The innovative SMEs especially those who are trying to implement the advanced innovative technologies have problems with finding business and financial partners for funding. Although the corporates attitude is positive and the companies are becoming more open to cooperation with SMEs, most of the collaboration attempts fail due to the different mindsets between entrepreneurial SMEs and the process-oriented corporations that avoid risk with regard to new technologies. (World Economic Forum 2018).
Besides the possibility of obtaining both VC short-term capital support as well as long-term equity financing, is also extremely important for SMEs in order to ensure the time to achieve profitability and is possible thanks to starting cooperation with business partners during the investment process. (Expert Advisory Group on Innovation in SMEs final report).
The main goal of the INNOIVEST project is to increase the innovation agencies efficiency in the field of capital investment management and financial support for innovative SMEs that are launching new innovative products/technologies (R+D) by finding tools and methods to improve the investment process, especially by facilitating the SMEs cooperation with corporate companies.
Throughout the project, four innovation agencies (IAs) worked on the whole investment process for SMEs’ innovative technologies/solutions to ensure the best quality in the selection of the SMEs and their management staff and proposals. Moreover, a special emphasis was put on the validation process to ensure the SMEs feedback from the potential business partners and facilitate them to start the cooperation with corporate companies and acquire the financial (short or long term) support. Innovation agencies involved in the project worked using twinning+ adapted methodology and this way developed a Design Options Paper covering the whole investment process including the selection of the SMEs, evaluation, validation leading to obtaining the capital by SMEs.
