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22@Update Breakfast January
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 Innovation, scalability and financing markets

Innovation is essential in the present economic context, but it must be understood well because it has a repercussion on society and the economy. It is important to ensure that this concept is clear, for innovation, in a certain way, is the driving force behind the developed countries.



The Diagonal 197 building hosted the 22@Update Breakfast in the month of January, which revolved around innovation financing, one of the keys to the economy of knowledge. Mr. Blas Calzada and Mr. Juan Pablo Calzada, authors of the book ‘The economic context of Spain: proposals for coming out of the crisis’ were those who introduced us to the subject.

First to talk at the meeting was Mr. Blas Calzada, the president of the IBEX 35 advisory Council and former president of the Spanish National Stock Market Commission (CNMV). Calzada wished to make it very clear that innovation is very important in the present economic context and must not be understood from the traditional point of view. Before, innovation simply meant creating apparatuses that broke with the established production system. Today, however, to be useful, innovation must go beyond a simple scientific finding and achieve repercussion in society and therefore in its economy.

“Innovation is very important in the present economic context and must not be understood from the traditional point of view.”

 

According to Blas Calzada we must reflect on where we are. Spain has had a very strong currency for 10 years, which has indebted the population and consequently increased demand. There are more jobs but productivity has fallen, and this is the main problem. It is necessary to bring the most traditional sectors up-to-date in innovation and not only in innovative apparatuses, but in the way things are done. This is true innovation, the one which really works and which will help us to successfully climb out of the crisis. For example, agriculture is one of the sectors which most needs innovation.

Another example of innovation is that of Information and Communication Technology (ICT). ICT appeared in the 90s and achieved a system which produces a consumer good and at the same time enhances the consumption of others. This has also been one of the factors which has most favoured globalisation according to Calzada, very positive in all senses as it has reduced the difference between countries.

Finally, Blas Calzada said that traditional or rupture innovation is also necessary in a certain sense, but what is most urgent is to update the most traditional sectors.

“It is necessary to bring the most traditional sectors, such as agriculture, up-to-date in innovation.”

 

Following this, Juan Pablo Calzada, the financing manager of the La Salle Innovation Farm in Madrid, offered us a view of the state of financing in the innovation sector. One of the main problems met by innovation is the lack of financing; and many companies are unable to grow and die due to inadequate financing. Another problem is that there is no real connection with the market and this also prevents it from reaching society.

“There is a lack of financing and true connection with the market and this is why innovation fails to reach society.”

 

However, in Spain there is an Alternative Goods Market (MAB) and this is very important. The MAB is the cheapest market of all and this helps companies in need of little financing to find their place on the stock market. It is therefore necessary to create companies of this kind for the MAB so that this market might be attractive to risk capital companies and innovative companies throughout Europe.

Juan Pablo also clarified which are the 3 most important alternative markets. On the one hand, we have the NASDAQ that appeared in the 1970s and was the first to use the computer system. Many new technology companies went in because it was more accessible than the New York Stock Exchange. There is also the English AIM, a remnant of the past. This market gives a place to some companies that were forced out of the London stock exchange and also new technology companies. Finally the MAB we have already mentioned and which may be an outlet for many R&D companies.



Key Ideas


“Innovation is very important for coming out of the crisis, but it must be understood in a modern manner and not from the traditional viewpoint. Today, innovation must go beyond a simple scientific finding and must have a repercussion on society, and therefore on its economy.”

“Traditional or rupture innovation is also necessary in a certain sense, but what is most urgent is to update the more traditional sectors in the way to do things. ”

“One of the main problems encountered by innovation is the lack of financing. There are many companies unable to grow and which die due to inadequate financing. Another problem is that there is no real connection with the market and this also prevents it from reaching society.”

“The Spanish state has the MAB. The MAB is the cheapest market of all and this means that companies requiring little financing can find their place on the stock market.”



The Testing of those attending



“I did not know the MAB. I think that it has been a very understanding, pedagogical meeting.”

“I like to come because I often meet colleagues from my sector who otherwise, and above all for reasons of agenda, I couldn't see.”

“It is priceless to be able to see the point of view of experts like those today. Advice and new ideas are very necessary in the present times.”

“The fact is that today seemed shorter than other days. Maybe I would have liked to have gone further into the subject of the MAB.”







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