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Financing Mechanisms and Open Innovation Practices for Cypriot SME’s Completed


Dates: 20 & 21 Jun 2011
Hours: 08:15 - 18:15
Available Seats: 25
Location: Limassol
Venue: Amathus Beach Hotel Limassol
Cost Per Participant:€2900
Seminar Cost:HRDA

HRDA - Price Table


Small Enterprises
1-49 Employees
Medium Enterprises
50-249 Employees
Large Enterprises
250+ Employees
1 Participant - €280 2 Participants - €480 3 Participants - €680
1 Participants - €590 2 Participants - €990 3 Participants - €1290
1 Participants - €950 2 Participants - €1350 3 Participants - €1550

human resource development authority of Cyprus, seminars in Cyprus, Digipro

Human Resource Development Authority of Cyprus

Program Rationale

A clear insight specifically aimed at SME’s into financial instruments that attract capital from banks and investors.

Framework for Investment
Innovative entrepreneurship is one of the most important drivers of local economic development. New firm formation and the activities of small and medium–sized enterprises (SMEs) help drive job creation and economic growth through accelerating innovation, innovative practices and promotion and full usage of human, financial and other resources.

European Government policies stimulate growth, innovation and especially the creation of new enterprises are rather focused on access to finance mainly through increasing the supply of capital. As formal venture capitalists are moving towards larger deals and shifting their investments to a later stage of development, creating a ‘second’ equity gap, business angels become more important in the financing of seed, early stage and second round phases.

To face these challenges, the Balanced Scorecard methodology can offer guidance. The Balanced scorecard is a conceptual framework for translating an organization´s vision into a set of performance indicators distributed among four perspectives: Financial, Customer, Internal Business Processes, and Learning and Growth. Balanced scorecard indicators are maintained to measure an organization´s progress toward achieving its vision; other indicators are maintained to measure the long term drivers of success.

Target Audience

Target audience: SME’s from all sectors, but especially those interested in acquiring knowledge around financial mechanisms.

This programme is aimed at all managers of small and medium sized enterprises that employ more than 10 people, including owner–managers entrepreneurs, general managers, and personal representatives of the Chief Executive Officers who have clear and definite mandate in the strategy formulation of the SMEs


Program Objectives

After attending this programme, the participant should be able to apply the theoretical yet proactive knowledge of the delivered key concepts, tools and skills about innovation and entrepreneurship.

General workshop Objectives:

  • Best practice for innovators and small and medium sized enterprises (SMEs)
  • Focusing on financing mechanisms and the threats and opportunities for SME´s
  • EU Structural Funds (pre-accession and post-accession);
  • Attracting capital from banks and investors and the the Seventh Framework Programme (FP7);
  • Increasing investment in human capital through better education and skills
  • Offer an introduction into the most recent insights concerning BALANCED SCORECARDS:

At the end of the workshop participants will be able to:

  • Understand the importance for developing a strategy towards financing
  • Understand the concept of Open Innovation
  • Formulate the need for using the Balanced Scorecard as a guiding principle
  • Build a strategy map
  • Identify key Success Factors and Key Performance Indicators in each of the dimensions of this field
  • Draw up an action plan for measuring key drivers in their own working environment.

Program Outline

DAY 1.

8:00 – 8:15 / Arrival and registration

Duration 1 hour

8:15 – 9:00 / General introduction :

Overview of the programme. Discussing participants’ background and relation to the course taken, so course is placed in its proper context. Introducing or re-introducing concepts and adding new insights.

9:00 – 10:15

Duration 1 hour and 15 min

I. FINANCING AND ENTERPRENEURSHIP

  1. Financing environment
  2. Financing mechanisms and the threats and opportunities for SME's
  3. Entrepreneurship
  4. Government role: from SME policy to entrepreneurship policy
  5. Mezzanine financing
  6. Attracting capital from banks and investors

10:15 – 10:30 / Break

10:30 – 12:30

Duration 2 hour

II. RELATIONS BETWEEN BUSINESSES AND FINANCIAL BODIES

This session aims to deliver some solutions in terms of Finacing Mechanisms Systems and controls

12:30 – 14:00 Lunch

14:00 – 15:30

Duration 1 hour and 30 min.

III. THE FINANCING PARADOX

  1. This session will address the question of the importance of access to financing for Cyprus and its businesses which are bound by a body of rules set out by the European Commission which is sometimes too restrictive.
  2. Financing and market failure: an overview
  3. What do we mean by microfinancing in the SME sector? Some examples will notably explore the European experience of a specific approach for businesses and the ‘co-operative idea’, as well as forms of public intervention, notably via the setting up of guarantee systems.
  4. Incubators: a European perspective

15:30 – 15:45 / Break

15:45 – 17:15

Duration 1 hours and 30 min.

IV. THE FINANCING OF INNOVATION

  1. Innovative start-ups and businesses with great development potential are facing genuine difficulties in getting access to sources of financing, as business people active in manufacturing, tourism, the information technology, communications and biotechnology sectors are saying. Solutions will be proposed, based on European countries’ experiences, both in the private and public sectors.
  2. EU 7th Framework Programme: Functionalities, Implementation Methodology, Practice Guide: how to set up projects in a European context: cooperation makes strong; how to locate European partners (IRC network)

Key Lesson: To understand financing mechanisms in a pragmatic way; how SME's can make use of European funding; financing innovation

DAY 2

8:00 – 8:15 / Arrival

8:15 – 8:30 / Recapitulation of first day

Duration 15 min.

8:30 – 10:30

Duration 2 hours

V. OPEN INNOVATION

Open and Close innovative Practices

  • The different organizing principles for managing research and innovation
  • How external ideas can help create value
  • The cooperative approach that is necessary to be developed especially with in an SME in order to claim a portion of that value
  • Is it better to build a good business model or getting to the market first?
  • Innovators non exploiters
  • Making the best use of internal and external ideas

Case studies presentation that demonstrates clearly the gifts and benefits of open innovation practices.

Key Lesson: To gather insight into the concept of Open Innovation

10:30 – 10:45 / Break

10:45 – 12:30

Duration 1 hour and 45 min.

VI. SETTING UP A STRATEGY MAP (FOR OPEN INNOVATION)

  1. Strategy formulation for your own business, department, organisation
  2. Translating your strategy into Strategic Goals : the Strategy Map
  3. From strategic goals to operational goals
  4. Fit into the perspectives
  5. Determine or revise your Critical Success Factors
  6. Check whether your Key Performance Indicators link to your CSF’s
  7. Which targets to take?
  8. Which action plans are needed?

12:30 – 14:00/ Lunch

14:00 – 15:30

Duration 1 hour and 30min.

Focusing on the INNOVATION DRIVEN ORGANISATION

  1. Formulate the need for using the Balanced Scorecard as a guiding principle
  2. Build a strategy map using the Balance scorecard model
  3. Identify key Success Factors and Key Performance Indicators in each of the dimensions of this field
  4. Draw up an action plan for measuring key drivers in their own working environment.
  5. Quality assurance
  6. Presentation of Case 1 : Learn what sets strategy-focused organizations apart and how they achieve and sustain breakthrough performance results
  7. Analyze and discuss case I in detail: group assignment
  8. Construct the Strategy Map for innovation driven company

Key Lesson: To gather insight into the Balanced Scorecard as a strategic instrument for innovation

15:30 – 15: 45 / Break

15:45 – 17:15

Duration 1 hour and 30 minutes

III. Focusing on the Business

  1. Back to the Business plan and the link with funding & attraction of capital
  2. Attracting Pre–seed and seed Capital, Venture Capital
  3. Analyze and discuss the group assignment
  4. Reconstruct the Strategy Map for a financial environment, based on open innovation.

CONCLUSIONS TOWARDS THE PROGRAMME

Getting acquainted with financing mechanisms and European funding. Summarizing the lessons learned from establishing a Strategy through the Balanced Scorecard and its role as an enabler and facilitator for operational control and strategic innovation.


Post Program Activities

By Dr Marc Van Gastel

Visit duration: 4 hours

Following the workshop there will be an on-site visit to each of the attending businesses. Purpose of this visit is a more in-depth analysis of specific issues that are present at the company, and application of the lessons learned during the workshop to those issues and in particular the personal action plans. This amounts to high–level consulting advice that is tailored to the specific needs of the firm, and may be discussed in full confidentiality rather than in the open forum of the workshop.

The in–company visit will include a review of the individual plans prepared by the participants during the seminar/workshop and an in–depth discussion. Specifically this discussion will focus on:

  • Focusing on financing mechanisms the threats and opportunities for the particular company
  • Enabling the particular company exploit the financing mechanisms that are available both in Cyprus and Internationally.
  • Helping the participants realise the potential benefits of Innovation Management
  • Making the company aware of all the opportunities that exist in attracting capital from banks and investors and the the Seventh Framework Programme (FP7);
  • Make a small in house presentation on how the company can increase the investment in human capital through better education and skills
  • Provide assistance if necessary to the managers for dealing with the critical aspects of Innovation and Entrepreneurship
  • Providing assistance to the managers for ensuring that the actions taken are in line with their company strategic objectives
  • Integrate reporting based on the BSC model into the existing company reporting system so as to ensure continued application of BSC within the company.

Dr Marc Van Gastel, will subsequently write a brief report summarising the main discussion points and including recommendations and suggestions for further consideration by the management.


Subsidy, Attendance, and Cancellation Policy

HRDA Subsidy and Seminar Attendance

  • A company’s participant is eligible for subsidy when their Social Insurance and Industrial Training contributions have been settled in full by the time of registration/seminar. In case of ineligibility/disqualification, the company will be invoiced the full amount per participant.
  • A company’s participant is eligible for subsidy if he/she completes an obligatory attendance of 75% or more (both during seminar and company visit). In case of failure to complete the attendance, the company will be invoiced the full amount, per participant.

Cancellation and Substitution Policy

  • Cancellations can be accepted up to 5 working days prior to the seminar without penalties. For any cancellations received after the deadline (or no-shows) the company will be invoiced the full amount per participant.
  • Substitutions can be accepted any time prior to the seminar without penalties.

Approved By Human Resource Development Authority of Cyprus

Recent Program Participants

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