A Responsible Research & Innovation Model for Impact investment & Responsible Startups

Project Information

RRIstart

Grant agreement ID: 101005937

DOI

10.3030/101005937

Project closed

EC signature date 12 November 2020

Start date 1 March 2021

End date 29 February 2024

Funded under

• SCIENCE WITH AND FOR SOCIETY

Total cost

€ 1 099 125,00

EU contribution

€ 1 099 125,00

Coordinated by

UNIVERSITA DEGLI STUDI DI ROMA LA SAPIENZA
Italy

Periodic Reporting for period 2 - RRIstart (A Responsible Research & Innovation Model for Impact investment & Responsible Startups)

Reporting period: 2022-09-01 to 2024-02-29

Summary of the context and overall objectives of the project

RRIStart project addresses issues related to the difficulties the startups face when trying to apply the standard 4-helix based RRI implementation models; a relevant issue for STEM-oriented startups. The first goal was the creation of a link between STEM-oriented startups and investments. The RRI was used as a blueprint to develop an indicator set. This approach is expected to have a positive impact on the EU innovation and growth plans. In terms of operative objectives, RRIstart extended the SwafS through 4 objectives: "1-Contextualize and test an RRI model tailored for STEM start-ups" It leverages the Social Responsibility for Start-ups Model that perceives innovation as a complex phenomenon that results from the engagement of a multitude of actors and which has far-reaching impacts that affect a broad range of stakeholders. It is based on three main components: RI, the Lean start-up approach (LSA), and the Quadruple Helix (QH) approach. "2-Research & adapt an RRI-based indicator set for impact investment".The project proposed a set of 24 indicators designed to function as a tool for determining the degree to which an early-stage STEM start-up is poised to innovate responsibly, and as a guide on how to implement responsible behaviour in their early life-cycle stages."3-Research & design a novel constellation of actors to enable RRI-based start-ups and impact investment".The project set up the necessary tools so that the SRSM could be applied by STEM start-ups and investors. It involved the establishment of a multidisciplinary stakeholder network that included all elements of the 4-helix, and the production of guidelines to enable start-ups adopting RRI. "4-Pilot the contextualized RRI model for start-ups, the adapted RRI-based impact investment indicators and the newly identified constellation of actors". The project proposed a methodology for conducting experimentation based on Social Labs (SLs). This methodology was put into practice through an empirical and translational ‘from-lab-to-market’ case study aiming at operationalising RI in start-ups in three distinct pilot demonstrators.

Work performed from the beginning of the project to the end of the period covered by the report and main results achieved so far

WP1 developed the SRMS and a list of 26 socially responsible indicators for investment in STEM start-ups. We applied (RRI), lean start-up approach (LSA) and Quadruple Helix (QH) principles to the context of start-ups; this led to the definition of the contextualized RRI model for STEM startups and impact investment based on a processual model of 4-helix collaborations, including the RRIstart indicators, and the common methodology to implement RRI model for impact investment in STEM. WP2 developed the Social Lab-based pilot methodology executed within the 3 pilots, namely, the Social Lab-based methodology for pilots and the template for assisting Social Lab facilitators. The 3 pilots researched on the feasibility and effectiveness of the SRSM by testing its ability to institutionalise RI in early-stage STEM start-ups, and to guide impact investment. WP3 set up the necessary tools so that the SRSM could be applied by STEM start-ups and investors and to create a facilitating support network. It also released Guidelines on Governance Settings for the adoption of a responsible approach by STEM Start-ups, Recommendations for Investors on the use of the SRSM, the Exploitation Business Plan. WP4 focused on the release of the Communication, Dissemination and Training Plan, and: a) promoted the project and its results through all communication channels, b) delivered the training workshops produced which included a theoretical introduction to the SRSM and hands-on learning activities, c) submitted academic papers based on project results for review and publication, d) organised and delivered the final project conference in Rome, which included workshops and a hackathon developed with major industrial actors. WP5 ensured the implementation of the activities by proposing the internal Quality Plan, the DMP, setting up the AB and communication with it, arranging face-to-face and virtual meetings between the consortium partners (8 project general meetings, and overviewed the organisation of other 37 development meetings in the other WPs), and the official project reporting towards the EC.WP6 studied and defined the ethics requirements for the project. The main delivered result describes the procedures for obtaining ethical approval for human participation in project activities, the use of informed consent, and the anonymization procedures that have been put in place.

Progress beyond the state of the art and expected potential impact (including the socio-economic impact and the wider societal implications of the project so far)

Progresses are: 1) The SRMS, an innovative RRI-based model for start-ups, complemented by an RRI-based impact investment indicator list in a multi-stakeholder (4-helix) context. The team submitted 3 scientific papers. 2) An innovative Social Lab-based methodology for the RRIstart pilots and the template for assisting Social Lab facilitators.3) A list of 26 socially responsible indicators for investment in STEM start-ups. 4) Innovative procedures for STEM start-ups and investors, enabling the creation of support network that facilitates sustainability over time. 5) A Set of guidelines on governance settings for exploiting RRI in startups.6) The organisation of a hybrid RRI-based hackathon for STEM startups and further support by stakeholder and funding agencies. In addition: 7) Piloting of the contextualised RRI model in 3 different startup contexts. 8) Analysis of feasibility of the innovations in impact investment & RRI-based startups by leveraging alternate forms of public and private investment and evaluation of the relevance of the proposed multi-stakeholder approach. 9) Identification of around 100 new stakeholders and hybrid actors required to support RRI-based startups and RRI-based impact investment, while also leveraging the science-society relations. 10) Definition of validated recommendations to foster impact investment through the RRI-based Business Model Innovation, and of Policy Briefs. 11) Initiatives aimed at engaging relevant European and national networks on entrepreneurship, startups and investors and bridge RRI closer to society. 12) Engagement of relevant stakeholders such as startups, investors, RRI innovators, policy makers, public authorities, society through 3 public pilots, 3 workshops, and 1 Hackathon. The most relevant potential impact is building effective cooperation between science and society by pushing societal engagement towards STEM startups (including young people) while also facilitating public and private investment in startups and innovations that deliver social and environmental benefits and that build upon RRI principles. During the Social Labs, more than 25 QH stakeholders were given the opportunity to deeply engage and build cooperations with the 8 start-ups involved in the 3 three pilot demonstrators, and dozens of other QH actors who are involved in the RRIstart network, or who received training were provided the opportunity to engage with SRSM and its indicators hands-on, and thus to gain insights into the innovation processes of STEM start-ups. Over 70 commitments letters were signed to support the exploitation of project results including investors, academics, entrepreneurs, policy / civil society representatives. RRIStart holds a societal impact, and during the project is has been highlighted that the application of the Model by startups fosters the awareness of societal and environmental risks of the enterprise project orienting towards RRI informed innovation.

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