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1、THEESTORILDECLARATIONPrinciplesandGoodPracticePoliciesontheFinancingInnovationValueChain34CONTENTS1THEESTORILDECLARATION52Forum“FinancingInnovation–FromIdeastoMarket”123FinancingofInnovativeYoungFirms:SummaryDiscussion1434INTRODUCTIONFinancingInnovationrequiresgettingfromideastomarkets,makin
2、ginvestmentreadiness,havingtherightenvironmentandtheavailabilityofsavingsforgrowth–i.eavaluechainTheEuropeanvisionofasuccessfulknowledge-basedeconomy,wherehighpotentialenterprisescanemerge,growth,createemploymentandimproveinnovativecapabilities,hasamongotherpriorityissues,amajorchallenge:-to
3、overcometheimperfectnatureofthefinancialmarkets.Thishugechallengerequiresaholistviewofthefinancialsystem,spanningtheequity-debtspectrumfrombothformalandinformalriskcapitalmarkets,tothebankintermediationprocess,inordertoreinforcetheavailabilityofarangeofappropriatefinancingsolutionsforSmallan
4、dMedium-sizedEnterprises(SMEs)throughouttheirdevelopmentlife-cycle.Thegoalrequirestheactiveparticipationoftheentireentrepreneurialinfrastructure,includingtheownersandmanagersoftargetbusinesses,thefinancialservicesindustry,governmentpolicymakers,academiaandthemedia.TheEstorilDeclarationsummar
5、isestheprinciplesandgoodpracticepoliciesthatshouldbefollowedtoachieveamoreeffectiveintegrationofthefourpillarsidentifiedofthefinancialinnovationvaluechain:-FromIdeastoMarket;InvestmentReadiness;TheRightEnvironment;andSavingsforGrowth.34Thefullrangeofmeasuresthatareavailabletostimulateentrepr
6、eneurshipandinnovationshouldbewellknownandcelebratedatalllevelsofsociety,andastimulusamongpolicymakerstodevelopsuitablepolicies.Tothatend,theEstorilDeclarationwillbeusedastheframeworkforthe“EstorilObservatoriumofGoodPracticePoliciesonFinancingInnovationandEntrepreneurship”toscananddistinguis
7、h,undertheCommission’sguidance,thebestcasesandexperiencesinthisimportantfield.341THEESTORILDECLARATIONRECOGNISINGthattheEuropeanUnionneedstocontinuetodevelopaworld-classenvironmentsupportinginnovativeandhighgrowthSmallandMedium-sizedEnterprises(SME
