Canada, the European Union and India Commit to Building the Next Economy

Even through the enduring global economic downturn, nations across the world have targeted technology-based economic development initiatives to build their respective country's science and technology (S&T) sectors. The governments contend that building their respective country's Next Economy is necessary to compete in a globalizing world and increase quality of living for their citizens. Canada, India and the European Union have announced initiatives that could help grow their respective countries S&T sectors.

In Canada, the Honorable Bernard Valcourt, the Minister of State for the Atlantic Canada Opportunities Agency (ACOA) and La Francophonie, announced approximately $8.5 million in federal investments in Springboard — a regional commercialization and industry network made up of Atlantic Canadian post-secondary institutions — to support several current activities and the creation of a new program. The funding will be used to:

• Increase industry engagement in the commercialization of research through workshops and networking events;
• Increase member cooperation, including inter-institutional technology transfers; enhance institutional and central office accountability and transparency; and,
• Increase promotion of Springboard's role in the region.

The funding also will enable Springboard to create an Innovation Mobilization Program that will provide funding to support technology development, implement marketing initiatives, engage community partners on projects and support startup companies. Read the press release...

According to Europolitics, The European Parliament's Committee on Industry, Research and Development (ITRE) proposes to merge the numerous funding programs available for research and innovation in the EU. The announcement is part of a report adopted by the committee in response to an EU green paper entitled "From Challenges to Opportunities: Towards a Common Strategic Framework for Future EU Research and Innovation Funding." To avoid overlaps and duplications of funding efforts, a new organizational model with a single system based on three different layers of financing would replace the current independent programs model in 2014.

• The first layer would cover EU funds associated with infrastructure and capacity building, with special emphasis on large-scale projects.
• The second concentrates on fundamental and applied research, social sciences and humanities.
• The third would provide support for the marketing of products and services, devoting particular attention to small- and medium-sized businesses' (SMEs) involvement.

Read the article...

Finally, according to the hindu.com, India's state-run Small Industries Development Bank of India (SIDBI) said it plans to launch two new equity and quasi-equity assistance programs: growth capital and equity assistance for Micro-, Small- and Medium-Enterprises (GEMS) and flexible assistance for capital expenditure (FACE) for providing funds to the Micro-, Small- and Medium-Enterprises (MSME) sector. Under the GEMS program, funding will be provided to the MSME based upon the strength of cash flows, rather than asset coverage or security. The FACE program offers multiple flexible repayment schedules for immovable and other fixed assets' based upon the assets economic life and cash flow potential. For movable fixed assets, the repayment schedule could range from three to seven years. For immovable objects (e.g., land and buildings), the repayment schedule could last up to 10 years. The programs are intended to provide funding to MSMEs for capital expenditure to modernize, upgrade, diversify and meet global standards. Read the article...