Best Practice Policies for Small & Medium-Sized Enterprises
University of Exeter
Meetings and Proceedings
The Estoril Declaration
Financing innovation – from ideas to market
The present Enterprise Challenge within the European Union is to resolve the still imperfect nature of the local, national and international financial markets available to Small and Medium-sized Enterprises (SMEs) by reinforcing the availability of a range of appropriate financing solutions to promote enterprise growth in sales, employment and innovative capabilities; and to create a holistic financial system for Small and medium Sized Enterprises (SMEs) spanning the equity-debt spectrum from both formal and informal risk capital markets to the bank intermediation process. This goal requires the effective integration of four pillars of policy - from Ideas to Markets; Investment Readiness; the Right Environment; and Finance for Growth - in order to support high potential enterprises throughout their development life-cycle or value chain. Its realisation will require the active participation of the entire entrepreneurial infrastructure including the owners and managers of target businesses, the financial services industry, government policy makers, academia and the media. The details of this enterprise challenge are summarised in The Estoril Declaration.
The Estoril Declaration is the result of the Portuguese EU Presidency Forum “Financing Innovation – From Ideas to Market”, a joint initiative between the European Commission and IAPMEI (the Portuguese Agency for SMEs and Innovation), held at Estoril on the 8th and 9th of October 2007. Declaration drafted by Gordon Murray.