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Oracle leads group of SMEs to EIB to discuss Financing for Innovation
Small and medium enterprises form the backbone of the European economy, with micro-enterprises of fewer than 10 employees making up 91% of the region’s business landscape. These small, agile and entrepreneurial organisations have a critical role to play in the emergence of Europe as a powerhouse of innovation, yet they are often hampered in their research and development efforts by a lack
of funds.
This was the problem addressed by the European Investment Bank’s ‘Financing for Innovation and Growth’ event, held in Luxembourg on 5 October 2006. Thirty-five organisations came together to hear about the funding available through dedicated EU programmes, and to learn how some European startups – including internet telephony pioneer Skype – have used the funding
as a springboard to success.
Oracle’s EMEA Vice President of Innovation and Pervasive Business Solutions, Vasu Briquez, demonstrated Oracle’s commitment to SMEs, leading a workshop on overcoming the stumbling blocks on the path to greater innovation. Participants in the workshop learnt about specific activities undertaken by the European Investment Bank and the European Investment Fund to boost innovation and growth, and in particular, the efforts of EIF to increase the amount of early seed capital, as well as means for providing guarantees for SMEs. Concrete examples of companies that have benefited from the EIB’s or the European Commission’s financing programmes were discussed and participants had a chance to analyse issues as well as best practices on how to best tap into the financial resources made available for innovation-related projects and SMEs.
To find out more about this event and the financing available to European
SME’s,
download the full event summary.
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