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Marie-Cécile RouillonPolicy Officer Unité B.3 "PME, Instruments Financier & Aides d'Etat" DG Recherche & Innovation@ EU Access to Finance Day – Paris 23 mai 2014
Horizon 2020: Accès au financement à risque et
soutien aux entreprises innovantes
PolicyResearch andInnovation
What is Horizon 2020?
Framework funding programme for all EU research & innovation-related activities (2014-2020)*
A core part of Europe 2020, Innovation 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 77 billion (in current prices)
PolicyResearch andInnovation
Supporting SMEs throughout the innovation cycle…
… to stimulate growth by means of increasing the levels of innovation in SMEs, covering their different innovation needs in each phase of the cycle, for all types of innovation, thereby creating more fast-growing, internationally active SMEs.
All types of innovation
More impact!!
Horizon 2020SME Support
PolicyResearch andInnovation
Integrated Approach to SME Support
SME Instrument7%
Collaborative Projects
13%
Eurostars IIEnhancing Innovation
CapacityMarket-driven Innovation
Access to Risk Finance
20 % budgetarytarget in LEITs &
SC*
'Innovation in SMEs'**
*= EUR 8.65 billion (in constant prices) of direct SME support, incl. approximately EUR 3 billion to be allocated to the SME Instrument over the period 2014-2020 ** = EUR 616 million (in constant prices) in direct SME support via Eurostars II, and in indirect support via innovation and market capacity building activities
Horizon 2020Complimentarity
Access to Risk Finance:EUR 2.7 billion (in constant prices) net of administrative costs, of which at least 1/3
should go to SMEs and small midcaps
Possible "top-up" from other budgets
PolicyResearch andInnovation
55
H2020 Access to Risk Finance
WHAT SUPPORT IS ON OFFER?
Risk-sharing in the form of loans and guarantees Risk finance in the form of equity
FOR WHO or WHAT?
RDI-driven/ innovative SMEs & small midcaps Ambitious RDI projects carried out by a variety of recipients (companies,
stand-alone projects etc.)
TO SERVE WHICH PURPOSES?
Stimulate more investment in research and innovation, notably by the private sector
Intervention only to address financing gaps in the R&D&I delivery chain (notably due to high risk), and as such help translate R&D results to the market (/innovation)
IMPLEMENTED HOW?
Demand-driven ("first come, first served") Via banks, funds and other intermediaries at European level (European
Investment Bank, European Investment Fund) and national/ regional level
The Basics
PolicyResearch andInnovation
H2020 Access to Finance: Which contact for companies?
RSFF IIMainly Midcaps and large corporates*
EIB
RSI II GIF 1.2SMEs and small
midcapsSMEs and small
midcaps
Financial intermediary*
*Bank or a financial institution selected on the basis of the call for expression of interest that signed an agreement with the EIF
Financial intermediary **
**Fund selected on the basis of a call of expression of interest that signed an agreement with the EIF
EIF EIF
DEBT EQUITY
*All entities will be eligible also PPPs, universities, research infrastructures, etc, provided they can borrow money
Financial intermediary*
EIB
SMEs/Midcaps: Loan < €25 m
Horizon 2020 Access to Finance
PolicyResearch andInnovation
Type of beneficiary: public or private, of any size (mostly midcapsand larger companies), research infrastructures, universities, SPV… willing to finance RDI projects - loan amounts above EUR 7.5 million
Under Horizon 2020: focus on midcaps and loans up to 50m
Contact: EIB / or for midcaps: EIB or future intermediaries
Eligibility check for EU risk-taking: if direct loan: by Commission / if intermediaries: by intermediaries (ex-ante innovation check list)
EIB's risk pricing based on: costs of funds, administrative marging(no profit margin), risk margin (reflecting expected and unexpectedrisk, determined according to EIB's Credit Risk Policy Guidelines)
Timeline (current RSFF, direct EIB loans): half of the loans signedwithin 12 month after 1st contact
budget RSFF-II for 2014-2015: around €200 million
More information: http://www.eib.org/products/rsff/
Horizon 2020 Access to Debt
"RSFF II" (larger loans >7.5m)
PolicyResearch andInnovation
Type of beneficiary: innovative SMEs and small midcaps(up to 500 employees): ex-ante list of pragmatic innovative criteria
EIF provides guarantees and counter-guarantees
Contact: financial intermediaries having signed a guaranteeagreement with EIF (or in an agreement with counter-guarantors)
Intermediary performs due diligence, fixes the interest rate BUT: must transfer the financial benefit of the guarantee to companies
Uncapped RSI guarantees cover up to 50% of each loan
Guarantee priced to the intermediary (for RSI sustaibability)
Timeline for a loan: depends on intermediary's practices (no ex-ante assessment by EIF/EC, but ex-post monitoring)
budget 2014-2015: around €160 million
More information & list of intermediaries: http://www.eif.org/RSI
Horizon 2020 Access to Debt
"RSI II" (smaller loans <7.5m)
PolicyResearch andInnovation
Regular update on EIF's Website: http://www.eif.org/what_we_do/guarantees/RSI/Rsi_intermediaries.htm
FP7 RSI Results Access to Debt
FP7: More than €1.2 bn in guarantees
PolicyResearch andInnovation10
Zeta Biopharma: a plant construction company in Austria with 237 employees providing process technology for biopharmaceutical applications by supplying global pharmaceutical companies with individually designed plants
The company is one of only two in Europe to use freeze and thaw containers for storage and transport of substances for the pharmaceutical industry. These liquids can be frozen in a controller storage facility for years and are often sent to markets worldwide.
The working capital loan covers Zeta’s high working capital requirements during the long lead times in plant engineering and manufacturing. It helps the company to implement additional R&D projects and to achieve faster growth.
RSI Intermediary: UniCredit Bank (Austria)
Loan Amount: EUR 2.5 million
PolicyResearch andInnovation11
CS-Beton: one of the biggest producers of concrete goods for pavements, roads, highways and airports
introduce a special spray - “Clean protect” to prevent dirt sticking to its concrete, highly resistant to frost as well as de-icing chemical agents.
160 employees, the company is currently developing some new concrete products providing completely new designs for bus stops, new solutions for road covers and large retaining walls with a view to continue growing the business across the Czech Republic and beyond.
RSI Intermediary: Česká spořitelna
Loan Amount: CZK 20.700.000 CZK (EUR 807.490 equivalent)
RSI EXAMPLE: CS-Beton, Czech Republic Highly resistant "Clean protect" Spay for concrete
PolicyResearch andInnovation
Early stage finance for innovative enterprises (notably seed and start-up companies); limited growth-stage finance also possible together with COSME; indirect implementation (i.e. via VC funds mainly) / ("GIF 1.2") [budget 2014-2015: around €75 million(*)]
Pilot facility for technology transfer (under development) to bring R&D results from public research organisations and universities to the market (licensing; creation of spin-off companies) ("TTFF") [budget 2015; around €60 million(*)]
(*) subject to budget availability / final allocation decision
Equity Finance
Horizon 2020 Access to Equity
PolicyResearch andInnovation
Accompanying measures
Horizon 2020 Access to Finance
Technical assistance [EIB – €16 million for 2014-2017(*)]Improving 'bankability' and investment-readiness of large,complex projects suffering from sub-optimal investmentconditions and needing substantial, long-term investments inorder to come to fruition
Assessing the Investment Potential of innovative SMEsEmerging from Phase I of the SME Instrument (startingin 2014/2015)
Studies (on Business Angels & Crowd-Funding, VCFunds-of-Funds)
Calls for Proposals: Capacity-Building in TechnologyTransfer, Boosting Investment-Readiness of SMEs andSmall Midcaps (focus on mentoring, coaching, investmentreadiness, etc.)
(*) subject to budget availability / final allocation decision
PolicyResearch andInnovation
Links to other EU programmes: COSME
Horizon 2020 and COSME are complementary programmes to generate growth and jobs
Different focus: Horizon 2020 = innovation-driven SMEs COSME = riskier SMEs, support to create favourable
business environment and competitivenessClosely coordinated with 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 in terms of advice on EU funding
Horizon 2020 / COSME
PolicyResearch andInnovation
Horizon 2020 http://ec.europa.eu/programmes/horizon2020/en/area/smes http://ec.europa.eu/programmes/horizon2020/en/h2020-
section/access-risk-finance http://ec.europa.eu/programmes/horizon2020/en/h2020-
section/innovation-smes
SME Techweb – http://ec.europa.eu/research/sme-
techweb/index_en.cfm
Financial Instruments RSFF
http://www.eib.org/products/rsff/ RSI
www.eif.org/what_we_do/guarantees/RSI/index.htm
EU Access to Finance -www.europa.eu/youreurope/business/index_en.htm
InformationUseful Web Links
PolicyResearch andInnovation
Participant Portal: http://ec.europa.eu/research/participants/portal/desktop/en/funding/sme_participation.html Calls for proposals Horizon 2020 documents Support services Evaluation experts
ACTIONParticipate via…
Research andInnovationResearch andInnovation
Background information
PolicyResearch andInnovation
EU Financial Instruments
Research& Innovation
Growth, Jobs and Social Cohesion
Infrastructure
Horizon 2020Equity, debt, guarantees
Instruments under European Structural &
Investment Funds (ESIF)
EU level
Off-the shelf instruments
Tailor-made instruments
SME Finance Initiative(ESIF + COSME/H2020 +
EIB/EIF)
Competitiveness & SMEs (COSME)
Equity & guarantees
Connecting Europe Facility (CEF)Risk-sharing (e.g. project bonds) and equity
Social Change & Innovation
Micro-finance
Creative EuropeGuarantee Facility
Erasmus for allGuarantee Facility
Shared managementCentrally managed by COM
EU Financial InstrumentsFull Picture
PolicyResearch andInnovation
How do we define ‘midcaps’ under Horizon 2020 Financial Instruments?
small midcaps working definition
o 250 to 499 employees in full-time equivalents
medium & large midcaps working definition
o 500 to 3000 employees in full-time equivalents
PolicyResearch andInnovation
Expertise Technical assistance [Named beneficiary(EIB) – 2014 – 4 years
- €16 million for 2014-2017(*)]
Improving 'bankability' and investment-readiness of large, complex projects suffering from sub-optimal investment conditions and needing substantial, long-term investments in order to come to fruition
Assessing the Investment Potential of SMEs Emerging from Phase I of the SME Instrument (starting in 2014/2015)
Establishing a group of investment specialists, operating in a personal capacity, to assess the investment potential of SMEs emerging from Phase I of the SME Instrument and ease/speed up for promising SMEs access to risk finance.
(*) subject to budget availability / final allocation decision
Accompanying measures (2014/15)
Horizon 2020 Access Risk Finance
PolicyResearch andInnovation
Studies Understanding the Nature and Impact of Angel and
Crowd-Funding in R&I [2014 – €0.75 million (*)]
This study should produce a comprehensive picture of what is happening in these rapidly developing areas and pave the way for possible EU-level action in 2015/2016.
Assessing the Potential for EU Investment in Venture Capital Funds-of-Funds [2014 – €0.27 million (*)]
The study should deliver concrete recommendations for a potential pan-European Fund-of-Funds ("ideal house") in view of EU-level action, if relevant, starting in 2016 following preparations in 2015.
Greek Presidency Conference on financial instruments [June 2014 – €0.1 million (*)]
(*) subject to budget availability / final allocation decision
Accompanying measures (2014)
Horizon 2020 Access Risk Finance
PolicyResearch andInnovation
Capacity-Building in Technology Transfer (CBTT 1) [CSA –15/4/2014 – €2.5 million (*)]
Increasing the skills-base
Spreading best practices and tacit knowledge
Strong emphasis on mentoring, coaching, twinning, secondments
Complements Technology Transfer Financing Pilot
Boosting Investment-Readiness of SMEs and Small Midcaps (BIR 1) [CSA – 15/4/2014 – €2.5 million (*)]
Addresses 'investment readiness' of SMEs and small midcaps
Builds on FP7 experience
Strong emphasis on both training entrepreneurs andsensitising potential investors
Complements Investment Potential of SMEs expertise measure
(*) subject to budget availability / final allocation decision
Calls for Proposals / Grants (2014)
Horizon 2020 Access Risk Finance
Research andInnovationResearch andInnovation
SME support in Horizon 2020:The SME Instrument
PolicyResearch andInnovation
Funding Gap (range: 1-3 M€)
PME: Déficitde Financement
PolicyResearch andInnovation
?
IDÉE soutien continu durant tout le project MARCHÉ
Validation du concept et de la faisabilité
Recherche Développement d'applications commercialesDémonstration
Commercialisation
Enchaînement possible avec autres instruments financiers (UE) pour PME
Marchés publics
Instrument PME
25
Horizon 2020 Instrument PME
PolicyResearch andInnovation
• Visant tous types de PME innovantes en quête d'expansion, de développement et d'internationalisation
• Seules les PME peuvent demander du soutien / du financement• Possibilité de soutenir / financer une PME unique • Bottom-up tout en répondant aux défis sociétaux et/ou technologies clés chaque défi sociétal / technologie clé définit un sujet au sens large
• Les PME voulant participer ne seront pas forcées de passer par toutes les trois phases; chaque phase sera ouverte à toutes les PME
• L'instrument offre une combinaison d'activités de recherche, de développement d'applications commerciales et de démonstration (tests, prototypage, …)
• Environ 3 milliards EUR via des subventions & la possibilité d'accéder à un soutien spécific à l'innovation
26
Horizon 2020 Instrument PME
PolicyResearch andInnovation
Phase 1: subvention forfaitaire de € 50,000Phase 2: budget moyen des projets estimé à € 1,5 million; afin de garantir des délais relativement courts pour l'octroi des subventions, la suggestion est de financer des projets sous la barre des € 2,5 million
Sur sept ans:
Phase 1: 5,200 projets seront financésPhase 2: 1,700 projets d'une taille budgétaire moyenne de € 1,5 million peuvent être financés (ou 2,550 de € 1 million en moyenne; 1,250 de € 2 millions en moyenne)
27
Implémentation
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