FINNOV
| FINNOV | |
|---|---|
| Finance, Innovation & Growth | |
| Project type | FP7 Framework Programme |
| Funding agency | European Union |
| Project coordinator | Prof Mariana Mazzucato |
| Budget |
|
| Website | www.finnov-fp7.eu |
Overview
FINNOV (Finance, Innovation, and Growth) is aimed at understanding the relationship between changing financial markets, innovation dynamics, and economic performance. The project studies how these relationships influence economic growth as experienced by individuals, businesses and the wider economy.
Funding
FINNOV is funded through Theme 8 of the Seventh Framework Programme of the European Commission (Socio-Economic Sciences and the Humanities), under the topic "The role of finance in growth, employment and competitiveness in Europe (SSH -2007 - 1.2.3)” with the total EC contribution 1,494,870 Euros. The project commenced in March 2009 and will be completed in February 2012.
Expected Results
FINNOV will contribute to:
- EU policies around financing of new businesses and innovation;
- A better understanding of sector specific dynamic links between innovation, finance and growth;
- Greater appreciation of mechanisms for supporting the growth of innovative firms in Europe;
- A better characterisation of the connection between the financial system and household consumption;
- An awareness of the complexities of the European financial system and its variation with systems in other parts of the world;
- A better worldwide visibility of European research.
Consortium
FINNOV is a strong research collaboration between seven European institutions involving experts in the areas of finance, innovation and economic growth: The Open University (United Kingdom), University of Cambridge (United Kingdom) Sant'Anna School of Advanced Studies (Italy) Polytechnic University of Marche (Italy) Economics Institute (Czech Republic) University of Bordeaux (France) University of Sussex (United Kingdom)
Project Management Committee
Each institution is represented on the Project Management Committee by a work package leader:
Prof Mariana Mazzucato – The Open University, UK (FINNOV Coordinator) Prof Giovanni Dosi – Sant’Anna School of Advanced Studies, Italy Prof Claude Dupuy – University of Bordeaux, France Prof Mauro Gallegati – Polytechnic University of Marche, Italy Dr Petr Zemcik – Economics Institute, Czech Republic Dr Andrea Mina – University of Cambridge, UK Dr Paul Nightingale – University of Sussex, UK
Advisory Board
FINNOV is guided by an influential Advisory Board: Jean-Louis Beffa – Chairman of Saint Gobain, and Chairman of the Cournot Centre for Economic Studies, France Richard Nelson – Henry R. Luce Professor of International Political Economy, Columbia University, USA Mary O’Sullivan – Professor of Management, Wharton University of Pennsylvania, USA Geoffrey Owen – Former editor of the Financial Times, and Senior Fellow, London School of Economics and Political Science, UK Carlota Perez – Professor of Technology and Development at the Technological University of Tallinn, Estonia, and Visiting Scholar at the Faculty of Economics, University of Cambridge, UK. Tea Petrin – Professor of Economics and Entrepreneurship, University of Ljubljana, Slovenia, Chair of the EC European Cluster Policy Group (ECPG), and former Slovenian Minister of the Economy (1999–2004)
Publications
FINNOV research outputs, policy briefs and position papers are available on the FINNOV website. The first FINNOV policy brief (May 2010) focused on the subject of financial markets and whether they reward or penalise innovation. It addressed the following questions: Do innovative firms receive more finance than non-innovative ones? Do they grow more? Do they get better credit ratings? How does the shareholder revolution affect R&D spending? And do some well-positioned economic actors reap significant returns even when their actions result in value destruction rather than value creation? These questions are relevant not only to understand whether financial markets will be able to finance (VC, bank funds, etc) innovation and whether the stock market will respond to such investments, but also to better understand the nature of the crisis in the first place. The second policy brief (May 2011) , Innovation, Uncertainty and Bubbles, argues that self-correcting financial markets are a myth and unless governments take action to introduce mechanisms to reward investment, such as through tax benefits and subsidies, the pricing failures that create bubbles will increase in regularity and become more damaging.
Contact Details
For further information on the FINNOV project, events and publications please contact: FINNOV Research Office Faculty of Social Sciences The Open University Milton Keynes MK7 6AA United Kingdom