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The current crisis is the first of this severity to hit the 30 OECD member countries since they shifted to knowledge-based economies where investment in intangible assets is or equal importance as investment in machinery, equipment and buildings. Innovation will be one of the keys to emerging from the current crisis, but it risks being it hard by the downturn. This is a major conclusion of a new report prepared by the OECD: Policy Responses to the Economic Crisis – Investing in Long-Term Growth. (www.oecd.org). Efforts to stimulate economies should involve innovative policies toward structural shifts to service-related industries – this should influence how such policies are crafted to work but also as elements of stimulus packages that may often be the foundation for these medium and long-term initiatives. The economic crisis has already begun to affect innovation – because historically, business R&D expenditures and patent filings have moved in parallel with GDP, slowing markedly during economic downturns in the early 1990s and early 2000s. R&D is declining because it is mainly financed from cash flow (retained earnings) which contracts in downturns. At the same time, as banks and investors have become more risk averse, firms face difficulties in tapping into external sources of funding (there is a decline in foreign direct investment) to support their investments in R&D. Business R&D is also being re-oriented towards short-term, low-risk innovations, while longer term, high risk innovation projects are being cut first. SMEs in most countries are now confronted with a clear downturn in demand for goods and services if not a demand slump, crimping cash flow. Many SMEs are faced with problems (1) increased payment delays in receivables and (2) an increase in reported defaults, insolvencies and bankruptcies. However, the crisis can magnify the competitive advantage of research-intensive firms who seize the opportunity to reinforce market leadership through increased spending on innovative R&D.

Policy Responses to the Economic Crisis – Investing in Innovation for Long Term Economic Growth