Financing of Innovations Research Program
In 2013 Ratio initiated a research program called ”Financing of innovations” with the aim to further develop the innovation climate in Sweden. Researchers investigated the economic and legal challenges of financing of innovation, from an empirical and interdisciplinary perspective, for businesses in all stages of development—from start-ups to large listed companies.
The following thematic areas were analysed and discussed:

- Financing of start-ups and fast growing businesses
- Financing of disruptive innovation
- Legal aspects of financing of innovation
- State subsidies and innovation
- Corporate governance and innovation
Questions such as the efficiency of financing systems and state subsidies were studied and discussed, as well as topics concerning the interplay between financing and entrepreneurship.
Within the scope of the program Ratio created an arena for dialog where entrepreneurs, governmental agencies and decision makers were engaged in the areas of research, discussing and spreading research results and, hopefully, implementing policy conclusions reached within the framework of the program.
The program ran until 2018 and was financed by Vinnova, Swedens governmental agency for innovation, and led by Ratios CEO Nils Karlson.
Financing of innovations resulted in 49 scientific articles, 17 working papers and 18 reports, books or book chapters. The results of the research program were initially summarized in the book Innovationspolitik för tillväxt of which the book Bureaucrats or Markets in Innovation Policy? is a translated, updated and modified version of.
Media coverage, selection:
Så kan staten spara miljarder. Göteborgs-Posten, 10th of November 2019
Ett alternativ till det innovationsindustriella komplexet. Svensk Tidskrift, 8th of March 2019
Stäng av bidragskranen. Kristianstadsbladet, 25th of February 2019
Näringslivet behöver färre stöd och färre hinder. Dagens Samhälle, 22nd of February 2019
Stödjande politik är bekväm – men gör föga nytta för näringslivet. Dagens samhälle, 21st of February 2019
Nya data visar på flera företagsstöd utan effekt. Arbetsvärlden, 17th of January 2019
När politiker och byråkrater leker riskkapitalister. Blekinge Läns Tidning, 8th of January 2019
De statliga företagsstöden är dyra och löser inga problem. Dagens Nyheter. 29th of December 2018
Lectures, selection:
Karl Wennberg and Christian Sandström held a webinar lecture at Institute of Economic Affairs, UK, 27th of May 2020
Karl Wennberg held a lecture at Kiruna kommun, 11th of December 2019
Christian Sandström held a lecture at Riksdagen, 28th of November 2019
Christian Sandström held a lecture at Tillväxtverket, 29th of August 2019
Christian Sandström held a lecture at Rymdstyrelsen, 1st of April 2019
Christian Sandström held a lecture at Västra Götalandsregionen, 13th of May 2019