Evaluation of Business Innovation Activity Funding Performance through European Structural Funds in the Period of the Single Programming Document. Period 2004–2006 (article in Lithuanian)

Zinaida Gineitienė, Rima Pūtienė

Abstract


Nowadays knowledge is a critical factor for regional economic development. Knowledge becomes the most important factor that impacts regional competetiveness. Companies do not compete through new products or services, they do compete through innovations that are placed onto the market. European Commission’s study „Performance of various state support for private research and development activity mechanisms“ identified four most significant innovation policy measures: direct measures (subsidies, grants, etc.), indirect measures (tax exemptions), risk capital and loan and indemnity measures. European Union structural funds are a great funding possibility for development of business research and development (R&D) activity. Many researchers emphasize the funding problems of innovations: small and medium enterprises use very expensive financial resources, evidence for high costs of R&D capital for large firms is mixed, there are limits to venture capital especially in countries where public equity markets are not highly developed. Therefore, further research of subsidy programmes should be carried out.

Keywords


innovative activity; funding of innovations; means of innovation support; funding of business research and development activity; evaluation of innovation funding performance; indicators of innovation

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"Societal studies" ISSN online 2029-2244 / ISSN print 2029-2236