Innovative financing mechanisms for new technologies

Joanna Błach


nologies research projects can be characterized by high level of risk and long-term horizon and they require significant capital expenditures, access to professional human resources and equipment. Due to the global financial crisis, the investors are unwilling to finance high risk research projects. Limited access to capital may slow down innovation research and restrain technological development. Thus, new technologies require innovative financing mechanisms to bridge the capital gap and continue research. The main aim of this paper is to identify the innovative financing mechanisms for new technologies based on the example of the biotechnology.


financial innovations; biotechnology; research projects

Full Text:

PDF (Język Polski)


Allen F., Yago G., Financing the Future, Market-based innovations for growth, Pearson Education, Wharton School Publishing, Upper Saddle River 2010.

Anderloni L., Bongini P., Is financial innovation still a relevant issue?, [w:] L. Anderloni, D.T. Llewellyn, R.H. Schmidt, Financial Innovation in Retail and Corporate Banking, Edward Elgar, Cheltenham 2009.

Cornelius P., International Investments in Private Equity. Asset Allocation, Markets and Industry Structure, Elsevier, London 2011.

Dabic M., Cvijanovic V., Gonzalez-Loureiro M., Keynesian, post-Keynesian versus Schumpeterian, neo-Schumpeterian. An integrated approach to the innovation theory, “Management Decision” 2011, no. 2 (49).

Dahiya S., Klapper L., Parthasarathy H., Singer D., The Role of Private Equity Investments in Public Firms. International Evidence, “Policy Research Working Paper 6484”, The World Bank Development Research Group, Finance and Private Sector Development Team, June 2013.

Drucker P.F., Praktyka zarządzania, MT Biznes, Warszawa 2005.

Dulniec A., Finansowanie przedsiębiorstwa. Strategie i instrumenty, PWE, Warszawa 2011.

Fabozzi F.J., Modigliani F., Capital Markets. Institutions and Instruments, Pearson Education International, Upper Saddle River 2003.

Frame W.S., White L.J., Technological Change, Financial Innovation, and Diffusion in Banking, Working Paper 2009–10, Atlanta 2009.

Gomez A., Phillips G., Why Do Public Firms Issue Private and Public Equity, Convertibles and Debt?, Working paper, Wharton School of Business, Philadelphia 2004.

Hecht R., Parliwala A., Rao A., Innovative Financing for Global Health, Center for Strategic and International Studies, Washington, March 2010.

Hogboom J.D., Private Investment in Public Equity: An Overview, “New Jersey Law Journal”, vol. 177 – No. 7, 16 August 2004.

Kessel M., Frank F., A better prescription for drug-development financing, “Nature Biotechnology”

, no. 25.

Llewellyn D.T., Financial innovation and the economics of banking and the financial system, [w:] L. Anderloni, D.T. Llewellyn, R.H. Schmidt, Financial Innovation in Retail and Corporate Banking, Edward Elgar, Cheltenham 2009.

Michalopoulos S., Leaven L., Levine R., Financial Innovation and Endogenous Growth, National Bureau of Economic Research, Working Paper 15356, Cambridge, September 2009.

Mirowski P., Van Horn R., The contract research organization and the commercialization of scientific research, “Social studies of science” 2005, no. 4 (35).

OECD, Oslo Manual. Guidelines for Collecting and Interpreting Innovation Data. 3rd ed., Eurostat 2005.

Panfil M., Fundusze Private Equity. Wpływ na wartość spółki, Difin, Warszawa 2005.

Ransom J., A reprise for collaborative financing in biotech, “Nature Biotechnology” 2006, no. 24.

Sandor E., Scott S., Benn J., Innovative Financing to Fund Development: Progress and Prospects, DCD Issues Briefs, OECD, November 2009.

Tarczyński W., Zwolankowski M., Inżynieria finansowa, Placet, Warszawa 1999.

Targalski J., Innowacyjność – przyczyna i skutek przedsiębiorczości, „Zeszyty Naukowe” 2006, nr 730.

Waltz E., Start-ups weigh benefits of corporate incubators, “Nature Biotechnology” 2008, no. 26.

Data publikacji: 2015-07-23 22:18:10
Data złożenia artykułu: 2015-07-20 12:58:19


Total abstract view - 171
Downloads (from 2020-06-17) - PDF (Język Polski) - 0



  • There are currently no refbacks.

Copyright (c) 2015 Joanna Błach

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.