Proceedings of the 5th Economic & Finance Conference, Miami

THE ROLE OF EU FUNDS IN THE FINANCING OF INNOVATION OF POLISH ENTERPRISES

BOŻENA MIKOŁAJCZYK

Abstract:

The analysis of the functioning of Poland within the European Union allows to conclude that the economy of our country effectively adapts to the structures of the European Union. The visible positive effects include a.o. an increase of the financial credibility and of the investment attractiveness. The current economic growth is a result of entrepreneurship, cheap labor force, the catch-up effect resulting from the import of technologies from developed countries. The growth is mainly due to an increase in the total factor productivity. This means innovation and its ability to be implemented. Poland's shift in the innovation ranking of the EU countries up from the group of modest innovators in 2012 to moderate innovators in 2013 is not very satisfactory. The goal of this paper is to present the role of EU funds in improving innovation both within the "Innovative Economy" program 2007-2013 and the "Smart Growth" program 2014-2020. Special attention was paid to small and medium-sized enterprises, which are the driving force of economic development, and to balancing the levels of development of Polish regions. A new strategy for the financing of small and medium-sized enterprises in both analyzed periods was also presented. Particular attention was paid to the promotion of research and its links with business, the development of innovative technologies and actions improving the competitiveness of enterprises. The paper is also focused on the evolution of financial instruments allowing the change from the business innovation model based on buying innovative solutions to the creation of the firm's own innovations. The creation of a viable model of knowledge-based economy linking science with business is the most important task for improving innovation. The new perspective and new aid programs 2014-2020 will provide strong support for future beneficiaries of the EU budget grants. Smart use of EU support for innovative economy is the biggest challenge faced not only by Poland but the whole Central and Eastern Europe.

Keywords: EU funds, SMEs, financing innovation

DOI: 10.20472/EFC.2016.005.018

PDF: Download