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SWEDISH AGENCY FOR ECONOMICAND REGIONAL GROWTH
POLICY FOR ENABLING GROWTHPOLICY FOR ENABLING GROWTH
Karin HallerbyHead of Division International AffairsHead of Division International Affairs
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SWEDISH AGENCY FOR ECONOMICAND REGIONAL GROWTH
Growth in ChinaGrowth in China
i k b t not sustainable• quick but not sustainable• 7 % per year is the target 2011-2015 (7-8%
i )previous)• 25 million/year , growing work force
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SWEDISH AGENCY FOR ECONOMICAND REGIONAL GROWTH
Growth rate in other regionsGrowth rate in other regions comparison 2010
• 2,9 % Baltic Sea Region
2 8 % EU8• 2,8 % EU8
• 1,5 % EU-15 and within it, the British Isles 1,5
• -1,0 % Portugal,Ireland, Greece, Spain
7 2 % A Ti• 7,2 % Asean Tigers
• 6,8 % ASEAN
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SWEDISH AGENCY FOR ECONOMICAND REGIONAL GROWTH
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SWEDISH AGENCY FOR ECONOMICAND REGIONAL GROWTH
Growth in the Baltic Sea RegionGrowth in the Baltic Sea Region
• The Baltic Sea Region remains a solidly prosperous region. Its GDP per Capita level nowprosperous region. Its GDP per Capita level now reaches 94% of the EU-27 average, compared to 90% in 2005 and 85% in 2000.
• Heterogeneity across the Region is large
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SWEDISH AGENCY FOR ECONOMICAND REGIONAL GROWTH
Northern Europe rather smallNorthern Europe – rather small economy
• home to 57.4 million people
GDP i i il t b t 11% f th EU 27• GDP is similar to about 11% of the EU-27
• roughly the size of the Italian economy
• the Nordic countries account for 62 % av GDP
N• Norway
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SWEDISH AGENCY FOR ECONOMICAND REGIONAL GROWTH
Growth in Northern EuropeGrowth in Northern Europe
N th E h f t iti t• Northern Europe has fewer opportunities to quick growth and danger of moving into an accelerating recessionary cycle prepare for anaccelerating recessionary cycle - prepare for an extended period of low growth !
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SWEDISH AGENCY FOR ECONOMICAND REGIONAL GROWTH
BALTIC Sea regionBALTIC Sea region Strategy and action plan
• Clean Baltic Sea
I d it• Increased prosperity
• Better accessibility
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SWEDISH AGENCY FOR ECONOMICAND REGIONAL GROWTH
Clusters of interest in theClusters of interest in the Baltic Sea Region
• energyC• ICT
• life science / biotechnology • maritime idustries
l i ti• logistics• tourism, • real estate• automotive industries• automotive industries.
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SWEDISH AGENCY FOR ECONOMICAND REGIONAL GROWTH
EU 2020EU 2020
• Smart
S t i bl• Sustainable
• Inclusive
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SWEDISH AGENCY FOR ECONOMICAND REGIONAL GROWTH
Swedish perspective- lessons learnedSwedish perspective- lessons learnedAccess to finance - needs
• SME:s in early stages
G f SME / t• Groups of SME owners/entreprenuers
• Nontraditional industries like healthcare, creativeindustries, service industries, as examples
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SWEDISH AGENCY FOR ECONOMICAND REGIONAL GROWTH
Swedish perspective lessons learnedSwedish perspective – lessons learned
• Innovative SME:s in early stages having…
t it l• access to capital ….
• being supported with entrepreneurship skills…
• show success
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SWEDISH AGENCY FOR ECONOMICAND REGIONAL GROWTH
Swedish perspectiveSwedish perspective –lessons learned
• R&D –extended international cooperation
I f i li ti• In focus : commercialisation
• Innovations to products and services in marketplace
• SME:s need longterm access to R&D for S s eed o g e access o & ocommercial activities
• SME profit from commercial international• SME profit from commercial international networks
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SWEDISH AGENCY FOR ECONOMICAND REGIONAL GROWTH
An SME perspective
GROWTH IN SWEDEN 2011p p
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SWEDISH AGENCY FOR ECONOMICAND REGIONAL GROWTH
SME:s contribute approximately to 60 %SME:s contribute approximately to 60 % of total value added
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SWEDISH AGENCY FOR ECONOMICAND REGIONAL GROWTH
SME:s in SwedenSME:s in Sweden
• 60 % value added
Th l th t ill t• The larger the greater will to grow
• ”Green growth” products – expect to grow
• Exporting SME.s – expect to grow
A t fi• Acces to finance
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SWEDISH AGENCY FOR ECONOMICAND REGIONAL GROWTH
Larger SME:s have a greater will to growLarger SME:s have a greater will to grow
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SWEDISH AGENCY FOR ECONOMICAND REGIONAL GROWTH
SME:s offering ”green growth” productsSME:s offering green growth productsexpect to grow compared to other SME:s
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SWEDISH AGENCY FOR ECONOMICAND REGIONAL GROWTH
Exporting SME:s expect to growExporting SME:s expect to grow
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SWEDISH AGENCY FOR ECONOMICAND REGIONAL GROWTH
Most SME have access to financeMost SME have access to finance
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SWEDISH AGENCY FOR ECONOMICAND REGIONAL GROWTH
Issues reducing growth from SME perspectiveIssues reducing growth from SME perspective
• Competition (49- 250 SME:s )
R l ti (10 49 SME )• Regulations (10-49 SME:s )
• Finance (industries, foreign background)
• Skilled labour
10 49 SME i d t ti l t• 10-49 SME:s exprience good potential to grow but many difficulties to grow
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SWEDISH AGENCY FOR ECONOMICAND REGIONAL GROWTH
Implications for public supportImplications for public support
• Innovation
• Stimulate networking and cooperation between SME:s
• Stimulate Green Growth in SME:s and sustainability focus
• Internationalisation
• Skilled labour
• Focus on SME:s (10-49)
• Better regulation focus on irritating procedures access to information• Better regulation, focus on irritating procedures, access to information
• Access to finance (groups and industries)
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SWEDISH AGENCY FOR ECONOMICAND REGIONAL GROWTH
Swedish midterm evaluation – lessons learned
REGIONAL VENTURE CAPITALFUNDS AN ERDF INITIATIVEFUNDS – AN ERDF INITIATIVE
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SWEDISH AGENCY FOR ECONOMICAND REGIONAL GROWTH
Partnerskapsfond Mittsverige AB(Saminvest II)
Partnerinvest i Norr AB(Almi/Norrlands fund + regional actors) (RA)Ola Rönnqvist, Fund Manager
(Saminvest II)Eva Nordlander, MD
Mittkapital i Jämtland/Västernorrland AB(Sjätte AP-fonden)Susanne Olofsson, MD
Almi Invest Västsverige, Värmland AB (RA)Håkan Krook, Fund Manager
Almi Invest Norra Mellansverige AB (RA)Christer Navjord, Fund Manager
Almi Invest Stockholm AB andAlmi Invest Östra Mellansverige AB (RA)
Svensk Entreprenörskapsfond I-II-III(Innovationsbron) (RA)
Almi Invest Östra Mellansverige AB (RA)Mikael Karlsson, Fund Manager
Almi Invest Västsverige AB (RA)Håkan Krook, Fund Manager
Almi Invest Småland & Öarna AB (RA)(Innovationsbron) (RA)Per Heander, Investment Manager SEF IPer Aspemar, MD SEF II-III
Almi Invest Småland & Öarna AB (RA)Tarja zu dem Berge, Fund Manager
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SWEDISH AGENCY FOR ECONOMICAND REGIONAL GROWTH
Private co-investorsPrivate co-investors
• 50% of private co-investors would not have done the investment without the co-investmentthe investment without the co investment
• 10% would probably have made an investment, but the amount would have been lowerbut the amount would have been lower.
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SWEDISH AGENCY FOR ECONOMICAND REGIONAL GROWTH
Indications of meeting market needIndications of meeting market need
• 20% did not have any alternative financialpossibilitypossibility
• 25% had other investment sources, but not toequivalent conditionsequivalent conditions
• Portfolio of investments are balanced, early stage
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SWEDISH AGENCY FOR ECONOMICAND REGIONAL GROWTH
Has the capital market improved?Has the capital market improved?
• Has the financial supply situation for businesses improved?improved?
• There are indications that the initiative has helped to address the equity gaphelped to address the equity gap.
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SWEDISH AGENCY FOR ECONOMICAND REGIONAL GROWTH
CompaniesCompanies
…are in general satisfied and have experienced great value
• Faster growthFaster growth
• 30% have received additional investments
I d biti• Increased ambitions
• Professionalization
• Board – more professional
• Markets, product development, new competence
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SWEDISH AGENCY FOR ECONOMICAND REGIONAL GROWTH
Private investorsPrivate investors- added value
• Procedures
C t d f i lit• Competence and professionality
• Extended networks
• Shared risk appreciated
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SWEDISH AGENCY FOR ECONOMICAND REGIONAL GROWTH
Summary of the evaluation resultsSummary of the evaluation results
• indicates that the initiative has resulted in an increased volume of private capital investment.increased volume of private capital investment.
• consequently, there is at present no evidence that the investment has crowded out the privatethat the investment has crowded out the private capital.
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SWEDISH AGENCY FOR ECONOMICAND REGIONAL GROWTH
Enabling growth policy suggestionsEnabling growth – policy suggestionsFinance
• early stage SME:s and• Finance for entrepreneurs different ”groups”• Finance for entrepreneurs different groups
• Certain industries : Health care, Green growth, Creative industries, service sectorservice sector
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SWEDISH AGENCY FOR ECONOMICAND REGIONAL GROWTH
Enabling growth- policy suggestions-Enabling growth- policy suggestions-commercialisation and i t ti li tiinternationalisation
• Internationalisation -Innovation /R&D investmentsinvestments
• Internationalisation –SME t kSME network
• Commercialisation is
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key
SWEDISH AGENCY FOR ECONOMICAND REGIONAL GROWTH
Enabling growth policy suggestions-Enabling growth – policy suggestions-better regulations
B tt l ti ( l• Better regulation, ( less irritating and costly)D b i t• Decrease barriers totrade – explore EU i t l k tinternal market possibilitiesA t i f ti d• Access to information and public services
(ICT l ti )33
(ICT solutions), Focus on SME.s (10-49)
SWEDISH AGENCY FOR ECONOMICAND REGIONAL GROWTH
Thank you for your attentionThank you for your attention
Karin HallerbyHead of Division International AffairsHead of Division International Affairs
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