Competing in the Single Market - SMEs and ... - Erhvervsstyrelsen

) Stimulating private sector R&D (both investment in and carrying out R&D)c) Promoting international cooperation on R&D3. Improving the ability to transform knowledge into products and servicesa) Improving the functioning of capital markets and the ‘capital supply chain’• Set up a task force for “financing innovative SMEs”, consisting of high-level representativesfrom policymaking, business sector, fi nancial sector and international experts, which is givena wide mandate to analyse the shortcomings of capital markets when it comes to enabling thedevelopment and growth of innovative SMEs• Based on the recommendations of the taskforce, undertake reforms, if necessary, of taxationsystems, legal structures or other ‘framework conditions’ that might account for some of theproblems of capital supply• Based on the recommendations of the taskforce, examine possibilities for setting up publicprivateventure capital funds, strengthening provisions for pre-seed and seed funding,improving financing facilities for SMEs in general and for innovative and/or high-tech SMEsin particular• Create or strengthen business angel networks and activitiesb) Strengthening human capital (education systems, labour markets, competencies andparticularly the need for upgrading competencies within SMEs, etc.)c) Improving linkages and cooperation between industry and academia4. Strengthening the willingness to innovate (and grow)a) Raising the general awareness of innovation policy and of its importance for economic growthand competitivenessb) Promoting clustering (again, this does not necessarily mean financially supporting specificclusters)c) Promoting entrepreneurship (through policies aimed at raising awareness, throughincorporating entrepreneurship into secondary school and university curricula, etc.)d) Examining incentive structures affecting innovation and entrepreneurship (including possiblefiscal instruments for innovation)90