July 12, 2018

EVPA welcomes the new report ‘Driving Progress for Research and Innovation in Europe'

Strengthening the supply and demand side of capital and creating a new fund to develop full spectrum financial support are two of the main recommendations in the recent report ‘Driving Progress for Research and Innovation in Europe - The potential of R&I foundations’ written by the Expert Group on “Foundations, Venture Philanthropy and Social Investments” and commissioned by the European Commission (EC) Directorate-General for Research and Innovation (DG RTD).

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The Expert Group, composed of representatives of foundations, the business community and academia, was divided into three working groups, each of them in charge of the following areas: 1) framework conditions; 2) innovative financial tools and policy actions; and 3) collaborative approaches.

The report contains specific policy recommendations for each of the three working areas, addressed to different stakeholders at the national and European levels. In particular, the working group two advocates for strengthening both the supply and the demand side of capital through skills-building and mentoring using the full-spectrum of financial instruments offered by VP/SI. Additionally, it also asks for the creation of a new fund that would allow foundations, venture philanthropists and other investors develop full spectrum funding and use innovative financial tools to help progress research and innovation.

Priscilla Boiardi, EVPA's Knowledge Centre and Policy Director, was consulted to give input in working group two based on EVPA’s recent research report: “Financing for social impact. The key role of tailored financing and hybrid finance”.

The three-step approach of tailored financing developed by EVPA helps social sector funders channel their resources in a more efficient and effective way. Hybrid finance, on its side, opens up a highly divided market of pure philanthropy and pure commercial investment, in order to give space for the true complexity of the market, in which SPOs act at the intersection between both and are particularly in need of funding that reflects their character of being neither purely philanthropic nor purely commercial.”, says Priscilla Boiardi.

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