Silver Financing Mechanism
WP5 A5.1: Developing Silver Financing Mechanism
The scope of GA 5.1 was to develop A Joint Operational Financing Mechanism that responds to the financing needs of the silver economy and the innovation actors in the project regions (Finland, Estonia, Russia, Latvia, Lithuania, Denmark). Financing Mechanism will facilitate access to finance for organizations implementing innovation and smart specialization projects that exploit silver economy opportunities.
To overcome the financing gap that has a negative effect on the markets´ introduction of innovative products/services and on RIS3 implementation each regional partnership worked together to develop a financing mechanism, which enables to link the financing need of entrepreneurial opportunities translated onto Market Viable Products through Innovation and Accelerator Programs with investment market.
As a result of extensive research work in different partner countries, the partners created a new financing mechanism that combines all the identified financing instruments used for development purposes at least to some extent in the region (see the tool in https://silverhub.eu/).
The aim of GA 5.1 was also to gather knowledge of overall financing and funding needs and instruments in the project regions, assess them, and make suggestions, advice, and recommendations for future schemes and opportunities.
In a conclusion, there is more need to develop the processes and knowledge of the present financing instruments than to create new ones. It is noticed that Silver Economy is an interesting niche and that the public and private financing, different development and research institutions, and corporate financing should join their forces. Financing should be provided jointly – public and private together.
The Silver Financing Report report is available here.