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OECD Science, Technology and Industry Outlook 2014

image of OECD Science, Technology and Industry Outlook 2014

The OECD Science, Technology and Industry Outlook 2014 reviews key trends in science, technology and innovation (STI) policies, and performance in more than 45 economies, including OECD countries and major emerging economies. The report draws on the latest OECD work on science and innovation policy analysis and measurement.

Following an overview of the STI global landscape and policy trends, key policy issues are discussed across a series of thematic policy profiles. The third section examines individual STI country performances, along with the most recent national policy developments. These global and national policy trends are monitored by a unique international policy survey conducted by the OECD every two years.

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Financing innovative entrepreneurship

Access to financing is crucial for creating and growing an innovative business, in particular at the seed and early stages. The main sources of finance for start-ups are: the founder’s own funds (plus money from friends and family), bank loans, equity capital (including from business angels and venture capitalists) and government support. It is well documented that young innovative businesses find it difficult to obtain financing. For instance, surveys show that innovative small and medium-sized enterprises (SMEs) in the euro area consider access to finance one of their most pressing problems in the wake of the sovereign debt crisis of 2011 (EC, 2011). The difficulties arise from the high risk of entrepreneurial activities and from information asymmetries between investors and entrepreneurs. New ventures also have capital and human resource constraints, insufficient collateral and lack of a track record. The quality of an innovators’ business plan and their overall readiness for investment often play a determining role in their ability to secure funding.

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