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finMED "Boosting the financing of innovation for green growth sectors through innovative clusters services in the MED area"

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General Information
Programme: 
2014-2020 INTERREG VB Mediterranean
Project duration: 
Thursday, 1 February, 2018 to Monday, 31 January, 2022
Total budget: 
€4.300.740
EU Contribution: 
€3.655.629
Partnership Composition: 
Organisation nameFunctionCountryWebsite linkIs Cluster Organisation ?
REGIONE PIEMONTE
Coordinator
Italy
No
University of Turin – Department of Management
Partner
Italy
No
Sarajevo Economic Regional Development Agency SERDA
Partner
Bosnia and Herzegovina
No
University of Algarve - CRIA - Division of Entrepreneurship and Technology Transfer
Partner
Portugal
No
Larnaca-Famagusta District Development Agency (ANETEL)
Partner
Cyprus
No
ENVIRONMENT PARK SPA
Partner
Italy
Yes
Autonomous Region of Sardinia - Industry Department
Partner
Italy
No
CERTH - Centre for Research and Technology Hellas (Ptolemais)
Partner
Greece
No
EA ECO-ENTREPRISES
Partner
France
Yes
Gozo Development Agency - Gozo Regional Committee
Partner
Malta
No
Collectivity of Corsica
Partner
France
No
IVACE
Partner
Spain
No
TECHNOLOGICAL CORPORATION OF ANDALUSIA
Partner
Spain
No
Regional Development Fund of Western Macedonia
Partner
Greece
No

finMED project aims to boost the financing of innovation in green growth sectors through improved delivery of policies and strategies and the introduction of innovative cluster services.

The project delivers concrete outputs and results in three fields: 1- Public policies delivery, by developing and adopting new concepts, principle and practices to finance green growth strategies; 2- Innovation and business environment, by improving interaction and collaboration (at regional and transnational level) among involved stakeholders and bridging the gap among enterprises and financers; 3- Green sectors capacities, by stimulating and actively supporting their adaptability to the most impellent financing challenges.

finMED also develops a proper specific position on the future of green sectors innovation financing, supporting the policy debate for 2021-2028 programming period in MED and EU area.  

finMED results: 

1 Increased understanding, knowledge and capacities related to financing innovation in green sectors by public and private actors in the MED area

The project produces the following concrete changes: -Cluster and business support organisations trained and skilled to provide support service to their members for facilitating access to finance for innovation -Regional public authorities able to make use of differentiated financial solutions to implement green growth policies.

finMED delivers the following tangible and durable benefits to target groups: -Cluster and business support organisations: Support service (contents and format) to be provided to companies (esp. SMEs) to support access to finance for innovation -Regional public authorities: tool for mentoring and capacity building will deliver to regional public authorities new skills and competences to open up new opportunities and introduce/reinforce the use of adaptive financial solutions and mechanisms to implement green growth regional policies.

 

2 Increased access to finance for innovation in green sectors in the MED area

finMED produces the following concrete changes: -Cluster and business support organisations becoming referent point for issues related to access to finance for innovation for their members and interlocutors towards financial institutions/financers -Regional public authorities increasing availability, accessibility and harmonisation of funds for innovation projects in green sectors through the use of adaptive financial solutions.

Tangible and durable benefits to target groups: -Clusters, business support organisations: Opportunities to support companies (esp. SMEs) in overcoming financing gaps between investors and entrepreneurs and additional opportunities for SMEs to receive support for financing innovation projects -Public authorities: individual and organisational learning for regional public authorities officials and servants on financial solutions and implementation options to support innovation in green sectors.

 

3 Reinforced, empowered and more coordinated clusters, business support org. and public authorities in their effort of assuring access to finance in green sectors.

finMED produces the following concrete changes: -Cluster organisations increasing their international profile and rise the standards of the services provided to their members (esp. regarding access to finance for innovation) through peer learning and the establishment of permanent linkages with EU financers (EIB, EU wide financial institutions, etc.) -Regional public authorities actively assuring an appropriate level of financing of innovation green sectors, by including the access to finance in their political agendas and facilitating linkages among financers and green sectors market actors.

Tangible and durable benefits to target groups: -the transantional network supports MED clusters and business support organisations in upgrading their aptitudes toward innovation financing and improve their international/transnational profile (exp. toward financers) -the establishment of finMED network among different actors in the green sectors innovation chain and financers delivers to regional public authorities, clusters and business support organisations, SMEs the opportunity to join their common efforts in assuring a proper level of  financing to innovation for green sectors. 

Regarding the policy dimension, finMED ambition is to improve the delivery of green growth regional policies and strategies. They actually cover a wide spectrum of fields: green economy, emission reduction, SMEs competitiveness, innovation and clusters, etc., and they all share the need to stimulate and actively support the adaptability of green sector systems to the financing challenges of the coming years.

The methodology chosen consists in: - joint elaboration, testing and transferring of instrumental and conceptual devices (training tools, support service format, replicable processes and procedures) - involving all green growth actors (including public authorities, clusters and business support org., knowledge providers and financers) - to obtain policy learning at individual, organisational and institutional level (by studying, experiencing, observing and interacting) - that lead to the development and adoption of new concepts, principle and practices in facing the common challenge of innovation financing.

The methodology covers the regional level, with both direct and transnational actions and supports. Direct actions consist in the all process leading to the elaboration of the Policy procedures (one customized for each involved region), that can be replicated in turn to target all the necessary policy instruments in order to assure the proper financial coverage for green growth strategies. The process includes the delivery and adoption of a capacity building tool for individual and organizational learning in involved public authorities, the support to policy-learning with technical experts and the interaction with all concerned regional stakeholders.

The transnational level covers advocacy actions, that can influence the regional strategies and policies through high level political involvement. The transnational level aims at contributing to the definition of next programming period policies for green growth in PPs regions, in MED area and EU.

 

finMED Tools:

Support Service Tool for Clusters and Business Support Organisations to support SMEs access to finance for innovation in Green Sectors 

A Tool that plays the role of Decision Support System, together with a specific user guide/reports, templates and practical user guide, to help clusters/BSOs to assist SMEs that plan or are yet engaged in research for innovative solutions in the green growth field about the analysis of the possible single SME’s gap (Gap Analysis) with regard to minimum/highest standards required by the public and private economic-financial ecosystem and its offer curves. 

 

Capacity Building Tool for Public Authorities to improve innovation financing in green sectors

The Capacity Building Tool has been conceived to provide practical guidance to MED regional public authorities on the nature of capacities needed, how to support their development to concretely devise and adopt new solutions and practices for innovation financing in SMEs. It is an operative tool, to support Target Groups (at partner level) and general outreach (at MED level) to acquire workable knowledge, develop new skills, support the organisational scale-up of tools and policies. It aims at overcoming knowledge gaps related to the specific mechanisms and solutions for financing of innovation in green sectors SMEs through European Structural Funds.