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Supporting Investment in Knowledge Capital, Growth and Innovation is the latest OECD publication that reveals the significance of business investment in what is called knowledge based capital (KBC). KBC consists of non-physical assets such as data, software, patents, designs, new organisational processes and firm-specific skills.
The key findings of the publication show that investing in knowledge-based capital is crucial to developing and maintaining a healthy innovation ecosystem. Business investment in knowledge based capital is a key factor in driving growth in knowledge economies, and the report shows that it contributes to 20-34% of average labour productivity growth in the EU.
Adopting and supporting a broader concept of innovation (also explored in the OECD “Oslo Manual”) would allow policymakers to support SMEs more completely in all of the kinds of innovation they can be involved in, including innovations in marketing strategies, organisational structure and function.
Innovation is an essential driver of growth in companies throughout Europe, 99% of which (in the EU) are SMEs. Data and statistics within this publication should be considered essential to the implementation and success of Horizon 2020 to both policy makers and stakeholders. The upcoming European Council meeting on growth, competitiveness and innovation (among other subjects) on the 24th and 25th of October should take into account these new figures when coming to their conclusions on Europe’s collective future in innovation.
The healthier the European innovation ecosystem is, the more effective EUREKA’s support of R&D can be to the SMEs and other innovation actors driving Europe’s growth.