Horizon 2020: Finanzierungsinstrumente für Investitionen in Forschung, Entwicklung und Innovation

Transcription

1 EU Access to Finance Day Berlin, 18 June 2014 Horizon 2020: Finanzierungsinstrumente für Investitionen in Forschung, Entwicklung und Martin KOCH, Policy Officer DG Research and, Unit B3 "SMEs, Financial Instruments and State aid" Research and 1

2 What is Horizon 2020? Framework funding programme for all EU research & innovation-related activities ( )* A core part of Europe 2020, Union & European Research Area: - Responding to the economic crisis to invest in future jobs and growth - Addressing people s concerns about their livelihoods, safety and environment - Strengthening the EU s global position in research, innovation and technology * Total budget amount of EUR 79 billion (in current prices including inflation)

3 What is new? A single programme bringing together three separate programmes/initiatives* Coupling research to innovation from research to innovation, all forms of innovation Focus on societal challenges facing EU society, e.g. health, clean energy and transport Simplified access, for all companies, universities, institutes in all EU countries and beyond *The 7 th Research Framework Programme (FP7), innovation aspects of Competitiveness and Framework Programme (CIP), EU contribution to the European Institute of and Technology (EIT)

4 HORIZON 2020 risk finance support Part of the Horizon 2020 budget EUR billion (3.69%) - will not be provided through grant funding but in the form of risk-sharing (for loans and guarantees) and by providing risk finance (equity); at least 1/3 of Horizon 2020 risk finance support shall go to innovative SMEs Goal: Stimulate more investment in research and innovation, notably by the private sector Addressing financing gaps: Intervention only if there are financing gaps in the R&I delivery chain (notably due to high risk) Building a bridge from R&D to : Effective and cost-efficient way to complement grant funding under Horizon 2020 and translate R&D results to the market Demand-driven approach ("first come, first served") Implemented via banks, funds and other intermediaries at European level (European Investment Bank, European Investment Fund) and 4 national/ regional level

5 Access to debt finance: Loans and guarantees for RDI investments: Loans and guarantees for investments in Research & Targeted at midcaps, larger companies, research institutes, standalone projects, PPPs, other entities; particular approach for innovative midcaps (direct and indirect) Loan amounts above EUR 7.5 million (and up to EUR 300 million) Loan guarantee facility for innovative SMEs & small midcaps: Guarantees (up to 50%) for loans to innovative SMEs & small midcaps Loan amounts between EUR 25,000 to 7.5 million Guarantee for an individual portfolio of a financial intermediary not capped Financial intermediary must assume at least 20% of the risk exposure Contribution to the "SME Initiative" (up-coming) 5

6 Access to Equity finance: Early stage finance for innovative enterprises Notably seed and start-up companies Limited growth-stage finance also possible Pilot facility for Technology Transfer (under development) Bring R&D results from public research organisations and universities to the market through Creation of spin-off companies; licensing Accompanying measures including: Technical and financial assistance (of EIB) Improving investor-readiness of start-ups, SMEs and small midcaps Piloting co-investment by Business Angels 6

7 How to access Horizon 2020 Risk Finance Loans Loan guarantees Equity Various types of recipients including large corporates*; Direct loans of EUR m Mainly large Midcaps: Guarantees (50% max) for loans of up to EUR 50 m SMEs and small midcaps: Guarantees (50% max) for loans of up to EUR 7.5 m SMEs and small midcaps Financial intermediary* Financial intermediary* Financial intermediary** EIB EIB EIF EIF *Bank or a financial institution selected on the basis of the call for expression of interest that signed an agreement with EIB or EIF **Fund selected on the basis of a call of expression of interest that signed an agreement with the EIF *All legal entities will be eligible including PPPs, universities, research infrastructures 7

8 How do we define midcaps in the context of Horizon 2020 Financial Instruments? Small midcaps o 250 to 499 employees in full-time equivalents Large midcaps o 500 to 3000 employees in full-time equivalents

9 Product Overview 9

10 Links to other EU programmes: COSME Horizon 2020 and COSME are complementary programmes to generate growth and jobs Different focus Horizon 2020 = innovation-driven growth COSME = support to create favourable business environment and competitiveness but close coordination (for instance): Complementary financial instruments (debt and equity), with facilities in both programmes serving complementary objectives Enterprise Europe Network set up under COSME, but support to SMEs for EU funding 10

11 Horizon section/access-risk-finance section/innovation-smes SME Techweb Financial Instruments RSFF RSI EU Access to Finance -

12 Vielen Dank für Ihre Aufmerksamkeit! Research and 12

13 InnovFin SME Guarantee (successor to RSI pilot): eligibility criteria Loan is for investments in new or substantially improved products, processes or services that are innovative and bear a risk of technological or industrial failure (evidence necessary) or Loan is to a "fast-growing enterprise" operating in a market for less than 12 years following its first commercial sale and with an average annual (endogenous) growth in employees or in turnover greater than 20% p.a., over a 3-year period, and with > 10 employees at the beginning of the period or Loan is to an enterprise that has been operating in a market for less than 7 years following its first commercial sales and its R&I costs represent at least 5% of its total operating costs in at least one of the three years preceding the loan application, or in the case of a start-up enterprise without financial history, in the audit of its current fiscal period, as certified by an external 13 auditor; or Not legally binding

14 Loan to an enterprise that has a significant innovation potential or be an "R&I-intensive enterprise", by fulfilling at least one of the following criteria: o o o o o Expenditure in R&Iin last balance-sheet is at least 20%of loan volume (and business plan indicates an increase of future R&I expenses); or At least an amountof 80% of loan amount earmarked in business plan for R&Iexpenses and the remainder on costs necessary to enable such activities; or Enterprise has been awarded grants, loans or guarantees from EU R&I support schemes or regional or national research and innovation support schemes within last 3 years (and loan is not used to finance the same expenses); or Enterprise has been awarded an R&D or innovation prize provided by an EU institution or EU body within last 2 years; or Enterprise has registered at least one technology right (patent, design right etc.) within last 2 years, and purpose of loan is to enable, directly or indirectly, the use of this technology; or 14 Not legally binding

15 o o o Enterprise is an early-stage SME and has received an investment from a VC investor (fund or Business Angel), or a VC investor is a shareholder of the enterprise at time of loan application; or Enterprise requires risk finance investment (based on a business plan) higher than 50% of its average annual turnover in the preceding 5 years; or Enterprise is an SME and its R&I expenses represent at least 10% of its total operating costs in at least one of the three years preceding loan application, or in case of start-up enterprise without financial history, in the audit of its current fiscal period, as certified by an external auditor; or o Enterprise is a Small Mid-cap and its R&I expenses represent (1) either at least 15% of its total operating costs in at least one of the three years preceding the enterprise's loan application or (2) at least 10% per year of its total operating costs in the three years preceding the enterprise's loan application 15 Not legally binding