serious funding gap. Private parties are hesitant to invest in new TBFs,
because the risk is high. This is a well-recognised market failure, which provides a
justification for government intervention.
11 Andalusia has been a relatively poor region in comparison with the rest of Spain and the European Union (EU) at large.
Traditionally, Andalusia relied on the agricultural sector. Nowadays, the service sector (particularly tourism, retail sales, and
transportation) is important. The industrial sector is less developed than in most other regions in Spain.
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There are several main policy documents that are relevant for CAMPUS.
Andalusian Innovation and Modernisation Plan 2005–2010 (PIMA)
Andalusian Plan for R&D and innovation (PAIDI)
The Incentives Programme for the Promotion of Innovation and Business
Development in Andalusia (2008–2013).
3.3.1 The Innovation and Modernisation Plan for Andalusia (PIMA) for 2005–2010
PIMA is the main policy document of the Andalusian ministry of Economy, Science and
Innovation. The overall aim is to transform Andalusia into an innovative society. It constitutes
a guide to strategic orientation, an instrument for planning and a method of (horizontal)
coordination of government action, as well as a specific action lines for the regional ministry.
The general objectives are:
Establish an economic framework and a social and cultural climate appropriate for the
consensus of social agents, for the emergence of business-minded people and
favouring the development of innovative activities.
Incorporate an enterprising and innovative business culture into the regulated systems
of primary, secondary and university education and professional training.
Favour the creation of a Knowledge Industry, on the basis of S&T research of
excellence, which reinforces the participation of universities and their link to
innovative productive and entrepreneurial needs.
Articulate a general framework (regulatory measures, tax advantages and incentives)
which encourages a technological effort on the part of companies, research and
development, technological transference and innovative projects.
Integrate Andalusian society into the Information Society through the promotion of a
culture that is innovative in the use of ITCs, guaranteeing the accessibility and
availability of infrastructures in conditions of equal opportunity until Andalusia
becomes one of the European regions of reference.
Encourage sustainable development through innovation in new forms of energy and
the development of renewable energy, establishing systems of saving and efficient
usage, as well as determining the energy and technology demands which satisfy the
needs of companies and citizens.
Fully implant a smart, electronic and participative public administration, as
culmination of the modernisation of the Andalusian public sector.
Technology-based firms are explicitly recognised as an important element in the development
of Andalusia towards a knowledge society.
3.3.2 Andalusian Plan for R&D and innovation (PAIDI) for 2007–2013
PAIDI aims to stimulate scientific and technological development in the research and
business fields. PAIDI has four main objectives:
To stimulate knowledge creation
To facilitate knowledge exchange
To increase the involvement of the private sector in the public knowledge system
To develop an entrepreneurial culture in universities, research entities and enterprises.
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3.3.3 The Incentives Programme for the Promotion of Innovation and Business
Development in Andalusia (2008–2013)
The Incentives Programme focuses on improving the funding capacity for business projects,
encouraging job creation, equal opportunities and the integration of young people.
Instruments include: repayable and non-repayable incentives; participatory loans;
contributions to the private equity of business projects by the regional investment agency
INVERCARIA; loans from the EIB; interest rate subsidies on loans from the Official Credit
Institute; guarantees; and incentives for young innovative companies (< 5 years old).
There are four main calls with different types of eligible projects:
Company creation
Modernisation of companies
Projects of competitive cooperation between companies
Projects for Research, Development and Innovation
Agencia IDEA manages these calls. CAMPUS subsumes under the heading Company
creation.
The Incentives Programme for the Promotion of Innovation and Business Development in
Andalusia offers additional support for small, newly-created small enterprises, which can
receive direct incentives through non-repayable grants in addition to the general investment
incentives.12
One of the categories is TBFs.
Furthermore, there is the Support Programme for Innovation in SMEs (InnoEmpresa), which
offers non-repayable grants to SMEs for various types of innovation projects.
3.3.4 Other policies
Also relevant for CAMPUS are Andalusian industrial policies. The Andalusia Industrial
Development Plan, for instance, includes policy objectives on technology transfer and
science-technology cooperation via stimulation of the generation of technology-based spin-
offs and cooperation between start-ups and universities
In 2006, a new university funding system was introduced in Andalusia in which one-third of
the base funding was made performance-based. The creation of FBFs is one of the
performance indicators, which provides an incentive for universities to put in efforts in
creating spin-offs. This changing in funding system is one of the main contextual factors that
may explain the success of the CAMPUS programme.
12 The maximum level of these incentives is 35% of eligible costs incurred during the first three years after the incorporation
of the company and 25% during the following two years. The maximum grant is €2 million per company, with an annual
upper limit of €660,000.
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4 Our understanding of CAMPUS This section presents the peer review team‟s observations and strengths that were identified.
The CAMPUS programme in general appears to work well. CAMPUS succeeds in
contributing to the creation of knowledge intensive jobs and the modernisation of the
Andalusian economy.
4.1 Strengths
4.1.1 CAMPUS does successfully address a real bottleneck in the Andalusian
innovation system
The support of new TBFs contributes to solving a serious weakness in the regional innovation
system: the connection between research and the market. The culture within universities (and
other publicly financed research organisations) is insufficiently entrepreneurial. Researchers
are insufficiently business-oriented. CAMPUS helps to promote universities and their
researchers to become more aware of the potential for valorisation of research results (via the
creation of spin-off companies). Although not explicitly mentioned in the mission of
CAMPUS, the programme also appears to help change the mind-set of researchers towards
taking the „third mission‟ more seriously. CAMPUS focuses exclusively on the supply side
(knowledge production) rather than the demand side (demand for knowledge).13
4.1.2 CAMPUS helps to bridge the ‘funding gap’ for new TBFs via a participative loan
CAMPUS rightly focuses on a major obstacle for technology-based start-up companies: the
difficulty of finding early stage capital. Via the regional investment agency INVERCARIA,
the TBFs can benefit from a participatory loan, which apparently is a good form of capital
injection. It is flexible and provides long-term resources without interfering in the
management of the company. The companies that were interviewed indicated that the
participatory loan was extremely beneficial to their companies in the initial stages of growth
as it was very difficult for them to access private capital in these early stages (i.e. bridge the
„funding gap‟). Companies appreciate that they get funding up front. The remuneration of
invested capital is linked to the evolution of the activity of the company receiving the loan:
profits, sales income, property, etc. The height of the loan (max. 200,000 euro) appears
sufficient for the start-ups in the initial stages.
In addition, the program status appears to help the TBFs to get additional capital (loans) from
banks. For the Peer Review team it is not clear to what extent the CAMPUS status helps to
attract venture capital.
4.1.3 CAMPUS is collaborative effort of complementary partners
CAMPUS is a collaborative effort of the universities (TTOs), the regional development
agency IDEA and the regional investment agency INVERCARIA (part of IDEA). In terms of
design, this is a strength of CAMPUS because the various parties are complementary. The
TTOs have a good access to the researchers and can mobilise the capacity to assess the
13 CAMPUS does not bring existing businesses closer to research, e.g. by stimulating them to articulate their demands for
knowledge.
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scientific and technological quality of the proposals. The flipside of the coin might be that
TTOs find it difficult to make an independent selection of promising research results, because
they are close to the researchers. As an investment agency, INVERCARIA has the experience
and competences to assess the business case. IDEA acts as a coordinating body and has
competences in programme management.
The TBFs also benefit from this division of labour, as they get specific advice and counselling
on various aspects (technological, financial, managerial, etc.) from the three parties.
Moreover, while the TTOs act as a „friendly‟ counsellor or mentor, INVERCARIA acts as a
„hardnosed‟ investor that is keen on getting its investment repaid. INVERCARIA emphasises
the need for business and management skills within the new TBFs.
4.1.4 CAMPUS clearly recognises that new TBFs need both good science and good
entrepreneurship.
Scientific and entrepreneurial skills are not often combined in one person. Good scientists do
not automatically make good entrepreneurs or good managers. CAMPUS clearly recognises
this.14
The division of labour between the three parties (TTOs, IDEA and INVERCARIA)
helps in this respect. While the universities focus on the scientific quality, INVERCARIA
stresses the importance of entrepreneurial competences. When entrepreneurial skills are
lacking, they have to be brought in from the outside, or developed internally (e.g. by doing an
MBA).
4.1.5 CAMPUS offers flexibility and fast procedures
CAMPUS is well-suited for TBFs, which are small companies that need fast procedures and
flexibility. The applicants get information about the assessment of their applications quickly.
The participative loan can be used as companies see fit, in accordance with the business plan.
The CAMPUS programme recognises that TBFs are different from „normal‟ firms, and
require tailor-made financial instruments in accordance to their needs.
The administrative process and burden for the firms are mainly linked to application,
justification of expenditures and financial processes.
Usually, companies receive support from IDEA in fulfilling the administrative requirements
and filling in the required documents but not after submission. This helped to lessen the
administrative burden. The online system of IDEA that companies can use to provide the
requested information seems a good element in making CAMPUS a „user-friendly‟ policy
instrument.
4.2 Observations of the peer review team CAMPUS has a clear focus on (university) researchers that want to start a TBF, based on
research results. The guiding philosophy is that a TBF can only succeed if the „owner‟ of the
research is involved in the company. However, valorisation of public funded research results
occurs via various channels, not just via researchers with ambitions to start a company. It is
14 IDEA has formulated several „lessons learned‟, including:
It is possible and viable to create a business from a research result.
It is necessary to have a business vision form the beginning.
A researcher is not a business man and a technology is not a business.
A balanced team is essential for the success of the firm. (Not everybody is good for business).
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worthwhile to consider whether the CAMPUS programme could also target existing
entrepreneurs that want to adopt a promising idea based on research results. „Matchmaking‟
between researchers and entrepreneurs seems a viable addition for a renewed version of
CAMPUS.
The programme is currently targeted at researchers within universities and other cooperating
bodies like the Higher Council for Scientific Research or some Technology Centres and
Hospital Foundations. It could be further broadened to non-researchers outside the academic
system that want to start a TBF (using research results produced by universities).
The review team noted that most of the applicants come from research groups or engineering
schools that are already well-connected with the market. In the longer term, CAMPUS should
also target researchers that are less familiar or connected with the private sector. This would
further increase the added value of CAMPUS, but would also require additional activities
(screening, supporting, matchmaking, etc.)
In order to grow, a number of new TBFs need to expand to markets outside Andalusia and
Spain. In fact, they should become global players. This could also mean that they may want to
relocate themselves. When jobs are created outside Andalusia, rather than within the region,
this could potentially undermine the political legitimacy of regional support for these start-
ups.
The TTOs of universities in Andalusia do not appear to cooperate or exchange experiences in
a structured and standardised manner. IDEA might consider inducing cooperation, interaction,
networking between TTOs.
TTOs are responsible for detecting promising CAMPUS projects. It is worth considering
whether the TTOs should be supported by a panel of entrepreneurs in detecting, selecting and
counselling the new TBFs.
CAMPUS currently provides participative loans to new TBFs. It is worthwhile to consider if
CAMPUS could provide other (financial and non-financial) forms of support as well, and if
CAMPUS could be better connected to other forms of support for young enterprises. While
the focus on the funding gap is a strength of CAMPUS (see above), new TBFs will tend to
need help in other respects as well, also with regard to the acceleration and growth phases.
For instance, help in improving the (business) skills of the new entrepreneurs via courses,
workshops etc. and help in finding useful parties for capital, advice, etc. (matchmaking).
Specific support could be necessary for helping the new TBFs to internationalise. Some of
this is already being provided, but it is not formally part of CAMPUS.
The peer review team noted that CAMPUS is an evolving programme. Within IDEA, there
are learning processes aimed at improving the programme. Currently CAMPUS+ is under
development.
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5 Good practices and transferability In this section we list the main good practices that were identified by the Peer Review team.
5.1 Collaboration between TTOs, Agencia IDEA and INVERCARIA The CAMPUS programme is a joint effort of the Technology Transfer Offices, the regional
development agency IDEA and the regional investment agency INVERCARIA. There is a
clear division of labour, and the parties complement each other. See section 2.2 for a
description of the division of labour.
The transferability of this collaborative effort will depend on the characteristics of
institutional landscapes. The three types of institutions (TTOs, regional development
agencies, regional investment agencies) will not be present in the same form in all countries.
CAMPUS is a programme of the regional government of Andalusia and is funded through the
Global Grant of the ERDF. This funding source is highly contextual, because many regions in
Europe cannot use this funding channel. Not all regions will have the same (European) source
of funding for providing participatory loans to TBFs.
5.2 Participatory loan to bridge the funding gap of TBFs CAMPUS offers participatory loans to technology-based start-ups from universities and other
public research organisations. This form of funding helps the TBFs to get through the early
stages. The funding is based on progress towards a business plan, rather than project-based.
The companies can use the money relatively freely. They appreciate that they get money
upfront.
The transferability of the instrument of a participatory loan is relatively unproblematic.
5.3 Flexibility and fast processes CAMPUS uses a relatively straightforward process that is transparent and not too
cumbersome for companies. For instance, companies can use an on-line system for
applications. They can get support from IDEA in fulfilling the administrative requirements.
The transferability of TBF-friendly procedures depends on the regulatory environment. In
principle, the design of user-friendly processes is relatively easy to transfer.
5.4 Support for development of business and management skills CAMPUS not only provides financial support, but also gives access to other non-financial
support. The programme targets researchers that want to start a business, but may not have
good business and management skills. Support for developing business and management
skills is crucial for increasing the viability of the new TBFs.
Offering non-financial support (to complement financial support) does not pose many
transferability difficulties.
5.5 General transferability issues While (new) TBFs are vitally important in any modern economy, the willingness of
individuals to create a new TBF is not only related to the entrepreneurial culture in a region or
country, but also to the job and career prospects of graduates and university staff. In other
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words, the success of a programme like CAMPUS may depend on (a lack of) alternative job
and career opportunities.
The active participation of the universities appears to be related to the introduction of a new
university funding system. In the new allocation model one-third of the funding has become
performance based. One of the performance dimensions is „valorisation‟. This makes
universities prone to actively participate in a programme like CAMPUS. (On the other hand,
it may also explain why TTOs of universities do not cooperate with each other on a structural
basis.)
CAMPUS focuses on one specific route to valorisation of research results: researchers starting
their own new TBFs. A programme like CAMPUS can only be a success if it is part of a
broader approach to knowledge valorisation and innovation, based on a systemic view on
innovation (rather than a linear model where basic research, via applied research, results in
innovation).
6 Comments and recommendations to host agency Based on a study of available documentation and on presentations and discussions during a
short visit, the peer review team has formulated several comments and suggestions for the
host agency IDEA.
A first suggestion would be that CAMPUS would benefit from a systematic evaluation,
preferably by external experts. In the context of this peer review, it was impossible to assess
the relevance, effectiveness and efficiency of the programme. The purpose of the peer review
visit was not to do a full assessment, but rather to identify good and potentially transferable
practices, while noting points for improvement. There appears to be room for improvement in
operationalising the policy objectives into measurable indicators (with corresponding targets).
The administrative burden for beneficiaries appears to be rather high. The companies do get
support, however, in providing the information and documentation that is required. It seems
worthwhile to review whether the administrative burden for the companies could be further
reduced.
The peer review team found that CAMPUS had a very specific focus. It could be investigated
how CAMPUS could be broadening in terms of involving existing (small) companies that
adopt (license) a good idea from the research community. CAMPUS could also target people
outside universities that want to create a new TBF.
The peer review team found the collaboration between the TTOs, the regional investment
agency and the regional innovation agency a strength of CAMPUS. However, it was not fully
clear to the team how well the coordination between these three actors worked. The roles and
processes are not sufficiently clear between agencies. It would seem advisable to review and
where necessary clarify the coordination and collaboration, also between the TTOs of the
various universities.
CAMPUS aims to foster the growth of TBFs and to stimulate them to enter international
markets. The internationalisation of the TBFs might, however, lead to re-localisation of
(activities of) the firms outside the region. This may undermine the political support for the
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programme. Another observation of the peer review team is that the supported TBFs (with
one or a few exceptions) have not (yet?) succeeded in becoming international players. More
attention to – and support for – internationalisation of TBFs seems appropriate. Language
skills could be part of such additional support.
Another suggestion is to seek ways to better exploit possibilities to leverage the public
support with investments (venture capital) from the private sector. The goal should be that
participation in CAMPUS sends a signal to private investors that the company is a good
investment opportunity. The TBFs could be supported to find private money more easily (as
part of a broader effort to improve their entrepreneurial skills). Private investors could be
actively engaged in the programme.
CAMPUS is currently a programme that is aimed at the academic sector. It could be expanded
outside the academic world. The new TBFs could also benefit from support from a range of
parties, including incubators, business angels, etc.
TTOs play a crucial role in identifying promising business ideas. As part of the effort to make
CAMPUS less „academic‟ and more „entrepreneurial‟, TTOs could be invited to organise a
panel of entrepreneurs to help them with identification of promising business ideas.
The support of new TBFs requires a multi-year approach. It might be recommendable for the
programme management to concentrate after the first phase on the best performing spin-off
TBFs.
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Appendix A: Self-Assessment Questionnaire
July, 2010
The INNO-Partnering Forum for better SME
innovation support services (IPF)
PEER REVIEWS
Self-assessment Questionnaire
Name of Organisation : Agency for Innovation and Development of Andalusia
Contact Person : José Antonio Pascual Sánchez
Name of Measure : CAMPUS PROGRAMME
Date of Completion Qu : 17/09/2010
A) Measure: general information
A1 - Overview of the measure
The CAMPUS initiative was launched in 2004 to promote technology transfer from
knowledge system to industrial one by the consolidation of technology-based firms (TBFs)
coming from Spin off of this knowledge system. This initiative is aimed at creating an good
atmosphere for TBF consolidation by involving different actors which can provide advisory
and capital to these TBF, specially during the seed and start-up stages of the projects.
CAMPUS based his success in a good collaboration between the actors participating:
AGENCIA IDEA: works in incentive management through the Order of Incentives of
24 May 2005 (ERDF funds), assessment of the technological and economic viability
of the project and promotion of the initiative.
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INVERCARIA: has been created to act in the area of financial intermediation. It is the
Public Company of reference in Andalusia for providing seed and start-up capital.
INVERCARIA designs the financial engineering instruments.
COLLABORATING ENTITIES (some of them are the Universities): works in
identifying projects, analysing the scientific and technical relevance of the project, as
well as the financial intermediation and monitoring and accompanying the project.
A2 - Rationale and objectives
I. Promote an unique and stable network between the Andalusian scientific production
sources and the tools to support the enterprises
II. Create mechanisms for the detection of research results suitable to become business
projects.
III. Foster the consolidation of TBFs with a huge potential for growth with products and/or
services of great added value for society.
IV. Provide financial instruments during the seed and start-up stages.
V. Stablishing a methodology for the monitoring of the projects, in order to make the
consolidation and growth of the business projects easier
B) Description of the measure
B1 - Who are the targeted beneficiaries?
The main objective of the programme is to support the consolidation of start-up companies
whose core business is based on products or services arising from research results.
In this way, the targeted beneficiaries are start-up companies coming from the University or
other research entities.
B2 - How are the beneficiaries/participants selected?
In this initiative it is substantial a good link between the university system and the industrial
one. At this point, OTRI‟s (University knowledge transfer office) network play a very
important role to promote technology transfer, detecting project and analysing the scientific
and technical relevance of the project. Others collaborating entities may play the same role.
To asses and to promote the initiative, the role made by a public administration is essential. In
this case, AGENCIA IDEA helps providing financial information, technological and
economical viability assessment to the companies. On the other hand, INVERCARIA designs
the financial engineering instruments and it can be considered as a very innovative agent in
this network
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B3 - How is the measure funded?
Funds come from Agencia IDEA by the “Incentive Order” helps for TBF. The financial aids
are in Minimis regime, and, at the moment, the conditions are:
SORT OF HELP: Participative loans
MAX AMOUNT: 200.000 €
REPAYMENT TIME: 15 years max
INTEREST RATE: 0%
In addition, INVERCARIA can consider financing the project by other means and decides to
invest in the firm through different financial instruments, for example Venture Capital..
B4 - What are the supported activities?
UNIVERSITY RESEARCH
ORGANISATION
Personnel Cost Yes Yes
Capital Investment/
Equipment Yes Yes
Travel Cost No No
Overhead n/a n/a
Subcontrating Yes Yes
Patenting Yes Yes
B5 - How do you perceive the results and impact of the measure?
The implementation of this measure is creating the right ecosystem to increase the capacity of
generating technology, bringing value to the scientific and technological knowledge.
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B6 - Which are the performance indicators for assessment of the measure's results?
There are several indicators to evaluate the results of the programme. Some of them are:
Number of projects granted.
Number of projects per sector.
Regional distribution of projects.
Total incentive granted.
Total incentive requested.
Total investment (project investments).
Total Employment.
R&D Employment.
C) Implementation of the measure
C1 - What is the overall budget? Evolution from year to year?
The call of proposal is opened, so there is not a specific budget allocated for CAMPUS
programme.
However, the programme is funded by ERDF funds, within the Andalusian Global Grant for
the period 2007-2013. In this way, CAMPUS is allocated within Axe 1 of the Regional
Operational Programme (“Development of the Knowledge Economy”) budget, more
concretely in the line for the creation of Technology Based Firms.
C2 - What is the maximum and average budget per project ?
There are no limits or recommendations concerning total budgets for proposed projects.
The average budget per project is € 217.034,45
C3 - Who do you report to and how? Number of people involved in running the system?
The programme is coordinated by a specialized technician in the Agency IDEA. Currently
they are working 12 people on the CAMPUS PROGRAMME ( 8 in the territorial
representations and 4 in the Directorate of Innovation).
C4 - What is the size of the measure in terms of number of projects/activities supported,
number of actors involved?
From the creation of the programme until October 2009, 121 business projects have been
approved.
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The actors involved in the programme are four:
AGENCIA IDEA: works in incentive management through the Order of Incentives (ERDF
funds), assessment of the technological and economic viability of the project and promotion
of the initiative.
INVERCARIA: has been created to act in the area of financial intermediation. It is the Public
Company of reference in Andalusia for providing seed and start-up capital. INVERCARIA
designs the financial engineering instruments.
COLLABORATING ENTITIES (some of them are the Universities): works in identifying
projects, analysing the scientific and technical relevance of the project, as well as the financial
intermediation and monitoring and accompanying the project. The University has maintained
its area of action, except for financial intermediation. New collaborating entities have
emerged such as the CSIC (Spanish Council for Scientific Research), Hospital Foundations or
Plataforma Solar de Almería.
TECHNOLOGY BASED FIRMS recipient of the financial aid.
C5 - State aid and market disturbance. What kind of market failure is addressed by the
measure? Is there any market disturbance induced?
In the absence of financial products for this type of technology-based firms (TBFs), this
programme is not creating or inducing market failures.
C6 - From the start, have there been any changes in the design or implementation?
No
D) Monitoring, evaluation and assessment of the measure
D1 - Who did or will do the monitoring and evaluation?
The evaluation of projects is performed by the Agency IDEA , the project monitoring is made
by INVERCARIA.
D2 - What are the results and impacts of the measure (outcomes, relation with ex ante
situation and the original objectives)?
The University and other centres of knowledge generation can also be a source of profitable
business ideas.
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Such companies and businesses require special tools and specific analysis.
Company's competitive advantage.
Two types of risks: execution and return.
Key to success: balance in the team sponsor. (Not everyone is for business)
Long-term results.
D3 - Which indicatorsare used?
Creation of companies
Job creation
Life expectancy of the company
D4 - Main results and conclusions of evaluations / assessments.
Approved projects: 121
Total Investment: € 26.261.129
Incentive: € 13.953.610
D5 – Which elements have been recognized as the strong and weak features of the
measure?
Main Strengths
Multidisciplinary approach.
Call of proposal opened.
Strong collaboration between agents.
Main Weaknesses
Only for research groups coming form
Universities and other collaborative entities.
D6 – If you could recommend one (practice) element of your programme to other
agencies, what would it be?
The capacity of building and consolidation innovative technology-based companies, ie those
with the capacity to generate:
New products / services from research results.
With technology generating capacity.
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E) Regional/local environment
E1 – Are there any regional aspects or implications of the measure?
CAMPUS is a regional programme, so only regional-based TBF can request for financial aid.
F) Policy context
F1 - Are there similar actions overlapping, duplicating or competing with the measure?
No
F2 - Are there other related policies or measures which are complementary (or
conflicting) at the same policy level?
No
G) Any additional comments:
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Appendix B: Relevant web links
Website of the Agencia IDEA: http://www.agenciaidea.es/ (in Spanish) or
http://www.agenciaidea.es/cocoon/index.html?language=en (in English)
Website of the regional government of Andalusia: http://www.juntadeandalucia.es/index.html
(in Spanish)
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Appendix C: Agenda of the peer review visit
PEER REVIEW of CAMPUS PROGRAMME
1–2 DECEMBER , 2010
AGENCY FOR INNOVATION AND DEVELOPMENT OF ANDALUSIA
VENUE: Agencia IDEA. Central Office. Torneo 26. Sevilla
Wednesday, 1st December 2010
16.00-16.30 Arrival of Review Team. Internal preparatory discussion.
16.30-16.40 Welcoming speech.
Mr. Antonio Valverde. Agencia IDEA General Director.
16.40-17.10 Peer Review Team Introduction
Team‟s speaker
17.10-17.40 Overview Agencia IDEA presentation
Mr. Francisco Jimenez. Agencia IDEA. European Projects and International
Cooperation Director.
17.40-18.00 Campus Programme presentation.
Ms. Maria José Martínez Perza. Agencia IDEA, Innovation and Sustainability
Director.
o Origin, History and Objectives.
o Campus Stages.
o Results of the Programme
18:00-19.00 Campus Programme Concept, Public engagement and management.
Regional Ministry of Economy, Innovation and Science
o Political Framework.
University:
o Marketing and Delivery
Agencia IDEA:
o Stages of the Programme in detail.
o Stakeholders involved.
o Financial tools
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o Monitoring: Agencia IDEA control.
INVERCARIA:
o CAMPUS financial instrument.
o Monitoring.
19:00-21.00 Adjournment.
21:00 Dinner (Review Team, Agencia IDEA)
Thursday, 2nd December 2010
09:00-10.00 Internal session of team
10.00-10.30 Coffee Break
10:30-11.30 Campus Experiences. The Beneficiaries
1 Vigiatech (ICT Sector)
2 Icinetic (ICT Sector)
3 Geografia Aplicada (ICT Sector)
4 Teams (Aeronautical Sector)
11:30-12.00 Round up discussion and Closing session.
12:00-14.00 Visit to a Campus company:
Green Power (Renewable Energy Sector)
14:00 Closing luncheon (Team)
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Appendix D: The peer review team
Mr. Eelco Denekamp – NL Agency, The Netherlands (team leader)
Mr. Seppo Röpelinen – ELY-Centre Uusimaa, Finland
Mr. Mike Dolan – Enterprise Ireland, Ireland
Mr. Jasper Deuten – Technopolis Group, The Netherlands (external consultant)
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Appendix F: The Application Form
Firms have to make an online application describing the following aspects:
APPLICATION FORM
Administrative data about the applicant/legal representative (Name; Legal address for
notifying; Identity card number; Telephone; Fax; Email);
Administrative data about the beneficiary (Name of company; Codes of Company; Address of
Company; Telephone; Fax; Email; Address of activity (project); Telephone; Fax; Email);
Brief description of the project (title plus very brief description);
Type of financial instrument and amount of incentive applied;
Incentives applied to other organisms;
Bank and number of financial account;
Statement of the following aspects:
Non-realization of the projects;
Accomplishment of obligations of the beneficiaries.
Documents provided:
Identity card number
Company codes
Statutes of company
Power of representative person
Statement of accomplishment of obligations against the Social Security Treasury
Application of allowance for subcontracting more than 20% of the budget or it is over €60.000
Technical Annex
Other supporting documents (list of them)
Signature of the person who boast the power of the company or the legal representative
TECHNICAL ANNEX
1. TYPE OF PROJECT
Definition
Type of project
2. OTHER FEATURES OF THE PROJECTS
Located in a Technology site
Linked to a Thematic area
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Health
Agriculture, food security and safety
Energy
Environment
Advanced materials, products and processes
Project that integrate different sectors
Projects of social economy
Companies constituted by a majority of women either and youth (less than 35 years old)
3. INVESTMENTS AND COSTS OF THE PROJECT
3.1 Description of elements in the investments of the projects
3.2 Description of expenditures
3.3 Other expenditures
3.4 Total cost of the project
3.5 Financing
3.6 Employment
3.7 Starting and last days of the projects
3.8 Date of justification
4. INFORMATION OF THE COMPANY
4.1 Antecedents
4.2 Partners either Industrial registry code
4.3 Social Capital
5. PRODUCT AND SERVICES
5.1 Description of the sector
5.2 Description of the products of the company
5.3 Description of the processes of the company
5.4 Competitive advantages of the company linked to the processes and products
5.5 Raw material for the process and where are coming from
5.6 Production and productivity
6. COMERCIAL EVALUATION (SELLS AND MARKETING)
6.1 Price
6.2 Market, distribution channels, clients, market segment, competitors, advantages and
disadvantages of the company.
6.3 Estimation of sells volume
7. TECHNOLOGYCAL EVALUATION
7.1 General description of the applied technologies / Incorporation of new technologies