Will innovation investment foster economic recovery? What are the business strategies and the public policies to be undertaken? After the 2008 economic crisis some regions of the world have reacted better than others. Not only emerging countries have managed to maintain economic growth rates, also the United States have shown a performance above that of Europe and Japan. It is, therefore, crucial to identify the recipe for a European post-crisis economic recovery.
The first suspect for the slow growth in Europe is the lack of adequate investment. According to figures published by the European Central Bank, in 2008 Europe invested 22.6 percent of GDP, while in 2015 only 19.6 percent were invested. It is not surprising that the bulk of economic policy concerns is directed at promoting business investment. However, in spite of the very low levels of real interest rates, and in spite of the resources made available through the Junker Plan, it does not seem that the business world has recovered the needed confidence.
The hypothesis of this workshop is that investment directed at opening up new scientific and technological opportunities will be the most effective strategy in stimulating markets and economic recovery. Investment directed towards the most innovative components of our economies will restore confidence and encourage companies to mobilise their financial resources.
Organised in a colloquial and informal way, this workshop provides an opportunity to exchange views. The day is specifically designed to spark dialogue among a selected group of policy makers, business practitioners, investment bankers, and academe.
The Birkbeck team will provide a ‘green’ paper written in a non-technical language summarizing the research findings so far established: i. which innovative investment is more likely to generate business opportunities; ii. why some companies are more likely to be fast-growing than others; iii. how it is possible to identify technological areas and the industries with greater opportunities early; iv. why we observe divergence in innovation performance across the ‘core’ and the ‘periphery’ of Europe.
- Archibugi, Filippetti and Frenz (2016) Innovation Investment and Economic Recovery. A Green Paper for Successful Economic Policies.
09.30 Registration and Coffee
10.00 Welcome addresses by Professor David Latchman, Master of Birkbeck College, and Professor Kevin Ibeh, Head of Management Department, Birkbeck
10.15 Presentation of the green paper Innovation Investment and Economic Recovery, Professor Daniele Archibugi, Dr Andrea Filippetti and Dr Marion Frenz
10.45 Mario Cervantes OECD, Directorate Science, Technology and Industry – Investing in skills and human resources in innovation.
11.15 – 12.15 Round-table and discussion
Policy Instruments to Foster Investment in Europe and in the UK – Chair Professor Helen Lawton Smith, CIMR, Birkbeck
Participants: Professor Cristiano Antonelli, Collegio Carlo Alberto, Turin; Professor Simona Iammarino, London School of Economics; Professor Rajneesh Narula, Henley Business School; Dr Debora Revoltella, European Investment Bank; Professor Ron Smith, Birkbeck
12.30 – 14.00 Lunch, Keynes Library; 43 Gordon Square, London – Talk by Professor Philip Powell, Executive Dean, School of Business, Economics and Informatics, Birkbeck College
14.15 Dr Antonio Vezzani, European Commission – Innovation and Industrial Policies in the EU
14.30 Professor Slavo Radošević, University College London – EU Research and Innovation Policies as Factors of Convergence or Divergence after the Crisis
14.45 Professor Suma Athreye, University of Essex and Professor Sandeep Kapur, Birkbeck – Capital and Technology Flows
15.30 – 16.30 Round-Table and discussion – Where to Invest? Infrastructures, Science and Research – Chair: Professor Grazia Ietto-Gillies, CIMR, Birkbeck
Participants: Professor Mariana Mazzucato, University College London; Mr. Stephen Miller, Design Council, London; Professor Maria Savona, SPRU, University of Sussex; Professor Keith Smith, Imperial College; Dr Irene Tinagli, MP Italian Parliament
16.45 – 17.00 Summing up and farewell, Professor Jeremy Howells, Kellogg College, University of Oxford