Financing technological complexes: a comparative study of Brazilian, Portuguese and Spanish cases

Abstract

The intensely competitive and globalized market to which firms and countries now belong dictates an ongoing se arch for innovation. Among innovation stimulating environments, of which there are several initiatives in many countries, including Brazil, we find the so-called technology complexes. One of the biggest challenges for the implementation and operation of such complexes is to obtain funding. This leads to a question: what are the financing mechanisms available to the organizations that manage technology complexes for the planning, implementation and startup of such undertakings? To answer this question, this research study aimed at identifying the financing mechanisms employed in the aforementioned stages of the development of the following enterprises of this sort: in Brazil, Tecnopuc, Polo de Informática de São Leopoldo and Sapiens Parque; in Portugal, Biocant Park and Taguspark; and in Spain, Parque Tecnológico de Cartuja 93, Parque Tecnológico de Andalucia, Parque Científico de Barcelona, Parque Tecnológico de Bizkaia and Parque Tecnológico de Álava. What was observed in all cases was that in spite of the different management organizations, players and structures, the funding of the implementation phases was not only based on public and private sector resources, but also on partnerships. Moreover, the authors found that the funding model differences are mainly due to five factors: the participants in the managing organization; legal model of the managing organization; components belonging to the managing organization; attractiveness of the technology infrastructure and business anchors; and availability of public funds for the promotion of technological and economic development.