Glossary

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 Absorptive Capacity

A limit to the rate or quantity of scientific or technological information that a firm can absorb. If such limits exist they provide one explanation for firms to develop internal R&D capacities. R&D departments can not only conduct development along lines they are already familiar with, but they have formal training and external professional connections that make it possible for them to evaluate and incorporate externally generated technical knowledge into the firm better than others in the firm can.

 ACP

Africa, Caribbean and Pacific Countries.

 B2B

Business-to-Business. Business whose market is other businesses. Most trade on the Internet is business-to-business (eBusiness solution).

 B2C

Business-to-consumer transactions.

 Benchmarking

An improvement process in which a company measures its performance against that of "best in class" companies, determines how those companies achieved their performance levels and uses the information to improve its own performance. A Benchmark is a best "best-in-class" achievement, a reference or measurement standard for comparison.

 Best Practice

A best practice is a technique or methodology that, through experience and research, has proven to reliably lead to a desired result.

 BIC

A Business and Innovation Centre - BIC - is a support organisation, public or private, officially recognised by the European Commission through a certification scheme, that foster regional and local economic development through the creation of new innovative SMEs and innovative projects in existing SMEs.

 Biotechnology

The simplest definition of biotechnology is "applied biology." The application of biological knowledge and techniques to develop products.

 Business Angels - BA - (Network)

An informal investor contributes money, experience, expertise and contacts to early stage investments. Many are successful entrepreneurs who want to help other entrepreneurs get their business off the ground. BA Network: Private, public or semi-public organisationthat matches investment seeking entrepreneurs with business angels.

 Business Plan

A strategic plan prepared by company management that states the company's objectives and the specific steps taken to achieve those goals. It describes the entrepreneur's idea, the market problem, proposed solution, business and revenue models, marketing strategy, technology, company profile, competitive landscape and financial data for coming years.

 Cash Flow

The amount of cash derived over a certain period of time from an income-producing property. The cash flow should be large enough to pay the expenses of the income producing property (mortgage payment, maintenance, utilities, etc.).

 CEECs

Central and Eastern European Countries.

 Cluster

A grouping of complementary or interdependent companies of various sizes with joint interests, needs and constraints, who decide to cooperate in one or more fields of activity.

 Collaborative Research Agreement

The contract document setting out the purpose, objectives and conditions of an intended collaboration research project or program of projects.

 COST

Cooperation in the field of Scientific and Technical Research.

 Due Diligence

The general term for a process where an outside entity (e.g., lender, investor, acquirer, partner, client) reviews detailed information concerning a company's business, products, competitive position, staff, financial strength, and capitalization.

 e-Business

eBusiness (electronic business) is, in its simplest form, the conduct of business on the ionternet. It is more generic term than e-commerce because it refers to not only buying and selling but also servicing cutomers and collaborating with business partners.

 e-Commerce

eCommerce (electronic commerce) is the buying and selling of goods and services on the Internet.

 e-Government

eGovernment consists in the delivery of government information and services using Internet technology.

 ECA

Europe and Central Asia Region.

 ECLAC

Economic Commission for Latin America and the Caribbean.

 EIC

Euro Info Centres -EICs- provide local access to a range of specialist information and advisory services to help companies develop their business in Europe.

 ENP

The European Neighbourhood Policy is a new policy that invites our neighbours to the East and to the South to share in the peace, stability and prosperity that we enjoy in the European Union and which aims to create a ring of friends around the borders of the new enlarged EU.

 Entrepreneurial innovation

A market-oriented approach to innovation policy which addresses not only the suppliers and immediate users of new knowledge but also indirect beneficiaries, and-users and intermediaries.

 EoI

Expression of Interest

 Equity Capital

Capital, such as shares (or stock), supplied to a firm by its owners (shareholders).

 Equity Financing

Equity financing is a term used for company's issuance of shares of common or preferred stock to raise money. Equity financing is commonly done when its per share prices are high-the most money that can be raised for the smallest number of shares.

 Equity Securities

Shares of ownership in a corporation that can change significantly in value and that provide for a return to investors in the form of dividends.

 ERA

European Research Areais regrouping all Community supports for the better coordination of research activities and the convergence of research and innovation policies, at national and EU levels.

 ETI

Economic and Technological Intelligence is part of the Research and Innovation action, which is itself part of the specific programme Structuring the European Research Area promoted by the European Commission.