IAREG

Intangible Assets and Regional Economic Growth

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 Obiettivo del progetto (Objective)

'The objective of IAREG is to analyse the role played by intangible assets (IA) in the generation of innovation, competitiveness and consequently economic growth and increases in productivity at regional level with a special emphasis on the geographical space in which such processes occur. The specific objectives of the project will be: To develop new indicators for improving the measuring of some of the IA that we consider to have the most influence in the generation of economic development. To analyse how IA and their interaction define the environment affecting firms’ location. To measure the role of regional externalities in the generation of IA and in determining local economic performances in Europe and in the diffusion of knowledge. To provide decision makers with policy recommendations in order to support them in the future design and implementation of regional innovation strategies. The main result expected in the project is the guide of policy recommendations and the dissemination of this guide among regional, national and European policy makers. The project will be carried out by a consortium of 11 partners from 9 European countries. To ensure the achievement of the proposed objectives, the project is structured in 8 workpackages. The first block of workpackages, comprised by WP1, WP2 and WP3 will research on the impact of different intangible assets on innovation, regional economic growth and productivity, both at a theoretical but especially at the empirical level. WP4 and WP5 will analyse the role of spatial knowledge flows (knowledge diffusion) as a transmission mechanism from IA to innovation and growth. WP6 will be devoted to the development of a guide of policy recommendations for stimulating intangible investment and economic growth. WP7 will focus on the broad dissemination of the results achieved in the project, specially of the policy recommendations guide. And WP8 will ensure the correct management and monitoring of the project.'

Introduzione (Teaser)

Industry, technology and the economy on the whole are depending increasingly on 'people' assets and knowledge rather than physical assets. Understanding this dynamic can help support the economy in novel ways.

Descrizione progetto (Article)

Increased competition and globalisation are putting pressure on companies and the regions that depend on their success. Traits such as flexibility, the ability to immediately adapt to market developments, and being proactive are needed to overcome these challenges.

Physical assets and equipment, which are more readily available than ever before, are no longer the key requirements as economic drivers. Instead, the intangible assets of human capital and knowledge are becoming the principle drivers behind the economy; these assets are of increasing interest from academic, policy and corporate perspectives, particularly their impact on economic processes. They are the non-material factors which contribute to providing goods and services that generate future economic benefits to the entities or individuals controlling them.

Intangible assets contribute to production and productivity within the firm through human and organisational capital, intellectual assets, brand name, etc. They equally contribute to production outside the firm through the legal and institutional framework, education system, property rights protection, social capital, and other means.

The EU-funded project 'Intangible assets and regional economic growth' (IAREG) is analysing the role of these assets in regional economic growth. It is focusing on assets that can be readily studied through statistical information, such as knowledge capital, human capital, social capital and entrepreneurship capital. IAREG is investigating their main characteristics and effects on regional economic growth, as well as the overall effects on the location of firms.

To achieve its aims, the project is developing new indicators for improving the measurement of intangible assets. It is identifying how knowledge is gained and spread, focusing on the role of intangible assets in this process. IAREG is also analysing the role that knowledge, human, social and entrepreneurship capital have on regional economic growth and productivity. Examining how these assets affect the choice of a firm's locale is also an important part of the project's tasks. Another important task is to see how external factors generate intangible assets and affect economic performance.

All this will help IAREG extract policy guidelines for public administrators. The project results will eventually be communicated to policymakers at European, national and regional levels. Fitting neatly within the EU's 2020 Strategy, the IAREG project's results will create value by improving education and training to increase productivity, and by firmly basing growth on knowledge. The results have the potential to empower people in inclusive societies, advancing the concept of flexibility for employees and employers. A new industrial policy in Europe can emerge from IAREG, one that emphasises innovation capacity, skills and entrepreneurship, putting people power at the centre of the equation.