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Czempioni Eng 15.05.Indd 2019 edition National champions How they support innovation AUTHORS Adam Czerniak Chief Economist [email protected] Leszek Baj Senior Business Analyst [email protected] Wojciech Pawłuszko Senior Analyst for Legal Aff airs [email protected] COOPERATION Monika Helak TRANSLATION Jacek Smycz GRAPHIC DESIGN Max Belina Brzozowski Kinga Pałasz This report was produced in partnership with Polpharma S.A. It is impartial and objective; the partner had no infl uence over its thesis or content. The report, prepared by Polityka Insight’s team, was inspired by New Story. All rights reserved. Polityka Insight is the fi rst platform of knowledge in Poland designed for business CEOs, politicians and ambassadors accredited to Poland. It was founded fi ve years ago and currently consists of three business lines: daily analytical services (PI Premium, PI Finance and PI Energy), tailored research services (e.g. reports, presentations and workshops prepared for companies, administration and international organisations), as well as high-profi le events and conferences. www.politykainsight.pl/en Warsaw, May 2019 Contents Top ten in the ranking of national champions 4 What is innovation 7 How countries support innovation 8 Building the innovation culture 16 Cooperation of business and science 17 Activities undertaken in Poland 18 Innovativeness in the European Union 19 Recommendations 20 Characteristics of a Polish national champion 23 Ranking of Polish National Champions 24 Changes in comparison to the previous edition of the ranking 28 Classification of champions in individual categories 30 Economy 30 Sector 32 Abroad 34 Innovation 35 Classification of champions according to key sectors 36 Classification of champions according to ownership 39 Complete results of the study 40 Economy 42 Sector 44 Abroad 46 Innovation 47 Methodological Annex 48 Literature 52 Acknowledgements 54 1 KGHM 2 PKN ORLEN 3 SYNTHOS 4 ASSECO POLAND 5 PGNiG CEO* Headquarters Employment Value Added** ROA Share of sales on foreign markets Main sector 2018 ranking Marcin Chludziński Daniel Obajtek Zbigniew Warmuz Adam Góral Piotr Woźniak Lubin Płock Oświęcim Rzeszów Warszawa 34,053 20,262 2,975 24,053 24,694 10,041 9,930 1,725 3,517 9,428 4.5 11.8 10.6 4.0 6.1 73% 56% 68% 80% 19% Extraction Production and Production Software-related Trade of gas of non-ferrous processing of refi ned of synthetic rubber activities through mains metal ores petroleum products in primary forms 1 2 5 7 3 * on April 17, 2019 ** own calculations. Financial data for 2017. Top ten in the ranking of national champions 6 COMARCH 7 BORYSZEW 8 POLPHARMA 9 STALPRODUKT 10 CIECH Janusz Filipiak Piotr Lisiecki Markus Sieger Piotr Janeczek Dawid Jakubowicz Kraków Warszawa Starogard Gdański Bochnia Warszawa 5,541 10,135 5,967 6,088 3,876 503 1,369 917 769 863 2.9 5.0 -3.1 7.0 8.5 58% 64% 20% 40% 58% Software-related Aluminum Production Cold rolling Production activities production of pharmaceutical of narrow strip of basic inorganic substances and medicines chemicals 8 10 6 20 4 Czempioni narodowi Polityka Insight 5 What is innovation An innovation means a new or perfected product or process (or a combination thereof), differing significantly from previous prod- ucts or processes offered by a given entity. The new product, service or process needs to be implemented and made available to users (OECD, Eurostat). Effective development of an ecosystem fostering innovation is dependent on numerous factors: friendliness of the regulatory en- vironment, availability of qualified workers, easiness of conducting business, quality of education, cooperation of science and industry, availability of financing, government incentives and availability and usage of modern technologies. A coexistence of these factors is usually found in highly developed countries. Hence innovation rankings are topped by Switzerland, the Netherlands, Sweden (Global Innovation Index 2018), Germany and the United States (The Global Competitiveness Report 2018) or Sweden and Denmark (European Innovation Scoreboard 2018). Innovations have been Poland’s Achilles heel for years. In 2017 research and development expenditures rose to PLN 20.6 billion (+14.6% in comparison to 2016, GUS); however, they still constitute just 1.03% of GDP, one of the lowest results among EU countries. Average expenditure on research and development in the EU ex- ceeds 2% of GDP. In Germany, government agencies and educa- tional institutions spend around EUR 100 billion on R&D per year, over 20 times more than Poland. Also, large global companies such as Samsung (over EUR 13 billion in 2017 according to 2017 Samsung Financial Report) outperform Poland in research and development expenditure. Polish companies ceased to base their competitiveness on low product price and started to build their position on international markets thanks to quality and design. To implement products that could be successful internationally, they must become pioneers, not followers. Instead of importing technologies, they should create them. They can achieve it by increasing their expenditures relat- ed to innovation. This should be encouraged by the government, which should follow the example of solutions implemented in other countries to form an innovation-friendly environment for business. An increase in innovativeness is a chance for Poland to avoid the middle income trap. Czempioni narodowi Polityka Insight 7 How countries support innovation Government financial support Lack of financial incentives related to investing in re- ed to 0.11% of GDP. In France the ratio was reversed – search and development, as well as limited access to capi- tax exemptions constituted 0.29% of GDP, while direct tal, are among the typical problems of countries trying to financing amounted to 0.13% of GDP. create an innovative economy. Active governmental sup- France offers, among other solutions, tax exemptions port, ensuring financing of scientific research and access for companies investing in research and development. to capital for startups, as well as tax exemptions encour- Entrepreneurs can deduct 30% of R&D expenses of up aging increased research and development expenditures, to EUR 100 million and 5% beyond that amount from helps with overcoming these barriers. the tax basis. Additionally, the French government intro- Government financial support for research and duced special arrangements for new, innovative compa- development in companies focuses on two main areas – nies. These include solutions such as exempting the per- direct (grants) and indirect financing (tax policies). In re- sonnel of research and development divisions from social cent years OECD countries have been increasingly using security contributions, which translates into lower costs the latter solution. In 2017, 30 out of 35 OECD countries, of employment of scientists. as well as 21 of 28 EU members, implemented tax exemp- The United Kingdom and Ireland, besides R&D tax tions (OECD, 2018). According to OECD, direct financing exemptions, have also introduced tax instruments sup- of research and development expenditures is dominating porting companies that had already developed and in Russia, Hungary, the US, and Israel, while tax exemp- implemented innovations. British Patent Box and Irish tions constitute the majority of R&D support in France, Knowledge Development Box allow lower taxation Belgium, Ireland, and the Netherlands. of profits from new patents and intellectual property. In 2016, direct financing of research and develop- In Ireland, CIT rate amounts to just 6.5% in such cases. ment expenditures of companies in Russia constituted A similar solution (IP Box) has been introduced in 0.38% of the state’s GDP, while tax incentives amount- Poland in 2019 (CIT 5%). 8 Polityka Insight Czempioni narodowi Mobilisation of Private Capital Policies supporting innovation should be conducted pru- rope and 109 in the US (European Commission, 2018). dently, preventing state funds from replacing private, In Poland, the government and institutions associated more effectively allocated capital. with the Polish Development Fund Group (Polski Fundusz In the US, the system of financing promising compa- Rozwoju, PFR) try to support the development of innova- nies is based mostly on private venture capital funds. Such tive companies and stimulate the venture capital sector funds invested EUR 39.4 billion in 2016, dwarfing the re- using EU funds. PFR funds have around PLN 2.2 billion for sult of EUR 6.5 billion invested in Europe. VC funds are the purpose of financing new companies. They aim at coop- a source of financing for innovative companies at critical erating with venture capital funds, increasing the amount expansion stages. Easier access to private capital has led of financing to PLN 3.7 billion. The integration of private the US to a greater number of “unicorns”, i.e., startups business into the process can increase the effectiveness whose capitalisation surpassed USD 1 billion in a short pe- of investments. riod of time. In 2017 there were 26 such companies in Eu- Czempioni narodowi Polityka Insight 9 Friendly regulatory environment One of the essential elements influencing the growth of innovativeness is the legal system. The ability of lawmakers to swiftly react to the needs and challenges of the new sector is crucial. It allows for attraction of business representatives, whose solutions help with modernising other branches of industry – the so-called spin-off mechanism. Another impor- tant aspect is the openness
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