Terttu Luukkonen

Research evaluation in Europe: state of the art

Although there is no single European way of doing research evaluation, it has been going on since the 1970s, importantly supported by the European Community. Trends include: evaluating socio-economic impacts, commenting on the importance and appropriateness of the evaluated activities, modified peer review, semi-professionalism, and tendering to groups of experts in different countries. Copyright , Beech Tree Publishing.

Understanding the dynamics of networks of excellence

This paper conceptualises networks of excellence (NoEs), a new funding instrument in the EUs Sixth Framework Programme for research, to propose how to monitor and assess the achievement of their objectives. It analyses the dynamics of NoEs and potential changes taking place in an NoE during its lifetime (funding period of five to seven years). It discusses critically some of the assumptions underlying the creation of NoEs by devoting special attention to the concept of integration and its relationship to excellence. The paper further draws attention to different dimensions of integration and how these could be measured. The analysis was developed for a particular NoE called PRIME, and has some limitations because of this focus. Copyright , Beech Tree Publishing.

Venture capital and high-tech start-ups

Young innovative firms that operate in high-tech industries (new technology-based firms, NTBFs) play a crucial role for employment creation, for the development of radically new technologies, and more generally, for the growth and competitiveness of the economic system (Audretsch 1995). However, these firms find it more difficult than their larger, more established counterparts to obtain access to external financing (Carpenter and Petersen 2002; Hall 2002; Denis 2004) and other external resources. In turn, lack of adequate resources hurts the development of these firms and may even threaten their survival, with obvious negative effects on social welfare. Scholars, practitioners and policy makers agree that venture capital (VC) potentially has a crucial beneficial effect on NTBFs, as it can alleviate the above mentioned problems. Accordingly, NTBFs and VC have increasingly attracted the attention of policy makers (BEPA 2008). In particular, the last decade has witnessed several attempts by both European governments and the European Union to foster the creation of US-style venture capital industries as a necessary preliminary step to support the generation of high-tech ‘gazelles’, that is, innovative high-growth entrepreneurial ventures. This key sector of the European economy is rather weak in comparison with international competitors, especially that in the USA. However, the policy schemes to support both VC and NTBFs adopted by the European countries have been quite heterogeneous and have obtained mixed or unsatisfactory results. The years 2008 and 2009 further exacerbated these challenges. Many things changed during these years. The economic crisis hit directly the private equity industry. VC companies are no longer able to raise funds and finance new investments. The crisis has also amplified existing problems of NTBFs arising from lack of resources. While large companies can use the financial markets or find financing from sovereign funds, European SMEs, in particular NTBFs, have serious difficulties in finding long-term financing. One of the main issues for economic policy in coming years will be to ensure the long-term financing of SMEs, and particularly of innovative SMEs. A greater understanding, on the one hand, of the determinants for VC companies to back high-tech firms and, on the other hand, of the effects of

Living up to the Expectations Set by ICT? The Case of Biotechnology Commercialisation in Finland

Abstract This paper examines the dynamics and bottlenecks in the commercialisation of biotechnology in Finland by using the Information and Communications Technology (ICT) industry as a benchmark. The paper considers both ICT and biotechnology within the dynamic life-cycle model of technological revolutions by Perez. For an empirical comparison, it applies the concept of a ‘competence bloc’ as an interpretive and focusing device. A competence bloc may be defined as a set of actors, functional competences, and institutions that are necessary for large-scale commercialisation and industrialisation of new emerging technologies. In spite of the many differences between the ICT and biotechnology industries, the comparison serves as a heuristic device for pinpointing important features in the framework conditions of commercialisation in biotechnology. The paper shows that a major bottleneck in the development of the biotechnology industry in Finland is the scarcity of industrialists to transform innovations into large-scale production.

Old and new strategic roles for the European Union Framework Programme

This paper discusses the achievements of the European Union Framework Programme, paying special attention to its nature as a collaborative research programme. It draws on current studies of the Programme, particularly its various networking impacts, and addresses the new challenges that European research policies need to take into account. It concludes by outlining potential directions which the development of the Framework Programme might take. It suggests that more attention be paid to a greater strategic focus, it recommends greater flexibility and the application of bottom-up principles, it advances pre-competitiveness as a viable principle, and it draws attention to cohesion and the problems brought about by the potential enlargement of the European Union. Copyright , Beech Tree Publishing.