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Document ID: IPF 11-006

VINNOVA Dno: 2009-04589

The CAMPUS programme

Part of Deliverable D2.2 INNO-Partnering Forum

Public version of report

www.proinno-europe.eu/partnering-forum

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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: [email protected]

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.

mailto:[email protected]


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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.


PAGE 17

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).


PAGE 18

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


PAGE 20

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


PAGE 21

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.


PAGE 22


PAGE 23

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.


PAGE 24

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


PAGE 25

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.


PAGE 26

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.


PAGE 28

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)

http://www.agenciaidea.es/

http://www.agenciaidea.es/cocoon/index.html?language=en

http://www.juntadeandalucia.es/index.html


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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)


PAGE 34

Appendix E: Process flow chart


PAGE 35

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


PAGE 37

7.2 Management of Innovation and patens

7.3 Co operations

7.4 Positive external factors

7.5 Others

8. ECONOMIC AND FINANCIAL INFORMATION

GLOVAL ASSESMENT

SIGNATURE AND DATE

MORE INFORMATION (maximum 2 pages)