Swedish Foundation for Strategic Research Activity Report 2006

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38 – The Swedish Foundation for Strategic Research • Activity Report 2006• Internal processes in combination with externalprocesses in international partnership networks andsupply chains• Methods for analysing and describing value creationin customer terms• Product realisation processes, including innovation,management and organisation• Production system concepts including the supplychain• Product system concepts and methods for describingproduct functions, performance features andgeometrical boundary conditions• Methods and software so that virtual components,subassemblies and ultimately the complete productscan be simulated through the whole product lifecycle.• Product support, including maintenance and aftermarketactivitiesThe research to be supported should be focused onareas that are considered to be of key importancefor the companies’ competitiveness. The researchprogramme is geared towards SMEs, including bothestablished manufacturing companies and new emergingcompanies, and their needs as regards productrealization. Visionary and creative proposals – withhigh potential as well as high risk – are encouraged.n Management and operational formProEnviro like ProViking will be a separate unit withinthe Foundation - SSF.ProEnviro has its own board with people fromindustry and universities.The Chairman of the Board is Billy Fredriksson,formerly of SAAB Aircraft.Other board members are Kristina Alsér, MercatusEnginering, Peter Enå, Morphic Technologies, EvaLeire, Lund University and Bengt Lindberg, RoyalInstitute of Technology.Britt Marie Bertilsson, Mistra and Lars Frenning,SSF are also members of the board. Lars Frenning isProgramme Director.n Call for proposals and evaluationDuring the three-year period there will be two calls forproposals. The first call was in June 2006 with deadlinein October. Fourteen applications were received.Evaluation of proposals started immediately, based onthe criteria strategic importance, industrial relevanceand scientific level and uniqueness. Two independentAdvisory Councils have been established for the evaluationprocess.Gunilla JönsonHans FolkessonImpeller and pump casing for a high-efficiency wastewaterpump. Picture: ITT FlygtThe Scientific Council is chaired by Gunilla Jönson,Lund University and the Industrial Council by HansFolkesson, Volvo Car.The ambition is to select a limited number of projectsand sign contracts in January 2007.For more information please visit the programme’swebsite www.proenviro.se
The Swedish Foundation for Strategic Research • Activity Report 2006 – 39”Dancing by the doorway”Björn BrandtThe Foundation’s capital showed moderate growthin 2006, which reflects the fact that this is the fourthconsecutive year of growth on the global stock markets.In comparison with the very successful year 2005,capital growth in 2006 was more moderate, from SEK10,1 billion to 10,4 billion, despite the fact that SEK 659million was distributed to various research activities.A graph showing capital growth since the establishmentof the Foundation in 1994 is shown in Figure 1 togetherwith cumulative research disbursements during thesame time period.The year 2006 was characterised by conflictingphenomena. The stock market developed favourably,and Swedish and international companies reportedhigh earnings and expansion. But there was highvolatility on the stock markets with several downturns.The most important one was in mid-May when stockmarkets fell globally: for instance the Stockholm StockExchange (OMX) fell by 15 percent. Viewed over theFigure 1: Foundation Capital 1993–2006Million SEK14 00012 00010 0008 0006 0004 0002 00001993CapitalCumulative researchdisbursements1994199519961997199819992000200120022003200420052006whole year, the Swedish stock market index had a substantialgain of 29 percent.In a number of steps beginning in the autumn of2005, the Foundation has reduced the equity portionof its assets. This has been offset by a more favourabledevelopment of the stock market than expected,resulting in a fairly even balance between equities andbonds over the year. The Foundation has lowered itsexposure to some equity markets, for example Far EastEmerging markets. A more detailed description ofthe development and distribution of assets in 2006 isshown in Figure 2.The future strength of the Foundation as animportant Swedish research funding organisation iscompletely dependent on how much capital it has atits disposal and how well the assets are managed. Agood performance broadens the funding possibilities.In order to secure the funding of research projects foryears to come, a balance must be struck between a highreturn at high risk and a low return at low or no risk.This can be compared to either putting the assets in abank account or betting on red or black on the roulettewheel at a casino. The bank account would yield a fewpercent in interest, while betting on red or black coulddouble the capital at one stroke - or lose it all....Many factors affect capital growth. The state ofthe global economy and the macroeconomic trend arefactors completely outside the Foundation’s control.Choosing between investing in different companies(stock picking) and between bonds of different termsand kinds is the responsibility of the banks whomanage most of the Foundation’s assets. However,
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