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1
Supporting Investment in Knowledge
Capital, Growth and Innovation
Andy Wyckoff – Lunch - Lisbon Council
10th October 2013
2
To recap - knowledge-based capital (KBC)
Three main types of assets being examined
Computerised information
(software, d...
...and growing in importance, not just in the
United States…
Australia, France, Japan: Investment in KBC, 1981-2010
(perce...
KBC relatively resilient during the crisis
(change by type of business investment, 2008-2010,
% points of value added)
4
S...
And KBC is positively associated with
GDP per capita (2000-10)
5
Source: Source: OECD National Accounts Main Aggregates, I...
Business investment in KBC and tangible assets 2010 (% market sector value added)
Source: OECD calculations based on INTAN...
Business investment in KBC and tangible assets 2010 (% market sector value added)
Source: OECD calculations based on INTAN...
The European R&D record is also mixed
Source: OECD, Science, Technology and Industry Scoreboard (2013) – forthcoming.
USA
...
No matter their size, young firms are the job
creators
Source: OECD, Dynemp Express – preliminary results.
Note: Unweighte...
Big differences in access to risk capital
(VC investment, 2012, % GDP)
.
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
0.40
%
Ea...
Creating value from data is at the leading edge of
business innovation
World data storage (billions of gigabytes)
Source: ...
Selected Policy Implications and Questions
Entrepreneurship and business development:
– Needs well-functioning systems of ...
Selected Policy Implications and Questions
Intellectual Property Rights (IPR):
- Increasingly important framework conditio...
http://oe.cd/kbc
Supporting Investment in Knowledge
Capital, Growth and Innovation
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OECD, Supporting Investment in Knowledge Capital, Growth and Innovation, 10 October 2013

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On 10 October 2013, the OECD presented its new report called "Supporting Investment in Knowledge Capital, Growth and Innovation" at a High-level working lunch on “Knowledge-Based Capital: A Blueprint for Advancing Innovation and the Digital Economy” in the context of the 2013 Innovation Summit hosted by the Lisbon Council and NESTA.

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OECD, Supporting Investment in Knowledge Capital, Growth and Innovation, 10 October 2013

  1. 1. 1 Supporting Investment in Knowledge Capital, Growth and Innovation Andy Wyckoff – Lunch - Lisbon Council 10th October 2013
  2. 2. 2 To recap - knowledge-based capital (KBC) Three main types of assets being examined Computerised information (software, databases) Innovative property (patents, copyrights, trademarks, designs) Economic competencies (brand equity, firm-specific human capital, business networks, organisational know-how that increases enterprise efficiency, etc.)
  3. 3. ...and growing in importance, not just in the United States… Australia, France, Japan: Investment in KBC, 1981-2010 (percentage of adjusted GDP) 0% 2% 4% 6% 8% 10% 12% 14% 16% 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 KBCinvestmentasapercentageofvalueadded Australia France Japan
  4. 4. KBC relatively resilient during the crisis (change by type of business investment, 2008-2010, % points of value added) 4 Source: Source: OECD National Accounts Main Aggregates, INTAN-Invest, Eurostat and multiple national sources. -6.0 -5.0 -4.0 -3.0 -2.0 -1.0 0.0 1.0 2.0 Percentagepointchangeininvestmentintensity KBC intensity Tangible intensity
  5. 5. And KBC is positively associated with GDP per capita (2000-10) 5 Source: Source: OECD National Accounts Main Aggregates, INTAN-Invest, Eurostat and multiple national sources. Australia Austria Belgium Denmark Finland France Germany Greece IrelandItaly Japan* Netherlands Portugal Spain Sweden United Kingdom United States 2% 4% 6% 8% 10% 12% 14% 10000 15000 20000 25000 30000 35000 40000 45000 50000 KBCInvestment(%ofvalueadded) GDP per capita (PPP$)
  6. 6. Business investment in KBC and tangible assets 2010 (% market sector value added) Source: OECD calculations based on INTAN-Invest, Eurostat and multiple national sources. 6 KBC accounts for near to or over half of all business investment in several countries 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 Investmentintensity,percentageofvalueadded Tangible capital Computerised information Innovative Property Economic Competencies
  7. 7. Business investment in KBC and tangible assets 2010 (% market sector value added) Source: OECD calculations based on INTAN-Invest, Eurostat and multiple national sources. 7 KBC accounts for near to or over half of all business investment in several countries 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 Investmentintensity,percentageofvalueadded Tangible capital Computerised information Innovative Property Economic Competencies But big differences exist across Europe…with implications for innovation, advanced manufacturing and tradable.
  8. 8. The European R&D record is also mixed Source: OECD, Science, Technology and Industry Scoreboard (2013) – forthcoming. USA CHN JPN DEU KOR FRA GBR RUS IND BRA CAN ITA AUS ESP SWE NLD CHE TUR AUT BEL FIN MEX DNK POL CZE NOR ZAF PRT IRL HUN GRC NZL SVN CHL SVK IDN ESTLUX ISL 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 Researchers, per thousand employment Gross domestic expenditures on R&D as a percentage of GDP
  9. 9. No matter their size, young firms are the job creators Source: OECD, Dynemp Express – preliminary results. Note: Unweighted average across years and 16 countries. 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% Young (<5) Old (5+) Young (<5) Old (5+) Young (<5) Old (5+) Percentageshareintotalemployment,total jobdestructionandtotaljobcreation Employment Job creation Job destruction
  10. 10. Big differences in access to risk capital (VC investment, 2012, % GDP) . 0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 0.40 % Early stage Later stage Breakdown not available 0.000 0.005 0.010 0.015 0.020 0.025 0.030 0.035 Magnified
  11. 11. Creating value from data is at the leading edge of business innovation World data storage (billions of gigabytes) Source: OECD based on IDC Digital Universe research project. 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 9 000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
  12. 12. Selected Policy Implications and Questions Entrepreneurship and business development: – Needs well-functioning systems of debt and early-stage equity finance, efficient bankruptcy regimes, flexible labour markets and a skilled labour force, non-punitive and stable tax settings. What policies are working best in Europe? Creating economic value from data: – Optimal policy not clear. But more can be done in the fields of open data access, ICT infrastructure and skills. What are the key barriers to the creation of value from data in Europe?
  13. 13. Selected Policy Implications and Questions Intellectual Property Rights (IPR): - Increasingly important framework condition. But aspects of IPR systems have not kept up with technological change. Patent quality in decline. Europe presents a fragmented picture on some aspects of IPR. Are there any low-hanging fruits for policymakers ? What needs to be done on design ? Human capital: - The foundation of KBC. But soon-to-be-published OECD indicators suggest ‘brain drain’ among researchers from the EU to the US. How can the countries and regions that need growth retain their human capital?
  14. 14. http://oe.cd/kbc Supporting Investment in Knowledge Capital, Growth and Innovation

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