Wady i zalety dotacji bezzwrotnej w perspektywie alternatywnych instrumentów finansowych wspierania innowacyjności i rozwoju MŚP
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ADVANTAGES AND DISADVANTAGES OF GRANTS IN THE PERSPECTIVE OF ALTERNATIVE FINANCIAL INSTRUMENTS TO SUPPORT INNOVATION AND SMES’ DEVELOPMENT
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This article treats of issues arising from financial instruments to support innovation and development of small and medium enterprises (SMEs). The purpose of this paper is to identify as both disadvantages and advantages of the various instruments. The greatest attention is devoted to the most popular, financial instrument that is an investment grant. At the beginning of the article, the importance of investment grants will be characterized. Its share in promoting innovation will be determined. Then, a comparison was made with financial, revolving instruments. That is financial engineering and venture capital. The article points out that in some projects, especially those of the most innovative potential, an investment grant may not be the most appropriate means of intervention. On the other hand, financial engineering is not the most suited to satisfying the long-term capital needs of SMEs. Venture capital supports primarily SMEs with high growth potential. Investment grants have numerous disadvantages. It means that policy makers should always consider alternative financial instruments. Venture Capital is the most appropriate whenever following factors are of very great importance: preservation of confidentiality and trade secret, time and flexibility. The authors indicate the need for change in thinking about the Structural Funds to happen. More attention should be paid to select appropriate financial instruments to support innovation and SMEs’ development, and not to the issue of how to absorb the Structural Funds in Poland.
- Unia Gospodarcza Regionu Śremskiego – Śremski Ośrodek Wspierania Małej Przedsię-biorczości
- Katedra Strategii i Polityki Konkurencyjności Międzynarodowej, Wydział Gospodarki Międzynarodowej, Uniwersytet Ekonomiczny w Poznaniu
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