STEP Arbeidsnotat ISSN 1501-0066
$UQH,VDNVHQ A-02 1LOV+HQULN6ROXP • ,QQRYDVMRQVVWUDWHJLHUIRU $XVW$JGHU ,QQVSLOOWLO 1998 6WUDWHJLVN1 ULQJVSODQ
$UQH,VDNVHQ 1LOV+HQULN6ROXP 67(3 6WRUJDWHQ 12VOR 1RUZD\
2VORDXJXVW 6WRUJDWHQ12VOR1RUZD\ 7HOHSKRQH )D[ :HE KWWS ZZZVROQRVWHS
67(3 SXEOLVHUHU WR XOLNH VHULHU DY VNULIWHU 5DSSRUWHURJ$UEHLGVQRWDWHU
67(3$UEHLGVQRWDWHU , GHQQH VHULHQ SUHVHQWHUHU YL YLNWLJH IRUVNQLQJVUHVXOWDWHU VRP YL ¡QVNHU n JM¡UH WLOJMHQJHOLJH IRU DQGUH PHQ VRP LNNH KDU HQ IRUP VRP JM¡U GHP HJQHW WLO SXEOLVHULQJ L 5DSSRUWVHULHQ $UEHLGVQRWDWHQH NDQ Y UH VHOYVWHQGLJH DUEHLGHU IRUDUEHLGHU WLO VW¡UUH SURVMHNWHUHOOHUVSHVLHOOHDQDO\VHUXWDUEHLGHWIRU RSSGUDJVJLYHUH 'HLQQHKROGHU GDWD RJ DQDO\VHU VRP EHO\VHU YLNWLJH SUREOHPVWLOOLQJHU UHODWHUW WLO LQQRYDVMRQ WHNQRORJLVN ¡NRQRPLVN RJ VRVLDO XWYLNOLQJRJRIIHQWOLJSROLWLNN
67(3 PDLQWDLQV WZR GLYHUVH VHULHV RI UHVHDUFKSXEOLFDWLRQV 5HSRUWVDQG:RUNLQJ 3DSHUV
67(3:RUNLQJ3DSHUV ,Q WKLV VHULHV ZH UHSRUW LPSRUWDQW UHVHDUFK UHVXOWV WKDW ZH ZLVK WR PDNH DFFHVVLEOH IRU RWKHUVEXWWKDWGRQRWKDYHDIRUPZKLFKPDNHV WKHP VXLWHG IRU WKH 5HSRUW 6HULHV 7KH :RUNLQJ 3DSHUVPD\EHLQGHSHQGHQWVWXGLHVSLORWVWXGLHV IRU ODUJHU SURMHFWV RU VSHFLILF DQDO\VHV FRPPLVVLRQHG E\ H[WHUQDO DJHQFLHV 7KH\ FRQWDLQGDWDDQGDQDO\VHVWKDWDGGUHVVUHVHDUFK SUREOHPV UHODWHG WR LQQRYDWLRQ WHFKQRORJLFDO HFRQRPLF DQG VRFLDO GHYHORSPHQW DQG SXEOLF SROLF\
6WLIWHOVHQ67(3
+HQYHQGHOVHURPWLOODWHOVHWLORYHUVHWWHOVHNRSLHULQJHOOHUDQQHQ PDQJIROGLJJM¡ULQJDYKHOHHOOHUGHOHUDYGHQQHSXEOLNDVMRQHQVNDO UHWWHVWLO
$SSOLFDWLRQVIRUSHUPLVVLRQWRWUDQVODWHFRS\RULQRWKHUZD\V UHSURGXFHDOORUSDUWVRIWKLVSXEOLFDWLRQVKRXOGEHPDGHWR
67(36WRUJDWHQ12VOR )RURUG
'HWWHQRWDWHWRPIDWWHUHQVDPOLQJDYILUHQRWDWHUXWDUEHLGHWIRU1 ULQJVHWDWHQ L$XVW$JGHUI\ONHVNRPPXQHLIRUELQGHOVHPHGLQQVSLOOWLODUEHLGHWPHGQ\VWUD WHJLVNQ ULQJVSODQIRUI\ONHW,QQVSLOOHWVNXOOHWDXWJDQJVSXQNWLHWLQQRYD VMRQVSHUVSHNWLYVLGHQ1 ULQJVHWDWHQ¡QVNHWnInXWUHGHWQ UPHUHRPHWVOLNW SHUVSHNWLYNXQQHY UHIUXNWEDUWIRUQ ULQJVSROLWLNNHQRJWLOWDNVDUEHLGHWLI\O NHWVDPWKYDHWVOLNSHUVSHNWLYEHW\UQnUGHWJMHOGHUWLOQ UPLQJVPnWHUWLOUH JLRQDOQ ULQJVSROLWLNNVnYHOVRPPHUNRQNUHWHVWUDWHJLHURJYLUNHPLGOHU
1RWDWHQHHUXWDUEHLGHWLSHULRGHQGHVHPEHU WLODXJXVW 1RWDWHQHHU XQGHUYHLVGLVNXWHUWLXOLNHVDPPHQKHQJHUPHG1 ULQJVHWDWHQRJYLKDUInWW Q\WWLJHNRPPHQWDUHUWLOYLGHUHEHDUEHLGLQJDYQRWDWHQHLGLVVHP¡WHQH-¡UQ 5DQJQHVYHG1 ULQJVVHQWHUHWL9HVWIROGRJ-DPHV.DUOVHQYHG$JGHUIRUVNQLQJ KDURJVnJLWWQ\WWLJHLQQVSLOOWLOHQNHOWHDYQRWDWHQH
'HWI¡UVWHQRWDWHWRP·,QQRYDWLYDNWLYLWHWRJUHJLRQDOHLQQRYDVMRQVVWUDWHJLHU² 3ULQVLSLHOOHEHWUDNWQLQJHU·HUHWUHQW·WHRULQRWDW·)RUPnOHWPHGGHWWHQRWDWHWHU nEHVNULYHKYDVRPPHQHVPHGEHJUHSHWLQQRYDVMRQUHGHJM¡UHIRUKYRUGDQLQQR YDVMRQIRUHJnULQ ULQJVOLYHWVDPWGLVNXWHUHKYDVRPXWIUDWHRUHWLVNHEHWUDNW QLQJHUNDQY UHUHOHYDQWHLQQRYDVMRQVSROLWLVNHYLUNHPLGOHURYHUIRUXOLNHW\SHU DYEHGULIWHU1RWDWHWHURJVnPHQWVRPHQIRUKROGVYLV·SRSXO U·LQQI¡ULQJRYHUIRU RSSGUDJVJLYHULWHPDHWIRU67(3JUXSSHQVSURVMHNWRJRJVnVRPHQEDNJUXQQ IRUGHUHVWHUHQGHQRWDWHQH
1RWDWRJDQDO\VHUHUXOLNHVLGHUYHGLQQRYDVMRQVDNWLYLWHWL$XVW$JGHUVQ ULQJVOLY²RJPHGEUXNDYXOLNHW\SHUGDWDRJPHWRGH'HWDQGUHQRWDWHWRP ·1 ULQJVVWUXNWXURJLQQRYDVMRQL$XVW$JGHU²6WDWLVWLVNDQDO\VH·JLUHQEUHG RYHUVLNWRYHUYLNWLJHIRUKROGYHGQ ULQJVOLYHWL$XVW$JGHURJLI\ONHWVILUHUHJL RQHU'DWDNLOGHQHHURIIHQWOLJVWDWLVWLNNRJRIIHQWOLJHGDWDUHJLVWUHRJGHWHUWLO GHOVVQDNNRPQ\HGDWDNLOGHUVRPKLWWLOKDUY UWOLWHEHQ\WWHWWLODQDO\VHUDY UHJLRQDOQ ULQJVXWYLNOLQJ1RWDWHWVDPPHQOLNQHUIRUKROGYHGQ ULQJVVWUXNWXU XWGDQQLQJVQLYnIRUVNQLQJRJXWYLNOLQJ )R8 RJLQQRYDWLYDNWLYLWHWL$XVW $JGHUPHGWLOVYDUHQGHWDOOIRUODQGVJMHQQRPVQLWWHW
0HQVQRWDWDOWVnJLUHQEUHGRYHUVLNWRYHUYLNWLJHIRUKROGYHGLQQRYDWLYDNWLYL WHWL$XVW$JGHUVQ ULQJVOLYHUIRUPnOHWPHGQRWDWnIRUHWDJUXQGLJHVWXGLHUL QRHQXWYDOJWHEHGULIWHURJQ ULQJVVHNWRUHU1RWDWRP·,QQRYDWLYDNWLYLWHWRJ LQQRYDVMRQVXWIRUGULQJHUL$XVW$JGHUVQ ULQJVOLY²FDVHVWXGLHU·VNDOV UOLJ VNDIIHIUDPNXQQVNDSRPKYRUGDQEHGULIWHUL$XVW$JGHULQQRYHUHURJRPKYD VRPHUYLNWLJHXWIRUGULQJHURJIODVNHKDOVHUYHGEHGULIWHQHVLQQRYDWLYHDNWLYLWHW 'HWHUNXQQVNDSVRPLNNHNDQIUDPVNDIIHVYLDRIIHQWOLJVWDWLVWLNNPHQVRP NUHYHUHJQHJUXQGLJHVWXGLHU1RWDWEDVHUHVVnOHGHVSnSHUVRQOLJLQWHUYMXPHG OHGHUHLXWYDOJWHEHGULIWHUVDPWSnDOOHUHGHJMHQQRPI¡UWHLQQRYDVMRQVDQDO\ VHULILUHUHJLRQDOHQ ULQJVNO\QJHULI\ONHWQHPOLJLSODVWEnWLQGXVWUL,7 Q ULQJHQPDULWLPVHNWRURJWXULVWQ ULQJHQ'HEHGULIWHQHEOHYDOJWXWL
LLL LY
VDPUnPHGRSSGUDJVJLYHURJGHWRPIDWWHUEHGULIWHULXOLNHGHOHUDYI\ONHWLXOL NHEUDQVMHULXOLNHVW¡UUHOVHVJUXSSHURJVnYLGHUH
'HWVLVWHQRWDWHW·2SSVXPPHULQJRJIRUVODJWLOLQQRYDVMRQVVWUDWHJLHUIRU$XVW $JGHU·RSSVXPPHUHUYLNWLJO UGRPIUDGHWUHI¡UVWHQRWDWHQH EnGHQnUGHW JMHOGHUJHQHUHOOO UGRPRPUHJLRQDOLQQRYDVMRQVSROLWLNNRJVLWXDVMRQHQL$XVW $JGHUVQ ULQJVOLY3nEDNJUXQQDYNXQQVNDSHQHUYHUYHWLSURVMHNWHWKDUYLVn IRUVODJWLOLQQRYDVMRQVUHWWHWHVWUDWHJLHURJYLUNHPLGOHUIRUXOLNHGHOHUDYQ ULQJVOLYHWL$XVW$JGHU
6HOYRPQRWDWHQHE\JJHUSnKYHUDQGUHKDUYLRJVnSU¡YGnVNULYHKYHUWQRWDW VOLNDWGHNDQOHVHVXDYKHQJLJDYKYHUDQGUH'HUPHGYLOGHWY UHOLWWRYHUODS SLQJPHOORPQRWDWHQHYHGDWGHQRYHURUGQHGHKHQVLNWHQPHGSURVMHNWHWHUEH VNUHYHWNRUWIDWWHWI¡UVWLKYHUWQRWDW ,QQKROG
)2525' ,,,
,11+2/' 9
127$7 ,1129$7,9$.7,9,7(72*5(*,21$/(,1129$6-216675$7(*,(5 35,16,3,(//(%(75$.71,1*(5 ,QQOHGQLQJ 8WIRUGULQJ *OREDOLVHULQJDYQ ULQJVOLYHW 8WIRUGULQJ 1\GRPLQHUHQGHSURGXNVMRQVPnWH 2SSVXPPHULQJRPXWIRUGULQJHU 6YDU 8WQ\WWJOREDOLVHULQJHQWLOnVNDIIHDUEHLGVSODVVHUXWHQIUD 6YDU %\JJVWHUNHORNDOHQ ULQJVPLOM¡HU (WIHOOHVVYDU 6WLPXOHULQQRYDWLYHPLOM¡HU ,QQRYDVMRQHUVRPHQGULYNUDIWLQ ULQJVXWYLNOLQJHQ ,QQRYDVMRQHUHUVDPDUEHLGRJJMHQVLGLJO ULQJ 5HJLRQDOHIDNWRUHUNDQVWLPXOHUHLQQRYDWLYDNWLYLWHW 8OLNHYLUNHPLGOHUIRUXOLNHGHOHUDYQ ULQJVOLYHW 6WUDWHJL /RNDOIRUDQNULQJDYILOLDOEHGULIWHU 6WUDWHJL 7LOI¡UHORNDOHQ ULQJVPLOM¡HUVWUDWHJLVNNRPSHWDQVH 6WUDWHJL .Q\WWH¶HQVOLJH·EHGULIWHUWLOQDVMRQDOHNRPSHWDQVHPLOM¡HU 6WUDWHJL 6NDS¶VW¡WWHPLOM¡·UXQGWQ\HWDEOHUH 2SSVXPPHULQJ (QPXOLJLQQRYDVMRQVVWUDWHJLIRU$XVW$JGHU +YDQn"
127$7 15,1*66758.7852*,1129$6-21,$867$*'(5²67$7,67,6. $1$/<6( ,QQOHGQLQJ 'DWDPDWHULDOHW 9LNWLJHQ ULQJHUL$XVW$JGHU ,QQOHGQLQJ 1 ULQJVVWUXNWXUL1RUJHRJ$XVW$JGHU 1 ULQJVVWUXNWXUL$XVW$JGHUVUHJLRQHU %HGULIWVVW¡UUHOVH %RVWHGRJDUEHLGVVWHG 2SSVXPPHULQJQ ULQJVVWUXNWXU 8WGDQQLQJ ,QQOHGQLQJ
Y YL
1 ULQJVYLVIRUGHOLQJDYXWGDQQLQJ 5HJLRQDOHXWGDQQLQJVP¡QVWUH 9LNWLJHXWGDQQLQJVUHWQLQJHUL$XVW$JGHU 2SSVXPPHULQJ8WGDQQLQJ )RUVNQLQJRJXWYLNOLQJ )R8 RJLQQRYDVMRQ )R8DNWLYLWHWLQRUVNHEHGULIWHU ,QQRYDVMRQVDNWLYLWHW 2SSVXPPHULQJ)R8RJLQQRYDVMRQVDNWLYLWHW .RQNOXVMRQ
127$7 ,1129$7,9$.7,9,7(72*,1129$6-21687)25'5,1*(5,$867 $*'(5615,1*6/,9²&$6(678',(5 ,QQOHGQLQJ %DNJUXQQ LQQRYDVMRQHUVRPGULYNUDIWIRUQ ULQJVXWYLNOLQJHQ 3UREOHPVWLOOLQJHURJPHWRGH 8OLNHW\SHUEHGULIWHU²PHGXOLNHLQQRYDVMRQVXWIRUGULQJHU ·'HWHUQ¡GYHQGLJnY UHSnKXJJHWKHOHWLGHQ· ,QQRYDVMRQHUHUODQJVLNWLJHSURVHVVHU ,QWHUQNRPSHWDQVHRJKROGQLQJHUHUDYJM¡UHQGHYHGLQQRYDWLYDNWLYLWHW ,QQRYDVMRQVSURVMHNWHUHU·WRSSVW\UWH· ·/HYHUDQG¡UHQHHUHQGHODYEHGULIWHQ· 0DUNHGVRULHQWHUWSURGXNWXWYLNOLQJ ,QQRYDVMRQ VDPDUEHLG 2SSVXPPHULQJRPLQQRYDVMRQVXWIRUGULQJHULGHEHGULIWHQH /RNDOHEUDQVMHNRQVHQWUDVMRQHU 3ODVWEnWLQGXVWULHQ ,7Q ULQJHQ 0DULWLPVHNWRU 5HLVHOLYVQ ULQJHQ 2SSVXPPHULQJDYEUDQVMHDQDO\VHQH +YDVnQnUGHWJMHOGHUVWUDWHJLHURJYLUNHPLGOHU" 6DPPHQGUDJ 9HGOHJJ 2YHUVLNWRYHUEHGULIWHUVRPHUPHGLLQWHUYMXXQGHUV¡NHOVHQ
127$7 2336800(5,1*2*)256/$*7,/,1129$6-216675$7(*,(5 ,QQOHGQLQJ (Q·EUHG·IRUVWnHOVHDYLQQRYDVMRQHU 5HODWLYWODYLQQRYDWLYDNWLYWHWL$XVW$JGHU ,QQRYDVMRQVXWIRUGULQJHUL$XVW$JGHU ,QQRYDVMRQVV\VWHPHU 6NUHGGHUV¡PDYYLUNHPLGOHU YLL
%HW\GQLQJHQDYGHWUHJLRQDOHQLYnHW ¶6\VWHPRULHQWHUWH·YLUNHPLGOHU )RNXVSnPHUHQQWHNQRORJLXWYLNOLQJ 2JVnO ULQJLYLUNHPLGGHODSSDUDWHW NWIRNXVSnLQQRYDVMRQHU 6LNUHNRPSHWHQWDUEHLGVNUDIW %LGUDWLOVDPDUEHLGRJQHWWYHUNVE\JJLQJ ,QVWLWXVMRQVE\JJLQJLUHJLRQDOHQ ULQJVNO\QJHU 8OLNHWLOWDNLQ ULQJVNO\QJHQH 0HOORPPHQQIRU·HQVOLJHVYDOHU· 5HJLRQDOIRUDQNULQJDYILOLDOEHGULIWHU .Q\WWQ\HWDEOHUHUHWLOQHWWYHUN 0XOLJKHWHUIRUDNNYLVLVMRQ
1RWDW ,QQRYDWLYDNWLYLWHWRJUHJLRQDOH LQQRYDVMRQVVWUDWHJLHU3ULQVLSLHOOH EHWUDNWQLQJHU
$Y$UQH,VDNVHQ
,QQOHGQLQJ 'HWWHHUGHWI¡UVWHQRWDWHWIUD67(3JUXSSHQLIRUELQGHOVHPHGHWRSSGUDJIRU $XVW$JGHUI\ONHVNRPPXQHRPELGUDJYHGXWDUEHLGLQJDYHQQ\VWUDWHJLVNQ ULQJVSODQ 613 IRUI\ONHW$XVW$JGHU¡QVNHULNNHHQ¶WUDGLVMRQHOO·Q ULQJVSODQ LGHQQHRPJDQJ'HWV¡NHVHWWHUHQQ\¶YUL·VRPNDQJM¡UHQ ULQJVSODQHQWLOHW YLNWLJHUHLQVWUXPHQWIRUGHWQ ULQJVUHWWHWHWLOWDNVDUEHLGHWLI\ONHW
'HWWHQRWDWHWDUJXPHQWHWHUIRUDWHWLQQRYDVMRQVSHUVSHNWLYNDQY UHHQVY UW UHOHYDQW¶YUL·SnDUEHLGHWPHGQ ULQJVSODQHQ%HJUXQQHOVHQHUDWJMHQQRPI¡ULQJ DYLQQRYDVMRQHU²VRPQ\HHOOHUHQGUHGHSURGXNWHURJSURGXNVMRQVPnWHU²HU DYJM¡UHQGHIRUnRSSQnNRQNXUUDQVHVW\UNHLEHGULIWHURJUHJLRQHU%HGULIWHUNDQ LNNHKYLOHSnVLQHODXUE U'HPnVWDGLJRSSJUDGHUHSURGXNWHURJPnWHUnSUR GXVHUHSnIRULNNHnEOLXWNRQNXUUHUWDYPHULQQRYDWLYHNRQNXUUHQWHU
,HQVWUDWHJLVNQ ULQJVSODQPnHQYHOJHXWQRHQW\SHUYLUNHPLGOHUIUDPIRUDQ GUH'HWHULNNHVWUDWHJLnYHOJHVHJDOOH¶JRGH·WLOWDNSnHQJDQJ(QQ ULQJVSODQ VRPYHOJHUnNRQVHQWUHUHVHJRPKYRUGDQHQNDQEHGUHHYQHQLEHGULIWHURJQ ULQJVPLOM¡HUWLOnJMHQQRPI¡UHO¡QQVRPPHLQQRYDVMRQHUYLOQHWWRSSIRNXVHUHSn NDQVNMHGHQYLNWLJVWHGULYNUDIWHQLQ ULQJVOLYHWLGDJ
1RWDWHWVNDOEHVNULYHKYDHQLQQRYDVMRQVVWUDWHJLIRUQ ULQJVOLYHWPHUJHQHUHOW NDQJnXWSn1RWDWHWVNLVVHUHUI¡UVWQRHQYLNWLJHJHQHUHOOHXWIRUGULQJHUIRUQ ULQJVOLYHWL$XVW$JGHU'HWWHQNHVGDSnXWIRUGULQJHUVRPVWRUHGHOHUDYQ ULQJVOLYHWLI\ONHWPnIRUKROGHVHJWLO'HUHWWHUGLVNXWHUHVKYDVRPNDQY UH VYDUHWSnGLVVHXWIRUGULQJHQHRJVSHVLHOWLKYLONHQJUDGHQLQQRYDVMRQVVWUDWHJL NDQP¡WHXWIRUGULQJHQH
8WIRUGULQJ *OREDOLVHULQJDYQ ULQJVOLYHW +YLONHVWRUHXWIRUGULQJHUP¡WHUVnQ ULQJVOLYHWL$XVW$JGHU"9LVNDOEHVNULYH XWIRUGULQJHQHJMHQQRPnSHNHSnWRYLNWLJHXWYLNOLQJVWUHNNLQ ULQJVOLYHWQHP OLJ • JOREDOLVHULQJRJ • IUDPYHNVWDYHQQ\GRPLQHUHQGHPnWHnRUJDQLVHUHQ ULQJVDNWLYLWHWSn 'HWRSXQNWHQHJLUVHOYI¡OJHOLJLNNHHQXWI\OOHQGHEHVNULYHOVHDYDOOHXWIRUGULQ JHQHIRUQ ULQJVXWYLNOLQJHQPHQGHVDPPHQIDWWHUQRHQDYGHYLNWLJVWHIRUKRO GHQH
67(3$UEHLGVQRWDW$
*OREDOLVHULQJEHQ\WWHVIRUnEHWHJQHHQXWYLNOLQJGHUVWRUHWUDQVQDVMRQDOHVHO VNDSHUInU¡NWEHW\GQLQJGHWYLOVLVHOVNDSHUVRPKDUDNWLYLWHWVSUHGGUXQGWRP LYHUGHQ*OREDOLVHULQJHQKDUNRPPHWOHQJVWLVHNWRUHUVRPELOLQGXVWULRJHOHN WURQLNNLQGXVWULPHQGHWHUHQWUHQGVRPHUW\GHOLJLVWRUHGHOHUDYQ ULQJVOL YHW*OREDOLVHULQJEHW\UDWWUDQVQDVMRQDOHVHOVNDSHU¡NHUVLQLQQIO\WHOVHRYHU VWDGLJVW¡UUHGHOHUDYGHWQDVMRQDOHQ ULQJVOLYHW'HWVNMHUJMHQQRPDWVHOVND SHQHHWDEOHUHUHOOHUNM¡SHURSSEHGULIWHULXOLNHGHOHUDYYHUGHQPHQRJVnJMHQ QRPDWIRUPHOWVHOYVWHQGLJHEHGULIWHUNQ\WWHVWLOGHWUDQVQDVMRQDOHVHOVNDSHQH VRPOHYHUDQG¡UHU3nGHQPnWHQNQ\WWHVPDQJHEHGULIWHUVDPPHQLQHWWYHUN VW\UWGLUHNWHHOOHULQGLUHNWHIUDKRYHGNRQWRUHULWUDQVQDVMRQDOHVHOVNDSHU
*OREDOLVHULQJHQOHGHUWLODWWUDQVQDVMRQDOHVHOVNDSHU¡NHUVLQNRQWUROORYHUGHW ORNDOHQ ULQJVOLYHWSnEHNRVWQLQJDYUHJLRQDOHDNW¡UHU%HVOXWQLQJVP\QGLJKHW IO\WWHVIUDWLGOLJHUHVHOYVWHQGLJHEHGULIWHUL$UHQGDOHOOHU5LV¡UWLOVW\UHURPL 6WRFNKROP3DULVHOOHUHQDQQHQGHODYYHUGHQ'HWNDQI¡UHWLODWDQGUHIRUKROG OHJJHVWLOJUXQQYHGEHVOXWQLQJHURPIRUHNVHPSHOLQYHVWHULQJHOOHULNNHLHQEH GULIWL$XVW$JGHU/RNDOHHQWUHSUHQ¡UHURJEHGULIWVOHGHUHKDURIWHHWVWHUNW¡Q VNHRPnGULYHEHGULIWHQVLQYLGHUHVHOYLGnUOLJHWLGHU7UDQVQDVMRQDOHVHOVNDSHU KDUYLUNVRPKHWPDQJHVWHGHULYHUGHQRJHURIWHPLQGUHNQ\WWHWWLOnY UHORND OLVHUWSnEHVWHPWHVWHGHU+DUVHOVNDSHQHSUREOHPHUYHGHQEHGULIWHWVWHGNDQ RIWHYLUNVRPKHWUDVNWIO\WWHVWLODQGUHVWHGHU7UDQVQDVMRQDOHVHOVNDSHUNDQVn OHGHVHWDEOHUHHOOHUIO\WWHEHGULIWHUGLWGHWHUPHVWJXQVWLJnY UHORNDOLVHUWIRU HNVHPSHOGHUGHNDQRSSQnODYHO¡QQVNRVWQDGHUVWRUHVNDWWHOHWWHOVHUHOOHURI IHQWOLJHNDSLWDOVXEVLGLHU
7UDQVQDVMRQDOHVHOVNDSHUHUVnOHGHVEOLWWHQYLNWLJHUHDNW¡UL¡NRQRPLHQRJ VWUDWHJLHQWLOVOLNHVHOVNDSHUVSLOOHUHQVWDGLJVW¡UUHUROOHIRUQ ULQJVXWYLNOLQJHQ LPDQJHUHJLRQHU'HWEOHW\GHOLJLOOXVWUHUWDY¶(ULFVVRQVDNHQ·YLQWHUHQ GD (ULFVVRQVOHGHOVHL1RUJHIRUHVORnIO\WWHHQVY UWYLNWLJEHGULIWIRU$UHQGDORP UnGHWWLOHQIUDPWLGLJHWHNQRORJLSDUNSn)RUQHEX6Y UWPDQJHDYGHVWRUHEH GULIWHQHL$XVW$JGHUHUGHODYWUDQVQDVMRQDOHVHOVNDSHU+YLONHPXOLJKHWHUKDU HQIRUnP¡WHHQVOLNXWYLNOLQJJMHQQRPGHQUHJLRQDOHQ ULQJVSROLWLNNHQ")LQQHV GHWIRUHNVHPSHOYLUNHPLGOHUVRPNDQELGUDWLO¶IRUDQNUH·EHGULIWHUHLGDYWUDQ VQDVMRQDOHVHOVNDSHUVWHUNHUHLHWORNDOWQ ULQJVPLOM¡VOLNDWEHGULIWHQHEOLU PLQGUHXWVDWWIRUIO\WWLQJWLODQGUHVWHGHU"
'HWNDQY UHHQVWRUVW\UNHIRUHWRPUnGHnKDEHGULIWHUVRPHUGHOHUDYWUDQ VQDVMRQDOHVHOVNDSHU7LONQ\WQLQJWLOHWVOLNWVHOVNDSNDQJLVW¡UUHXWYLNOLQJV PXOLJKHWHUIRUEHGULIWHQHHQQGHNXQQHRSSQnGGVRPHWUHODWLYWOLWHQDVMRQDOW ILUPD,HWVW¡UUHVHOVNDSNDQEHGULIWHUInEHGUHWLOJDQJSnNDSLWDONRPSHWDQVH WHNQRORJLRJVDPDUEHLGVSDUWQHUHYLDVHOVNDSHWRJGHNDQJMHUQHVNLOWHPHGHW PHUNHQDYQRJHWVDOJVRJPDUNHGVI¡ULQJVDSSDUDW%HGULIWHULVHOVNDSHQHNDQ ELGUDWLOnVSUHNRPSHWDQVHRJWHNQRORJLWLODQGUHGHOHUDYGHWORNDOHQ ULQJV PLOM¡HWIRUHNVHPSHOWLOORNDOHOHYHUDQG¡UHUHOOHUYLDEHGULIWHUVRPHU¶DYOHJJHUH· IUDILOLDOEHGULIWHUWLOWUDQVQDVMRQDOHVHOVNDSHU$XVW$JGHUKDGGHQHSSHKDWWHQ ,7LQGXVWULDYQRHV UOLJRPIDQJGHUVRPPDQJHDYEHGULIWHQHLNNHKDGGHY UW GHOHUDYUHVVXUVVWHUNHVHOVNDSHU%DNGHOHQHYHGHQVOLNHLHUVWUXNWXUEOHW\GHOLJ LOOXVWUHUWDY(ULFVVRQVDNHQ ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ
8WIRUGULQJ 1\GRPLQHUHQGHSURGXNVMRQVPnWH (WDQQHWYLNWLJXWYLNOLQJVWUHNNLQ ULQJVOLYHWHUIUDPYHNVWHQDYHQQ\GRPLQH UHQGHSURGXNVMRQVPnWH RJWDOOHWDQVHVRIWHVRPHWVNLOOHLGHQ¡NRQR PLVNHXWYLNOLQJHQLYHVWOLJHLQGXVWULODQGRJHQQ\PnWHnRUJDQLVHUHQ ULQJV YLUNVRPKHWSnKDUYRNVWIUDP
'HQJDPOHSURGXNVMRQVPnWHQEHWHJQHVIRUGLVPHHWWHU+HQU\)RUGVRPYDUSLR QHUHQLLQQI¡ULQJDYVDPOHEnQGVSURGXNVMRQ)RUGLVPHNMHQQHWHJQHVDYSURGXN VMRQLVWRUVNDODRJLVWRUHEHGULIWHU'HWHUVQDNNRPPDVVHSURGXNVMRQRJPDV VHNRQVXP'HQQDVMRQDOH¡NRQRPLVNSROLWLNNHQYDULQQUHWWHWPRWnVWLPXOHUHWLO ¡NWIRUEUXNIRUnRSSUHWWKROGHRJ¡NHSURGXNVMRQHQRJGHQQHSROLWLNNHQYDUVn OHGHVHQYLNWLJIRUXWVHWQLQJIRUIRUGLVPHQ
)RUGLVPHQYDUSUHJHWDYSULVNRQNXUUDQVHRJVWUDWHJLHQIRUnVHQNHSULVHUYDUn RSSQnVWRUGULIWVIRUGHOHULQQHQKYHUHQNHOWEHGULIW6WRUSURGXNVMRQEHW\UDW NRVWQDGHUWLOSURGXNWXWYLNOLQJPDUNHGVI¡ULQJDGPLQLVWUDVMRQRJOLNQHQGHNDQ VSUHVSnPDQJHHQKHWHUQRHVRPVHQNHUSULVHQSHUHQKHW'HWNUHYHULPLGOHUWLG RJVnHQVWDQGDUGLVHULQJDYSURGXNWHQHGHWYLOVLVWRUHVHULHUDYOLNHSURGXNWHU RJPRGHOOHUVRPNDQSURGXVHUHVPHGGHVDPPHPDVNLQHQH,GHQW\SLVNHIRUGLV WLVNHSURGXNVMRQHQ VRPLNNHKDGGHGHWVWRUHRPIDQJHWL1RUJH YDUPDVNLQHQH VSHVLDOODJHWWLOpQW\SHSURGXNVMRQRJDUEHLGHUQHYDURSSO UWSnVPDOHDUEHLGV RSHUDVMRQHUODQJVVDPOHEnQGHW'HWWHJLUHQOLWHIOHNVLEHOSURGXNVMRQVLGHQGHW HUG\UWRJWXQJYLQWnRPVWLOOHWLOSURGXNVMRQDYHWQ\WWSURGXNWHOOHUHQQ\PR GHOO/LWHQIOHNVLELOLWHWRYHUIRUPDUNHGVVYLQJQLQJHUYDURJVnHQDYnUVDNHQHWLO DWIRUGLVPHQNRPXWLHQNULVHYHGWXUEXOHQVHQL¡NRQRPLHQIUD WDOOHWPHG ROMHNULVHURJVWDJQDVMRQRJQHGJDQJLHWWHUVS¡UVHOHQHWWHUPDQJHYDUHU
)RUGLVPHGRPLQHUWHVRPSURGXNVMRQVIRUPLYHVWOLJHLQGXVWULODQGIUDRPNULQJ WLO WDOOHW,O¡SHWDYSHULRGHQHWWHU WDOOHWKDUGHWYRNVWIUDPHQ Q\SURGXNVMRQVIRUPWLOHUVWDWQLQJIRUIRUGLVPHQ'HWHUEHW\GHOLJGLVNXVMRQ EODQW¶IRUVWnVHJSnHUH·RPKYDVRPNMHQQHWHJQHUGHQ¶Q\H¡NRQRPLHQ·3RVW IRUGLVPHHUEHQ\WWHWVRPHQVDPOHEHWHJQHOVHSnGHWQ\HVRPYRNVHUIUDP'H VLVWHnUHQHKDULPLGOHUWLGRJVnEHJUHSHUVRPHQ¶NRPSHWDQVHEDVHUW¡NRQRPL·RJ HQ¶O UHQGH¡NRQRPL·YXQQHWWLOVOXWQLQJVRPJRGHEHJUHSHUIRUnEHWHJQHGHQ Q\H¡NRQRPLHQ'HWDYVSHLOHUDWNRPSHWDQVHDQVHVVRPGHQYLNWLJVWHUHVVXUVHQ RJO ULQJVRPGHQYLNWLJVWHSURVHVVHQL¶GDJHQVQ ULQJVOLY·
2YHUJDQJHQHIUDIRUGLVPHWLOSRVWIRUGLVPH HOOHUKYDHQYHOJHUnNDOOHGHWQ\H WLOVNULYHVJMHUQHHQGULQJHULPDUNHGVIRUKROGRJLWHNQRORJL)RUGHWI¡UVWHHUGHW UHODWLYWPLQGUHHWWHUVS¡UVHOHWWHUVWDQGDUGYDUHURJ¡NWHWWHUVS¡UVHOHWWHUQLVMH SURGXNWHU²RJRIWHYDUHUPHGK¡\NYDOLWHWVRPSURGXVHUHVLPLQGUHVHULHU(QG ULQJHQHJMHOGHURJVnWMHQHVWHURJLNNHNXQLQGXVWULSURGXNWHU)RUHNVHPSHOHU GHWUHODWLYWPLQNHQGHHWWHUVS¡UVHOHWWHU RJnUHQHVIRUPHUIRUPDVVHWX ULVPHPHQKHOOHU¡NWHWWHUVS¡UVHOHWWHUPHUVSHVLDOV\GGHWXULVWWLOEXG(QVOLN PHUGLIIHUHQVLHUWHWWHUVS¡UVHOYDUGHWYDQVNHOLJIRUGHJDPOHVWRUIRUHWDNHQHn WDNOHPHGVLQ¶IRUGLVWLVNH·PnWHnJM¡UHWLQJSn'HWKDUJLWWPXOLJKHWHUIRUPLQ GUHEHGULIWHU²RJJMHUQHPLQGUHEHGULIWHUVRPLQQJnULXOLNHW\SHUDYQHWWYHUNV VDPDUEHLGPHGDQGUHEHGULIWHU²RJGHWKDUJLWWRSSKDYWLOHQGULQJHULPnWHUn IUDPVWLOOHSURGXNWHURJWMHQHVWHUSnRJLPnWHUnRUJDQLVHUHYLUNVRPKHWSn 67(3$UEHLGVQRWDW$
'HQDQGUHYLNWLJHHQGULQJHQEDNRYHUJDQJHQIUDIRUGLVPHWLOSRVWIRUGLVPHHU VnOHGHVWHNQRORJLVNHHQGULQJHU,NMHUQHQDYGHWWHOLJJHUQ\GDWDLQIRUPDVMRQV RJNRPPXQLNDVMRQVWHNQRORJLVRPHUHQJHQHULVNWHNQRORJLGHWYLOVLHQWHNQR ORJLVRPInUEHW\GQLQJIRUGHIOHVWHGHOHQHDYQ ULQJVRJVDPIXQQVOLYHW,7 WHNQRORJLHQHUHQYLNWLJEDNJUXQQIRUJOREDOLVHULQJHQLGHWGHQJM¡UGHWODQJW OHWWHUHnVW\UHRJOHGHEHGULIWHURJQHWWYHUNVRPVWUHNNHUVHJRYHUKHOHYHUGHQ 'HUQHVWJLUWHNQRORJLHQJUXQQODJIRUHQKHOUHNNHQ\HSURGXNWHURJWMHQHVWHURJ EHW\GHOLJYHNVWLQ\HQ ULQJVVHNWRUHUVRPRIWHEHWHJQHVIRUK¡\WHNQRORJLVNH )RUGHWWUHGMHNDQWHNQRORJLHQEHQ\WWHVIRUnHIIHNWLYLVHUHRJ¡NHNRQNXUUDQVH VW\UNHQLGHIOHVWHQ ULQJHQH'DWDVW\UWHPDVNLQHUKDUIRUHNVHPSHOJMRUWGHW PXOLJIRUEHGULIWHUnEOLPHUIOHNVLEOHRJGHUPHGEHGUHLVWDQGWLOnWLOIUHGVVWLOOH HWWHUVS¡UVHOHQHWWHUPHUGLIIHUHQVLHUWHYDUHURJWMHQHVWHU0HGGDWDVW\UWHPD VNLQHUNDQIRUHNVHPSHOEHGULIWHUVWLOOHUDVNHUHRPIUDSURGXNVMRQDYHQPRGHOO WLOHQQ\
+YDHUVnXWIRUGULQJHQHIRUQ ULQJVOLYHWL$XVW$JGHURJIRUQ ULQJVSROLWLNNHQL I\ONHWLIRUKROGWLOGHQQHIUDPYHNVWHQDYHQ¶Q\¡NRQRPL·"8WIRUGULQJHQHHULNNH OLNHRSSODJWHVRPQnUGHWJMHOGHUWHQGHQVHQHWLOJOREDOLVHULQJ'HWHULPLGOHUWLG nSHQEDUWDWXWYLNOLQJHQVWLOOHUNUDYRP¡NWNRPSHWDQVHLQQHQGDWDRJ,7 WHNQRORJL²RJLNNHNXQLGDWDRJ,7EHGULIWHQH9LNWLJHUHIRUGHIOHVWHJHRJUD ILVNHRPUnGHUHUDWGHQQHQ\HWHNQRORJLHQWDVLEUXNIRUn¡NHNRQNXUUDQVHHY QHQLDQGUHGHOHUDYQ ULQJVOLYHW
'HUQHVWKDUGHQ¶Q\H¡NRQRPLHQ·¡NWEHW\GQLQJHQDYK\SSLJHPLQGUHLQQRYDVMR QHUIRUEHGULIWHUVNRQNXUUDQVHHYQH,IRUGLVPHQVNMHGGHLQQRYDVMRQHULVWRUJUDG LQWHUQWLVWRUHIRUHWDNRJVRPNRPPHUVLDOLVHULQJDYIRUVNQLQJVUHVXOWDWHUIUD IRUHWDNHQHVHJQH)R8DYGHOLQJHURJIUDIRUVNQLQJVLQVWLWXWWHU'HWWHHUIRUWVDWW HQULNWLJEHVNULYHOVHDYLQQRYDWLYDNWLYLWHWLHQNHOWHGHOHUDYQ ULQJVOLYHW'HQ ¶Q\H¡NRQRPLHQ·HULPLGOHUWLGNMHQQHWHJQHWDYPHUNXQGHWLOSDVQLQJDYSURGXN VMRQHQPLQGUHSURGXNVMRQVVHULHURJK\SSLJHUHHQGULQJHUDYPRGHOOHU'HWVWLOOHU NUDYWLODWEHGULIWHUVWDGLJHQGUHUSURGXNWHURJPnWHUnSURGXVHUHSn²RJVRPYL VNDOVHVWLOOHUGHWWHNUDYRPVW¡UUHJUDGDYVDPDUEHLGIRUnKHQWHLQQVSHVLDOL VHUWNRPSHWDQVHIUDPDQJHDNW¡UHU'HWWHNUDYHWRPK\SSLJHLQQRYDVMRQHUHU RJVnHQEDNJUXQQIRUIRUHVWLOOLQJHQRPDWEHGULIWHUPnXWYLNOHVWLO¶O UHQGHRU JDQLVDVMRQHU· EHGULIWHUPnKHQWHLQQNRPSHWDQVHXWHQIUDRJE\JJHRSSNRPSH WDQVHLQWHUQWIRUVWDGLJnNXQQHRSSJUDGHUHSURGXNWHURJSURVHVVHU
2SSVXPPHULQJRPXWIRUGULQJHU 1 ULQJVOLYHWRJQ ULQJVSROLWLNNHQL$XVW$JGHUVWLOOHVRYHUIRUHQGHOYLNWLJHXW IRUGULQJHUVRPI¡OJHDYHQNHOWHVWRUHWUHQGHULQ ULQJVXWYLNOLQJHQLYHUGHQ9L RSSVXPPHUHUGLVVHXWIRUGULQJHQH²RJPXOLJKHWHQH²LWUHKRYHGSXQNWHU • cPRWYLUNHIDUHQIRUWDSDYYLNWLJHEHGULIWHURJDUEHLGVSODVVHUVRP¡NWJORED OLVHULQJNDQPHGI¡UHHYHQWXHOWnV¡NHnXWQ\WWHJOREDOLVHULQJHQWLOnKHQWH Q\HDUEHLGVSODVVHUXWHQIUD • cXWQ\WWHYHNVWSRWHQVLDOHWVRPOLJJHUL¡NWEHW\GQLQJDYGDWDLQIRUPDVMRQV RJNRPPXQLNDVMRQVWHNQRORJLLDOOHGHOHUDYQ ULQJVOLYHWVSHVLHOWJMHQQRPn VNDIIHWLOYHLHGHQQ¡GYHQGLJHNRPSHWDQVHQ • cRSSQnHWQ ULQJVOLYVRPHULQQRYDWLYWQRNWLOnNXQQHNRQNXUUHUHLGHQ ¶Q\HO UHQGH¡NRQRPLHQ· ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ
6YDU 8WQ\WWJOREDOLVHULQJHQWLOnVNDIIHDUEHLGVSODVVHU XWHQIUD +YDHUVYDUHWSnGHQW\SHQXWIRUGULQJHUVRPHUQHYQWRYHQIRU"*URYWVDJWILQQHV GHWWRKRYHGPnWHUnGULYHWLOWDNVDUEHLGSnVRPRJVnHUUHOHYDQWHIRUnP¡WHGH RPWDOWHXWIRUGULQJHQH3n¶IRUVNHUVSUnNHW·EHQHYQHVGLVVHIRUKHQKROGVYLV¶WRS GRZQ·RJERWWRPXS·VWUDWHJLHU)RUVNMHOOHQHUHQRPHQVDWVHUSnnVNDIIHWLOYHLH EHGULIWHURJDUEHLGVSODVVHUXWHQIUD ¶WRSGRZQ· HOOHURPHQE\JJHUYLGHUHSn HNVLVWHUHQGHEHGULIWHUQ ULQJVPLOM¡HURJUHVVXUVHULUHJLRQHQ ¶ERWWRPXS·
¶7RSGRZQ·HUGHQWUDGLVMRQHOOHVWUDWHJLHQLQRUVNGLVWULNWVSROLWLNNRJWLOWDNVDU EHLG)UDPWLORPNULQJ YDUKRYHGVWUDWHJLHQnRYHUI¡UHDUEHLGVSODVVHURJ LQYHVWHULQJHUIUDGHVHQWUDOHGHOHQHDYODQGHWRIWH2VORRJQ UPHVWHRPHJQWLO GLVWULNWHQHVRPLGHQQHVDPPHQKHQJHQRPIDWWHWKHOH$XVW$JGHU9HNVWRJXW YLNOLQJLGLVWULNWHQHVNXOOHNRPPHXWHQIUD5ROOHQWLOORNDOHP\QGLJKHWHULHQ VOLNVWUDWHJLKDUY UWnOHJJHIRUKROGHQHWLOUHWWHJMHQQRPXWE\JJLQJDYLQIUD VWUXNWXURJQ ULQJVDUHDOHUVOLNDWRPUnGHQHEOLUPHUDWWUDNWLYHIRUSULYDWHEH GULIWHUHOOHURIIHQWOLJHLQVWLWXVMRQHUVRPKDUEHKRYIRUnIO\WWHXWDY¶SUHVVRPUn GHQH·'HUQHVWPnI\ONHWHOOHUNRPPXQHQPDUNHGVI¡UHVLQHIRUWUHIIHOLJKHWHURJ InNRQWDNWPHGIRUHWDNVRPYXUGHUHnIO\WWHDNWLYLWHWHUHOOHUE\JJHQ\HEHGULIWHU
'LVWULNWHQHVIRUGHOHULGHQQHNDPSHQRP¶IO\WWEDUH·LQYHVWHULQJHUKDUV UOLJ Y UWDUEHLGVNUDIWRJODYHUHNRVWQDGHU'LVWULNWHQHKDUWUDGLVMRQHOWKDWWEHGUH WLOJDQJSnV UOLJXIDJO UWDUEHLGVNUDIW²RJGHKDULNNHPLQVWKDWWPHUVWDELO DUEHLGVNUDIWHQQLVHQWUDOHRPUnGHUSnJUXQQDYI UUHYDOJPXOLJKHWHUSnGHW ORNDOHDUEHLGVPDUNHGHW.RVWQDGHQHWLODUHDOHURJORNDOHUHUODYHUHRJGLVWULNW SROLWLVNHYLUNHPLGOHUKDU\WWHUOLJHUHVHQNHWNRVWQDGHQHLGHOHUDYGLVWULNWHQH 'HVHQHUHnUHQHHURJVnHWJRGWERPLOM¡WUHNWLQQVRPHWVSHVLHOWIRUWULQQIRUGLV WULNWHQH7DQNHQHUDWGLVWULNWHUNDQORNNHPHGPXOLJKHWHQHIRUnOHYHGHWJRGH OLYVOLNDWIRUHNVHPSHOHWDEOHUHUHWDUPHGVHJHQHJHQEHGULIWSnIO\WHODVVHWQnU GHIO\WWHUIRUnERVHWWHVHJLHWGLVWULNWVRPUnGH
¶7RSGRZQ·VWUDWHJLHQILNNPLQGUHUHOHYDQVXWRYHUSn WDOOHW9HNVWHQLDQ WDOOLQGXVWULDUEHLGVSODVVHUL1RUJHVWRSSHWQHPOLJRSSPLGWSn WDOOHWRJ GHUPHGEOHGHWI UUH¶IO\WWHNODUH·DUEHLGVSODVVHURJEHGULIWHUIRUGLVWULNWVNRP PXQHQHnNRQNXUUHUHRPnWUHNNHWLOVHJ1nUHQNRPLQQSn WDOOHWEOHRJ VnDUEHLGVOHGLJKHWHWVWRUE\SUREOHPOLNHP\HVRPHWGLVWULNWVSUREOHPVOLNDW VWRUE\HQHLVW¡UUHJUDGNMHPSHWRPnEHKROGH¶VLQH·EHGULIWHURJDUEHLGVSODVVHU IRUVHJVHOY'HWJDYRJVnPLQGUHPXOLJKHWHUIRUnO\NNHVPHGGHQQHVWUDWHJLHQ
6S¡UVPnOHWHUQnRPWHQGHQVHQHWLOJOREDOLVHULQJNDQUHYLWDOLVHUH¶WRSGRZQ· VWUDWHJLHQ"*OREDOLVHULQJHQVDPPHQPHG,7WHNQRORJLRJEHGUHNRPPXQLNDVMR QHUKDUWUROLJJMRUWIOHUHEHGULIWHUWLO¶IO\WWHREMHNWHU·6WRUHNRQVHUQNDQIO\WWH EHGULIWHUWLOVWHGHUGHUGHILQQHUJRGHSURGXNVMRQVEHWLQJHOVHUHOOHUGHNDQE\JJH RSSEHGULIWHUSnQ\HVWHGHUIUDEXQQHQDY(QNDQGHUIRUWHQNHVHJDW$XVW $JGHUQnNXQQHVDWVHVWHUNWSnnWUHNNHWLOVHJEHGULIWHUVRPWLOK¡UHUVW¡UUH NRQVHUQ²RJRJVnDQGUHW\SHUEHGULIWHU²DOWVnDWJOREDOVHULQJHQLNNHEDUHEOLU HQIU\NWIRUnPLVWHEHGULIWHUWLODQGUHVWHGHU 67(3$UEHLGVQRWDW$
(QVOLNVWUDWHJLNDQWUROLJLNNHJMHQQRPI¡UHVSnVDPPHPnWHVRPGHQJDPOH ¶WRSGRZQ·VWUDWHJLHQ'HJDPOHORNNHPLGOHQHWLOGLVWULNWHQHHUQHPOLJLNNHOLNH DNWXHOOHVRPI¡U/DYHNRVWQDGHURJGLVWULNWVSROLWLVNHYLUNHPLGOHUHUVHOYI¡OJHOLJ IRUWVDWWYLNWLJ,GHQ¶Q\HO UHQGH¡NRQRPLHQ·YLOLPLGOHUWLGNRPSHWDQVHV UOLJ NRPSHWDQVHVRPHUUHOHYDQWIRULQQRYDWLYDNWLYLWHWY UHHQYLNWLJSURGXNVMRQV IDNWRU.RQVHUQHQHVHUGHUIRUHWWHUKYRUGDQGHWLQGXVWULHOOHPLOM¡HWHUSnHWVWHG GHUGHYXUGHUHUnORNDOLVHUHVHJ+DURPUnGHWNRPSHWHQWDUEHLGVNUDIWLQQHQUH OHYDQWHIDJRPUnGHUILQQHVGHWHWRSSGDWHUWVNROHWLOEXGHUGHWPXOLJKHWHUIRUn ILQQHIOLQNHOHYHUDQG¡UHURJDQGUHVDPDUEHLGVSDUWQHUH"
1nUVOLNHIRUKROGEOLUYLNWLJHnInRUGHQSnRPHQ¡QVNHUnNDVWHVHJLQQLNDPS HQRPGH¶IO\WWEDUH·EHGULIWHQHEOLUGHWPLQGUHIRUVNMHOOPHOORP¶WRSGRZQ·RJ ¶ERWWRPXS·VWUDWHJLHU'HYLNWLJVWHORNNHPLGOHQHIRUnInQ\HEHGULIWHUWLOHWRP UnGHHUDWGHWDOOHUHGHILQQHVHWRSSHJnHQGHQ ULQJVOLYGHU'HUPHGNDQHQ¶WRS GRZQ·VWUDWHJLRJVnEHQ\WWHVPHUVWUDWHJLVN'HWYLOVLDWHQNDQSU¡YHnInWDNL Q\HEHGULIWHULQQHQIRUHWIHOWGHUHWRPUnGHDOOHUHGHKDUHWPLOM¡'HWNDQY UH EHGULIWHUVRPNDQVW\UNHGHWEHVWnHQGHQ ULQJVPLOM¡HWIRUHNVHPSHOEHGULIWHU VRPNDQY UHOHYHUDQG¡UHUHOOHUNXQGHUIRUHNVLVWHUHQGHORNDOHEHGULIWHUHOOHU EHGULIWHUVRPNDQELGUDWLOnE\JJHRSSNRPSHWDQVHDQGUHEHGULIWHUKDUQ\WWHDY
6YDU %\JJVWHUNHORNDOHQ ULQJVPLOM¡HU 'HQDQGUHKRYHGVWUDWHJLHQLGLVWULNWVSROLWLNNHQRJWLOWDNVDUEHLGHWEHQHYQHVIRU ¶ERWWRPXS·*MHQQRPGHQQHVWUDWHJLHQVNDOGHWIUDPVNDIIHVKHOWQ\HDUEHLGV SODVVHULVWHGHWIRUNXQnRPIRUGHOHHNVLVWHUHQGHDUEHLGVSODVVHUIUDDQGUHRPUn GHU¶%RWWRPXS·VWUDWHJLHQHKDUWUDGLVMRQHOWY UWDYWRW\SHU'HQHQHHUnIn IUDPKHOWQ\HORNDOHEHGULIWHU'HWVNMHUIRUHNVHPSHOJMHQQRPXOLNHIRUPHUIRU PRELOLVHULQJDYIRONWLOLGHVNDSLQJRJRSSVWDUWLQJDYQ\HEHGULIWHUHOOHUJMHQQRP HWDEOHUHUVHQWUHRJVW¡WWHWLOQ\HWDEOHUH
(QDQQHQIRUPIRU¶ERWWRPXS·VWUDWHJLRPIDWWHUnYLGHUHXWYLNOHHNVLVWHUHQGHEH GULIWHURJQ ULQJVPLOM¡HULHWRPUnGHKHOOHUHQQnVW¡WWHHWDEOHULQJDYQ\HEH GULIWHU+YDVRPHUUHOHYDQWHYLUNHPLGOHUYDULHUHUDOWHWWHUKYLONHSUREOHPHURJ IODVNHKDOVHUPLOM¡HQHVWnURYHUIRU9LUNHPLGOHQHKDULPLGOHUWLGRIWHRPIDWWHW E\JJLQJDYQHWWYHUNEnGHPHOORPEHGULIWHURJPHOORPEHGULIWHURJORNDOHRUJD QLVDVMRQHUVRPVNROHUUnGJLYQLQJVRJIRUVNQLQJVLQVWLWXVMRQHUWHNQRORJLVHQWUH VDPWRIIHQWOLJHP\QGLJKHWHU
%HW\GQLQJHQDYGHQQHIRUPHQIRU¶ERWWRPXS·VWUDWHJLEHJUXQQHVEODQWDQQHW PHGHWVHQWUDOWUHVXOWDWIUDIRUVNQLQJHQRPVPnEHGULIWHU'HWIUDPKHYHVQHP OLJDWVPnEHGULIWHQHVSUREOHPLNNHHUVW¡UUHOVHQ²GHWDWGHHUVPn²PHQDWGH HULVROHUWH GHWYLOVLDWGHPDQJOHUVDPDUEHLGVSDUWQHUHRJHWVW¡WWHV\VWHPUXQGW VHJ*MHQQRP¶ERWWRPXS·VWUDWHJLVNDOHQSU¡YHnVWLPXOHUHWLOEHGUHORNDOHQ ULQJVPLOM¡HUGHWYLOVLDWQ ULQJVOLYHWLHWRPUnGHWEOLUPHUHQQNXQHWYLVVWDQ WDOOEHGULIWHU'HWVNDOY UHEHGULIWHUVRPVDPDUEHLGHUVRPIRUHNVHPSHOHUXQ GHUOHYHUDQG¡UHUIRUKYHUDQGUHRJEHGULIWHQHVNDONXQQHKHQWHNRPSHWDQVHKRV DQGUHDNW¡UHULORNDOVDPIXQQHW
¶%RWWRPXS·VWUDWHJLHQEHJUXQQHVRJVnPHGKHQYLVQLQJWLOXWYLNOLQJHQLVnNDOWH G\QDPLVNHVPnEHGULIWVUHJLRQHUGHUGHPHVWNMHQWHHNVHPSOHQHKHQWHVIUD ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ
1RUG,WDOLD+HUILQQHVRPUnGHUVnNDOWHLQGXVWULHOOHGLVWULNWHUVRPGRPLQHUHV DYPLQGUHEHGULIWHUVRPLQQJnULPDQJHW\SHUIRUPHOOHRJXIRUPHOOHORNDOHQHWW YHUN'HRPWDOWHGLVNWULNWHQHKDGGHHQJXQVWLJXWYLNOLQJSn RJWDOOHW PHQVVWRULQGXVWULHQHOOHUVL,WDOLDVWDJQHUWH(WYLNWLJSRHQJHUDWGHWOLJJHUHQ EHYLVVWORNDOSROLWLNNEDNPDQJHDYGLVVHVXNVHVVKLVWRULHQHRJGHWHUVQDNNRP SROLWLNNVRPJMHUQHKDUYRNVWIUDPJMHQQRPPDQJHnUVSU¡YLQJRJIHLOLQJ3ROL WLNNHQJnUV UOLJXWSnnHWDEOHUHXOLNHW\SHUWHNQRORJLVHQWUHVRPHUVSHVLDOLVHU WHLQQHQEHVWHPWHEUDQVMHU9HGVHQWUHQHNDQVPnEHGULIWHUInLQIRUPDVMRQRP WHNQRORJLXWYLNOLQJRJPDUNHGVXWYLNOLQJLVLQEUDQVMHGHInUKMHOSWLOnLQQI¡UHQ\ WHNQRORJLGHNDQVHWWHVLNRQWDNWPHGHNVSHUWHUDQGUHVWHGHUGHInUNRQWDNW PHGDQGUHORNDOHEHGULIWHURJVnYLGHUH
'HWRKRYHGIRUPHQHIRU¶ERWWRPXS·VWUDWHJLHUVNDSLQJDYQ\HORNDOHEHGULIWHU YHUVXVXWYLNOLQJDYHNVLVWHUHQGHQ ULQJVPLOM¡HUHUJMHQVLGLJIRUVWHUNHQGH)RU GHWI¡UVWHYLOJRGHORNDOHQ ULQJVPLOM¡HUWUROLJ¡NHHWDEOHULQJVIUHNYHQVHQ0DQ JHVWXGLHUWLOOHJJHU¶DYOHJJHUPHNDQLVPHQ·VWRUEHW\GQLQJYHGQ\HWDEOHULQJHURJ YHGRSSE\JJLQJDYORNDOHQ ULQJVPLOM¡HU(WDEOHUHUHVWDUWHUVRPUHJHOHJHQEH GULIWLQQHQIRUHQEUDQVMHGHUGHKDUXWGDQQLQJRJHUIDULQJRJGHVWDUWHUVRPUH JHORSSGHUGHERURJDUEHLGHUXWHQnYXUGHUHDOWHUQDWLYHORNDOLVHULQJVPXOLJKH WHU,HWHNVLVWHUHQGHQ ULQJVPLOM¡NDQGHWY UHHQNOHUHnInWLOHQYHOO\NNHW HWDEOHULQJHQQIRUWLOVYDUHQGHSHUVRQHUVRPVWDUWHURSSXWHQHWVOLNWPLOM¡,HW PLOM¡YLOHQOHWWHUHILQQHEHGULIWHURJSHUVRQHUPHGUHOHYDQWNXQQVNDSVRPNDQ JLVW¡WWHYHGHWDEOHULQJHU3nGHQDQGUHVLGHQNDQQ\HEHGULIWHUNRPPHLQQPHG Q\HSURGXNWHURJO¡VQLQJHU²RJGHUPHGELGUDWLOXWYLNOLQJDYHNVLVWHUHQGHPLO M¡HU
(WIHOOHVVYDU 6WLPXOHULQQRYDWLYHPLOM¡HU 'HXOLNHVYDUHQHVRPHUJLWWSnGHJHQHUHOOHXWIRUGULQJHQHIRUQ ULQJVOLYHWL $XVW$JGHUSHNHULVDPPHUHWQLQJ HQPnV¡NHnYLGHUHXWYLNOHORNDOHQ ULQJV PLOM¡HU6WHUNHORNDOHQ ULQJVPLOM¡HUHUHQPRWYHNWPRWJOREDOLVHULQJHQ'HWHU HWLQVWUXPHQWIRUnInWLOEHGUHORNDOIRUDQNULQJDYEHGULIWHUHLGDYWUDQVQDVMR QDOHVHOVNDSHUGHWYLOVLDWEHGULIWHUNDQDQVH¶JRGH·Q ULQJVPLOM¡HUVRPIRUQXI WLJHVWHGHUnY UHORNDOLVHUW+HUILQQHVIRUHNVHPSHOIOHUHPXOLJHVDPDUEHLGV SDUWQHUHRJOHYHUDQG¡UHUHWRSSJnHQGHIRUVNQLQJVRJVNROHPLOM¡NRPSHWHQWDU EHLGVNUDIWRJGHWHUXWYLNOHWVSHVLDOLVHUWNRPSHWDQVH6WHUNHQ ULQJVPLOM¡HUNDQ YLGHUHY UHHWYLNWLJORNNHPLGGHORPHQSU¡YHUnNRQNXUUHUHRPnInWDNLQ\H EHGULIWHUXWHQIUD
0HQKYDPHQHVVnPHGVWHUNHORNDOHQ ULQJVPLOM¡HU"9LKDUWLGOLJHUHSnSHNWDW Q ULQJVXWYLNOLQJHQLGDJNMHQQHWHJQHVDYDWNRPSHWDQVHRJO ULQJHUEOLWWYLN WLJHUHSURGXNVMRQVIDNWRUHURJDWEHGULIWHULPDQJHEUDQVMHUL¡NHQGHJUDGNRQ NXUUHUHUJMHQQRPLQQRYDVMRQHU6WHUNHORNDOHQ ULQJVPLOM¡HULQQHKDUGHUPHG VSHVLDOLVHUWNRPSHWDQVHRJPLOM¡HQHVWLPXOHUHULQQRYDWLYDNWLYLWHWLEHGULIWHU 9LVNDOQnIRUNODUHQ UPHUHKYDVRPVNDOIRUVWnVPHGHWEHJUHSVRP¶LQQRYDWLYH Q ULQJVPLOM¡HU·RJKYLONHQUHOHYDQVHWVOLNWEHJUHSKDUIRUXWIRUPLQJDYORNDOW WLOWDNVDUEHLG'HWWHNUHYHULPLGOHUWLGDWYLI¡UVWGHILQHUHUKYDHQLQQRYDVMRQHU RJIRUNODUHUKYRUGDQLQQRYDWLYDNWLYLWHWIRUHJnU 67(3$UEHLGVQRWDW$
,QQRYDVMRQHUVRPHQGULYNUDIWLQ ULQJVXWYLNOLQJHQ
,QQRYDVMRQVNMHUQnUEHGULIWHUVHWWHUXWLOLYHWSURGXNWHUSURGXNVMRQVPnWHURJ PnWHUnRUJDQLVHUHYLUNVRPKHWHQSnVRPHUQ\HIRUGHPPHQQ¡GYHQGLJYLVLNNH IRUDOOHDQGUHEHGULIWHU1 UPHUHEHVWHPWRPIDWWHULQQRYDVMRQHU
• )RUQ\HOVHRJXWYLGHOVHDYSURGXNWRJWMHQHVWHVSHNWHUHW • HWDEOHULQJDYQ\HPHWRGHUIRUSURGXNVMRQOHYHUDQVHUPDUNHGVI¡ULQJRJGLV WULEXVMRQ • LQWURGXNVMRQDYHQGULQJHULOHGHOVHRUJDQLVDVMRQDUEHLGVIRUKROGRJNRPSH WDQVHLDUEHLGVVWRNNHQ
,QQRYDVMRQHUHUVnOHGHVHWVY UWYLGWEHJUHSVRPKDUnJM¡UHPHGHQGULQJRJ Q\XWYLNOLQJLEHGULIWHU,QQRYDVMRQHUKDUEnGHHQ¶KDUG·VLGHVRPHWQ\WWSUR GXNWRJGHWKDUHQ¶P\N·VLGHVRPI¡UVWRJIUHPVWHUQ\NRPSHWDQVHRJQ\HPn WHUnJM¡UHWLQJSn
,GHIOHVWHGHOHQHDYQ ULQJVOLYHWHULQQRYDVMRQHUKHOWVHQWUDOWIRUDWEHGULIWHU VNDONXQQHRSSUHWWKROGHVLQNRQNXUUDQVHVW\UNHSnODQJVLNW%HGULIWHUNDQLNNH KYLOHIRUOHQJHSnODXUE UHQH'HWJMHOGHULNNHPLQVWLHWK¡\NRVWODQGVRP1RU JH1RUVNHEHGULIWHUNDQVMHOGHQNRQNXUUHUHNXQSnSULV(QUHQSULVNRQNXUUDQ VHYLORJVnLGHWODQJHO¡SOHJJHSUHVVSnO¡QQVQLYnHWRJLVLVWHLQVWDQVSnYHO IHUGVVDPIXQQHW1RUVNHEHGULIWHUPnLVWRUJUDGKHQWHNRQNXUUDQVHHYQHQJMHQ QRPnY UHLQQRYDWLYH JMHQQRPnKDEHGUHSURGXNWHURJ¶VPDUWHUH·SURGXNVMRQ RJRUJDQLVDVMRQHQQNRQNXUUHQWHU
,QQRYDVMRQHUHULGHWKHOHWDWWVY UWVHQWUDOWLGHEDWWHQRPQDVMRQHUVRJUHJLR QHUVNRQNXUUDQVHHYQH9LWDOLWHWHQLLQQRYDVMRQVSURVHVVHQDQVHVVRPDYJM¡UHQGH IRUUHJLRQHUVNRQNXUUDQVHVW\UNHRJIUDPWLGLJHYHOVWDQG'HUPHGHUGHWKHOWYH VHQWOLJLHQVWUDWHJLVNQ ULQJVSODQnUHWWHVWRURSSPHUNVRPKHWPRWYLUNHPLGOHU VRPVWLPXOHUHULQQRYDWLYDNWLYLWHWRJVRP¡NHUHYQHQWLOLQQRYDVMRQHULEHGULI WHU6HOYRPPDQJHDQGUHIRUKROGVHOYI¡OJHOLJRJVnHUYLNWLJHIRUQ ULQJVXWYLN OLQJHQLHWRPUnGHVHWWHUHQPHGHWVOLNWIRNXVILQJHUHQSnNDQVNMHGHQDOOHU YLNWLJVWHIDNWRUHQIRUnRSSQnSRVLWLYQ ULQJVXWYLNOLQJLHWRPUnGH²HQNRPPHU YLUNHOLJLLQQJUHSPHGJUXQQOHJJHQGHSURVHVVHULQ ULQJVXWYLNOLQJHQ
'HQ¡NWHLQWHUHVVHQIRULQQRYDVMRQHUEODQWSROLWLNNXWIRUPHUHRJIRUVNHUHKDU OHGHWWLOGHWQRHQEHWHJQHUIRU¶K¡\WHNQRORJLVNVQREEHUL· QHPOLJV\QVSXQNWHWRP DWGHQ¡NRQRPLVNHXWYLNOLQJHQLHWRPUnGHDYKHQJHUDYHYQHQWLOnVNDSHQ\H K¡\WHNQRORJLVNHYLUNVRPKHWHUV UOLJGDWD,7RJHOHNWURQLNNEHGULIWHUVDPW ELRNMHPLVNHEHGULIWHU'HWWHHUpQYLNWLJGHODYELOGHW'HWHULPLGOHUWLGKHOWVHQ WUDOWnXQGHUVWUHNHDWLQQRYDVMRQHURJVnGUHLHUVHJRPDQQHWHQQK¡\WHNQRORJL /LNHYLNWLJ²HOOHUYLNWLJHUHIRUGHIOHVWHRPUnGHU²HUDWQ\WHNQRORJLWDVLEUXNL VHNWRUHUGHUHWRPUnGHKLVWRULVNVHWWKDUWUDGLVMRQHURJNRQNXUUDQVHIRUGHOHU 'HWEHW\UDOWVnnYLGHUHXWYLNOHGHWHNVLVWHUHQGHQ ULQJVOLYHWJMHQQRPWHNQROR JLVNRJNRPSHWDQVHPHVVLJRSSJUDGHULQJRJLNNHNXQSU¡YHnVNDSHIOHUHK¡\ WHNQRORJLVNHYLUNVRPKHWHU ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ
,QQRYDVMRQHUHUVDPDUEHLGRJJMHQVLGLJO ULQJ
+YRUGDQIRUHJnUVnLQQRYDVMRQVSURVHVVHULQ ULQJVOLYHW"2JKYRUGDQNDQHQ JMHQQRPYLUNHPLGOHUVWLPXOHUHLQQRYDWLYDNWLYLWHW"
(WVHQWUDOWSRHQJHUDWIUDPEULQJHOVHDYLQQRYDVMRQHUVRPRIWHVWIRUHJnUJMHQ QRPVDPDUEHLGPHOORPPDQJHXOLNHDNW¡UHU%HGULIWHULQQRYHUHUQHVWHQDOGULSn HJHQKnQGGHInULQIRUPDVMRQRJKHQWHUNXQQVNDSIUDPDQJHNLOGHU3URWRW\SHQ SnHQLQQRYDW¡UHUGHUIRULNNHGHQHQVOLJH¶3HWWHU6PDUWW\SHQ·PHGHQJRGSUR GXNWLGpVHOYRPGHWWHRJVnHUHQGHODYELOGHW
,QQRYDVMRQHUVNMHUJMHUQHLHNVLVWHUHQGHYLUNVRPKHWHUVRPKDUNRQWDNWPHGHW PDUNHGRJVRPHQGUHUSURGXNWHUWMHQHVWHUHOOHUSURGXNVMRQVPnWHUXWIUDVLJ QDOHULPDUNHGHW,HQVOLNLQQRYDVMRQVSURVHVVYLOEHGULIWHQRIWHKHQYHQGHVHJWLO VLQHOHYHUDQG¡UHUVRPRJVnPnHQGUHVLQHSURGXNWHURJWMHQHVWHUIRUnKROGH WULWWPHGNXQGHQVQ\YLQQLQJHURJGHUPHGVNMHUGHWHQVSUHGQLQJDYWHNQRORJL RJNRPSHWDQVH9LGHUHPnEHGULIWHQNDQVNMHNRQWDNWHHWIRUVNQLQJVLQVWLWXWWHQ K¡\VNROHHOOHUOLNQHQGHIRUnInO¡VWSUREOHPHUXQGHUYHLVLLQQRYDVMRQVSURVHVVHQ 'HNDQKDNRQWDNWPHGHQ\UNHVVNROHPHG$UEHLGVIRUPLGOLQJHQHOOHUOLNQHQGH IRUnO¡VHHWEHKRYIRURSSO ULQJRJUHNUXWWHULQJVRPLQQRYDVMRQHQNDQNUHYH 'HKDUNRQWDNWPHGRIIHQWOLJHP\QGLJKHWHURJEDQNHUIRUnILQDQVLHUHLQQRYD VMRQVDNWLYLWHWHQRJVnYLGHUH ,QQRYDVMRQRPIDWWHUDOWVnPDQJHDNW¡UHUVRPPnVSLOOHSnODJRJGHWNUHYHVHQ SROLWLNNIRUnInODJVSLOOHWWLOnIXQJHUHEHVWPXOLJ%HJUHSHWLQQRYDVMRQVV\VWHP EHQ\WWHVJMHUQHIRUnEHWHJQHGHDNW¡UHQHVRPEHVWHPPHUGHQLQQRYDWLYH\WHHY QHQWLOEHGULIWHU6\VWHPHWNDQLOOXVWUHUHVVRPLILJXUQHGHQIRU6\VWHPHWWUHQ JHULNNHY UHRJYLOVRPUHJHOLNNHY UHEHYLVVWGHVLJQHWIRUn¡NHLQQRYDVMRQV HYQHQPHQGHWRPIDWWHUDOWVnGHDNW¡UHQHVRPKDUVW¡UVWEHW\GQLQJIRUnVWL PXOHUHLQQRYDVMRQVSURVHVVHU)LJXUHQInUIUDPDWLQQRYDWLYDNWLYLWHWHUHQNRO OHNWLYSURVHVVVRPLQYROYHUHUPDQJHDNW¡UHU
+YHPVRPHUYLNWLJHDNW¡UHULLQQRYDVMRQVV\VWHPHWYDULHUHUPHOORPXOLNHGHOHU DYQ ULQJVOLYHWRJPHOORPXOLNHRPUnGHU+YRUGDQLQQRYDVMRQVV\VWHPHWVHUXWL XOLNHEUDQVMHUL$XVW$JGHURJKYDVRPHUYLNWLJHIODVNHKDOVHUHUYHVHQWOLJH VS¡UVPnOnVYDUHSnLDUEHLGHWPHG6136OLNHVS¡UVPnONRPPHUYLWLOEDNHWLOL SnI¡OJHQGHQRWDWHU)LJXUJLULPLGOHUWLGHQRYHUVLNWRYHUGHWVRPRIWHHUGHYLN WLJVWHDNW¡UHQHLLQQRYDVMRQVV\VWHPHU 67(3$UEHLGVQRWDW$
)LJXU (QNHOLOOXVWUDVMRQDYHWLQQRYDVMRQVV\VWHP
2IIHQWOLJH .RQNXUUHQWHU )R8VHNWRUHQ P\QGLJKHWHU
,QQRYDWLYH .XQGHU /HYHUDQG¡UHU EHGULIWHU
)LQDQVLHULQJVNLOGHU /RNDOHKROGQLQJHU YDQHUHWF $UEHLGVNUDIWHQV NRPSHWDQVH
,VHQWUXPDYILJXUHQHOOHULQQRYDVMRQVV\VWHPHWILQQHVGHLQQRYDWLYHEHGULIWHQH 'HWHUEHGULIWHUVRPVDWVHUSnHQYLVVQ\XWYLNOLQJRJVRPKDUHQEHYLVVWLQQRYD VMRQVVWUDWHJL'LVVHEHGULIWHQHVDPDUEHLGHUDOWVnPHGPDQJHDNW¡UHU'HKHQWHU EODQWDQQHWP\HLQIRUPDVMRQIUDNXQGHURJOHYHUDQG¡UHU6WXGLHUYLVHUDWNXQ GHURJOHYHUDQG¡UHUMHYQWRYHUHUGHYLNWLJVWHLQIRUPDVMRQVNLOGHQHIRUEHGULIWHU YHGLQQRYDWLYDNWLYLWHWPHQGHWWHYDULHUHUPHOORPEHGULIWHURJEUDQVMHU
(QDQQHQYLNWLJDNW¡UHU)R8VHNWRUHQ XQLYHUVLWHWHUK¡\VNROHURJDQGUH)R8 LQVWLWXVMRQHU)RUVNQLQJRJXWYLNOLQJDQVHVLPLGOHUWLGLNNHVRPGHQSULP UH NLOGHQWLOLQQRYDVMRQHUVHOYRPGHWHUWLOIHOOHWLQRHQVY UWNXQQVNDSVLQWHQVLYH Q ULQJHUGHUNRPPHUVLDOLVHULQJDYIRUVNQLQJVUHVXOWDWHUVSLOOHUHQYLNWLJUROOH -HYQWRYHUHUGHWKHOOHUVOLNDWIRUVNQLQJRJXWYLNOLQJNRPPHULQQVRPHQSUR EOHPVO¡VHUXQGHUYHLVLLQQRYDVMRQVSURVHVVHQGHWYLOVLDWEHGULIWHUKHQYHQGHU VHJWLO)R8PLOM¡HUIRUnInO¡VWEHVWHPWHSUREOHPHUHOOHUIRUHNVHPSHOInXWUHGHW DOWHUQDWLYHWHNQRORJLVNHO¡VQLQJHU
$UEHLGVNUDIWHQVNYDOLILNDVMRQHUHUYLNWLJIRULQQRYDWLYDNWLYLWHW'HUPHGYLORJVn LQVWLWXVMRQHUVRPJLUIDJRSSO ULQJYLGHUHJnHQGHVNROHUIDJVNROHUK¡\VNROHURJ $UEHLGVPDUNHGVHWDWY UHYLNWLJHDNW¡UHULLQQRYDVMRQVV\VWHPHW6RPQHYQWDQ VHVLQQRYDVMRQHUEHWUDNWHVVRPLQWHUDNWLYO ULQJJMHQQRPDWLQQRYDVMRQHUXW YLNOHVLVDPDUEHLGPHOORPEHGULIWHURJPHGDQGUHLQVWLWXVMRQHUVRPO UHUDY KYHUDQGUH0HQGHWHURJVnYLNWLJDWKHOHEHGULIWHQHUPHGLLQQRYDVMRQVSURVHV VHQVOLNDWGHWWHLNNHHUQRHVRPLQJHQL¡UHQHRJOHGHOVHQVWHOOHUPHGSn¶HQH URP·'HWVNDOVHOYI¡OJHOLJIRUVNQLQJVRJXWYLNOLQJVNRPSHWDQVHWLOnWDIUDPGH VWRUHUDGLNDOHQ\YLQQLQJHQH'HWHULPLGOHUWLGRJVnYLNWLJPHGPDQJHVPnRJ K\SSLJHHQGULQJHULSURGXNWHURJSURGXNVMRQVPnWHUIRUVWDGLJnIRUEHGUHYLUN VRPKHWHQ²RJGHWWHHUGHQYDQOLJVWHIRUPHQIRULQQRYDVMRQHU'DHUGHWJMHUQH DYJM¡UHQGHnInPHGVHJGHQHUIDULQJHQRJNRPSHWDQVHQVRPRJVnGHSn¶JXOYHW· KDUVRPIRUHNVHPSHONDQVHEHGUHPnWHUnXWI¡UHEHVWHPWHDUEHLGVSURVHVVHU Sn ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ
2IIHQWOLJHP\QGLJKHWHUHUHQDQQHQYLNWLJDNW¡ULLQQRYDVMRQVV\VWHPHW'HEL GUDUWLOnILQDQVLHUHP\HLQQRYDVMRQVDNWLYLWHW2IIHQWOLJHP\QGLJKHWHUXWIRUPHU GHVVXWHQORYHURJUHJOHURJXWI¡UHUHOOHUVDNWLYLWHWHUVRPIUHPPHUHOOHUKHPPHU LQQRYDWLYDNWLYLWHW3ULYDWHILQDQVLQVWLWXVMRQHUNDQRJVnY UHHQYLNWLJDNW¡U VSHVLHOWGHWVRPEHWHJQHVNRPSHWHQWNDSLWDO LQVWLWXVMRQHUVRPIRUVWnUVLWXDVMR QHQLGHQDNWXHOOHEUDQVMHQRJVRPRJVnNDQJnLQQPHGNRPSHWDQVHLEHGULIWHQH LIRUELQGHOVHPHGLQQRYDWLYDNWLYLWHW
+ROGQLQJHURJYDQHUVDPWNXQQVNDSHUYHUYHWJMHQQRPHUIDULQJLGHWGDJOLJHDU EHLGHWNDQRJVnVSLOOHHQVWRUUROOHYHGLQQRYDWLYDNWLYLWHW6OLNHIRUKROGYLOWLOHQ YLVVJUDGY UHKHOWORNDOH'HWHUVQDNNRPKROGQLQJHURJNRPSHWDQVHVRPILQ QHVLQRHQRPUnGHUPHQLNNHLDQGUH)RUHNVHPSHOKHYGHVGHWDWHQNHOWHRP UnGHUNMHQQHWHJQHVDYHWVnNDOWHQWUHSUHQ¡UPLOM¡GHUSHUVRQHUSnHQPnWHRSS PXQWUHVDYGRPLQHUHQGHKROGQLQJHULORNDOPLOM¡HWWLOnSU¡YHVHJPHGQRHQ\WW, DQGUHRPUnGHUNDQGHULPRWGRPLQHUHQGHKROGQLQJHUPRWYLUNHQ\VNDSLQJ
5HJLRQDOHIDNWRUHUNDQVWLPXOHUHLQQRYDWLYDNWLYLWHW 9LKDUVnODQJWLQRWDWHWDUJXPHQWHUWIRUDWGHWnVWLPXOHUHLQQRYDWLYDNWLYLWHW RJELGUDWLO¡NWLQQRYDWLYHYQHLEHGULIWHUHUHQVHQWUDORSSJDYHLUHJLRQDOWRJOR NDOWWLOWDNVDUEHLG'HWEHJUXQQHVPHGDWLQQRYDVMRQHUHUJUXQQOHJJHQGHIRUDW EHGULIWHUVNDONXQQHRSSUHWWKROGHVLQNRQNXUUDQVHVW\UNHSnODQJVLNW²RJGHU PHGIRUDWUHJLRQHUVNDONXQQHRSSOHYHYHNVWRJXWYLNOLQJ9LGHUHKDUYLIUDP KHYHWDWEHGULIWHUVRPRIWHVWLQQRYHUHULVDPDUEHLGPHGDQGUHEHGULIWHURJLQVWL WXVMRQHU'HWnKDGHUHWWHLQVWLWXVMRQHQHLHWRPUnGHRJRSSQnQ UWVDPDUEHLG PHOORPGLVVHRPLQQRYDVMRQHUHUGHUPHGYLNWLJ'HWHURIWHVQDNNRPnELGUDWLO XWYLNOLQJDYV\VWHPHUHOOHUQHWWYHUNDYEHGULIWHURJLQVWLWXVMRQHURJLNNHpQRJ pQHQNHOWEHGULIW
,QWHUHVVHQLIRUVNQLQJRJSROLWLNNXWIRUPLQJKDULI¡UVWHRPJDPJY UWUHWWHWPRW QDVMRQDOHLQQRYDVMRQVV\VWHPHU KYRUGDQLQQRYDVMRQVV\VWHPHQHLKYHUWHQNHOW ODQGIXQJHUHURJKYRUGDQGLVVHNDQEHGUHV'HVLVWHnUDKDUGHWLPLGOHUWLGRJVn Y UW¡NWLQWHUHVVHIRUUHJLRQDOHLQQRYDVMRQVV\VWHPHU'HWRPIDWWHUGHDNW¡UHQHL HQUHJLRQVRPEHVWHPPHUEHGULIWHQHVHYQHWLOnLQQRYHUHLGHWVDPPHRPUnGHW, KYLONHQJUDGV\VWHPHUVRPGHQLILJXUNODUHUnIXQJHUHUJRGWLHQUHJLRQYLO VnOHGHVY UHPHGSnnEHVWHPPHP\HDYGHQODQJVLNWLJHQ ULQJVXWYLNOLQJHQL UHJLRQHQ+YRUVWRUHQUHJLRQHULGHWWHWLOIHOOHWYLOYDULHUHPHOORPEUDQVMHU 6W¡UUHOVHQSnUHJLRQHQDYKHQJHUDYKYRUGHYLNWLJVWHDNW¡UHQHHUORNDOLVHUW ,QQRYDVMRQVV\VWHPHQHNDQRPIDWWHGHOHUDY$XVW$JGHUKHOHI\ONHWPHQNDQ RJVnVWUHNNHVHJXWRYHUI\ONHVJUHQVHQ
5HJLRQDOHIRUKROGHUYLNWLJIRULQQRYDWLYDNWLYLWHWDYIOHUHJUXQQHU)RUGHWI¡UVWH YLONRUWJHRJUDILVNRJ¶NXOWXUHOO·DYVWDQGVWLPXOHUHVDPDUEHLGRJRSSE\JJLQJDY JMHQVLGLJWLOOLWPHOORPSHUVRQHUVRPHUDYJM¡UHQGHIRUnInWLOQ UWVDPDUEHLG RPLQQRYDVMRQHU.RUWDYVWDQGJM¡UGHWHQNOHUHnInWLOUDVNHRJK\SSLJHP¡WHU² RJGHW¡NHUPXOLJKHWHQIRUDWSHUVRQHUKDUVDPPHNXOWXUHOOHEDNJUXQQRJVDP PHIRUVWnHOVHDYIRUHNVHPSHOPXQWOLJHDYWDOHU
'HUQHVWYLOQRHQIRUPHUIRUNXQQVNDSKDHQVWHUNORNDOIRUDQNULQJ0\HNXQQ VNDSEHWHJQHVVRP¶WDXV·'HWHUNXQQVNDSVRPIRUHNVHPSHOHURSSDUEHLGHW 67(3$UEHLGVQRWDW$
JMHQQRPODQJHUIDULQJPHGHQEHVWHPWW\SHQ ULQJVDNWLYLWHWLHWRPUnGH.XQQ VNDSHQHUWDXVIRUGLGHQLQQHKDVDYSHUVRQHURJOHYHUHVYLGHUHIUDSHUVRQWLO SHUVRQLGHWGDJOLJHDUEHLGHW'HWHUNXQQVNDSVRPLNNHIXOOWRJKHOWNDQGRNX PHQWHUHVLPDQXDOHURJO UHE¡NHUGHQHUEXQGHWWLOYDQHUQRUPHURJKROGQLQ JHUSnDUEHLGVSODVVHURJDOWVnWLOXIRUPHOONXQQVNDSVRPDUEHLGVWDNHUHKDURSS DUEHLGHW6OLNWDXVNXQQVNDSDQVHVIRUWVDWWVRPVY UWYLNWLJYHGPDQJHW\SHU LQQRYDWLYDNWLYLWHWVSHVLHOWIRUnRSSQnVWDGLJRSSJUDGHULQJDYSURGXNWHURJ SURGXNVMRQVPnWHU
8OLNHYLUNHPLGOHUIRUXOLNHGHOHUDYQ ULQJVOLYHW 'HWILQQHVLPLGOHUWLGLNNHHWWEHVWHPWYLUNHPLGGHOVRPHUGHWHQHUHWWHLQQHQIRU HQUHJLRQDOLQQRYDVMRQVSROLWLNN9LUNHPLGOHQHPnWLOSDVVHVGHXWIRUGULQJHURJ IODVNHKDOVHUVRPILQQHVLXOLNHW\SHUEHGULIWHU(QYLNWLJKHQVLNWPHGHWWHUI¡O JHQGHQRWDWHUHUVnOHGHVnDYGHNNHIODVNHKDOVHURJXWIRUGULQJHUIRULQQRYDVMRQV DNWLYLWHWLXOLNHGHOHUDY$XVW$JGHUVQ ULQJVOLY VRPHWJUXQQODJIRUnXWIRUPH YLUNHPLGOHUWLOSDVVHWXOLNHW\SHUEHGULIWHUQ ULQJVVHNWRUHURJRPUnGHU
3nSULQVLSLHOWJUXQQODJHUGHWLPLGOHUWLGPXOLJnDQW\GHUHOHYDQWHYLUNHPLGOHU LQQHQIRULQQRYDVMRQVIHOWHWIRUXOLNHW\SHUDYEHGULIWHU1HGHQIRUVNLOOHUYLPHO ORPILUHKRYHGW\SHUDYEHGULIWHURJYLGLVNXWHUHUPXOLJHVWUDWHJLHUIRUGLVVHEH GULIWVW\SHQH9LVHUSn • )LOLDOEHGULIWHUGHWYLOVLEHGULIWHUVRPHUGHOHUDYHWVW¡UUHNRQVHUQ IRUHNV HPSHOHWWUDQVQDVMRQDOWVHOVNDS PHGKRYHGNRQWRUXWHQIRU$XVW$JGHU • 6HOYVWHQGLJHORNDOWHLGHEHGULIWHUVRPLQQJnULORNDOHQ ULQJVPLOM¡HUGHWYLO VLDWGHWILQQHVQ UOLJJHQGHEHGULIWHULVDPPHEUDQVMHVnYHOVRPORNDOHOHYH UDQG¡UHU • 6HOYVWHQGLJHORNDOWHLGHEHGULIWHUXWHQHWORNDOWQ ULQJVPLOM¡GHWYLOVLEH GULIWHUPHGHQDNWLYLWHWVRPGHWILQQHVOLWHDYHOOHUVLI\ONHW • %HGULIWHUVRPHULIHUGPHGnHWDEOHUHV
6WUDWHJL /RNDOIRUDQNULQJDYILOLDOEHGULIWHU %HGULIWHQHVRPHUGHOHUDYVW¡UUHNRQVHUQYLOJMHUQHLQQJnLQDVMRQDOHRJLQWHU QDVMRQDOHLQQRYDVMRQVV\VWHPHU%HGULIWHQHNDQKHQWHPDQJHUHVVXUVHUWLOEUXNL VLQLQQRYDWLYHDNWLYLWHWIUDDQGUHGHOHUDYNRQVHUQHQH'HNDQVDPDUEHLGHPHG IRUVNQLQJVDYGHOLQJHUHOOHUDYDQVHUWHEHGULIWHULNRQVHUQHWRPIRUHNVHPSHOSUR GXNWXWYLNOLQJGHNDQKHQWHUnGRJVW¡WWHWLOPDUNHGVI¡ULQJRJVWUDWHJLXWYLNOLQJ RJVnYLGHUH
+DUILOLDOEHGULIWHQHVnQRHQQ\WWHDYORNDOHRJUHJLRQDOHUHVVXUVHULVLQLQQRYDWL YHDNWLYLWHW",QRHQWLOIHOOHUYLOEHGULIWHQHLNNHKDVWHUNHNREOLQJHUWLOGHWORNDOH Q ULQJVPLOM¡HWVOLNDWGHIUDHWLQQRYDVMRQVSHUVSHNWLYNXQQHY UWORNDOLVHUW QHVWHQKYRUVRPKHOVW9LKDUGHUIRUWLGOLJHUHLQRWDWHWIRUIHNWHWV\QVSXQNWHWRP DWpQVWUDWHJLLWLOWDNVDUEHLGHWNDQY UHnInWLOHQEHGUHORNDOIRUDQNULQJDY GHQQHW\SHQEHGULIWHU
+YRUGDQNDQHQVnInWLOEHGUHORNDOIRUDQNULQJ"7DUHQXWJDQJVSXQNWLWDQNH JDQJHQPHGLQQRYDVMRQVV\VWHPHU MDPI¡UILJXU NDQEHGUHORNDOIRUDQNULQJDY ILOLDOEHGULIWHURSSQnVYHGDWGHWLRPUnGHWILQQHV)R8LQVWLWXVMRQHUPHGUHOHYDQW ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ
NRPSHWDQVHIRUEHGULIWHQHNRPSHWHQWDUEHLGVNUDIWRJDNWXHOOHOHYHUDQG¡UHU 'HWNDQPHGI¡UHDWILOLDOEHGULIWHUILQQHUVWHGHWDWWUDNWLYWVLGHQGHNDQVDPDU EHLGHRPLQQRYDVMRQHUPHGIRUVNHUHYHGHQ)R8LQVWLWXVMRQPHGORNDOHOHYHUDQ G¡UHURJVLGHQGHWHUJRGHPXOLJKHWHUIRUUHNUXWWHULQJDYQ\HNRPSHWHQWHPHG DUEHLGHUH)\ONHVQLYnHWVUROOHLGHQQHVDPPHQKHQJHQNDQV UOLJY UHnV¡UJH IRUUHOHYDQWRJJRGIDJXWGDQQLQJRJRSSO ULQJVDPWELGUDWLOnXWYLNOHORNDOH OHYHUDQG¡UHUVOLNDWGHNDQLQQJnLODQJYDULJVDPDUEHLGPHGILOLDOEHGULIWHQH .DQVNMHNDQRIIHQWOLJHP\QGLJKHWHUVDPDUEHLGHPHGVWRUEHGULIWHQRPXWSHNLQJ DYIHOWHUGHUQ\HHOOHUHNVLVWHUHQGHEHGULIWHUNDQY UHOHYHUDQG¡UHURJRPnXW PHLVOHNRQNUHWHWLOWDNIRUnRSSQnOHYHUDQG¡UHUPHGK¡\NRPSHWDQVHRJNYDOL WHW
6WUDWHJL 7LOI¡UHORNDOHQ ULQJVPLOM¡HUVWUDWHJLVN NRPSHWDQVH /RNDOHQ ULQJVPLOM¡HUHUHQV UOLJYLNWLJPnOJUXSSHIRUUHJLRQDOLQQRYDVMRQV SROLWLNNRJGHWILQQHVLGHWPLQVWHW\GHOLJHWLOO¡SWLOQRHQVOLNHPLOM¡HUL$XVW $JGHUPHG,7LQGXVWULSODVWEnWLQGXVWULRJWUHYDUHLQGXVWULVRPGHPHVWNMHQWH (WDQQHWEHJUHSIRUGHWVDPPHIHQRPHQHWHUUHJLRQDOHQ ULQJVNO\QJHUVRPEH W\UDWGHWVNDOY UHIOHUHEHGULIWHULQQHQGHQVDPPHQ ULQJVVHNWRUHQLHWRPUn GHRJEHGULIWHQHVNDOVDPDUEHLGHPHGKYHUDQGUHIRUHNVHPSHOJMHQQRPNXQGH OHYHUDQG¡UIRUKROG
6OLNHUHJLRQDOHQ ULQJVNO\QJHUDQVHVDYPDQJH¶IRUVWnVHJSnHUH·VRPHWWV\QOLJ XWVODJDYGHQW\SHQVWRUHHQGULQJHULQ ULQJVXWYLNOLQJHQVRPEOHRPWDOWWLGOLJH UHLQRWDWHW QHPOLJRYHUJDQJHQIUDIRUGLVPHWLOHQ¡NRQRPLPHUGRPLQHUWDY K\SSLJHLQQRYDVMRQHURJQLVMHSURGXNVMRQDYNXQGHWLOSDVVHGHNYDOLWHWVYDUHU5H JLRQDOHQ ULQJVNO\QJHUHUYLGHUHHWIHQRPHQVRPDQWDVnInVWDGLJVW¡UUHXWEUH GHOVH*UXQQHQHUDWJRGHQ ULQJVNO\QJHUXWJM¡UGHWEHVWHJUXQQODJHWIRUnInWLO HWLQQRYDWLYWQ ULQJVOLY'HUPHGHUGHQQHPnWHQnRUJDQLVHUHQ ULQJVYLUNVRP KHWSnHWWVYDUSnGHXWIRUGULQJHQHVRPQ ULQJVOLYHWRJQ ULQJVSROLWLNNHQQn VWnURYHUIRU'HWnE\JJHRSSRJYLGHUHXWYLNOHUHJLRQDOHQ ULQJVNO\QJHU²GHU GHWWHHUPXOLJ²HUGHUIRUHWYLNWLJLQVWUXPHQWIRUnRSSQnYHNVWLDQWDOODU EHLGVSODVVHURJYHOVWDQGLHQUHJLRQ
5HJLRQDOHQ ULQJVNO\QJHUHOOHUORNDOHLQGXVWULPLOM¡HUHULPLGOHUWLGLNNHHWJRGH LVHJVHOY'HWILQQHVEnGHG\QDPLVNHQ ULQJVNO\QJHURJNO\QJHUVRPLNNHIXQ JHUHUVRPVWDJQHUHURJHWWHUKYHUWIRUVYLQQHU+YDHUVnUHOHYDQWHYLUNHPLGOHU IRUnVWLPXOHUHLQQRYDWLYDNWLYLWHWLEHGULIWHULUHJLRQDOHQ ULQJVNO\QJHU",JMHQ HUVYDUHWDWYLUNHPLGOHUPnVNUHGGHUV\VWLOYDULHUHQGHEHKRYLGHHQNHOWHNO\Q JHQH(WRYHURUGQHWPnOHULPLGOHUWLGnInGHWUHJLRQDOHLQQRYDVMRQVV\VWHPHWL NO\QJHQHWLOnIXQJHUHEHGUH'HWEHW\UnVLNUHUHOHYDQWRJJRGIDJXWGDQQLQJ VDPWJRGWVDPDUEHLGPHOORPEHGULIWHQHLNO\QJHQ
(WSUREOHPLPDQJHQ ULQJVNO\QJHUHUVDPDUEHLGHWPHG)R8LQVWLWXVMRQHU'HW JMHOGHUVSHVLHOWGHUNO\QJHQGRPLQHUHVDYPDQJHPLQGUHEHGULIWHU6OLNHEHGULI WHUKDUVMHOGHQUHVVXUVHUWLOnVDPDUEHLGHPHG)R8PLOM¡HU²RJKHOOHULNNHUHV VXUVHUWLOnJMHQQRPI¡UHV UOLJIRUVNQLQJRJXWYLNOLQJLHJHQUHJL,PDQJHUHJLR QDOHQ ULQJVNO\QJHUDQVHVGHUIRUWHNQRORJLVHQWUHIRUVWnWWLEUHGPHQLQJVRPHW VSHVLHOWUHOHYDQWYLUNHPLGGHO6OLNHWHNQRORJLVHQWUHNDQKDIOHUHIXQNVMRQHU(Q 67(3$UEHLGVQRWDW$
HUnRSSWUHVRPPHOORPPDQQGHWYLOVLNQ\WWHNRQWDNWPHOORPEHGULIWHULNO\Q JHQRJNRPSHWDQVHPLOM¡HU IRUVNQLQJVLQVWLWXVMRQHUNRQVXOHQWHUDYDQVHUWHEH GULIWHUHWF DQGUHVWHGHU,WLOOHJJNDQWHNQRORJLVHQWUHQHJMHQQRPI¡UHHQYLVV XWYLNOLQJVDNWLYLWHWLHJHQUHJLPHQLVDPDUEHLGPHGORNDOHEHGULIWHUVNROHURJ HYHQWXHOWUHOHYDQWHPLOM¡HUXWHQIRURPUnGHWGHNDQJLUnGJLYQLQJRJKMHOSWLO EHGULIWHUVDPWVWLPXOHUHUWLO¡NWVDPDUEHLGPHOORPEHGULIWHU,UHJLRQDOHQ ULQJVNO\QJHUILQQHVIOHUHEHGULIWHUVRPEDVHUHUVLQYLUNVRPKHWSnGHVDPPH NXQQVNDSVEDVHURJVRPIRUHNVHPSHORSSOHYHUGHVDPPHIODVNHKDOVHQHLVLQ NRPSHWDQVH'HWHUGDYLNWLJnInWLOHQWHNQRORJLVNRJNRPSHWDQVHPHVVLJRSS JUDGHULQJLGHWVWRUHIOHUWDOOHWDYEHGULIWHULNO\QJHQ
6WUDWHJL .Q\WWH¶HQVOLJH·EHGULIWHUWLOQDVMRQDOH NRPSHWDQVHPLOM¡HU 0DQJHEHGULIWHUHULPLGOHUWLG¶HQVOLJHVYDOHU·LVLWWRPUnGHGHKDUInHOOHULQJHQ DQGUHORNDOHEHGULIWHUnVDPDUEHLGHPHG7DQNHJDQJHQRPUHJLRQDOHLQQRYD VMRQVV\VWHPHUHULNNHV UOLJUHOHYDQWLVOLNHWLOIHOOHU2IIHQWOLJHP\QGLJKHWHU NDQLNNHV¡NHnVWLPXOHUHWLO¡NWVDPDUEHLGRPLQQRYDVMRQHUPHGIRUHNVHPSHO DQGUHOLNQHQGHEHGULIWHUOHYHUDQG¡UHURJ)R8PLOM¡HULQ UKHWHQQnUGLVVHLNNH ILQQHV'HWnJMHQQRPI¡UHLQQRYDVMRQHUHULPLGOHUWLGDYJM¡UHQGHIRUODQJVLNWLJ NRQNXUUDQVHHYQHRJVnIRUGHQQHW\SHQEHGULIWHU+YDHUVnGHUHOHYDQWHYLUNH PLGOHQHIRUnVWLPXOHUHLQQRYDVMRQHULGHQQHW\SHQEHGULIWHU"
(WWUHOHYDQWYLUNHPLGGHONDQEHWHJQHVVRPPHOORPPHQQ'HWWHHULQVWLWXVMRQHU VRPVNDOELGUDWLODWYLNWLJNRPSHWDQVHLUHJLRQDOHRJQDVMRQDOHNRPSHWDQVH PLOM¡HUEOLUWLOJMHQJHOLJIRUDQGUHHQQGHEHGULIWHQHVRPSnHJHQKnQGRSSV¡NHU VOLNHPLOM¡HU1RHQ¶HQVOLJHVYDOHU·YLOQHPOLJY UHVY UWUHVVXUVVWHUNHEHGULIWHU VRPDOOHUHGHHUGHOHUDYHWQDVMRQDOWHOOHULQWHUQDVMRQDOWQHWWYHUNRJVRPIRU HNVHPSHOVDPDUEHLGHUEUDPHG)R8PLOM¡HURJDQGUHDYDQVHUWHEHGULIWHUXWHQ IRU$XVW$JGHU6OLNHEHGULIWHUNDQKDPDQJHIHOOHVWUHNNPHGILOLDOEHGULIWHQH VRPEOHRPWDOWIRUDQPHGXQQWDNDWGHJMHUQHHUVWHUNHUHIRUDQNUHWJMHQQRP ORNDOWHLHUVNDSRJRJVnLQRHQWLOIHOOHUJMHQQRPEUXNDYORNDOHQDWXUUHVVXUVHU 6RPIRUILOLDOEHGULIWHQHHUUHOHYDQWH¶LQQRYDVMRQVUHWWHWH·YLUNHPLGOHURYHUIRUVOL NHEHGULIWHUnV¡UJHIRUVNUHGGHUV\GGXWGDQQLQJRJRSSO ULQJVDPWVWLPXOHUHWLO IOHUHORNDOHXQGHUOHYHUDQVHU
$QGUHW\SHU¶HQVOLJHVYDOHU·KDUVW¡UUHEHKRYIRUKMHOSWLOnILQQHDNWXHOOHVDPDU EHLGVSDUWQHUHDQGUHVWHGHU²RJYLJMHQWDULJMHQDYVDPDUEHLGRJLQQKHQWLQJDY VSHVLDOLVHUWNRPSHWDQVHHUHQVY UWYHVHQWOLJDNWLYLWHWYHGLQQRYDVMRQVSURVHV VHU9LNDQEHO\VHPHOORPPDQQIXQNVMRQHQPHGnYLVHWLO1\VNDSLQJVRJWHN QRORJLSURJUDPPHWIRU1RUG1RUJH 17SURJUDPPHW 'HWHUHWSURJUDPVRP KDUJMRUWPDQJHDYGHUHWWHJUHSHQHQnUGHWJMHOGHUnELGUDWLOLQQRYDWLYDNWLYL WHWLEHGULIWHU3URJUDPPHWKDUVRPHQYLNWLJRSSJDYHnNQ\WWHNRQWDNWHUPHO ORPEHGULIWHURJNRPSHWDQVHPLOM¡HUEnGHL1RUG1RUJHRJDQGUHVWHGHU'HWWHHU YLNWLJLSHULIHUHRPUnGHUGHUGHWPDQJHVWHGHUHUODQJWPHOORPEHGULIWHQHRJ W\QQHQ ULQJVPLOM¡HU'HWHUVRPVDJWYDQVNHOLJnVNDSHUHJLRQDOHLQQRYDVMRQV V\VWHPHULVOLNHRPUnGHUDYPDQJHOSnSRWHQVLHOOHVDPDUEHLGVSDUWQHUHEnGH EODQWEHGULIWHURJ)R8LQVWLWXVMRQHU6NDOEHGULIWHQHXWYLNOHVHJPnGHNQ\WWHV WLOPLOM¡HUDQGUHVWHGHURJGHWnVWLPXOHUHVOLNWVDPDUEHLGJMHQQRPIRUHNVHP SHOHQIRUPIRU¶IDGGHUVWLSHQGHU·NDQY UHHWUHOHYDQWYLUNHPLGGHO ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ
6WUDWHJL 6NDS¶VW¡WWHPLOM¡·UXQGWQ\HWDEOHUH (QVLVWHW\SHEHGULIWHUHUGHVRPHULIHUGPHGnEOLHWDEOHUWHOOHUVRPHUSnLGp VWDGLHWcVW¡WWHRSSRPQ\HWDEOHULQJHUYLORJVnY UHHQYLNWLJGHODYHQUHJLRQDO LQQRYDVMRQVVWUDWHJLVHOYRPODQJWIUDDOOHQ\HEHGULIWHUHULQQRYDWLYH1\HEH GULIWHUNDQLPLGOHUWLGNRPPHLQQPHGQ\HO¡VQLQJHULSURGXNWHURJSURGXN VMRQVPnWHURJGHNDQGHUPHGOHJJHHWSUHVVSnGHHNVLVWHUHQGHEHGULIWHQHRPn LQQRYHUH'HWHURJVnPDQJHHNVHPSOHUSnDWQ\HEHGULIWHUKDUKDWWVWRUHULQJ YLUNQLQJHULHWRPUnGHRJIRUHNVHPSHOJLWWRSSKDYWLOQ\HORNDOHQ ULQJVPLOM¡HU 'HWKDUJMHUQHVNMHGGJMHQQRP¶DYOHJJHUPHNDQLVPHU· SHUVRQHUVRPKDUDUEHLGHW LGHQHOOHUGHI¡UVWHSLRQHUEHGULIWHQHRJO UWVHJHWIDJKDUVLGHQVWDUWHWIRUVHJ VHOY6OLNHULQJYLUNQLQJHUNDQV UOLJIRUHNRPPHLVHNWRUHUGHUGHWHUYRNVHQGH PDUNHGHURJODYHHWDEOHULQJVWHUVNOHUGHWYLOVLGHUNUDYHQHWLONDSLWDONRQWDN WHURJVSHVLDOLVHUWNRPSHWDQVHLNNHHUVSHVLHOWVWRUHGHQI¡UVWHWLGHQ6OLNH¶DY OHJJHUPHNDQLVPHU·IRUHNRPLVLQWLGIUD6WUDWRQLF VRPQnKHWHU.LWURQ RJIUD SODVWDYGHOLQJHQYHGWLGOLJHUH$QFDV%nWE\JJHULSn7URP¡\D'HVLVWHnUDHUIRU ¡YULJGHVDPPHPHNDQLVPHQHREVHUYHUWYHGHWDEOHULQJDYQHWWVHOVNDSHURJPXO WLPHGLDEHGULIWHUL2VORRPUnGHW
6W¡WWHWLOQ\HEHGULIWHUKDUJMHUQHY UWVRPGLUHNWHHWDEOHULQJVVW¡WWHRJUnGJLY QLQJWLOHQNHOWEHGULIWHUHOOHUHWDEOHUHUH'HWWHHUHWYLNWLJYLUNHPLGGHORYHUIRU GHQQHW\SHQEHGULIWHU'HWKDULPLGOHUWLGYLVWVHJVRPRPWUHQWXPXOLJnSOXNNH XW¶YLQQHUH·SnIRUKnQG$QDO\VHUYLVHUDWHWOLWHDQWDOOQ\HEHGULIWHUYRNVHU VY UWUDVNWPHQVIOHUWDOOHWDYQ\HEHGULIWHUIRUEOLUVPnRJHQVY UWVWRUDQGHO QHGOHJJHVHWWHUQRHQInnU7DOOIUDPDQJHODQGYLVHUIRUHNVHPSHODWQHVWHQ KDOYSDUWHQDYDOOHQ\HEHGULIWHUHURSSK¡UWHWWHUIHPnU
6HWWIUDHWLQQRYDVMRQVSHUVSHNWLYHUGHWYLNWLJnSnSHNHDWRSSJDYHQODQJWIUDHU IHUGLJQnUEHGULIWHQHUEOLWWHWDEOHUW%HGULIWHUPnIRUWVHWWHnY UHLQQRYDWLYH RJVnHWWHUHWDEOHULQJHQGHUVRPGHLNNHVNDOKDYQHLGHQKDOYGHOHQDYQ\HEH GULIWHUVRPIRUWEOLUQHGODJW'HVVXWHQPnGHWSnSHNHVDWHWDEOHULQJHUHOOHULQQ RYDVMRQHUIRUGHQVDNHQVVN\OGLNNHNXQHUHWWHNQRORJLVNDQOLJJHQGHVRPnIn HWQ\WWSURGXNWWLOnIXQJHUH(WDEOHULQJRJLQQRYDVMRQRPIDWWHUHQUHNNHDQGUH VS¡UVPnOVRPnInRYHUVLNWRYHUHWPDUNHGRUGQHILQDQVLHULQJInNRQWDNWPHG OHYHUDQG¡UHUUHNUXWWHUHDUEHLGVNUDIWPHGQ¡GYHQGLJHNYDOLILNDVMRQHUInXWUH GHWEHVWHPWHSUREOHPHUKRVHQ)R8LQVWLWXVMRQRJVnYLGHUH2IWHHUHWDEOHUHUH VSHVLDOLVWHUSnWHNQRORJLHQPHQVGHNDQPDQJOHNXQQVNDSRPPDQJHDYGHDQ GUHVLGHQHYHGHQHWDEOHULQJHOOHUHQLQQRYDVMRQ5nGJLYQLQJRJVW¡WWHXWRYHU WHNQRORJLVNHIHOWHUHUGHUPHGYLNWLJ/LNHVnIUDPVWnUGHWVRPYLNWLJnNQ\WWH EHGULIWHUWLOHWLQQRYDVMRQVV\VWHPHQWHQGHWHUWLOUHJLRQDOHDNW¡UHUGHUGHWWH ILQQHVHOOHUWLOQDVMRQDOHDNW¡UHU
3HUVSHNWLYHWPHGLQQRYDVMRQVV\VWHPHUHUVnOHGHVRJVnVY UWUHOHYDQWIRUnXW PHLVOHUHOHYDQWHYLUNHPLGOHURYHUIRUQ\HWDEOHUWHEHGULIWHU'HIOHVWHQ\HEHGULI WHUHUVY UWVPn²RJKDUNDQVNMHLHQGDVW¡UUHJUDGHQQDQGUHPLQGUHEHGULIWHU HWSUREOHPPHGnY UH¶LVROHUWH·GHWYLOVLDWGHPDQJOHUDQGUHEHGULIWHURJLQVWL WXVMRQHUnVDPDUEHLGHPHG'HWnELGUDWLONRQWDNWRJVDPDUEHLGPHGDQGUHUH OHYDQWHDNW¡UHUHUGHUPHGHQVY UWDNWXHOOVWUDWHJLIRUQ\HWDEOHULQJHU 67(3$UEHLGVQRWDW$
'HQJDPOHDNNYLVLVMRQVVWUDWHJLHQNDQRJVnEHQ\WWHVIRUnInLQQQ\HEHGULIWHUWLO HWRPUnGH'HWEHW\UnSU¡YHnInEHGULIWHUVRPHUSn·IO\WWHIRW·WLOnYHOJH$XVW $JGHUVRPORNDOLVHULQJVVWHGHOOHUSU¡YHnInKHOWQ\HEHGULIWHUWLOnYHOJHn HWDEOHUHVHJL$XVW$JGHU6RPQHYQWWLGOLJHUHLQRWDWHWNDQHQSU¡YHnEUXNH DNNYLVLVMRQVWUDWHJLVNJMHQQRPnInWDNLQ\HEHGULIWHULQQHQIRURPUnGHUGHUGHW DOOHUHGHILQQHVHWQ ULQJVPLOM¡L$XVW$JGHU'HWNDQIRUHNVHPSHOY UHEHGULI WHUVRPNDQY UHNXQGHUHOOHUOHYHUDQG¡UHUIRUDOOHUHGHHNVLVWHUHQGHEHGULIWHUL $XVW$JGHU'HWHUP\HVRPW\GHUSnDWEHGULIWHUL¡NHQGHJUDGYXUGHUHUGHW RPNULQJOLJJHQGHQ ULQJVPLOM¡HW²RJKYLONHQQ\WWHGHVHOYNDQKDDYGHWWH²QnU GHOHWHUHWWHUDOWHUQDWLYHORNDOLVHULQJVVWHGHU
2SSVXPPHULQJ (QPXOLJLQQRYDVMRQVVWUDWHJLIRU$XVW $JGHU 1RWDWHWKDUDUJXPHQWHUWIRUDWLQQRYDVMRQHUHUHQDYJM¡UHQGHNRQNXUUDQVHIDN WRULQ ULQJVOLYHWLGDJ%HGULIWHUNDQLNNHRYHUODQJWLGOLWHSnVLQHHNVLVWHUHQGH SURGXNWHURJWMHQHVWHUHOOHUPnWHUnJM¡UHWLQJSn'HPnLQQRYHUHIRUnIRUVYDUH VLQSODVVLQ ULQJVOLYHW,QQRYDVMRQHUVNMHULVWRUJUDGVRPK\SSLJHPLQGUHHQG ULQJHULSURGXNWHURJPnWHUnSURGXVHUHSn'HWNDQLPLGOHUWLGRJVnIRUHNRPPH VW¡UUHHQGULQJHUVRPNDQVNDSHEHW\GHOLJHRPYHOWQLQJHULPDQJHQ ULQJVVHNWR UHU,GDJIUDPVWnUQ\LQIRUPDVMRQVRJNRPPXQLNDVMRQVWHNQRORJLVRPpQYLNWLJ IDNWRUVRPNDQHQGUHNRQNXUUDQVHVLWXDVMRQHQLPDQJHVHNWRUHU
)RUnJMHQQRPI¡UHLQQRYDVMRQHUPnEHGULIWHUE\JJHRSSVSHVLDOLVHUWNRPSHWDQVH LQWHUQWLEHGULIWHQ'HWHULPLGOHUWLGRJVnYLNWLJnKHQWHLQQNRPSHWDQVHIUD PDQJHHNVWHUQHNLOGHU²RJEHGULIWHUO UHUQ\WWLVDPDUEHLGPHGDQGUHDNW¡UHU 'HWHURJVnVOLNDWEHGULIWHULQQRYHUHUSnVY UWXOLNHPnWHURJGHKDUXOLNHEH KRYLLQQRYDVMRQVSURVHVVHQ
8WIUDHQVOLNIRUVWnHOVHDYYLUNHOLJKHWHQIRUHVOnVGHWDW$XVW$JGHULVLQ6WUD WHJLVNH1 ULQJVSODQIRNXVHUHUSnYLUNHPLGOHUVRPNDQVW\UNHEHGULIWHUVLQQRYD WLYHDNWLYLWHW+YDHUVnGHQQHW\SHQDYYLUNHPLGOHU"'HWPnDYJM¡UHVJMHQQRP HPSLULVNHDQDO\VHUDYLQQRYDVMRQVDNWLYLWHWLXOLNHW\SHUEHGULIWHURJJMHQQRP DQDO\VHDYIODVNHKDOVHURJEHKRYLXOLNHGHOHUDYQ ULQJVOLYHW3nSULQVLSLHOW JUXQQODJKDUYLLPLGOHUWLGVDWWRSSI¡OJHQGHW\SHUDYYLUNHPLGOHUVRPVSHVLHOW DNWXHOOHLHQLQQRYDVMRQVVDPPHQKHQJ MDPI¡UWDEHOO • 6¡UJHIRUEHGUHORNDOHIRUDQNULQJDYILOLDOEHGULIWHUJMHQQRPEODQWDQQHWWLOUHW WHOHJJLQJDYXWGDQQLQJRJRSSO ULQJWLOSDVVHWGLVVHEHGULIWHQHVEHKRYRJVWL PXOHULQJDYORNDOHOHYHUDQG¡UHUWLOILOLDOEHGULIWHQH,GHWKHOHWDWWDQVHVXW GDQQLQJPHGUHJQHWHWWHUXWGDQQLQJRJRPVNROHULQJVRPHQDYGHYLNWLJVWH DNWLYLWHWHQHLGHQ¶Q\HO UHQGH¡NRQRPLHQ·'HWEHW\UDWQ ULQJVXWYLNOLQJRJ XWGDQQLQJPnVHHVLQ UVDPPHQKHQJ • 9LGHUHXWYLNOHUHJLRQDOHLQQRYDVMRQVV\VWHPHUGHUGHWILQQHVHWORNDOWQ ULQJVPLOM¡HOOHUHQUHJLRQDOQ ULQJVNO\QJHHOOHUHWSRWHQVLDOIRUnGDQQHGHW WH(WWUHOHYDQWYLUNHPLGGHOHUWHNQRORJLVHQWHUVRPNDQRUJDQLVHUHVSnXOLNH PnWHU(QYLNWLJKHQVLNWPHGVHQWUHQHHUnVDPDUEHLGHPHGEHGULIWHULNO\Q JHQRPRSSDUEHLGLQJDYNRPSHWDQVHSnVWUDWHJLVNYLNWLJHIHOWHUIRUEHGULIWHQH LNO\QJHQVWLPXOHUHWLOVDPDUEHLGVSURVMHNWHUPHOORPEHGULIWHURJVnYLGHUH ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ
• 9 UHPHOORPPHQQIRUVHOYVWHQGLJHEHGULIWHUVRPLNNHLQQJnULHOOHUNDQQD WXUOLJLQQJnLORNDOHQ ULQJVPLOM¡HU'HWEHW\UnELGUDWLODWVOLNHPLOM¡HU NRPPHULNRQWDNWPHGUHOHYDQWHNRPSHWDQVHPLOM¡HUDQGUHVWHGHU • %LGUDWLODWQ\HEHGULIWHUNQ\WWHVWLOUHOHYDQWHUHJLRQDOHHOOHUQDVMRQDOHLQQR YDVMRQVV\VWHPHUIRUnVLNUHLQQRYDVMRQRJXWYLNOLQJRJVnHWWHUHWDEOHULQJHQ 'HWHURJVnDNWXHOWnInLQQQ\HEHGULIWHUJMHQQRPDNNYLVLVMRQ²RJVSHVLHOW DUEHLGHIRUnInLQQEHGULIWHUVRPNDQXWI\OOH¶KXOOHU·LHNVLVWHUHQGHQ ULQJV PLOM¡HURJUHJLRQDOHLQQRYDVMRQVV\VWHPHU
7DEHOO 2SSVXPPHULQJDYDNWXHOOHLQQRYDVMRQVVWUDWHJLHUIRUXOLNHW\SHUDY EHGULIWHU %HGULIWVW\SH +RYHGPnOPHGVWUDWHJL 5HOHYDQWHYLUNHPLGOHU HQ )LOLDOEHGULIWHU /RNDOIRUDQNULQJDYILOLDO 6NUHGGHUV\XWGDQQLQJ EHGULIWHU 6WLPXOHUHIUDPYHNVWDY ORNDOHOHYHUDQG¡UHU 6HOYVWHQGLJHEHGULI 9LGHUHXWYLNOHUHJLRQDOH %LGUDWLOHWDEOHULQJDY WHULORNDOHQ ULQJV LQQRYDVMRQVV\VWHPHU ¶WHNQRORJLVHQWUH· PLOM¡HU 6HOYVWHQGLJHEHGULI .Q\WWHEHGULIWHQWLONRP 9 UHPHOORPPDQQ WHUVRPHU¶HQVOLJH SHWDQVHPLOM¡HUDQGUHVWH VYDOHU· GHU 1\HWDEOHULQJHU .Q\WWHEHGULIWHUWLOLQQR 9 UHPHOORPPDQQ YDVMRQVV\VWHPHU $NNYLVLVMRQ
+YDQn" 'HWWHI¡UVWHQRWDWHWIUD67(3JUXSSHQKDUDUJXPHQWHUWIRUDW$XVW$JGHUE¡U YHOJHHQLQQRYDVMRQVVWUDWHJLVRPXWJDQJVSXQNWIRUDUEHLGHWPHGVLQ6WUDWHJLVNH 1 ULQJVSODQ(QVOLNVWUDWHJLDQVHVVRPHWUHOHYDQWVYDUSnGHXWIRUGULQJHQH VRPQ ULQJVOLYHWLI\ONHWP¡WHUJMHQQRP¶VWRUH·XWYLNOLQJVWUHNNL¡NRQRPLHQ *MHQQRPnIRNXVHUHSnLQQRYDWLYDNWLYLWHWYLOGHVVXWHQ1 ULQJVSODQHQRPIDWWH JUXQQOHJJHQGHGULYNUHIWHUEDNUHJLRQDOQ ULQJVXWYLNOLQJ(QLQQRYDVMRQVVWUD WHJLPnLPLGOHUWLGWLOSDVVHVXOLNHW\SHUDYEHGULIWHURJQRWDWHWKDUGLVNXWHUWDN WXHOOHVWUDWHJLHUIRUILUHKRYHGW\SHUDYEHGULIWHU'HWnVNUHGGHUV\XWGDQQLQJWLO Q ULQJVOLYHWVEHKRYYLGHUHXWYLNOHORNDOHLQQRYDWLYHQ ULQJVPLOM¡HUVDPW NQ\WWHEHGULIWHUWLONRPSHWDQVHPLOM¡HUDQGUHVWHGHUIUDPVWnUVRPDNWXHOOHYLU NHPLGOHUIRUIOHUHW\SHUDYEHGULIWHU
,GHWYLGHUHELGUDJHWWLODUEHLGHWPHG613IRU$XVW$JGHUVNDO67(3JUXSSHQ V UOLJDUEHLGHPHGnNRQNUHWLVHUHGHRPWDOWHIRUVODJHQHWLOYLUNHPLGOHU'HWWH QRWDWHWPnDQVHVVRPHWIRUV¡NSnnDYNODUHKYDVRPHUYLNWLJHJHQHUHOOHXWIRUG ULQJHUIRUQ ULQJVOLYHWRJKYDVRPHUPXOLJHVWUDWHJLHULGHWUHJLRQDOHRJORNDOH WLOWDNVDUEHLGHWIRUnVYDUHSnGLVVHXWIRUGULQJHQH,GHWYLGHUHDUEHLGHWEHQ\WWHV WLOQ UPLQJVPnWHQLQRWDWHWVRPHWUHGVNDSIRUnNRQNUHWLVHUHQ UPHUHKYDHQ LQQRYDVMRQVVWUDWHJLIRU$XVW$JGHUNDQEHVWnL 67(3$UEHLGVQRWDW$
)RUGHWIRUPnOHWVNDOGHWJMHQQRPI¡UHVWRW\SHUDYDQDO\VHU)¡UVWIRUHWDVHQ NDUWOHJJLQJDYYLNWLJHVLGHUYHGQ ULQJVXWYLNOLQJHQL$XVW$JGHUYHGKMHOSDY WLOJMHQJHOLJVWDWLVWLNN QRWDW 'HWVNDOEODQWDQQHWDYJUHQVHVYLNWLJHQ ULQJHU RJQ ULQJVNO\QJHUL$XVW$JGHU'HUQHVWJMHQQRPI¡UHVHQUHNNHSHUVRQOLJHLQ WHUYMXHUPHGEHGULIWVOHGHUHRJDQGUHYLNWLJHLQIRUPDQWHU QRWDW +HQVLNWHQHU nXQGHUV¡NHKYRUGDQLQQRYDWLYDNWLYLWHWJMHQQRPI¡UHVL$XVW$JGHUVQ ULQJVOLY RJKYDVRPHUYLNWLJHXWIRUGULQJHURJIODVNHKDOVHUIRUnEHGUHGHQLQQRYDWLYHDN WLYLWHWHQRJNRQNXUUDQVHHYQHQLEHGULIWHQH
3nEDNJUXQQDYGHRPWDOWHDQDO\VHQHXWDUEHLGHVWLOVLVWIRUVODJWLONRQNUHWH VWUDWHJLHURJYLUNHPLGOHUIRUXOLNHW\SHUDYEHGULIWHU QRWDW 1RWDW 1 ULQJVVWUXNWXURJLQQRYDVMRQL$XVW $JGHU²6WDWLVWLVNDQDO\VH
$Y1LOV+HQULN6ROXP
,QQOHGQLQJ 'HWWHQRWDWHWHUXWDUEHLGHWVRPHQGHODY67(3JUXSSHQVRSSGUDJIRU$XVW $JGHUI\ONHVNRPPXQHVRPJMHOGHUELGUDJYHGXWDUEHLGLQJDYQ\VWUDWHJLVNQ ULQJVSODQ 613 IRUI\ONHW'HWWHHUQRWDWQULGHQQHVDPPHQKHQJHQ'HWI¡U VWHQRWDWHWJDHQRYHUVLNWRYHUQRHQVWRUHWUHQGHULGHQ¡NRQRPLVNHXWYLNOLQJHQ RJGHWEOHDUJXPHQWHUWIRUDW$XVW$JGHUE¡UYHOJHHQLQQRYDVMRQVVWUDWHJLVRP XWJDQJVSXQNWIRUDUEHLGHWPHG613VRPHWWVYDUSnGHVWRUHWUHQGHQH1RWDW QUGLVNXWHUWHRJVnKYDHQLQQRYDVMRQVVWUDWHJLNDQRPIDWWH
,GHWIRUHOLJJHQGHQRWDWHWJLVHQRYHUVLNWRYHUYLNWLJHVLGHUYHGQ ULQJVXWYLNOLQ JHQL$XVW$JGHUGHWYLOVLQ ULQJVVWUXNWXUXWGDQQLQJVQLYnRJLQQRYDWLYDNWL YLWHW1RWDWHWGDQQHUHQGHODYJUXQQODJHWIRUXWDUEHLGLQJDYIRUVODJWLOLQQRYD VMRQVVWUDWHJLHUIRUXOLNHGHOHUDY$XVW$JGHUVQ ULQJVOLYLGHWVRPVNDOEOLQR WDWQUIUD67(3JUXSSHQLRSSGUDJHWIRU$XVW$JGHUI\ONHVNRPPXQH
'HWIRUHOLJJHQGHQRWDWHWEDVHUHVSnWLOGHOVKHOWQ\HVWDWLVWLVNHGDWDVRPRPIDW WHULQIRUPDVMRQRPQ ULQJVIRUKROGL1RUJH)¡UGHQDQDO\WLVNHGHOHQSUHVHQWH UHVJLVHQNRUWIDWWHWSUHVHQWDVMRQDYGDWDPDWHULDOHW'HWWHPDWHULDOHWEUXNHVVn WLOnVLQRHRPKYLONHQ ULQJHUVRPHUVSHVLHOWYLNWLJHL$XVW$JGHURJJLHQEH VNULYHOVHDYXWYLNOLQJHQLQQHQGLVVHQ ULQJVRPUnGHQH'HUHWWHUYLOYLVHSnVL WXDVMRQHQLQQHQ$XVW$JGHUJMHQQRPnGHOHI\ONHWRSSLILUHUHJLRQHU7LOVOXWW YXUGHUHVLQQRYDVMRQVDNWLYLWHWLQQHQI\ONHWVEHGULIWHUVSHVLHOW
'HVLVWHnUHQHHUGHWEOLWWUHWWHWVWRURSSPHUNVRPKHWPRWLQQRYDVMRQVHYQHVRP HWYLNWLJNULWHULXPIRUEHGULIWHUVVnYHOVRPUHJLRQHUVRJQDVMRQHUV´RYHUOHYHOVHµ RJYHNVW.RUWVDJWYLOXWYLNOLQJHQLGHIOHVWHPDUNHGHUHQGUHNRQNXUUDQVHEHWLQ JHOVHQHRYHUWLG'HUPHGEOLUGHWVY UWYLNWLJnSURGXVHUHQ\WWEHGUHHOOHUELOOL JHUH *MHUQHQ\WWEHGUHRJELOOLJHUH 7LOWURVVIRUWUHGHOLQJHQDYQRWDWHWLQ ULQJVVWUXNWXUXWGDQQLQJVQLYnRJLQQRYDVMRQPnGHIRUVNMHOOLJHGHOHQHVHHVL VDPPHQKHQJPHGKYHUDQGUH)RUnNXQQHSHNHXWKYLONHQ ULQJHUVRPHUVSH VLHOWYLNWLJHIRU$XVW$JGHUPnPDQYXUGHUHV\VVHOVHWWLQJVP¡QVWUHQ ULQJV VWUXNWXUDQWDOOEHGULIWHUORNDOLVHULQJRJDQQHW'HWYLORJVnY UHQ\WWLJnVHRP VLWXDVMRQHQPDQEHVNULYHUIRUI\ONHWVRPHQKHOKHWHUHJQHWRJVnWLOnEHVNULYH VLWXDVMRQHQLQQHQI\ONHWVXOLNHUHJLRQHU7LOVOXWWHUGHWYLNWLJnYXUGHUHVLWXD VMRQHQLQQHQIRUVNMHOOLJHW\SHULQQRYDVMRQVDNWLYLWHWLRPUnGHW'HWKDUYLVWVHJ WLGOLJHUHDWQ ULQJVVWUXNWXULVHJVHOYHUHQYLNWLJIRUNODULQJVPHNDQLVPHIRUX OLNHLQQRYDVMRQVVWUDWHJLHULXOLNHUHJLRQHU 'HVWDWLVWLVNHGDWDHQHWLOQRWDWHWHUVWRUWVHWWIUHPVNDIIHWDY+HLGL:LLJ
67(3$UEHLGVQRWDW$
'DWDPDWHULDOHW 8WJDQJVSXQNWHWIRUDQDO\VHQHLQRWDWHWHUGDWDVHWWODJHWJMHQQRPVDPPHQNRE OLQJHQDYXOLNHRIIHQWOLJHUHJLVWUH,GHWWHWLOIHOOHGUHLHUGHWVHJRPNREOLQJHU6WD WLVWLVN6HQWUDOE\Un 66% KDUJMRUW'DWDVHWWHWRPWDOHVRIWHVRPµV\VVHOVHWWLQJV ILOHQHµRJEHVWnUDYGDWDIUD5LNVWU\JGHYHUNHWV$UEHLGVJLYHUUHJLVWHU66%VSHU VRQVWDWLVWLNN0RPVUHJLVWHUHWGDWDIUD6NDWWHHWDWHQRJQRHQDQGUHPLQGUHUH JLVWUH'LVVHUHJLVWUHQHJLURVVEODQWDQQHWRSSO\VQLQJHURPXWGDQQLQJLQQWHNW RJDUEHLGVSODVVIRUDOOHSHUVRQHUPHOORPRJnUERVDWWL1RUJH'HWWHLQNOX GHUHURPODJI¡UWLWXVHQPHGXWHQODQGVNVWDWVERUJHUVNDS'DWDVHWWHWRPIDWWHU RYHUWUHPLOOLRQHUSHUVRQHUPHGKYHUWVLWWHOHNWURQLVNHNDUWRWHNNRUWPHGXOLNH RSSO\VQLQJHU
6HOYRPGHWWHHUQ\HRJULNHGDWDNLOGHUHUGHWYLNWLJnKDNODUWIRUVHJDWGHLNNH EOHODJHWIRUIRUVNQLQJVIRUPnO'HWHUYDULHUHQGHNYDOLWHWSnUHJLVWUHQHRJVnL IRUKROGWLOGHDGPLQLVWUDWLYHIRUPnOHQHGHHUODJHWIRU'HEOHLNNHODJHWIRUn NREOHVVDPPHQGYVDWGHWHULNNHEUXNWHWIHOOHVVHWWDYGHILQLVMRQHUHOOHUUH JLVWUHULQJVUXWLQHU)RUHO¡SLJHUHQEDUHLVWDUWIDVHQQnUGHWJMHOGHUDUEHLGHWPHG KDUPRQLVHULQJDYLQIRUPDVMRQHQLGHXOLNHUHJLVWUHQH)RUPHQVYLWLGOLJILNNHW SHUVRQQXPPHUHUGHWI¡UVWPHGRSSUHWWHOVHQDYGHWVnNDOWH(QKHWVUHJLVWHUHWL DWGHWRJVnHUODJHWHWIHOOHVQXPPHUIRUDOOHRUJDQLVDVMRQHU EHGULIWHURI IHQWOLJHHWDWHUXOLNHLQVWLWXVMRQHU 7LGOLJHUHKDUPDQRIWHEUXNWHWHJHWQXP PHULXOLNHUHJLVWUH+HOOHULNNHLGHWLOIHOOHQHGHUHQKDUEUXNWVDPPHQXPPHU KDUGHWY UWIHOOHVUXWLQHUIRURSSUHWWHOVHHQGULQJRJVOHWWLQJDYQXPUH'HSUR EOHPHQHVRPRSSVWnUSnJUXQQDYGHWWHVNDOYLLNNHJnQ UPHUHLQQSnKHU
'HWKDURJVnVNMHGGHQXWYLNOLQJDYKYDVRPEOLUUHJLVWUHUW9LKDUIHNVLNNH VDPPHQOLJQEDUHGDWDRPVM¡OYVWHQGLJHQ ULQJVGULYHQGHIRUnUHQH RJ GHUIRUVNDOYLKHUEDUHWDIRURVVXWYLNOLQJHQIRUO¡QQVWDNHUH$YGH GU¡\WPLOOLRQHUV\VVHOVDWWHL1RUJHXWJM¡UO¡QQVWDNHUQHQRHRYHUPLOOSHU VRQHU
2SSO\VQLQJHQHHUJLWWDY$QGHUV(NHODQGDQVYDUOLJIRUGDWDEDVHQYHG67(3JUXSSHQ 'LVVHWDOOHQHIUD6WDWLVWLVNcUERNHULNNHEDVHUWSnRIIHQWOLJHUHJLVWUHPHQSn$UEHLGV NUDIWXQGHUV¡NHOVHQ $.8 $.8HUHQRPIDWWHQGHPnQHGOLJVS¡UUHXQGHUV¡NHOVHVRP VnHURSSVNDOHUW'HWJLUHQYLVVXVLNNHUKHW,YnUWVWDWLVWLVNHPDWHULDOHXWJM¡UO¡QQVWD NHUQHPLOOSHUVRQHU'HQPHVWQ UOLJJHQGHnUVDNHQWLOIRUVNMHOOHQLGLVVHWDOOHQHHU DWGHRIIHQWOLJHUHJLVWUHQHKDUYDQVNHOLJHUHIRUnIDQJHRSSGHPVRPMREEHUOL WHVSRUDGLVN6DPPHQOLJQHUYLO¡QQVWDNHUQHVIRUGHOLQJSnQ ULQJHULYnUGDWDEDVHPHG GHQYLILQQHUL$.8HUGHWVQDNNRPQRHQInWLHQGHGHOHUSURVHQWSRHQJLIRUVNMHOO)RU VNMHOOHQHGDQQHULNNHQRHP¡QVWHU$WWDOOHQHIUD$.8RJUHJLVWUHQHLNNHVWHPPHKHOW RYHUUHQVHULNNHRYHUUDVNHQGHWDWWLEHWUDNWQLQJDWGHHUVDPOHWLQQSnKHOWIRUVNMHOOLJ YLV,QJHQDYGHPHUIDVLWHQPHQGHWJLUHQVLNNHUKHWIRUKROGEDUHWDOOQnUGHVWHPPHU JRGWRYHUHQV ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ
9LNWLJHQ ULQJHUL$XVW$JGHU
,QQOHGQLQJ 9LVNDOQnVDPPHQOLNQHQ ULQJVVWUXNWXUHQL$XVW$JGHUPHGVWUXNWXUHQLODQ GHWVRPKHOKHWIRUnILQQHIUDPWLOQ ULQJHUVRPHUUHODWLYWVHWWYLNWLJHL$XVW $JGHU,GHWWHWLOIHOOHHUQ ULQJVLQQGHOLQJHQEDVHUWSnGHQVnNDOWH1$&( NODVVLILVHULQJHQ'HQQHLQQGHOLQJHQEHVWnUDYHQNRGHPHGILUHVLIIHU'HWRI¡U VWHVLIUHQHJLUHQLQGLNDVMRQSnKRYHGQ ULQJHQLQQHQKYHUHQNHOWEHGULIW IRU HNVHPSHOWHNVWLOSURGXNVMRQPHG1$&( PHQVLQQGHOLQJHQHUJDQVNHGHWDO MHUWSnILUHVLIIHUQLYn IRUHNVHPSHO3URGXNVMRQDYWHSSHURJU\HUPHG1$&( )RULNNHnInKHOWXRYHUVLNWOLJHWDEHOOHUKDUYLKHUDJJUHJHUWQ ULQJHQH QRHVOLNDWYLVLWWHULJMHQPHGQ ULQJVJUXSSHU
.DSLWOHWWDUIRUVHJILUHDVSHNWHUYHGQ ULQJVVWUXNWXUHQ 6\VVHOVDWWHRJEHGULIWHULQRUVNHI\ONHUIRUGHOWSnQ ULQJHU Q ULQJVVWUXNWXU L1RUJH 6\VVHOVDWWHRJEHGULIWHULNRPPXQHURJUHJLRQHUL$XVW$JGHUIRUGHOWSnQ ULQJ %HGULIWHUL$XVW$JGHUIRUGHOWSnVW¡UUHOVH DQWDOODQVDWWH %RVDWWHL$XVW$JGHUHWWHUDUEHLGVVWHGI\ONHVYLVLQQHQ$XVW$JGHURJXW YDOJWHUHJLRQHUXWHQIRUI\ONHW
1 ULQJVVWUXNWXUL1RUJHRJ$XVW$JGHU 'HQDOOHUI¡UVWHWDEHOOHQJLUHQRYHUVLNWRYHUKYLONHKRYHGVHNWRUHUERVDWWHLKHQ KROGVYLV$XVW$JGHURJKHOH1RUJHHUV\VVHOVDWWHL0¡QVWHUHWL$XVW$JGHUVNLO OHUVHJLNNHLVWRUJUDGIUDODQGVJMHQQRPVQLWWHWPHQGHWHUQRHXQGHUYHNWDY DUEHLGVWDNHUHLSULYDWWMHQHVWH\WLQJHWFRJQRHRYHUYHNWDYLQGXVWULV\VVHOVDWWH RJDQVDWWHLRIIHQWOLJDGPLQLVWUDVMRQ
7DEHOO1 ULQJVVWUXNWXUL1RUJHRJ$XVW$JGHU*URYVHNWRULQQGHOLQJHWWHU DQWDOODQVDWWH
$QWDOO 6HNWRU $XVW$JGHU 1RUJH 8YHLGVQLWW $QVDWWH
-RUGEUXNVNRJEUXNRJILVNH ,QGXVWUL %\JJRJ$QOHJJ.UDIWRJYDQQIRUV\QLQJ 3ULYDWWMHQHVWH\WLQJWUDQVSRUWSRVWWHOHRJDQQHQNRPPXQLNDVMRQ 2IIHQWOLJDGP8WGDQQLQJRJ+HOVHRJVRVLDOWMHQHVWHU $QGUHVRVLDOHRJSHUVRQOLJHWMHQHVWHU
$XVW$JGHU 'HWXYHLGHJMHQQRPVQLWWHWHUJMHQQRPVQLWWHWIRUDOOHI\ONHQH'HWIUHPNRPPHUJMHQQRPnVXP PHUHUHVXOWDWHWIRUKYHUWHQNHOWI\ONHRJGHOHGHWWHSn 'HWWHNDQJLHWPRGLILVHUWELOGHDYGHW µW\SLVNHµI\ONHWHWWHUVRPEHIRONQLQJVVW¡UUHOVHLNNHInUQRHXWVODJ 67(3$UEHLGVQRWDW$
3nHWPHUGHWDOMHUWSODQEOLUIRUWVDWWELOGHWP\HGHWVDPPHPHQLQQHQGHHQNHO WHVHNWRUHUHUGHWRJVnIRUVNMHOOHU,WDEHOOHQHXQGHU WDEHOORJ HUGHWVDWWRSS HQRYHUVLNWRYHUIRUGHOLQJHQDYDQWDOOEHGULIWHURJDQWDOODQVDWWHLQQHQKYHUQ ULQJVJUXSSH7DEHOOHQHHUVDWWRSSVOLNDWGHYLVHUKYHUQ ULQJVSURVHQWYLVHDQ GHODYDOOHDQVDWWHLQQHQXWYDOJWHI\ONHU0HGDQGUHRUGYLOHQYDULDVMRQPHO ORPIRUGHOLQJHQLGHHQNHOWHI\ONHQHNXQQHVLQRHRPHNVLVWHQVHQDYVSHVLHOOH Q ULQJVVWUXNWXUHU1nUGHWJMHOGHUDQWDOOEHGULIWHUHUGHWVW¡UVWUHODWLYRYHUYHNW IRU$XVW$JGHUDYEHGULIWHULQQHQJXPPLRJSODVWLQGXVWULWUHLQGXVWULSURGXN VMRQDYWUDQVSRUWPLGOHURJWHNVWLOLQGXVWUL$OOHGLVVHHUUHODWLYWVPnLQGXVWULHU EnGHL$XVW$JGHURJSnODQGVQLYn
7DEHOO1 ULQJVVWUXNWXUL1RUJHRJXWYDOJWHI\ONHUHWWHUDQWDOOEHGULIWHU
1 ULQJ 2VOR 7HOHPDUN $XVW 9HVW $QGUH 1RUJH 9HLG 2YHU $NHUVKXV $JGHU $JGHU I\ONHU 8QGHUYHNW
$JHQWXURJHQJURVKDQGHO $QGUHVRVLDOHRJSHUVRQOLJHWMHQHVWHU $QQHQLQGXVWULSURGXNVMRQ %HUJYHUNVGULIWRJUnYDUHXWYLQQLQJ 'DWDEHKDQGOLQJVYLUNVRPKHW (LHQGRPVGULIWRJXWOHLHYLUNVRPKHW (OHNWURQLNNLQGXVWUL )LQDQVLHOOWMHQHVWH\WIRUVLNULQJRJVW¡WWHWMHQHVWHU )R8RJDQQHQIRUUHWQPWM *UDILVNLQGXVWUL *XPPLRJSODVWLQGXVWUL -HUQRJPHWDOOLQGXVWUL -RUGEUXNVNRJEUXNRJILVNH .MHPLVNHSURGXNWHUUDIILQHULQJDYNRNVRJROMH %\JJRJ$QOHJJ.UDIWRJYDQQIRUV\QLQJ 0DVNLQLQGXVWUL 1 ULQJVRJQ\WHOVHVPLGOHU 2IIDGP8WGRJ+HOVHRJVRVLDOWMHQHVWHU 3DSLULQGXVWUL 3RVWRJWHOHNRPPXQLNDVMRQHU 6WHLQOHLUHRJJODVV 7HNVWLOEHNOHGQLQJRJO U 7UDQVSRUWRJWLONQ\WWHGHWMHQHVWHU 3URG7UDQVSRUWPLGOHU 7UHLQGXVWUL 9DUHKDQGHORJKRWHOORJUHVWDXUDQW
2YHUYHNWRJXQGHUYHNWDYEHGULIWHUHOOHUDQVDWWHIRUHQQ ULQJUHJQHVXWJMHQQRPn GHOHDQGHOHQL$XVW$JGHUPHGDQGHOHQIRU1RUJH(WIRUKROGVWDOOSnYLVHUDWQ ULQ JHQKDUOLNHVWRUEHW\GQLQJL$XVW$JGHUVRPLODQGHWVRPKHOKHW(UWDOOHWPLQGUHHQQ HUQ ULQJHQXQGHUUHSUHVHQWHUWLI\ONHW(UWDOOHWK¡\HUHHQQHUGHULPRWQ ULQJHQ RYHUUHSUHVHQWHUWL$XVW$JGHU ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ
2PPDQVHUSnDQWDOODQVDWWHEOLUELOGHWQRHDQQHUOHGHV,WDEHOOHUYDULDVMR QHQHVW¡UUHLIRUKROGWLOODQGVJMHQQRPVQLWWHW0HGXQQWDNDY´RIIHQWOLJDGPL QLVWUDVMRQKHOVHRJXWGDQQLQJµ´E\JJRJDQOHJJRJNUDIWRJYDQQIRUV\QLQJµRJ ´YDUHKDQGHOKRWHOORJUHVWDXUDQWµHUGHWLQJHQQ ULQJHUVRPV\VVHOVHWWHUPHU HQQIHPSURVHQWDYDUEHLGVWDNHUQH$QGHOHQHLQQHQGLVVHVHNWRUHQHHUUHODWLYW MHYQWIRUGHOWRYHUKHOHODQGHWPHGYLVVHVPnXQQWDN,UHVWHQDYGHWWHQRWDWHW YLOYLNXQNRPPHQWHUHGLVVHµWUHVWRUHµ PHQUHJLRQDOWMHYQWIRUGHOWH VHNWRUHQH GHUVRPGHWVNXOOHY UHHWV UVNLOWJUXQQODJIRUGHW(WWSRHQJNDQLPLGOHUWLG QHYQHV QnUGHWJMHOGHUDQVDWWHLRIIHQWOLJDGPLQLVWUDVMRQKHOVHRJXWGDQQLQJ KDU$XVW$JGHUGHQK¡\HVWHDQGHOHQDYDOOHI\ONHUV¡UIRU1RUGODQG
$YDQGUHQ ULQJHUSHNHUHOHNWURQLNNLQGXVWULRJWUDQVSRUWPLGGHOLQGXVWUL I¡UVW RJIUHPVWVNLSRJEnWHU VHJXWVRPEUDQVMHUPHGHQK¡\V\VVHOVHWWLQJVWHWWKHWL $XVW$JGHU)\ONHWKDURJVnHQRYHUYHNWDYDQWDOODQVDWWHLQ ULQJHUVRPNMH PLVNHSURGXNWHUPDVNLQLQGXVWULSRVWRJWHOHNRPPXQLNDVMRQHURJWUHLQGXVWUL (WWVLVWHSRHQJHUDWEUDQVMHUPHGHQK¡\UHODWLYDQGHODYGHDQVDWWHPHQHQODY DQGHODYDQWDOOEHGULIWHUHUSUHJHWDYVWRUHHQKHWHU IRUHNVHPSHOHOHNWURQLNNLQ GXVWUL 0RWVDWWYLOHQODYUHODWLYDQGHODYGHDQVDWWHRJHQK¡\DQGHODYDQWDOO EHGULIWHULQGLNHUHDWGHHUSUHJHWDYVPnHQKHWHU IRUHNVHPSHOJXPPLRJ SODVWLQGXVWUL 67(3$UEHLGVQRWDW$
7DEHOO1 ULQJVVWUXNWXUL1RUJHRJXWYDOJWHI\ONHUHWWHUDQWDOODQVDWWH
1 ULQJ 2VOR $XVW 9HVW $QGUH 2YHU $NHUVKXV 7HOHPDUN $JGHU $JGHU I\ONHU 1RUJH 8YHLG 8QGHUYHNW
$JHQWXURJHQJURVKDQGHO $QGUHVRVLDOHRJSHUVRQOLJHWMHQHVWHU $QQHQLQGXVWULSURGXNVMRQ %HUJYHUNVGULIWRJUnYDUHXWYLQQLQJ 'DWDEHKDQGOLQJVYLUNVRPKHW (LHQGRPVGULIWRJXWOHLHYLUNVRPKHW (OHNWURQLNNLQGXVWUL )LQDQVLHOOWMHQHVWH\WLQJIRUVLNULQJRJ VW¡WWHWMHQHVWHU )R8RJDQQHQIRUUHWQPWM *UDILVNLQGXVWUL *XPPLRJSODVWLQGXVWUL -HUQRJPHWDOOLQGXVWUL -RUGEUXNVNRJEUXNRJILVNH .MHPLVNHSURGXNWHUUDIILQHULQJDYNRNV RJROMH %\JJRJ$QOHJJ.UDIWRJYDQQIRUV\ QLQJ 0DVNLQLQGXVWUL 1 ULQJVRJQ\WHOVHVPLGOHU 2IIHQWOLJDGP8WGDQQLQJRJ+HOVHRJ VRVLDOWMHQHVWHU 3DSLULQGXVWUL 3RVWRJWHOHNRPPXQLNDVMRQHU 6WHLQOHLUHRJJODVV 7HNVWLOEHNOHGQLQJRJO U 7UDQVSRUWRJWLONQ\WWHGHWMHQHVWHU 3URG7UDQVSRUWPLGOHU 7UHLQGXVWUL 9DUHKDQGHORJKRWHOORJUHVWDXUDQW
1 ULQJVVWUXNWXUL$XVW$JGHUVUHJLRQHU 'HWILQQHVRJVnUHJLRQDOHYDULDVMRQHULQQHQ$XVW$JGHU9LKDUYDOJWnGHOHI\O NHWLQQLILUHUHJLRQHU
• 5HJLRQVW 5LV¡U*MHUVWDG7YHGHVWUDQG9HJnUVKHLcPOL • 5HJLRQ0LGW $UHQGDO*ULPVWDG)URODQG • 5HJLRQ9HVW /LOOHVDQG%LUNHQHV • 5HJLRQ6HWHVGDO ,YHODQG(YMHRJ+RUQQHV%\JODQG9DOOH%\NOH
8WIUDIRUGHOLQJHQJMHQJLWWLWDEHOOXQGHUVHUYLDWGHWKHOWNODUWHUUHJLRQDOH IRUVNMHOOHULQ ULQJVVWUXNWXUHQ,¡VWUHJLRQHQSHNHUMHUQRJPHWDOORJPDVNLQ LQGXVWULVHJXWVRPVWRUHQ ULQJHUYHGVLGHQDYGH´WUHVWRUHµHOOHUV,PLGWUHJL RQHQHUGHWV UOLJHOHNWURQLNNRJWUDQVSRUWPLGGHOLQGXVWULHQ)R8RJIRUUHW ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ
QLQJVPHVVLJWMHQHVWH\WLQJRJWUDQVSRUWWMHQHVWHU GHULEODQWUHGHULHU VRPKDUHQ UHODWLYWK¡\DQGHODYGHDQVDWWH,YHVWUHJLRQHQNDQPDQQHYQHNMHPLVNSUR GXNVMRQVLQGXVWUL 1RUWRQ SURGXNVMRQDYQ ULQJVRJQ\WHOVHVPLGOHU EOD $JUR VWHLQOHLUHRJJODVVRJWUHLQGXVWULPHGVWRURYHUYHNWDYDQVDWWH,6HWHV GDOVUHJLRQHQHUGHWVSHVLHOWE\JJRJDQOHJJNUDIWRJYDQQIRUV\QLQJRJDQGUH SHUVRQOLJHWMHQHVWHUVDPWWUHLQGXVWULVRPVNLOOHUVHJXW6HWHVGDOHQKDUHOOHUV GHQK¡\HVWHDQGHOHQDYDQVDWWHLQQHQRIIHQWOLJDGPLQLVWUDVMRQXWGDQQLQJKHO VHRJVRVLDOHWMHQHVWHU
7DEHOO)RUGHOLQJDYDQVDWWHL$XVW$JGHUHWWHUQ ULQJRJUHJLRQ LQQHQKYHU UHJLRQ
$XVW 1RUJH 1 ULQJ VW 0LGW 9HVW 6HWHVGDO $JGHU 8YHLG
$JHQWXURJHQJURVKDQGHO $QGUHVRVLDOHRJSHUVRQOLJHWMHQHVWHU $QQHQLQGXVWULSURGXNVMRQ %HUJYHUNVGULIWRJUnYDUHXWYLQQLQJ 'DWDEHKDQGOLQJVYLUNVRPKHW (LHQGRPVGULIWRJXWOHLHYLUNVRPKHW (OHNWURQLNNLQGXVWUL )LQDQVLHOOWMHQHVWH\WLQJIRUVLNULQJRJVW¡WWHWMHQHVWHU )R8RJDQQHQIRUUHWQPWM *UDILVNLQGXVWUL *XPPLRJSODVWLQGXVWUL -HUQRJPHWDOOLQGXVWUL -RUGEUXNVNRJEUXNRJILVNH .MHPLVNHSURGXNWHUUDIILQHULQJDYNRNVRJROMH %\JJRJ$QOHJJ.UDIWRJYDQQIRUV\QLQJ 0DVNLQLQGXVWUL 1 ULQJVRJQ\WHOVHVPLGOHU 2IIHQWOLJDGP8WGDQQLQJRJ+HOVHRJVRVLDOWMHQHVWHU 3DSLULQGXVWUL 3RVWRJWHOHNRPPXQLNDVMRQHU 6WHLQOHLUHRJJODVV 7HNVWLOEHNOHGQLQJRJO U 7UDQVSRUWRJWLONQ\WWHGHWMHQHVWHU 3URG7UDQVSRUWPLGOHU 7UHLQGXVWUL 9DUHKDQGHORJKRWHOORJUHVWDXUDQW
7DEHOO XQGHU HUGHQVDPPHVRPWDEHOOPHQKHUHUWDOOHQHVXPPHUWSn WYHUVGHWYLOVLLQQHQKYHUQ ULQJVJUXSSH'HWJM¡UGHWOLWWHQNOHUHnVHRPHQ NHOWHQ ULQJHUHUORNDOLVHUWLEHVWHPWHUHJLRQHUHOOHUVSUHGWMHYQWXWRYHULI\ONHW 7DEHOOHQInURJVnIUDPNODUHUHJLRQDOHVSHVLDOLVHULQJHQLQQHQIRUEHVWHPWHQ ULQJHU,QGXVWULEUDQVMHUVRPMHUQRJPHWDOOPDVNLQLQGXVWULWHNVWLOEHNOHGQLQJ 67(3$UEHLGVQRWDW$
RJO UVDPWUHVWJUXSSHQLQGXVWULHOOHUVHUUHODWLYWYLNWLJHL¡VWUHJLRQHQ2P WUHQW DYV\VVHOVDWWHLGDWDEHKDQGOLQJHOHNWURQLNNLQGXVWULRJSURGXNVMRQ DYWUDQVSRUWPLGOHUHUDQVDWWLEHGULIWHULPLGWUHJLRQHQ%HUJYHUNVGULIWNMHPLV NHSURGXNWHUVWHLQOHLUHJODVVRJWUHLQGXVWULHUV UWUHNNYHGYHVWUHJLRQHQL IRUKROGWLOGHQ´QRUPDOHµQ ULQJVVWUXNWXUHQ7UHLQGXVWULE\JJDQOHJJRJDQGUH VRVLDOHRJSHUVRQOLJHWMHQHVWHUHUV UWUHNNYHG6HWHVGDOVDPPHQPHGGHQOLOOH VHNWRUHQJXPPLRJSODVWLQGXVWUL
7DEHOO)RUGHOLQJDYDQVDWWHL$XVW$JGHUHWWHUQ ULQJRJUHJLRQ LQQHQKYHU Q ULQJVJUXSSH
1 ULQJ VW 0LGW 9HVW 6HWHVGDO $QWDOO
$JHQWXURJHQJURVKDQGHO $QGUHVRVLDOHRJSHUVRQOLJHWMHQHVWHU $QQHQLQGXVWULSURGXNVMRQ %HUJYHUNVGULIWRJUnYDUHXWYLQQLQJ 'DWDEHKDQGOLQJVYLUNVRPKHW (LHQGRPVGULIWRJXWOHLHYLUNVRPKHW (OHNWURQLNNLQGXVWUL )LQDQVLHOOWMHQHVWH\WLQJIRUVLNULQJRJVW¡WWHWMHQHVWHU )R8RJDQQHQIRUUHWQPWM *UDILVNLQGXVWUL *XPPLRJSODVWLQGXVWUL -HUQRJPHWDOOLQGXVWUL -RUGEUXNVNRJEUXNRJILVNH .MHPLVNHSURGXNWHUUDIILQHULQJDYNRNVRJROMH %\JJRJ$QOHJJ.UDIWRJYDQQIRUV\QLQJ 0DVNLQLQGXVWUL 1 ULQJVRJQ\WHOVHVPLGOHU 2IIHQWOLJDGP8WGDQQLQJRJ+HOVHRJVRVLDOWMHQHVWHU 3DSLULQGXVWUL 3RVWRJWHOHNRPPXQLNDVMRQHU 6WHLQOHLUHRJJODVV 7HNVWLOEHNOHGQLQJRJO U 7UDQVSRUWRJWLONQ\WWHGHWMHQHVWHU 3URG7UDQVSRUWPLGOHU 7UHLQGXVWUL 9DUHKDQGHORJKRWHOORJUHVWDXUDQW 8VSHVLILVHUW
$XVW$JGHU
'HQQHVWHWDEHOOHQYLVHUSnVLQVLGHGHQUHODWLYHIRUGHOLQJHQDYV\VVHOVDWWH'HU HUGHHQNHOWHQ ULQJHQHVDQGHOLQQHQKYHUUHJLRQHQYHLGPRWQ ULQJHQHVDQGHO L1RUJHGHUWDOORYHUEHW\URYHUYHNWDYQ ULQJHQL$XVW$JGHU+RYHGLQQ WU\NNHWEOLUGHWVDPPHVRPIRUWDEHOOHQHRYHUPHQWUHLQGXVWULHQVEHW\GQLQJ NRPPHUW\GHOLJHUHIUHPVDPWLGLJVRPGDWDEHKDQGOLQJMHYQWRYHUHUXQGHUUH ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ
SUHVHQWHUWLI\ONHW7LOVDPPHQGDQQHUDOWVnGLVVHWDEHOOHQHHWELOGHGHUPDQ NDQVHUHJLRQDOHYDULDVMRQHULQQHQQ ULQJVVWUXNWXUHQLQQHQ$XVW$JGHU'HWHU QRNJUXQQWLOnDQWDDWGHWWHELOGHWGHOYLVJMHQVSHLOHUKLVWRULVNEHWLQJHWHVNLOOHU PHOORPV\VVHOVHWWLQJVP¡QVWUHLI\ONHW
7DEHOO2YHUXQGHUYHNWDYDQVDWWHL$XVW$JGHUHWWHUQ ULQJRJUHJLRQ
1 ULQJ VW 0LGW 9HVW 6HWHVGDO
$JHQWXURJHQJURVKDQGHO $QGUHVRVLDOHRJSHUVRQOLJHWMHQHVWHU $QQHQLQGXVWULSURGXNVMRQ %HUJYHUNVGULIWRJUnYDUHXWYLQQLQJ 'DWDEHKDQGOLQJVYLUNVRPKHW (LHQGRPVGULIWRJXWOHLHYLUNVRPKHW (OHNWURQLNNLQGXVWUL )LQDQVLHOOWMHQHVWH\WLQJIRUVLNULQJRJVW¡WWHWMHQHVWHU )R8RJDQQHQIRUUHWQPWM *UDILVNLQGXVWUL *XPPLRJSODVWLQGXVWUL -HUQRJPHWDOOLQGXVWUL -RUGEUXNVNRJEUXNRJILVNH .MHPLVNHSURGXNWHUUDIILQHULQJDYNRNVRJROMH %\JJRJ$QOHJJ.UDIWRJYDQQIRUV\QLQJ 0DVNLQLQGXVWUL 1 ULQJVRJQ\WHOVHVPLGOHU 2IIHQWOLJDGP8WGDQQLQJRJ+HOVHRJVRVLDOWMHQHVWHU 3DSLULQGXVWUL 3RVWRJWHOHNRPPXQLNDVMRQHU 6WHLQOHLUHRJJODVV 7HNVWLOEHNOHGQLQJRJO U 7UDQVSRUWRJWLONQ\WWHGHWMHQHVWHU 3URG7UDQVSRUWPLGOHU 7UHLQGXVWUL 9DUHKDQGHORJKRWHOORJUHVWDXUDQW
%HGULIWVVW¡UUHOVH 'HQHVWHWDEHOOHQHYLVHUIRUGHOLQJHQDYEHGULIWHUHWWHUEHGULIWVVW¡UUHOVH9LVHUSn IRUGHOLQJHQLQQHQ$XVW$JGHUSnNRPPXQHQLYnRJUHJLRQDOWQLYn)RUGHOLQJHQ DYEHGULIWVVW¡UUHOVHHWWHUDQWDOODQVDWWHIRUKHOH1RUJHHUWDWWPHGIRUnKDHW VDPPHQOLNQLQJVJUXQQODJ 67(3$UEHLGVQRWDW$
7DEHOO$QWDOOEHGULIWHUL$XVW$JGHURJ1RUJHHWWHUDQWDOODQVDWWH
.RPPXQH $QWDOODQVDWWH )OHUHHQQ $XVW$JGHU 5LV¡U *ULPVWDG $UHQGDO *MHUVWDG 9HJnUVKHL 7YHGHVWUDQG )URODQG /LOOHVDQG %LUNHQHV cPOL ,YHODQG (YMHRJ+RUQQHV %\JODQG 9DOOH %\NOH $XVW$JGHU 1RUJH
7DEHOO$QGHODYEHGULIWHUL$XVW$JGHURJ1RUJHHWWHUDQWDOODQVDWWH 3URVHQWYLVIRUGHOLQJ
.RPPXQH $QWDOODQVDWWH )OHUHQQ 5LV¡U *ULPVWDG $UHQGDO *MHUVWDG 9HJnUVKHL 7YHGHVWUDQG )URODQG /LOOHVDQG %LUNHQHV cPOL ,YHODQG (YMHRJ+RUQQHV %\JODQG 9DOOH %\NOH $XVW$JGHU 1RUJH
7DEHOOYLVHUHUDWVW¡UUHOVHVIRUGHOLQJHQL$XVW$JGHUHUJDQVNHOLNJMHQQRPVQLW WHWIRUKHOH1RUJHPHQPHGHQOLWHQXQGHUYHNWIRU$XVW$JGHUQnUGHWJMHOGHU EHGULIWHUPHGPHUHQQDQVDWWH'HWNDQRJVnY UHYHUGWnPHUNHVHJDWLIOH UHNRPPXQHUHUGHWLNNHUHJLVWUHUWQRHQEHGULIWHUPHGPHUHQQDQVDWWHRJ DWGHVY UWVWRUHEHGULIWHQHXWHOXNNHQGHEHILQQHUVHJL*ULPVWDGRJ$UHQGDO ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ
7DEHOO 5HJLRQDO$QGHODYEHGULIWHUL$XVW$JGHUHWWHUDQWDOODQVDWWH 3URVHQWYLVIRUGHOLQJ
$QWDOO $XVW $XVW DQVDWWH VW 0LGW 9HVW 6HWHVGDO $JGHU VW 0LGW 9HVW 6HWHVGDO $JGHU 1RUJH
)OHUHQQ $XVW$JGHU
7DEHOO YLVHUVW¡UUHOVHVVWUXNWXUHQLGHILUHUHJLRQHQH6LWXDVMRQHQLPLGWUHJLR QHQWLOVYDUHUVY UWJRGWJMHQQRPVQLWWHWIRUODQGHW'HWNDQJRGWWHQNHVDWGHW VN\OGHVDWHQXUEDQVWUXNWXUGRPLQHUHUODQGVJMHQQRPVQLWWHWRJDWGHWWHUHIOHN WHUHVL$XVW$JGHUVHJQHVHQWUD6HWHVGDOKDULQJHQEHGULIWHUPHGRYHUDQ VDWWH
7DEHOO$QWDOODQVDWWHLEHGULIWHUL$XVW$JGHUHWWHUVW¡UUHOVH
$QWDOO$QVDWWH $XVW$JGHU ,SURVHQW 1RUJH ,SURVHQW
HOOHUPHU $XVW$JGHU
6HUHQSnDQWDOODQVDWWHLQQHQKYHUVW¡UUHOVHVJUXSSHDYEHGULIWHU WDEHOO NRPPHUGHWRJVnIUDPDW$XVW$JGHUKDUHWYLVVW´VPnEHGULIWVSUHJµSnVLWWQ ULQJVOLY$XVW$JGHUKDUV UOLJInDQVDWWHLIRUKROGWLOODQGVJMHQQRPVQLWWHWLEH GULIWHUPHGRYHUDQVDWWH
'HWLVW¡UVWHEHGULIWHQHLI\ONHWV\VVHOVHWWHUDOHQHRYHUPHQQHVNHU'HWHU GHUIRUQDWXUOLJDWGLVVHInUVWRURSSPHUNVRPKHWHWWHUVRPGHUHVVNMHEQHKDUVWRU EHW\GQLQJIRUHQUHNNHPHQQHVNHU2PKM¡UQHVWHQVEHGULIWHQHInUSUREOHPHUHU GHWVY UWV\QOLJ/LNHYHO EHGULIWHUPHGXQGHUDQVDWWHV\VVHOVHWWHUQHVWHQ DYDOOHVRPMREEHUL$XVW$JGHU'HQJHQHUHOOHXWYLNOLQJHQLQQHQVPnRJ PHOORPVWRUHEHGULIWHUKDUGHUIRUVWRUEHW\GQLQJIRUMREEPXOLJKHWHURJ¡NRQRPL WLOLQQE\JJHUHDYI\ONHW 67(3$UEHLGVQRWDW$
%RVWHGRJDUEHLGVVWHG
7DEHOO%RVDWWHL$XVW$JGHUHWWHUDUEHLGVVWHG )\ONH
%RVWHG $UEHLGVVWHG $XVW$JGHU $NHUVKXV2VOR 9HVW$JGHU $QGUHI\ONHU 5LV¡U *ULPVWDG $UHQGDO *MHUVWDG 9HJnUVKHL 7YHGHVWUDQG )URODQG /LOOHVDQG %LUNHQHV cPOL ,YHODQG (YMHRJ+RUQQHV %\JODQG 9DOOH %\NOH $XVW$JGHU
,YnUHGDWDKDUYLRJVnUHJLVWUHUWERRJDUEHLGVNRPPXQH7DEHOOJLUHQRYHU VLNWRYHUKYLONHNRPPXQHUSHUVRQHUIUD$XVW$JGHUDUEHLGHUL'HDOOHUIOHVWH VRPHUUHJLVWUHUWPHGERVWHGL$XVW$JGHU DUEHLGHURJVnLI\ONHW8WSHQG OLQJHQHUVW¡UVWIUDGHWUHYHVWOLJVWHNRPPXQHQH /LOOHVDQG%LUNHQHVRJ,YH ODQG 'HSHUVRQHUVRPDUEHLGHULDQGUHGHOHUDYODQGHWUHLVHUI¡UVWRJIUHPVWWLO 9HVW$JGHU2VORRJGHOVWLO7HOHPDUN IUD*MHUVWDGRJcPOL $QGHOHQPHGDU EHLGL2VOR$NHUVKXVHUUHODWLYWMHYQIUDNRPPXQHWLONRPPXQH
1nUGHWJMHOGHUIRUGHOLQJHQLQQHQ$XVW$JGHUYLVHUWDEHOOXQGHUDW$UHQGDO RJWLOHQYLVVJUDG*ULPVWDGHUDUEHLGVVWHGIRUPDQJHSHUVRQHUERVDWWLDQGUH GHOHUDYI\ONHW9HNVWLGHWWHRPUnGHWVNDSHUDOWVnWLOHQYLVVJUDGDUEHLGVSODVVHU IRUIRONIUDDQGUHGHOHUDYI\ONHW(OOHUVIUDPJnUGHWDW5LV¡UHUHWOLWHVHQWHUIRU ERVDWWHL*MHUVWDG9HJnUVKHLRJ7YHGHVWUDQG$YDQGUHLQWHUHVVDQWHRSSO\VQLQ JHUNDQYLWDPHGDW)URODQGHUGHQHQHVWHNRPPXQHQGHUXQGHUKDOYSDUWHQDY LQQE\JJHUQHMREEHULKMHPNRPPXQHQRJDW/LOOHVDQG%LUNHQHVRJ(YMHRJ+RU QHV%\JODQGWLOHQYLVVJUDGKDUHQOLNHYHNWHWXWYHNVOLQJDYDUEHLGVWDJHUH ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ
7DEHOO%RVDWWHL$XVW$JGHUHWWHUDUEHLGVVWHG .RPPXQHUL$XVW$JGHU
%NQH $UEHLGVVWHG 5LV¡U *UVWG $UGDO *MVWG 9KHL 7YVWG )UOQG /VQG cPOL ,YOQG (RJ+ %JOQG 9DOOH %\NOH $QWDOO V %RVWHG 5LV¡U *ULPVWDG $UHQGDO *MHUVWDG 9HJnUVKHL 7YHGHVWUDQG )URODQG /LOOHVDQG %LUNHQHV cPOL ,YHODQG (YMH+RUQQHV %\JODQG 9DOOH %\NOH $XVW$JGHU $QGHOERVDWWH
2SSVXPPHULQJQ ULQJVVWUXNWXU 1 ULQJVVWUXNWXUHQL$XVW$JGHUJMHQVSHLOHULGHWVWRUHRJKHOHVLWXDVMRQHQIRU ODQGHWVRPKHOH9LVVHYDULDVMRQHUHUGHWVSHVLHOWQnUPDQVWXGHUHUGHHQNHOWH UHJLRQHULQQHQI\ONHW1 ULQJVVWUXNWXUHQHUGRPLQHUWDYRIIHQWOLJDGPLQLVWUD VMRQRJWMHQHVWH\WLQJPHQVSULP UQ ULQJHURJLQGXVWULV\VVHOVHWWHUUXQGWKYHU IHPWHDUEHLGVWDNHULI\ONHW'HWHUHQQRHODYDQGHOVW¡UUHEHGULIWHULI\ONHWRJ GHPLQGUHEHGULIWHQHV\VVHOVHWWHUHQUHODWLYWK¡\HUHDQGHOHQQLODQGHWIRU¡YULJ $YGHVWRUHRJPHOORPVWRUHEHGULIWHQHOLJJHUEURUSDUWHQLPLGWUHJLRQHQ,WLOOHJJ HUGHWW\GHOLJDW*ULPVWDGRJ$UHQGDOVSLOOHUHQHJHQDUWHWUROOHVRPVHQWUDIRU Q ULQJVYLUNVRPKHW
(WSUREOHPQnUPDQVHUSnXWYLNOLQJHQLQ ULQJVVHNWRUHUVRPLGHWWHQRWDWHWHU DWPDQNDQInHWQRHVNMHYWELOGHWDYYLUNVRPKHWHQLQQHQGHHQNHOWHQ ULQJHU (QVWRUGHODYLQGXVWULVHNWRUHQHUIRUHNVHPSHODYKHQJLJDYWMHQHVWHUVRPHUOH YHUWXWHQIUD,WLOOHJJHU¡NRQRPLVNDNWLYLWHWRIWHEDVHUWSnSUREOHPO¡VQLQJRJ VDPDUEHLGSnWYHUVDYQ ULQJVJUXSSHU(WWDQQHWPRPHQWHUDWPDQHQGUHU LNNHQ ULQJVVWUXNWXUJMHQQRPYHGWDN'HV UHJHQKHWHUVRPHUSnSHNWLGHWWH NDSLWWHOHWHUHWUHVXOWDWDYIRUXWVHWQLQJHUJLWWDYGHQKLVWRULVNHXWYLNOLQJHQL RPUnGHW0HGWDQNHSnHQIUHPWLGLJQ ULQJVVWUDWHJLEXUGHPDQIRUV¡NHHQED ODQVHUWXWYLNOLQJGHUOLNHP\HRPWDQNHJLVWLOnVW\UNHGHDOOHUHGHHNVLVWHUHQGH Q ULQJHQHVRPnXWYLNOHQ\H,QIRUPDVMRQVWHNQRORJLHQHUHWJRGWHNVHPSHO(Q VWRUGHODYGHDQVDWWHPHG,7IDJOLJEDNJUXQQDUEHLGHULDQGUHQ ULQJHUHQQGH PDQIRUELQGHUPHG,7LQGXVWULHQ)LVNHRSSGUHWWHUHWWRPUnGHKYRUXWYLNOLQJHQ 67(3$UEHLGVQRWDW$
DY,7KDUJLWWPXOLJKHWWLOnHQGUHSURGXNVMRQVP¡QVWHUHWLHQWUDGLVMRQHOOQ ULQJ'HWnSOXNNHXWµYLQQHUQ ULQJHUµHULQJHQHQNHORSSJDYHGHWNDQY UH PHUIUXNWEDUWnVHSnKYRUGDQPDQVNDOXWYLNOHDQGUHQ ULQJHUJMHQQRPnWDL EUXNQ\HO¡VQLQJHURJQ\NXQQVNDS+YRUGDQIRUPHOOIDJOLJNXQQVNDSHUIRUGHOW HUWHPDHWIRUQHVWHNDSLWWHO
8WGDQQLQJ
,QQOHGQLQJ ,GHQQHVHNVMRQHQWDUYLIRURVVXWGDQQLQJVQLYnHWSnQRUVNHDUEHLGVWDNHUH%D VHUWSnYnUHGDWDUHJLVWUHRJ66%VNDWHJRULVHULQJDYXWGDQQLQJNDQYLJLHQUH ODWLYWGHWDOMHUWRYHUVLNW,GHNRPPHQGHWDEHOOHQHHUXWGDQQLQJVQLYnHWGHOWRSSL YDULHUHQGHJUDGPHQJHQHUHOWJMHOGHUGHWDWK¡\HVWHXWGDQQLQJSHUSHUVRQHU UHJLVWUHUW'HWYLOVLDWSHUVRQHULNDWHJRULHQµ8WGDQQLQJSnXQJGRPVVNROHQLYnµ LNNHKDUWDWWDQQHQXWGDQQLQJVHQHUH,GHQI¡UVWHWDEHOOHQHUXWGDQQLQJVQLYnHW UHODWLYWILQGHOW
7DEHOO2YHU8QGHUYHNWLQQHQXWGDQQLQJVQLYnHUEODQWV\VVHOVDWWHL1RUJH 8WYDOJWHI\ONHU
$XVW 9HVW 6¡U $NHUVKXV 2VOR 9HVWIROG 7HOHPDUN $JGHU $JGHU 7URPV 7U¡QGHODJ 8WGDQQLQJVQLYn 8WGDQQLQJSnEDUQHVNROHQLYn 8WGDQQLQJSnXQJGRPVVNROHQLYn 8WGDQQLQJSn9*6*.9. 8WGDQQLQJSn9*69. 8WGDQQLQJSn8QLYRJ+¡JVN*UXQQRJ PHOIDJ 8WGDQQLQJSn8QLYRJ+¡JVN&DQGPDJ 8WGDQQLQJSn8QLYRJ+¡JVN+RYHGIDJ 8WGDQQLQJSnIRUVNHUQLYn
'HWYLNDQVHIUDWDEHOOHUDWXWGDQQLQJVQLYnHWL$XVW$JGHUOLJJHUWHWWRSSWLO µGHWIRUYHQWHGHµ GHWYLOVLQ U PHGXWJDQJVSXQNWLODQGVJMHQQRPVQLWWHW 8QQWDNHWHUIRUGHPHGK¡\HVWXWGDQQLQJVQLYn KRYHGIDJRJIRUVNHUXWGDQQLQJ $XVW$JGHUKDUVnOHGHVNXQDYDQWDOODUEHLGVWDNHUHPHGIRUVNHUXWGDQQLQJ LIRUKROGWLO´IRUYHQWHWµDQGHOXWIUDODQGVJMHQQRPVQLWWHW+HUHUGHWLPLGOHUWLG VWRUHIRUVNMHOOHUPHOORPXQLYHUVLWHWVI\ONHQH $NHUVKXV RJGHDQGUHI\ONHQH )RUVNQLQJVLQVWLWXVMRQHURJDQGUHW\SLVNHDUEHLGVSODVVHUIRUK¡\WXWGDQQHWDU EHLGVNUDIW VWRUHV\NHKXVIRUHNVHPSHO OLJJHULGLVVHRPUnGHQH)¡OJHOLJHUVL WXDVMRQHQL$XVW$JGHUVY UWOLNVLWXDVMRQHQIRUDQGUHI\ONHUXWHQXQLYHUVLWHWV PLOM¡HU ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ
1 ULQJVYLVIRUGHOLQJDYXWGDQQLQJ %HGULIWHUVEUXNDYDQVDWWHPHGXWGDQQLQJVNLOOHUVHJRJVnHWWHUQ ULQJ1RHQ XWGDQQLQJHUHUPHULQQUHWWHWSnVSHVLHOOHEUDQVMHUHQQDQGUH%HGULIWHULHQ EUDQVMHP¡WHUXWIRUGULQJHUVRPVNLOOHUVHJIUDEHGULIWHULDQGUHEUDQVMHURJYLO GHUIRUDQVHWWHSHUVRQHOOHWWHUVLWWEHKRY)¡OJHOLJYLOPDQNXQQHIRUYHQWHHQYLVV VNMHYKHWLIRUGHOLQJHQDYXWGDQQLQJVQLYnSnXOLNHQ ULQJHU
,WDEHOOHQHXQGHUHUGHWRSSJLWWKYHUQ ULQJVSURVHQWDQGHODYGHXWGDQQHGHSn IRUVNMHOOLJXWGDQQLQJVQLYn7LOVLVWLWDEHOOHQVWnUQ ULQJHQVDQGHODYGHWWRWDOH DQWDOOV\VVHOVDWWH9HGnVDPPHQOLNQHGLVVHWDOOHQHYLOPDQInHQLQGLNDVMRQSn RPGHWHUHQNHOWHQ ULQJHUVRPKDUHQRYHUHOOHUXQGHUYHNWSnHQNHOWHXWGDQ QLQJVQLYnHUEODQWVLQHV\VVHOVDWWH'HQVLVWHUDGHQLWDEHOOHQJLUGHWWRWDOHDQ WDOOV\VVHOVDWWHPHGGHWHQNHOWHXWGDQQLQJVQLYn 67(3$UEHLGVQRWDW$
7DEHOO8WGDQQHOVHVQLYnHWWHUQ ULQJRJIDJ3URVHQWYLVIRUGHOLQJLQQHQ$XVW $JGHU
9LGHUH 8QJ 8QLYHUVLWHW JnHQGH 8VSHVLILVHUW GRPVVNROH WRP+RYHGIDJ )RUVNHUQLYn $QGHO VNROH 1 ULQJ 8VSHVLILVHUW -RUGEUXNVNRJEUXNRJILVNH %HUJYHUNVGULIWRJUnYDUHXWYLQQLQJ 1 ULQJVRJQ\WHOVHVPLGOHU 7HNVWLOEHNOHGQLQJRJO U 7UHLQGXVWUL 3DSLULQGXVWUL *UDILVNLQGXVWUL .MHPLVNHSURGXNWHUUDIILQHULQJDYNRNVRJROMH *XPPLRJSODVWLQGXVWUL 6WHLQOHLUHRJJODVV -HUQRJPHWDOOLQGXVWUL 0DVNLQLQGXVWUL (OHNWURQLNNLQGXVWUL 3URG7UDQVSRUWPLGOHU $QQHQLQGXVWULSURGXNVMRQ .UDIWRJYDQQIRUV\QLQJ 9DUHKDQGHORJKRWHOORJUHVWDXUDQW $JHQWXURJHQJURVKDQGHO 7UDQVSRUWRJWLONQ\WWHGHWMHQHVWHU 3RVWRJWHOHNRPPXQLNDVMRQHU )LQDQVLHOOWMHQHVWH\WLQJIRUVLNULQJRJVW¡WWHWMH QHVWHU (LHQGRPVGULIWRJXWOHLHYLUNVRPKHW 'DWDEHKDQGOLQJVYLUNVRPKHW )R8RJDQQHQIRUUHWQPWM 2IIHQWOLJDGP8WGDQQLQJRJ+HOVHRJVRVLDO WMHQHVWHU $QGUHVRVLDOHRJSHUVRQOLJHWMHQHVWHU $QWDOOV\VVHOVDWWHL$XVW$JGHU
,$XVW$JGHUHUGHWWRWDOWNXQSHUVRQHUPHGXWGDQQLQJSnIRUVNHUQLYnRJ KYHUHQNHOWDYGLVVHSHUVRQHQHInUGHUIRUHQK¡\SURVHQWXHOOEHW\GQLQJSnIRUGH OLQJHQDYGHWWHXWGDQQLQJVQLYnHWPHOORPQ ULQJHQH7DOOHWSnNDQYLUNH ODYWPHQRPGHWVNXOOHWLOVYDUWJMHQQRPVQLWWHWIRUI\ONHUXWHQXQLYHUVLWHWHUYLOOH GHWIRUYHQWHGHWDOOHWOLNHYHOLNNHOLJJHWK¡\HUHHQQUXQGW2IIHQWOLJVHNWRU V\VVHOVHWWHUHQVWRUDQGHODYXQLYHUVLWHWVRJK¡JVNROHXWGDQQHGH'LVVHHUHOOHUV nILQQHLQQHQ)R8RJDQQHQIRUUHWQLQJVPHVVLJWMHQHVWH\WLQJ7UDQVSRUWRJWLO NQ\WWHGHWMHQHVWHURJHOHNWURQLNNLQGXVWUL
(WWLQWHUHVVDQWSRHQJNDQY UHDWLQGXVWULHQLVWRUJUDGEDVHUHUVHJSnXIDJO UW DUEHLGVNUDIWHOOHUDQVDWWHPHGXWGDQQHOVHSnYLGHUHJnHQGHQLYn )DJVDPPHQ ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ
VHWQLQJHQSnGHWWHQLYnHWVNDOYLNRPPHWLOEDNHWLO 8QQWDNHWHUVRPVDJWHOHN WURQLNNLQGXVWULHQPHGHWYLVVWDQWDOODQVDWWHPHGXQLYHUVL WHWK¡JVNROHXWGDQQLQJ'HWHUI¡OJHOLJHQNHOWHDYGHWMHQHVWH\WHQGHVHNWRUHUVRP LVW¡UVWJUDGEHQ\WWHUVHJDYK¡\HUHXWGDQQHWSHUVRQHOO6HNWRUHQHVHWWXQGHUHWW YLOOLNHYHOIRUVNMHOOHQLDQGHOHQDYK¡\WXWGDQQHWSHUVRQDOHPHOORPLQGXVWULRJ WMHQHVWH\WHQGHQ ULQJHUVWRUWVHWWJMHQVSHLOHVW¡UUHOVHVIRUVNMHOOHQVHNWRUHQHL PHOORP'HWWHW\GHUSnDWVHNWRULQQGHOLQJLVHJVHOYLNNHHUQRNWLOnDQDO\VHUH VLWXDVMRQHQ0DQHUQ¡GWWLOnJnQHGSnHWILQHUHQLYn
7DEHOO8WGDQQHOVHVQLYnHWWHUQ ULQJ2YHUXQGHUYHNWLQQHQGHHQNHOWH Q ULQJHUL$XVW$JGHUNXQSULYDWVHNWRU
9LGHUH 8QLYHUVLWHW 8VSHVLILVHUW 8QJGRPVVNROH JnHQGHVNROH WRP+RYHGIDJ )RUVNHUQLYn 1 ULQJ 8VSHVLILVHUW -RUGEUXNVNRJEUXNRJILVNH %HUJYHUNVGULIWRJUnYDUHXWYLQQLQJ 1 ULQJVRJQ\WHOVHVPLGOHU 7HNVWLOEHNOHGQLQJRJO U 7UHLQGXVWUL 3DSLULQGXVWUL *UDILVNLQGXVWUL .MHPLVNHSURGXNWHUUDIILQHULQJDYNRNVRJROMH *XPPLRJSODVWLQGXVWUL 6WHLQOHLUHRJJODVV -HUQRJPHWDOOLQGXVWUL 0DVNLQLQGXVWUL (OHNWURQLNNLQGXVWUL 3URG7UDQVSRUWPLGOHU $QQHQLQGXVWULSURGXNVMRQ .UDIWRJYDQQIRUV\QLQJ 9DUHKDQGHORJKRWHOORJUHVWDXUDQW $JHQWXURJHQJURVKDQGHO 7UDQVSRUWRJWLONQ\WWHGHWMHQHVWHU 3RVWRJWHOHNRPPXQLNDVMRQHU )LQDQVLHOOWMHQHVWH\WLQJIRUVLNULQJRJVW¡WWHWMHQHVWHU (LHQGRPVGULIWRJXWOHLHYLUNVRPKHW 'DWDEHKDQGOLQJVYLUNVRPKHW $QGUHVRVLDOHRJSHUVRQOLJHWMHQHVWHU
)RUnJLHWPHUILQPDVNHWELOGHNDQHQVS¡UUHVHJKYLONHWIDJRPUnGHGHHQNHOWH Q ULQJHUKHQWHUVLWWSHUVRQHOOIUD6LWXDVMRQHQIRUODQGHWVRPKHOKHWHUJMHQJLWWL WDEHOOXQGHU,GHQQHWDEHOOHQHUGHWNXQWDWWPHGDQVDWWHPHGXWGDQQLQJSn KRYHGIDJVRJIRUVNHUQLYn(WWKRYHGSRHQJLGHQQHWDEHOOHQHUDWIDJLQQGHOLQJHQ JMHQVSHLOHUHWVNLOOHPHOORPLQGXVWULRJDQGUHVHNWRUHU,QGXVWULHQVVWHUNHWHN QRORJLVNHLQQUHWQLQJNDQUHIOHNWHUHHQPDQJOHQGHIRUVWnHOVHIRUDQGUHDVSHNWHU YHGLQGXVWULHOOYLUNVRPKHW6S¡UVPnOHWHURPHQXWYLGHWIRUVWnHOVHDYHJHQDNWL 67(3$UEHLGVQRWDW$
YLWHWNDQEHGUHVJMHQQRPK¡\HUHJUDGDYVDPKDQGOLQJRJEUXNDYSHUVRQDOHW PHGHQVDPIXQQVYLWHQVNDSHOLJXWGDQQHOVH )LQDQVVHNWRUHQVUHODWLYWK¡\HDQ GHODYQDWXUYLWHUHVN\OGHVQRNI¡UVWRJIUHPVWDW,7XWGDQQHGHHULGHQQHNDWH JRULHQ ,WLOOHJJVHUPDQDWKRYHGIDJVWHWWKHWHQHUJMHQQRPJnHQGHODYHUHL$XVW $JGHUHQQIRUODQGHWVRPKHOKHW)RUVNMHOOHQHUGRJNODUWPLQGUHIRULQGXVWULHQ HQIRUGHDQGUHKRYHGQ ULQJHQH'HWWHW\GHUOLNHYHOSnDWPDQJHVRPWDUHQKR YHGIDJVHOOHUIRUVNHUXWGDQQLQJEOLUY UHQGHLJMHQSnGHVWHGHUXWGDQQLQJHQHU JMHQQRPI¡UWHOOHUµGHUMREEHQHILQQHVµLVWHGHQIRUnUHWXUQHUHWLO$XVW$JGHU
7DEHOO9LNWLJVWHVHNWRUHUIRUDUEHLGVWDNHUHPHGXWGDQQLQJSnKRYHGIDJRJ IRUVNHUQLYn6HNWRUIRUGHOLQJRJIRUGHOLQJSnIDJRPUnGHU1RUJH 3URVHQW
1DWXUY 6DPIXQQVY $QGUH 7RWDOW 6HNWRU +RYHG +RYHGIDJV RJWHN MXVRJ¡NR UHWQLQJHU DQWDOO IRUGHOLQJ IDJVWHWW WHWWKHW QRORJL QRPL KHW $XVW$JGHU 6HNWRU 6RVLDORJRIIHQWOLJWMHQHVWH\WLQJXQQWDWW )R8RJK¡\HUHXWGDQQLQJ +¡\HUHXWGDQQLQJRJ)R8 )RUUHWQLQJVPHVVLJWMHQHVWH\WLQJEDQN RJIRUVLNULQJ ,QGXVWUL +DQGHOKRWHOORJUHVWDXUDQW 7RWDOW +RYHGIDJVWHWWKHWHUGHILQHUWVRPDQGHOHQDYV\VVHOVDWWHPHGXWGDQQLQJSnKRYHGIDJV HOOHUGRNWRUJUDGVQLYn$XVW$JGHUWDOOHUIUD
'HQQHVWHWDEHOOHQWDUIRUVHJXWGDQQLQJVIDJRPUnGHULIRUKROGWLOGHHQNHOWHQ ULQJHU'HQLQNOXGHUHUDOOHPHGXQLYHUVLWHWVXWGDQQLQJIUD([DPHQ3KLORVRSKL FXPWLOIRUVNHUXWGDQQQLQJVOLNDWVSHQQHWHUVWRUW/LNHYHOYLVHUWDEHOOHQJDQVNH HQNHOWDWGHIRUVNMHOOLJHQ ULQJHUKHQWHUVLQHDQVDWWHIUDGHIRUVNMHOOLJHIDJRP UnGHU'HWWHYLVHUDWXWGDQQLQJRJQ ULQJVVWUXNWXUKHQJHUQ¡\HVDPPHQ0HG DQGUHRUGHUGHWVY UWYLNWLJnSODQOHJJHPHGKHQV\QSnXWGDQQHOVHVWLOEXG
+RYHGIDJVWHWWKHWHQHUK¡\HVWL$XVW$JGHULQQHQHOHNWURQLNNLQGXVWULHLHQ GRPVGULIWRJXWOHLHYLUNVRPKHWGDWDEHKDQGOLQJVYLUNVRPKHW)R8RJDQQHQIRU UHWQLQJVPHVVLJWMHQHVWH\WLQJRIIHQWOLJDGPLQLVWUDVMRQXWGDQQLQJKHOVHRJVR VLDOWMHQHVWHUVDPWDQGUHVRVLDOHRJSHUVRQOLJHWMHQHVWHU
Ã6YHLQÃ2ODYÃ1nVÃ$QGHUVÃ(NHODQGÃRJÃ-RKDQÃ+DXNQHVÃ Ã)RUPHOOÃNRPSHWDQVHÃLÃQRUVNÃDUEHLGVOLY Ã67(3ÃUDSSRUWÃ Ã2VOR 7DEHOO3URVHQWYLVIRUGHOLQJDY8QLYHUVLWHWVRJK¡JVNROHXWGDQQHWSHUVRQDOHHWWHUDUEHLGVVHNWRU Q ULQJ RJXWGDQQHOVHVRPUnGH PHVWXWEUHGWHIDJRPUnGHU $OOPHQQO UHU 6\NHSOHLH NRQRPLVNDGPLQLV WUDWLY (OHNWURWHNQRJ GDWDWHNQ 3HGDJRJLNN $GMXQNWOHNWRU )¡UVNROHO UHU %\JJRJDQOHJJ / UHU 0DVNLQWHNQLVN )LORVRIL 6SUnN 0DULWLPQDYLJDVMRQ 1DWXUYLWRJWHNQ HOOHUV 1DWXUYLWRJWHNQLNN 6RVLDO 5HOLJLRQ -XV 0DULWLPPDVNLQLVW .MHPLWHNQLNN $OOH +RYHGIDJ)RUVNHU 7RWDOW +) 8VSHVLILVHUW -RUGEUXNVNRJEUXNRJILVNH %HUJYHUNVGULIWRJUnYDUHXWYLQQLQJ 1 ULQJVRJQ\WHOVHVPLGOHU 7HNVWLOEHNOHGQLQJRJO U 7UHLQGXVWUL 3DSLULQGXVWUL *UDILVNLQGXVWUL .MHPLVNHSURGXNWHUUDIILQHULQJDYNRNVRJROMH *XPPLRJSODVWLQGXVWUL 6WHLQOHLUHRJJODVV -HUQRJPHWDOOLQGXVWUL 0DVNLQLQGXVWUL (OHNWURQLNNLQGXVWUL 3URG7UDQVSRUWPLGOHU $QQHQLQGXVWULSURGXNVMRQ %\JJRJDQOHJJ.UDIWRJYDQQIRUV\QLQJ 9DUHKDQGHORJKRWHOORJUHVWDXUDQW $JHQWXURJHQJURVKDQGHO 7UDQVSRUWRJWLONQ\WWHGHWMHQHVWHU 3RVWRJWHOHNRPPXQLNDVMRQHU )LQDQVLHOOWMHQHVWH\WLQJIRUVLNULQJRJVW¡WWHWMHQHVWHU (LHQGRPVGULIWRJXWOHLHYLUNVRPKHW 'DWDEHKDQGOLQJVYLUNVRPKHW )R8RJDQQHQIRUUHWQPWM 2IIHQWOLJDGP8WGDQQLQJRJ+HOVHRJVRVLDOWMHQHVWHU $QGUHVRVLDOHRJSHUVRQOLJHWMHQHVWHU $XVW$JGHU 67(3$UEHLGVQRWDW$
5HJLRQDOHXWGDQQLQJVP¡QVWUH
9LKDUKHUYDOJWnVHSnUHJLRQDOHIRUVNMHOOHUPHGHQQRHJURYHUHRSSGHOLQJHQQL I¡UVWHGHODYNDSLWWHOHW$YWDEHOOHQVHUYLDWEnGH¡VWUHJLRQHQRJ6HWHVGDOHQKDU HQVNMHYKHWQnUGHWJMHOGHUXWGDQQHOVHVQLYnPRWGHQODYHUHHQGHQDYVNDODHQ 9HVWUHJLRQHQVWRUWVHWWOLJJHUQ UJMHQQRPVQLWWHWPHQVPLGWUHJLRQHQKDUHQ UHODWLYK¡\HUHDQGHODYGHK¡\HVWXWGDQQHGHHQQGHQVVW¡UUHOVHDOHQHVNXOOHWLO VL
7DEHOO5HJLRQDOIRUGHOLQJDYXWGDQQHOVHVQLYnSnV\VVHOVDWWHL$XVW$JGHU
VW 0LGW 9HVW 6HWHVGDO $XVW$JGHU
8VSHVLILVHUWXWGDQQLQJ 8WGDQQLQJSnXQJGRPVVNROHQLYn 8WGDQQLQJSn9*6QLYn 8WGDQQLQJSn8QLYRJ+¡JVNROH&DQG0DJ 8WGDQQLQJSn8QLYRJ+¡JVNROH±+RYHGIDJVQL Yn 8WGDQQLQJSnIRUVNHUQLYn 7RWDOW
,WDEHOO XQGHUHUKYHUUHJLRQYHNWHWPRWJMHQQRPVQLWWHWIRU$XVW$JGHUIRUn OHWWHVDPPHQOLNQLQJHQPHOORPUHJLRQHQH7DEHOOHQYLVHUDWMRK¡\HUHXWGDQ QLQJVQLYnMRVW¡UUHHURYHUYHNWHQLPLGWUHJLRQHQ
7DEHOO 2YHU8QGHUYHNWLQQHQXWGDQQHOVHVQLYn5HJLRQHUL$XVW$JGHU
VW 0LGW 9HVW 6HWHVGDO $XVW$JGHU
8VSHVLILVHUWXWGDQQLQJ 8WGDQQLQJSnXQJGRPVVNROHQLYn 8WGDQQLQJSn9*6QLYn 8WGDQQLQJSn8QLYRJ+¡JVNROH&DQG0DJ 8WGDQQLQJSn8QLYRJ+¡JVNROH+RYHGIDJVQL Yn 8WGDQQLQJSnIRUVNHUQLYn 7RWDOW
9LNWLJHXWGDQQLQJVUHWQLQJHUL$XVW$JGHU 7LOVLVWLGHWWHNDSLWWHOHWYLOYLWDIRURVVIDJXWGDQQLQJSnYLGHUHJnHQGHVNROHRJ XQLYHUVLWHWVRJK¡JVNROHQLYn8WGDQQLQJSnXQJGRPVVNROHQLYnHULNNHLQQGHOW ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ
HWWHUIDJRPUnGHWPHQLQNOXGHUWLWDEHOOHQH'HWWHYLOJLHQRYHUVLNWRYHUKYLONH IDJXWGDQQLQJHUVRPV\VVHOVDWWHL$XVW$JGHULQQHKDURJRPGHWWHXWJM¡UHW P¡QVWHUVRPVNLOOHUVHJIUDODQGHWIRU¡YULJ7DOOHQHHUEDVHUWSnXWGDQQLQJVGD WDIRURYHUPLOOLRQHUDUEHLGVWDNHUHL1RUJHRJRYHUL$XVW$JGHUVOLN DWGHWHUHWJDQVNHGHNNHQGHELOGHVRPNDQJLV,WDEHOOHQHXQGHUHUGHWIRUEHJ JHQLYnHUWDWWPHGGHW\YHPHVWRPIDWWHQGHIDJXWGDQQLQJHQHEDVHUWSnDQWDOO SHUVRQHUPHGGHQQHIDJXWGDQQLQJHQVRPVLWWK¡\HVWHXWGDQQLQJVQLYn-HYQW RYHUWLOVYDUHUGHWWHPHOORPRJ DYDOOHDUEHLGVWDNHUH
'HWPHVWLQWHUHVVDQWHOLJJHUQRNLDWP¡QVWHUHWL$XVW$JGHUKRYHGVDNHOLJJMHQ VSHLOHUXWGDQQLQJVSURILOHQIRUODQGHWVRPKHOKHW1RHQVPnXQQWDNHUGHWEODQW DQQHWQRHRYHUYHNWDYXWGDQQLQJSnYLGHUHJnHQGHQLYnLQQHQIRUGHIOHVWHLQ GXVWULE\JJHRJKnQGYHUNVIDJHQHVDPWSnKXVWHOOIDJKRWHOORJUHVWDXUDQWIDJ RJV\NHSOHLHIDJ XWKHYHWLWDEHOO
7DEHOO3HUVRQHUERVDWWL1RUJHRJ$XVW$JGHUPHGXWGDQQLQJSn YLGHUHJnHQGHVNROH PHVWXWEUHGWHIDJRPUnGHULKYHUWRPUnGH
DY 9LGHUHJnHQGHVNROH1RUJH 9LGHUHJnHQGHVNROH$XVW$JGHU DY
)DJRPUnGH $QWDOO $QGHOL 6XP )DJRPUnGH $QWDOO $QGHOL 6XP
8WGDQQLQJSn8QJGRPVVNROHQL 8WGDQQLQJSn8QJGRPVVNROHQLYn Yn $OOPHQQIDJOLJVWXGLHUHWQLQJ $OOPHQQIDJOLJVWXGLHUHWQLQJ .RQWRUIDJ .RQWRUIDJ 0HNDQLVNHIDJHOOHUV 0HNDQLVNHIDJHOOHUV +DQGHOVRJNRQWRUIDJJHQHUHOW (OHNWURIDJ 7UHDUEE\JJHRJDQOHJJV 5HDOVNROHXWGDQQLQJ IDJ (OHNWURIDJ 5HDOVNROHXWGDQQLQJ 7UHDUEE\JJHRJDQOHJJVIDJ -HUQRJPHWDOOIDJHOOHUV -HUQRJPHWDOOIDJHOOHUV +DQGHOVRJNRQWRUIDJJHQHUHOW +XVWHOOIDJ +XVWHOOIDJ 6\NHSOHLHIDJ 6\NHSOHLHIDJ +DQGHOVIDJ +DQGHOVIDJ ,QGKnQGYHUNVPWHNIDJHOOHUV +RWHOORJUHVWDXUDQWIDJ +RWHOORJUHVWDXUDQWIDJ ,QGKnQGYHUNVPWHNIDJHOOHUV )RONHK¡JVNROHXWGDQQLQJ )RONHK¡JVNROHXWGDQQLQJ -RUGEUXNVIDJ -RUGEUXNVIDJ 7HNVWLOV¡PRJO UYDUHIDJ 7HNVWLOV¡PRJO UYDUHIDJ $OOPXWGSnYJV 9HJWUDILNNIDJ 6RVLDOIDJ 0DULWLPHPDVNLQLVWIDJ ,QGXVWULKnQGYHUNRJWHNQLNN 6RVLDOIDJ 67(3$UEHLGVQRWDW$
7DEHOO3HUVRQHUERVDWWL1RUJHRJ$XVW$JGHUPHGXWGDQQLQJSn 8QLYHUVLWHWVQLYn PHVWXWEUHGWHIDJRPUnGHULKYHUWRPUnGH
8QLYHUVLWHWRJ+¡JVNROH1RU DY 8QLYHUVLWHWRJ+¡JVN$XVW$JGH DY JH
)DJRPUnGH $QWDOO $QGHOL 6XP )DJRPUnGH $QWDOO $QGHOL 6XP
NRQRPLVNDGPLQLVWUDWLYHIDJ $OOPHQQO UHUXWGDQQLQJ 6\NHSOHLHIDJ 6\NHSOHLHIDJ $OOPHQQO UHUXWGDQQLQJ NRQRPLVNDGPLQLVWUDWLYHIDJ )LORVRILVNHIDJ (OHNWURWHNQRJGDWDWHNQIDJ (OHNWURWHNQRJGDWDWHNQIDJ 3HGDJRJLNN 0DVNLQWHNQLVNHIDJ $GMXQNWOHNWRUXWGDQQLQJ %\JJHRJDQOHJJVWHNQLVNHIDJ 0DVNLQWHNQLVNHIDJ 3HGDJRJLNN %\JJHRJDQOHJJVWHNQLVNHIDJ 1DWXUYLWHQVNDSRJWHNQLNN )LORVRILVNHIDJ )DJO UHUXWGDQQLQJ )¡UVNROHO UHUXWGDQQLQJ )¡UVNROHO UHUXWGDQQLQJ )DJO UHUXWGDQQLQJ $GMXQNWOHNWRUXWGDQQLQJ 0DULWLPHQDYLJDVMRQVIDJ 6SUnNIDJ 6SUnNIDJ 0LOLW UHIDJ 0DULWLPHPDVNLQLVWIDJ -XULGLVNHIDJ 1DWXUYLWHQVNDSRJWHNQLNN .MHPLWHNQLVNHIDJ 1DWXUYLWRJWHNQIDJHOOHUV 6RVLDOIDJ 0LOLW UHIDJ 0DWHPDWLVNHIDJ 5HOLJLRQVIDJ 1DWXUYLWRJWHNQIDJHOOHUV 6RVLDOIDJ $GP¡NRQRPLVDPIXQQVYLWMXV -XULGLVNHIDJ
3nXQLYHUVLWHWVRJK¡JVNROHQLYn WDEHOO HUELOGHWQRHDQQHUOHGHVPHQGHWHU IRUWVDWWUHODWLYWVWRUHOLNKHWHU'HQLQWHUQHUHNNHI¡OJHQYDULHUHULVW¡UUHJUDGIUD ODQGVJMHQQRPVQLWWHWHQQIRUYLGHUHJnHQGHXWGDQQLQJ0DULWLPHIDJSHNHUVHJ VSHVLHOWXWPHGUHODWLYWK¡\HDQGHOHUDQVDWWHLIRUKROGWLOODQGVJMHQQRPVQLWWHW / UHUUHODWHUWXWGDQQLQJ DOOPHQQO UHUDGMXQNWOHNWRUI¡UVNROHO UHUIDJO UHU HUUHODWLYWXWEUHGWL$XVW$JGHUGHWVDPPHJMHOGHUV\NHSOHLHIDJRJHQNHOWHLQ GXVWULIDJ
,WDEHOOXQGHUHUVLWXDVMRQHQRSSVXPPHUWQnRJVnPHGUHJQHWIDJXWRYHUGH PHVWXWEUHGWH1nUGHWJMHOGHURYHUYHNWEHNUHIWHUGHQQHWDEHOOHQLQQWU\NNHW JMHQJLWWRYHQIRU9LKDULWLOOHJJLQNOXGHUWIDJRPUnGHUVRPHUNODUWXQGHUUHSUH VHQWHUW)RUGHIOHVWHDYGLVVHIDJRPUnGHQHJMHOGHUDWGHVWRUWVHWWHUUHODWLYW VPnLRPIDQJ8QQWDNHWHUKXPDQLVWLVNRJVDPIXQQVYLWHQVNDSHOLJXWGDQQLQJ SnXQLYHUVLWHWVQLYn ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ
7DEHOO2YHU8QGHUYHNWDYIDJRPUnGHUEODQWSHUVRQHUERVDWWL$XVW$JGHU
9LGHUHJnHQGHVNROH 2YHU8QGHUYHNW 8QLYHUVLWHWRJ+¡JVNROH
9HJWUDILNNIDJ 6M¡IDUWVIDJHOOHUV 0DULWLPHPDVNLQLVWIDJ 0DULWLPHPDVNLQLVWIDJ 6LYLOHRYHUYnNLQJVWU\JJLQJVI 0DULWLPHQDYLJDVMRQVIDJ +RWHOORJUHVWDXUDQWIDJ 6NRJEUXNVIDJ *DUWQHULRJKDJHEUXNVIDJ 5HOLJLRQVIDJ 5HOLJLRQVIDJ $GMXQNWOHNWRUXWGDQQLQJ -HUQRJPHWDOOIDJHOOHUV $OOPHQQO UHUXWGDQQLQJ 7UHDUEE\JJHRJDQOHJJVIDJ +RWHOORJUHVWDXUDQWIDJ 0DULWLPHQDYLJDVMRQVIDJ +HOVHYHUQIDJHOOHUV $OOPNRQRPLVNHRJDGPIDJ (OHNWURWHNQRJGDWDWHNQIDJ
*UDILVNHIDJ .MHPLWHNQLVNHIDJ 0XVLNNRJVDQJO UHUXWGDQQLQJ +XPDQLRUDRJHVWHWLNN )DJO UHUXWGDQQLQJ 6RVLRORJLVNHIDJ 9DNWPHVWHURJUHQJM¡ULQJVIDJ 6DPIXQQVIDJHOOHUV /XIWWUDILNNIDJ 6DPIXQQV¡NRQRPLVNHIDJ +XPDQLRUDRJHVWHWLNN )LVNHIDJ 0XVLNNIDJ $GP¡NRQRPLVDPIXQQVYLWMXV )LVNHIDJ 3RVWDOHIDJ )RWRJUDIIDJ 7UDQVSRUWRJNRPPIDJHOOHUV 7HDWHUIDJ /XIWWUDILNNIDJ
2SSVXPPHULQJ8WGDQQLQJ 9HGYXUGHULQJDYXWGDQQLQJVQLYnHWL$XVW$JGHUPnGHWVNLOOHVPHOORPXQLYHU VLWHWVI\ONHQHRJDQGUHQRUVNHI\ONHU6LWXDVMRQHQL$XVW$JGHUVNLOOHUVHJLOLWHQ JUDGIUDDQGUHµQRUPDOµI\ONHUQnUGHWJMHOGHUIRUGHOLQJHQDYV\VVHOVDWWHHWWHU XWGDQQLQJVQLYn1nUPDQVWXGHUHUIDJVDPPHQVHWQLQJHQEOLUELOGHWDQQHUOHGHV 'HWHUKHOWNODUWVWRUHYDULDVMRQHULQQHQGHHQNHOWHQ ULQJHUYDULDVMRQHUVRP EnGHUHIOHNWHUHUIRUVNMHOOHULEHKRYRJWLOEXGDYXWGDQQHWSHUVRQDOH1nUGHW JMHOGHUXWGDQQLQJSnKRYHGIDJVRJIRUVNHUQLYnHURIIHQWOLJVHNWRURJHQNHOWH WMHQHVWH\WHQGHQ ULQJHUGHNODUWVW¡UVWHDYWDJHUQHDYVOLNWSHUVRQDOH$YLQ GXVWULHQHUGHWNXQJUDILVNLQGXVWULRJHOHNWURQLNNLQGXVWULHQVRPKDUHQK¡\HUH DQGHOSnKRYHGIDJIRUVNHUQLYnHQQGHUHVVW¡UUHOVHVNXOOHWLOVL'HWHURJVnUH JLRQDOHIRUVNMHOOHULQQHQ$XVW$JGHUXWGDQQLQJVQLYnHWHUK¡\HUHLPLGWUHJLR QHQHQQLDQGUHUHJLRQHU7DOOHQHDQW\GHURJVnDWGHVRPWDUHQKRYHGIDJVHOOHU IRUVNHUXWGDQQLQJVRPRIWHVWEOLUY UHQGHLJMHQSnGHVWHGHUXWGDQQLQJHQHU JMHQQRPI¡UWLVWHGHQIRUnUHWXUQHUHWLO$XVW$JGHU
)RUGHOLQJHQDYDQVDWWHPHGXQLYHUVLWHWVRJK¡JVNROHXWGDQQHGHYLVHUDWGHWL WLOOHJJWLOHQOLWHQDQGHOJHQHUDOLVWHUVWRUWVHWWEOLUUHNUXWWHUWSHUVRQHUPHGXW GDQQLQJVRPHUUHWWHWPRWDNWLYLWHWHQHLKYHUEUDQVMH'HWEHW\UDWVHNWRULQQGH OLQJHQVWDUWHUDOOHUHGHPHGXWGDQQHOVHQDYSHUVRQDOHW'HWNDQY UHQ\WWLJn ¡NHIRUVWnHOVHQDYDQGUHGHOHUYHGQ ULQJVYLUNVRPKHW IRUHNVHPSHOYLVHU´5H JLQQDQDO\VHQµXWI¡UWDY$JGHUIRUVNQLQJLQQHQ,7LQGXVWULHQHQPDQJHOSn PDUNHGVNXQQVNDSRJPDUNHGVWHQNQLQJEODQWWHNQRORJHQHLPLQGUHEHGULIWHU 67(3$UEHLGVQRWDW$
'HWKHPPHULQQRYDVMRQVHYQHQ'HWNDQGHUIRULIOHUHVDPPHQKHQJHUY UH¡Q VNHOLJn¡NHLQWHJUHULQJHQDYSHUVRQHOOPHGXOLNHXWGDQQLQJVW\SHUNDQVNMH V UOLJPHGWDQNHSnDWQ ULQJVYLUNVRPKHWLGDJLVW¡UUHRJVW¡UUHJUDGHUHQ WYHUUIDJOLJDNWLYLWHW
0DQJHDYEHGULIWHQHL$XVW$JGHUHUVPnGHEOLURIWHEOLUDGPLQLVWUHUWDYHQ SHUVRQ JMHUQHHLHUHQ RJGULIWHQEDVHUHVSnXWYLNOLQJHQIUDGDJWLOGDJ(WWPX OLJYLUNHPLGGHOHUQHWWYHUNGHUIOHUHVPnEHGULIWHUµVSOHLVHUµSnNRPSHWDQVHXW YLNOLQJRJLQQOHLHDYXWGDQQHWSHUVRQHOO
)RUVNQLQJRJXWYLNOLQJ )R8 RJLQQRYDVMRQ 7DEHOOHQHLGHQQHGHOHQDYQRWDWHWE\JJHUSn66%V)R8VWDWLVWLNNRJ)R8GDWD 'HWWHHUHQXQGHUV¡NHOVHVRPEDVHUHUVHJSnVYDUSnVS¡UUHVNMHPDHUVRPHU VHQGWXWWLOQRUVNHEHGULIWHUHOOHUHJHQWOLJVnNDOWHEUDQVMHHQKHWHU'HWWHWLOVYD UHUDOOHEHGULIWHULHWWIRUHWDNPHGKRYHGDNWLYLWHWLQQHQVDPPHQ ULQJVJUXSSH EUDQVMHJUXSSH ,GHDOOHUIOHVWHWLOIHOOHUHUEUDQVMHHQKHWHQHQHQNHOWVWnHQGHEH GULIW%HJJHXWWU\NNHQH EHGULIWHURJEUDQVMHHQKHWHU EUXNHVQRHRPKYHUDQGUH PHQGHWHULEHJJHWLOIHOOHUEUDQVMHHQKHWHUGHWHUVQDNNRP,DYWLOIHOOHQH EHVWnUEUDQVMHHQKHWHQDYNXQHQEHGULIW,XQGHUV¡NHOVHQHUDOOHHQKHWHUPHG PLQVWV\VVHOVDWWHWUXNNHWXW)RUHQKHWHUPHGPLQVWRJLQQWLOV\VVHO VDWWHHUGHWWUXNNHWHWXWYDOJ%UDQVMHHQKHWHUPHGXQGHUV\VVHOVDWWHHULNNH LQNOXGHUWLXQGHUV¡NHOVHQ(QNHOWHQ ULQJHUHUXWHODWWVRPMRUGEUXNRJVNRJ EUXNXQGHUYLVQLQJRJDQGUH$OOHLQGXVWULQ ULQJHURJGHDOOHUIOHVWHWMHQHVWH \WHQGHQ ULQJHUHULQNOXGHUW
,GHI¡OJHQGHWDEHOOHQHHUGDWDHQHJUXSSHUWHWWHUEHGULIWHQVVW¡UUHOVH'HQQH LQQGHOLQJHQHUJMRUWGDGHWSnJUXQQODJDYGDWDVHWWHWHUYDQVNHOLJnJLUHSUHVHQ WDWLYHGDWDEDVHUWSnUHJLRQDOWLOK¡ULJKHWIRUEUDQVMHHQKHWHUPHGXQGHUDQ VDWWH'HWVRPOLNHYHONDQJM¡UHVHUnVHSnGHQLQWHUQHIRUGHOLQJHQLQQHQKYHUW I\ONHRJVnIRUGHPLQGUHEHGULIWHQH
+MHOSWLOnRUJDQLVHUHRJDGPLQLVWUHUHVPnEHGULIWHUHUEODQWDQQHWHWDYLQQKROGHQHL 61'VYLUNHPLGGHOEUXN )5$0SURJUDPPHW ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ
)R8DNWLYLWHWLQRUVNHEHGULIWHU
7DEHOO%HGULIWHUVRPKDUXWI¡UW)R8 %HGULIWHUPHGPLQVWDQVDWWH
)\ONH -D 1HL -D 1HL $QWDOOEHGULXQGHUV
VWIROG $NHUVKXV 2VOR +HGPDUN 2SSODQG %XVNHUXG 9HVWIROG 7HOHPDUN $XVW$JGHU 9HVW$JGHU 5RJDODQG +RUGDODQG 6RJQRJ)MRUGDQH 0¡UHRJ5RPVGDO 6¡U7U¡QGHODJ 1RUG7U¡QGHODJ 1RUGODQG 7URPV )LQQPDUN 1RUJH
$QGHOHQEHGULIWHUVRPKDUXWI¡UWHOOHUILQDQVLHUW)R8DUEHLGHUIUHPVWLOWLWDEHOO RYHU'HWHUQRHQI\ONHVYLVHYDULDVMRQHUPHQQHVWHQDOOHI\ONHUOLJJHULQQHQ IRUHWDYYLNSnSRHQJIUDJMHQQRPVQLWWHW$XVW$JGHUEHILQQHUVHJSnVLQ VLGHLGHQQHGUHHQGHQDYVNDODHQPHGUHODWLYWIn´)R8EHGULIWHUµVDPPHQOLN QHWPHG1RUJHVHWWXQGHUHWW+YHUIHPWH VW¡UUH EHGULIWLI\ONHWUDSSRUWHUHUDW GHQKDUXWI¡UWHOOHUILQDQVLHUW)R8DNWLYLWHWHU
$YWDEHOOXQGHUIUHPJnUGHWDW)R8XWJLIWHQHRJDQWDOO)R8nUVYHUNLEHGULI WHUKMHPPHK¡UHQGHL$XVW$JGHUHUUHODWLYWK¡\H $XVW$JGHUKDUDY)R8 nUVYHUNHQHPRWDYEHGULIWHQHLI¡OJHXQGHUV¡NHOVHQ,YLUNHOLJKHWHQHUGHW HQVWRUHOHNWURQLNNEHGULIW (ULFVVRQ VRPVWnUIRUQHVWHQKHOH)R8DNWLYLWHWHQ PnOWLYROXP .RORQQHQIRUHOHNWURQLNNLQGXVWULWLOVYDUHUELGUDJHWIUDGHQQH EHGULIWHQ 'HUHVWHUHQGHEHGULIWHUVRPKDUVYDUWMDLXQGHUV¡NHOVHQYLODYGHQ JUXQQKDOLWHQEHW\GQLQJYHGHQKYHUYXUGHULQJDY)R8DNWLYLWHWHQHVRPHUED 9HGJMHQQRPJDQJDYJUXQQODJVPDWHULDOHWIRU)R8VWDWLVWLNNHQIDQWYLDWDOOH)R8 XWJLIWHQHRJ)R8nUVYHUNHQHYHG(ULFVVRQNRQVHUQHWL1RUJHYDUSODVVHUWL$XVW$JGHU, WDEHOOKDUYLIRUGHOWXWJLIWHQHRJnUVYHUNHQHPHOORP$XVW$JGHURJ$NHUVKXVHWWHU DQWDOODQVDWWHLKHQKROGVYLV$UHQGDORJ$VNHUDYGHOLQJHQDY(ULFVVRQL1RUJH'HUPHG KDUYLSU¡YGnMXVWHUHIRUGHQQHIHLOHQL)R8VWLVWLNNHQ 67(3$UEHLGVQRWDW$
VHUWSnYROXPDYVOLNDNWLYLWHW,GHQUHVWHUHQGHGHOHQKDUYLGHUIRUYDOJWnVHSn NDWHJRULHUVRPRPIDWWHUDQGHOHUDYEHGULIWHURJLNNHRPIDQJDYDNWLYLWHWLQQHQ KYHUHQNHOWEHGULIW
7DEHOO)R8XWJLIWHURJ)R8nUVYHUNL$XVW$JGHURJIRU1RUJHVDPOHWL DEVROXWWHWDOO L12. RJLSURVHQW 6WRUHEHGULIWHU !
)\ONHU $XVW$JGHU 1RUJH (OHNWURQLNNLQGXVWUL
)R8XWJLIWHUIRUGHOWL$XVW$JGHURJIRU1RUJHVDPOHW )\ONHWVDQGHODY)R8XWJLIWHU )R8nUVYHUNL$XVW$JGHURJIRU1RUJHVDPOHW )\ONHWVDQGHODY)R8nUVYHUN )\ONHWVDQGHODYEHGULIWHQHLXQGHUV¡NHOVHQ .LOGH )R8VWDWLVWLNNHQ 66%
,QQRYDVMRQVDNWLYLWHW 'HWHUYLNWLJnXQGHUVWUHNHDWLQQRYDWLYDNWLYWHWLNNHQ¡GYHQGLJYLVGUHLHUVHJ RP)R8YLUNVRPKHW,)R8XQGHUV¡NHOVHQHUGHWGHUIRULQQKHQWHWLQIRUPDVMRQ RJVnRPDQGUHLQQRYDVMRQVDNWLYLWHWHU'HWI¡UVWHVS¡UVPnOHWGUHLHUVHJRPSUR GXNWLQQRYDVMRQHU0HGGHWPHQHVLQWURGXNVMRQDYSURGXNWHUVRPHUHQGUHWHOOHU Q\HIRUSURGXVHQWHQVHOYLNNHQ¡GYHQGLJYLVQ\HSnPDUNHGHW7DEHOOHQXQGHU YLVHUDWSURGXNWLQQRYDVMRQHULVWRUHEHGULIWHUIRUHNRPPHUQRHVMHOGQHUHL$XVW $JGHUHQQIRUODQGHWVRPKHOWPHQQRHK\SSLJHUHLGHVPnEHGULIWHQH
7DEHOO%HGULIWVHQKHWHUPHGSURGXNWLQQRYDVMRQHUL$XVW$JGHURJIRU1RUJH VDPOHW
+DUHQKHWHQLQWURGXVHUWQ\HHOOHUYHVHQWOLJHQGUHGHYDUHUWMHQHVWHUSnPDUNHGHWGHWUHVLVWHnUHQH" 6W¡UUHOVH 5HJLRQ -D 1HL $QWDOOEUDQVMHHQKHWHU $QGHOVYDUW-D 2YHU8QGHUYHNW 6WRUH $XVW$JGHU 1RUJH 6Pn $XVW$JGHU 1RUJH .LOGH )R8VWDWLVWLNNHQ 66%
%HGULIWHQHEOHRJVnVSXUWRPGHKDGGHLQWURGXVHUWHQGUHGHHOOHUQ\HSURGXN VMRQVSURVHVVHU)RUGHQQHW\SHLQQRYDVMRQYDUDQGHOHQQRHODYHUHL$XVW$JGHU HQQPDQNXQQHIRUYHQWHXWLIUDODQGVJMHQQRPVQLWWHW ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ
7DEHOO%HGULIWVHQKHWHUPHGSURVHVVLQQRYDVMRQHUL$XVW$JGHURJIRU1RUJH VDPOHW,DEVROXWWHWDOORJUHODWLYHWDOO
+DUHQKHWHQWDWWLEUXNQ\HHOOHUYHVHQWOLJHQGUHGHSURGXNVMRQVSURVHVVHUGHWUHVLVWHnUHQH" $QGHOVYDUW 6W¡UUHOVH 5HJLRQ -D 1HL $QWDOOEUDQVMHHQKHWHU 2YHU8QGHUYHNW -D 6WRUH $XVW$JGHU 1RUJH 6Pn $XVW$JGHU 1RUJH .LOGH )R8VWDWLVWLNNHQ 66%
+YRUYLGWHQEHGULIWHNVSDQGHUHULQQLQ\HPDUNHGHUVLHURJVnQRHRPLQQRYD VMRQVSURVHVVHU)RUWVDWWOLJJHUQLYnHWIRUGHQLQQRYDWLYHDNWLYLWHWHQL$XVW $JGHUQRHXQGHU1RUJHVRPKHOKHWPHQIRUVNMHOOHQHHULNNHVSHVLHOWVWRUH
7DEHOO%HGULIWVHQKHWHUPHGHWDEOHULQJLQ\HPDUNHGHUL$XVW$JGHURJIRU 1RUJHVDPOHW,DEVROXWWHWDOORJUHODWLYHWDOO
+DUHQKHWHQHWDEOHUWVHJLQ\HPDUNHGHU" 6W¡UUHOVH 5HJLRQ -D 1HL $QWDOOEUDQVMHHQKHWHU $QGHOVYDUW-D 2YHU8QGHUYHNW 6WRUH $XVW$JGHU 1RUJH 6Pn $XVW$JGHU 1RUJH .LOGH )R8VWDWLVWLNNHQ 66%
1nUGHWJMHOGHUPDUNHGVVDPDUEHLGHUVLWXDVMRQHQQRHDQQHUOHGHVIRUGHVWRUH HQKHWHQHGHU$XVW$JGHUEHGULIWHQHJMHQQRPJnHQGHKDUPHUVDPDUEHLGHQQ JMHQQRPVQLWWHWIRUODQGHW0DUNHGVVDPDUEHLGKDUY UHYLNWLJIRUQ\VNDSQLQJV DNWLYLWHWGHUNRPSHWDQVHXWYHNVOLQJRIWHHUEDVLVIRUVDPDUEHLGHW
7DEHOO%HGULIWVHQKHWHUVRPKDULQQJnWWPDUNHGVVDPDUEHLGL$XVW$JGHURJ IRU1RUJHVDPOHW,DEVROXWWHWDOORJUHODWLYHWDOO
+DUHQKHWHQLQQJnWWPDUNHGVVDPDUEHLGPHGDQGUH" 6W¡UUHOVH 5HJLRQ -D 1HL $QWDOOEUDQVMHHQKHWHU $QGHOVYDUW-D 2YHU8QGHUYHNW 6WRUH $XVW$JGHU 1RUJH 6Pn $XVW$JGHU 1RUJH .LOGH )R8VWDWLVWLNNHQ 66%
(QDQQHQIRUPIRUQ\VNDSQLQJVDNWLYLWHW RUJDQLVDWRULVNHLQQRYDVMRQHU HURSS NM¡SVDPPHQVOnLQJDJHQWXUYLUNVRPKHWOLVHQVLHULQJHOOHUSDWHQWHULQJ*MHQ QRPVOLNYLUNVRPKHWXWYHNVOHUWLOHJQHUHOOHUEHVN\WWHUEHGULIWHUNXQQVNDS'LV VHIRUPHQHIRUYLUNVRPKHWHUYDQOLJHUHEODQWVW¡UUHEHGULIWHUHQQEODQWVPnVL 67(3$UEHLGVQRWDW$
GHQGHRIWHHUUHVVXUVNUHYHQGH$QGHOHQHUODQJWODYHUHEODQW$XVW$JGHUEHGULI WHULEHJJHVW¡UUHOVHVNDWHJRULHU
7DEHOO %HGULIWVHQKHWHUPHGODQJVLNWLJHPDUNHGVWLOWDNL$XVW$JGHURJIRU 1RUJHVDPOHW,DEVROXWWHWDOORJUHODWLYHWDOO
+DUHQKHWHQJMHQQRPI¡UWDQGUHODQJVLNWLJHPDUNHGVWLOWDNVRP IXVMRQHOOHURSSNM¡SDYEHGULIWHUDJHQWXUHUOLVHQVHURJSDWHQWHU" 6W¡UUHOVH 5HJLRQ -D 1HL $QWDOOEUDQVMHHQKHWHU $QGHOVYDUW-D 2YHU8QGHUYHNW 6WRUH $XVW$JGHU 1RUJH 6Pn $XVW$JGHU 1RUJH .LOGH )R8VWDWLVWLNNHQ 66%
7HNQRORJLVDPDUEHLGHUHWDQQHWDVSHNW6DPDUEHLGYHGXWYLNOLQJHOOHULPSOH PHQWHULQJDYQ\WHNQRORJLHURIWHVY UWYLNWLJHO ULQJVPHNDQLVPHULEHGULIWHQHV KYHUGDJ)UDWDEHOOHQVHUYLDW$XVW$JGHUEHGULIWHQHKDURPWUHQWVDPPHQLYn SnWHNQRORJLVDPDUEHLGVRPJMHQQRPVQLWWHWIRU1RUJH
7DEHOO%HGULIWVHQKHWHUVRPGHOWDULWHNQRORJLVDPDUEHLGL$XVW$JGHURJIRU 1RUJHVDPOHW,DEVROXWWHWDOORJUHODWLYHWDOO
7RNHQKHWHQGHOLWHNQRORJLVDPDUEHLG" 6W¡UUHOVH 5HJLRQ -D 1HL $QWDOOEUDQVMHHQKHWHU $QGHOVYDUW-D 2YHU8QGHUYHNW 6WRUH $XVW$JGHU 1RUJH 6Pn $XVW$JGHU 1RUJH .LOGH )R8VWDWLVWLNNHQ 66%
,QGXVWULHOOH ,)8 RJ2IIHQWOLJH 2)8 XWYLNOLQJVNRQWUDNWHUHUHWRIIHQWOLJWLOWDN IRUnXWYLNOHQ\VNDSQLQJVHYQHQLQRUVNHEHGULIWHU'HHUDGPLQLVWUHUWDY61' RJRUGQLQJHQLQQHE UHUDWRIIHQWOLJHHOOHUSULYDWHSDUWQHUHLQQJnUXWYLNOLQJV NRQWUDNWPHGHWVHOVNDSHOOHUHQRIIHQWOLJHWDWRJDW61'NDQJLWLOVNXGGWLOn GHNNHGHOHUDYXWYLNOLQJVNRVWQDGHQH'LVVHRUGQLQJHQHHUOLWHEUXNWDY$XVW $JGHUEHGULIWHQHRJPLQGUHHQQSnODQGVEDVLV VHNVDYEHGULIWHUVYDUWHDWGH KDGGHLQQJnWWHQ,)8HOOHU2)8NRQWUDNW ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ
7DEHOO%HGULIWVHQKHWHUVRPKDULQQJnWW,)8NRQWUDNWHUL$XVW$JGHURJIRU 1RUJHVDPOHW,DEVROXWWHWDOORJUHODWLYHWDOO
+DUHQKHWHQLQQJnWWLQGXVWULHOOHIRUVNQLQJVRJXWYLNOLQJVNRQWUDNWHUL " 6W¡UUHOVH 5HJLRQ -D $QWDOOEUDQVMHHQKHWHU $QGHOVYDUW-D 2YHU8QGHUYHNW 6WRUH $XVW$JGHU 1RUJH 6Pn $XVW$JGHU 1RUJH .LOGH )R8VWDWLVWLNNHQ 66%
7DEHOO%HGULIWVHQKHWHUVRPKDULQQJnWW2)8NRQWUDNWHUL$XVW$JGHURJIRU 1RUJHVDPOHW,DEVROXWWHWDOORJUHODWLYHWDOO
+DUHQKHWHQLQQJnWWRIIHQWOLJHIRUVNQLQJVRJXWYLNOLQJVNRQWUDNWHUL " 6W¡UUHOVH 5HJLRQ -D 1HL $QWDOOEUDQVMHHQKHWHU $QGHOVYDUW-D 2YHU8QGHUYHNW 6WRUH $XVW$JGHU 1RUJH 6Pn $XVW$JGHU 1RUJH .LOGH )R8VWDWLVWLNNHQ 66%
7LOVLVWKDUYLVHWWSnKYRUGDQIRUVNMHOOHULQ ULQJVVWUXNWXUNDQSnYLUNH)R8 DNWLYLWHWHQ7DEHOOXQGHUYLVHUIRUGHOLQJHQDYEHGULIWHUHWWHUQ ULQJHQV)R8 LQWHQVLWHW'HWWHHUHWPnOVRPHUEDVHUWSnEUDQVMHYLVDQGHODYRPVHWQLQJVRP JnUWLO)R8+¡\LQWHQVLWHWHUGHWLOIHOOHUGHUPHUHQQDYGHQVDPOHGHRPVHW QLQJHQLHQEUDQVMHJnUWLO)R8IRUPnOPHGLXPHURJODYHUXQGHU .DWHJRULHQµEODQGHWµRSSVWnUVRPI¡OJHDYDWHQNHOWHQ ULQJHUHUVOnWWVDPPHQ LGHQQHIUDPVWLOOLQJHQ 7DEHOOHQYLVHUDWPHQV$XVW$JGHUVRPKHOKHWOLJJHU Q UODQGVJMHQQRPVQLWWHWHUGHWVWRUHUHJLRQDOHIRUVNMHOOHUGHUVSHVLHOW6HWHVGDO KDUOLWHDYVLWWQ ULQJVOLYLEUDQVMHUPHGK¡\)R8LQWHQVLWHW1 ULQJVVWUXNWXU YLOGHUIRUNXQQHIRUNODUHHQGHODYGHUHJLRQDOHYDULDVMRQHQHEHVNUHYHWRYHQIRU 'HWEHW\URJVnDWHQUHODWLYWODYLQQRYDVMRQVDNWLYLWHWSnPDQJHLQGLNDWRUHUL $XVW$JGHUVDPPHQOLNQHWPHGODQGVJMHQQRPVQLWWHWLNNHLV UOLJJUDGNDQWLO VNULYHVHQXJXQVWLJQ ULQJVVWUXNWXULI\ONHW'HUPHGEXUGHGHWRJVnY UHPX OLJKHWHUIRU¡NQLQJDYLQQRYDVMRQVDNWLYLWHWHQLI\ONHWVQ ULQJVOLYLGHWPLQVWH WLOODQGVJMHQQRPVQLWWHW²RJRJVnXWRYHUGHWQLYnHW
7DEHOO%UDQVMHYLV)R8LQWHQVLWHW
)R8,QWHQVLWHW $XVW$JGHU VW 0LGW 9HVW 6HWHVGDO 1RUJH
/DY %ODQGHW 0HGLXP +¡\ 67(3$UEHLGVQRWDW$
2SSVXPPHULQJ)R8RJLQQRYDVMRQVDNWLYLWHW 8WYDOJHWDYEHGULIWHULGHQQHGHOHQDYQRWDWHWHUODQJWVQHYUHUHHQQLGHWRIRUH JnHQGHNDSLWOHQH6SHVLHOWJMHOGHUGHWWH$XVW$JGHUGHUGHWHUHWUHODWLYWODYW DQWDOOEHGULIWHULXWYDOJHWYHG)R8XQGHUV¡NHOVHQ /LNHYHOHUGHWULPHOLJn DQWDDWNRQNOXVMRQHQHLHQYLVVJUDGHUUHSUHVHQWDWLYHIRULQQRYDVMRQVDNWLYLWHWL $XVW$JGHU(WWYLNWLJSRHQJHUDWHQHQNHOWEHGULIWLXQGHUV¡NHOVHQVWRIRUPHO ORPRJ DY)R8XWJLIWHQHLQQHQI\ONHW+RYHGWHQGHQVHQHUDWEHGULIWHQHL $XVW$JGHULQRHPLQGUHJUDGHUHQJDVMHUWLLQQRYDVMRQVDNWLYLWHWHUHQQLODQGHW VRPKHOKHW(WWDQQHWSRHQJHUDW$XVW$JGHUEHGULIWHQHLK¡\HUHJUDGHQJDVMH UHUVHJLLQQRYDVMRQVDNWLYLWHWVRPHUEDVHUWSnVDPDUEHLGRPSURGXNWHURJXOLNH PDUNHGVWLOWDNPHUHQQLIRUPHOWIRUVNQLQJVRJXWYLNOLQJVDUEHLG,WLOOHJJEOLU GHQRIIHQWOLJHNXQQVNDSVLQIUDVWUXNWXUHQOLWHXWQ\WWHW
.RQNOXVMRQ
Næringsstruktur 1 ULQJVVWUXNWXUHQL$XVW$JGHUJMHQVSHLOHULGHWVWRUHRJKHOHVLWXDVMRQHQIRU ODQGHWVRPHWKHOH9LVVHYDULDVMRQHUHUGHWVSHVLHOWQnUPDQVWXGHUHUGHHQNHO WHUHJLRQHULQQHQI\ONHWVRPDOOHKDUVLQHV UHJQHQ ULQJVPHVVLJHVSHVLDOLVH ULQJHU²VSHVLHOWLQQHQIRUXOLNHGHOHUDYLQGXVWULHQ1 ULQJVVWUXNWXUHQHUL PLGOHUWLGGRPLQHUWDYRIIHQWOLJDGPLQLVWUDVMRQRJWMHQHVWH\WLQJPHQVSULP U Q ULQJHURJLQGXVWULV\VVHOVHWWHUUXQGWKYHUIHPWHDUEHLGVWDNHULI\ONHW'HWHU HQUHODWLYWODYDQGHOVW¡UUHEHGULIWHULI\ONHWRJGHPLQGUHEHGULIWHQHV\VVHOVHW WHUHQK¡\HUHDQGHOHQQLODQGHWIRU¡YULJ$YGHVWRUHRJPHOORPVWRUHEHGULIWHQH OLJJHUEURUSDUWHQLPLGWUHJLRQHQ,WLOOHJJHUGHWW\GHOLJDW$UHQGDORJWLOGHOV *ULPVWDGVSLOOHUHQHJHQDUWHWUROOHVRPVHQWUDIRUQ ULQJVYLUNVRPKHW
8WGDQQLQJ ,DQDO\VHUDYXWGDQQLQJVQLYnHWPnGHWVNLOOHVPHOORPXQLYHUVLWHWVI\ONHQHRJ DQGUHQRUVNHI\ONHU6LWXDVMRQHQL$XVW$JGHUVNLOOHUVHJLOLWHQJUDGIUDDQGUH µQRUPDOµI\ONHU XWHQXQLYHUVLWHW QnUGHWJMHOGHUIRUGHOLQJHQDYV\VVHOVDWWHHWWHU XWGDQQLQJVQLYn1nUPDQVWXGHUHUIDJVDPPHQVHWQLQJHQEOLUELOGHWDQQHUOHGHV 'HWKHOWNODUWVWRUHYDULDVMRQHULQQHQGHHQNHOWHQ ULQJHUYDULDVMRQHUVRPEnGH UHIOHNWHUHUIRUVNMHOOHULEHKRYRJWLOEXGDYXWGDQQHWSHUVRQDOH1nUGHWJMHOGHU XWGDQQLQJSnKRYHGIDJVRJIRUVNHUQLYnHURIIHQWOLJVHNWRURJHQNHOWHWMHQHVWH\W HQGHQ ULQJHUGHNODUWVW¡UVWHDYWDJHUQHDYVOLNWSHUVRQDOH$YLQGXVWULHUGHW NXQJUDILVNLQGXVWULRJHOHNWURQLNNLQGXVWULHQVRPKDUHQK¡\HUHDQGHOHQQGH UHVVW¡UUHOVHVNXOOHWLOVL'HWHURJVnUHJLRQDOHIRUVNMHOOHUXWGDQQLQJVQLYnHWHU K¡\HUHLPLGWUHJLRQHQHQQLDQGUHUHJLRQHU7DOOHQHDQW\GHURJVnDWGHVRPWDU HQKRYHGIDJVHOOHUIRUVNHUXWGDQQLQJLVWRUJUDGEOLUY UHQGHLJMHQSnGHVWHGHU XWGDQQLQJHQHUJMHQQRPI¡UWLVWHGHQIRUnUHWXUQHUHWLO$XVW$JGHU
)R8RJDQQHQLQQRYDVMRQVDNWLYLWHW +RYHGWHQGHQVHQHUDWEHGULIWHQHL$XVW$JGHUHUHQJDVMHUWLLQQRYDVMRQVDNWLYL WHWHULQRHPLQGUHJUDGHQQLODQGHWVRPKHOKHWRJDWGHWHUURPIRUn¡NHLQQR YDVMRQVDNWLYLWHWHQL$XVW$JGHUVQ ULQJVOLY(WWDQQHWSRHQJHUDW$XVW$JGHU EHGULIWHQHLK¡\HUHJUDGHQJDVMHUHUVHJLLQQRYDVMRQVDNWLYLWHWVRPHUEDVHUWSn ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ
VDPDUEHLGRPSURGXNWHURJXOLNHPDUNHGVWLOWDNPHUHQQLIRUPHOWIRUVNQLQJV RJXWYLNOLQJVDUEHLG,WLOOHJJNDQGHWYLUNHVRPGHQRIIHQWOLJHNXQQVNDSVLQIUD VWUXNWXUHUOLWHXWQ\WWHW
)RUVNQLQJRJXWYLNOLQJHUWUDGLVMRQHOOHSUREOHPO¡VQLQJVPHNDQLVPHUIRUVSHVLHOW VW¡UUHEHGULIWVHQKHWHURJLHQNHOWHQ ULQJHU,QQRYDVMRQVRJQ\VNDSQLQJVDNWLYL WHWHUGHULPRWHQVY UWVDPPHQVDWWSURVHVVGHUXOLNHEUDQVMHURJXOLNHEHGULIWHU O¡VHUSUREOHPHUVRPRSSVWnUSnXOLNWYLV0¡WHUEHGULIWHUSUREOHPHULQQHQIRU HQWHQGHQGDJOLJHGULIWHOOHULQQRYDVMRQVDUEHLGV¡NHUGHQI¡UVWRJIUHPVWO¡VQLQ JHULQQHQEHGULIWHQ6RPUHJHOYLOGHQYHQGHVHJPRW)R8DUEHLGLQWHUQWHOOHU HNVWHUQWI¡UVWQnUDOOHDQGUHPXOLJKHWHUHUXWSU¡YG7LOEDNHPHOGLQJHUIUDPDU NHGHWSU¡YHSURGXNVMRQRJWHVWLQJHUDOOHLQWHUDNWLYHHOHPHQWHULHQO ULQJVSUR VHVVVRPIRUHJnUNRQWLQXHUOLJ
%HGULIWHUVODQJVLNWLJHXWYLNOLQJDYKHQJHUDYDWGHSnVLNWSURGXVHUHUQ\HEHGUH HOOHUELOOLJHUHYDUHUHOOHUWMHQHVWHU'HWWHNDQJM¡UHVJMHQQRPEODQWDQQHWnHQG UHSURGXNVMRQVPHWRGHUPnWHUnRUJDQLVHUHYLUNVRPKHWSnEHQ\WWHQ\HNRPSR QHQWHULSURGXNVMRQHQYHGQ\XWYLNOLQJPDUNHGVI¡ULQJRJPDUNHGVNRQWDNW1nU LQQRYDVMRQVHWWHVLIRNXVIRUHQQ ULQJVSODQPnPDQY UHNODURYHUGHPDQJH DUWHGHDNWLYLWHWHUVRPDYJM¡UEHGULIWHUVLQQRYDWLYHDNWLYWHWRJNRQNXUUDQVHHYQH .XQQVNDSVRJLQIRUPDVMRQVIRUPLGOLQJHUWRVY UWYLNWLJHNRPSRQHQWHUVRPRI IHQWOLJHP\QGLJKHWHUNDQY UHPHGnOHJJHWLOUHWWHIRU6SHVLHOWE¡UO ULQJED VHUWSnNXQGHNRQWDNWIUHPKHYHVVDPWLQIRUPDVMRQRPGHQRIIHQWOLJHNXQQ VNDSVLQIUDVWUXNWXUVRPSURJUDPPHULUHJLDY61'RJ1RUJHV)RUVNQLQJVUnG
1RWDW ,QQRYDWLYDNWLYLWHWRJ LQQRYDVMRQVXWIRUGULQJHUL$XVW$JGHUV Q ULQJVOLY²&DVHVWXGLHU
$Y$UQH,VDNVHQ
,QQOHGQLQJ 'HWWHHUGHWWUHGMHQRWDWHWLIRUELQGHOVHPHGRSSGUDJHWIRU$XVW$JGHUI\ONHV NRPPXQHRPELGUDJYHGXWDUEHLGLQJDYHQQ\VWUDWHJLVNQ ULQJVSODQ 613 IRU I\ONHW
,GHWI¡UVWHQRWDWHWIUDSURVMHNWHWEOHGHWDUJXPHQWHUWIRUDWGHWnVWLPXOHUHWLO ¡NWLQQRYDWLYDNWLYLWHWLQ ULQJVOLYHWNDQY UHHQRYHURUGQHWVWUDWHJLIRUGHQ VWUDWHJLVNHQ ULQJVSODQHQ'HWEOHYLGHUHUHGHJMRUWIRUWDQNHJDQJHQSULQVLSSH QHRJPXOLJHYLUNHPLGOHUYHGHWVOLNWLQQRYDVMRQVSHUVSHNWLY'HWDQGUHQRWDWHW RPIDWWHWHQVWDWLVWLVNDQDO\VHDYYLNWLJHVLGHUYHG$XVW$JGHUVQ ULQJVOLYGHW YLOVLQ ULQJVVWUXNWXUXWGDQQLQJVQLYnRJRPIDQJHWDYLQQRYDWLYDNWLYLWHW1R WDWHWVDPPHQOLNQHWXWYLNOLQJHQL$XVW$JGHU²RJLXOLNHGHOHUDYI\ONHW²PHG XWYLNOLQJHQSnODQGVEDVLV
,GHWWHWUHGMHQRWDWHWYLVHVUHVXOWDWHUIUDHQLQWHUYMXXQGHUV¡NHOVHEODQWEH GULIWVOHGHUHL$XVW$JGHURPIRUKROGNQ\WWHWWLOLQQRYDWLYDNWLYLWHWLEHGULIWHQH, WLOOHJJE\JJHUQRWDWHWSnQRHQDOOHUHGHHNVLVWHUHQGHDQDO\VHU%HGULIWVLQWHUYMXHU DQVHVVRPQ¡GYHQGLJIRUnInJUXQGLJLQQVLNWLGHWVRPHUYLNWLJHIODVNHKDOVHURJ XWIRUGULQJHUYHGLQQRYDVMRQVYLUNVRPKHWLI\ONHWVQ ULQJVOLY6OLNLQQVLNWHUYL GHUHHQQ¡GYHQGLJEDNJUXQQIRUDUEHLGHWPHGnXWDUEHLGHNRQNUHWHYLUNHPLGOHU WLOSDVVHWEHKRYHQHLXOLNHGHOHUDYQ ULQJVOLYHW
)¡UYLSUHVHQWHUHUUHVXOWDWHQHIUDXQGHUV¡NHOVHQVNDOYLUHGHJM¡UHIRUEDJUXQ QHQRJPRWLYHQHIRUnJMHQQRPI¡UHHQVOLNXQGHUV¡NHOVHVDPWRPSUREOHPVWLO OLQJHU KYLONHVS¡UVPnOYL¡QVNHWVYDUSn RJPHWRGH KYRUGDQXQGHUV¡NHOVHQEOH JMHQQRPI¡UWIRUnILQQHVYDUSnSUREOHPVWLOOLQJHQH
%DNJUXQQ LQQRYDVMRQHUVRPGULYNUDIWIRU Q ULQJVXWYLNOLQJHQ ,GHWI¡UVWHQRWDWHWIUDGHWWHSURVMHNWHWEOHGHWVRPVDJWUHGHJMRUWIRUDUJXPHQ WHQHIRUnYHOJHHQLQQRYDVMRQVVWUDWHJLVRPXWJDQJVSXQNWIRUDUEHLGHWPHG613 9LVNDONRUWJMHQWDQRHQYLNWLJHSXQNWHUEnGHIRUnJLHQEDNJUXQQIRUGHWWHQR WDWHWRJVOLNDWQRWDWHWNDQOHVHVXDYKHQJLJQRWDWpQ
8WJDQJVSXQNWIRUYDOJHWDYRYHURUGQHWSHUVSHNWLYIRUSURVMHNWHW²RJGHWWHQRWD WHW²HUDWLQQRYDVMRQHUDQVHVVRPGHQYLNWLJVWHGULYNUDIWHQEDNUHJLRQDOQ ULQJVXWYLNOLQJ,QQRYDVMRQHUKDUDOOWLGY UWYLNWLJIRUQ ULQJVXWYLNOLQJHQPHQ
67(3$UEHLGVQRWDW$
EHW\GQLQJHQDYK\SSLJHLQQRYDVMRQHUDQWDVnKD¡NWLWUnGPHGVWHUNHUHLQWHU QDVMRQDONRQNXUUDQVHLQ ULQJVOLYHWUDVNWHNQRORJLVNHQGULQJRJNRUWHSURGXNW V\NOHU
'HWHUYLNWLJnSnSHNHDWLQQRYDVMRQHULGHQQHVDPPHQKHQJHQGHILQHUHVEUHGW ,QQRYDVMRQHURPIDWWHUHQGULQJRJQ\XWYLNOLQJLEHGULIWHU'HWNDQY UHEnGHQ\H HOOHUHQGUHGHSURGXNWHURJWMHQHVWHUQ\HHOOHUHQGUHGHPnWHUnIUDPVWLOOHSUR GXNWHURJWMHQHVWHUSnVDPWQ\HPDUNHGHUHOOHUQ\HPHWRGHUIRUPDUNHGVI¡ULQJ 'HWRPIDWWHURJVnHQGULQJHULPnWHUnRUJDQLVHUHYLUNVRPKHWSnEnGHLQWHUQWL EHGULIWHURJLVDPVSLOOPHOORPEHGULIWHURJRPJLYHOVHQH -IUERNVPHGLOOXV WUDVMRQDYXOLNHW\SHULQQRYDVMRQHU
%RNV ,OOXVWUDVMRQDYXOLNHW\SHULQQRYDVMRQVSURVMHNWHULEHGULIWHUL $XVW$JGHU
For å få bedre fram hva innovasjoner kan omfatte, har vi nedenfor beskrevet fem ulike typer av innovasjonsprosjekter i utvalgte bedrifter. De omtalte bedriftene gjennomfører flere typer innovasjoner samtidig, men her har vi konsentrert oss om én type innovasjon i hver bedrift.
Produktinnovasjon – eksemplet Hillestad AS
Hillestad i Tovdal har smykkeproduksjon som sin viktigste aktivitet. Bedriften har 20 ansatte (hvorav flere på deltid) og 10 mill. i omsetning i 1997.
Hillestad har omtrent 400 produktmodeller, og hver modell har en gjennomsnittlig levetid på ca. 8 år. For å holde produkttallet oppe må bedriften derfor fornye en åttendedel av produkt- spekteret hvert år, det vil si 50 nye modeller i året. Nye produkter hvert år er også nødvendig for å holde oppe interessen for produktene hos kundene (distributører og forretninger).
Produktutviklingen foregår ved at Hillestad har fire selvstendige designere som arbeider for bedriften. Noen av disse har arbeidet lenge for bedriften, men designere skiftes også ut et- tersom motene skifter og andre designere dermed blir mer aktuelle. Designerne kommer med forslag til nye produkter, som så diskuteres i ledelsen for bedriften, det vil si i familien Hillestad. Det foregår da en hårdhendt utsiling av uaktuelle ideer. Produkter velges ut etter om de passer til bedriftens portefølje – om de kan kjennes igjen som ’Hillestad-design’ – og etter antatt markedspotensial. Ledelsens markedskompetanse, etter uttallige år som selgere, så vel som formsans er dermed viktige kriterier for utvelging av nye produkter
Prosessinnovasjon – eksemplet Foss Fabrikker AS
Foss Fabrikker på Birkenes er landets største produsent av baderomsinnredninger. Bedriften har 35 ansatte og 75 mill. i omsetning i 1997.
Som i visse andre deler av trevareindustrien (vinduer, dører og trapper), er det lite produkt- utvikling på baderomsinnredninger, utover mindre endringer i design. Muligheten for å være konkurransedyktig ligger hovedsakelig på andre felter, som kostnadseffektiv produksjon og riktig markedsføring. ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ
Foss Fabrikker har over lang tid arbeidet med å innføre (sin versjon av) det japanske Kan- ban-systemet i bedriften for å redusere driftskostnader. I forlengelsen av dette introduseres også et databasert material- og produksjonsstyringssystem.
Kan-ban omfatter blant annet: a) Større grad av ordrestyring av produksjonen og raskere gjennomløpstid av varene i produksjonen. b) Større ansvar hos leverandørene for at bestil- linger leveres til rett tid og til rett kvalitet. Sammen med punkt a har dette gitt en kraftig re- duksjon av behovet for lagerplass i bedriften. c) Produksjonskort som følger hver komponent og produkt, for kvalitetskontroll og rask feilretting.
Ideen til innføring av Kan-ban-systemet fikk leder og eier av bedriften fra et hefte utgitt av et forskningsinstitutt, der dette systemet ble beskrevet. Leder og produksjonssjef har deretter på eget initiativ vært i Japan for å studere systemet, og har blant annet besøkt Toyota. Be- driften har imidlertid også benyttet en konsulent fra Teknologisk Institutt (som nå arbeider som frittstående konsulent) ved innføring av Kan-ban-systemet og material- og pro- duksjonsstyring i bedriften.
Markedsinnovasjon – eksemplet Hødnebø & Sønn
Hødnebø & Sønn i Risør produserer eksklusive stoppemøbler til boliginnredning. Bedriften eies og ledes av 3. generasjon bedriftsledere. Bedriften har 35 ansatte og 40 mill. i omset- ning i 1997.
Aktiviteten ved Hødnebø får fram at innovativ virksomhet ofte er en svært sammensatt pro- sess. Hos denne bedriften omfatter innovasjonene både markedsutvikling (gjennom oppbyg- ging av egen kjede og merkebygging), produktutvikling (for å utvikle ’Hødnebøstilen’), pro- sessutvikling (gjennom effektivisering av produksjonen og ’outsourcing’ av trearbeidet på møblene), samt organisatorisk endringer (gjennom tettere samarbeid med leverandørene). Utgangspunktet er en bevisst gjennomtenking av hva Hødnebø er og skal utvikles til.
Den markedsmessige innovasjonen har foregått gjennom oppbygging av Atlier Hødnebø. Bedriften solgte tidligere gjennom forhandlere. Den erkjente imidlertid at makten framover i større grad ville ligge hos distributørene og særlig de store kjedene. Bedriften møtte denne utfordringen gjennom å bygge sin egen kjede og styre sin egen distribusjon. Den har hittil etablert 12 Atlier Hødnebø butikker i store norske befolkningskonsentrasjoner, to som be- driften eier selv og 10 med franchiseavtaler. Butikkene selger møbler fra Hødnebø, så vel som andre produkter.
I bedriftens markedskonsept inngår også merkebygging som en viktig del, ut fra erkjennel- sen av at Hødnebø-navnet er en viktig ressurs for bedriften. I dette arbeidet inngår Hødne- bø-skolen for de som arbeider i butikkene. Her læres blant annet om bedriftens historie og tradisjoner, for å oppnå følelse og bevissthet om hva Hødnebø er.
Organisatorisk innovasjon – eksemplet Emil Bosvig AS
Emil Bosvig i Risør produserer glassveggsystemer, kontormøbler og spesialinnredninger i tre. Bedriften har 65 ansatte og snaut 100 mill. i omsetning i 1997.
På 1980-tallet var Emil Bosvig den største produsenten av båtinnredninger i Skandinavia med 75 ansatte. Etter krisen i fritidsbåtbransjen på slutten av 1980-tallet har bedriften utviklet 67(3$UEHLGVQRWDW$ helt nye produkter og markeder, og de har utviklet en annen måte å organisere produksjo- nen på i forhold til sine største norske konkurrenter.
Produksjonen av kontormøbler foregår ved at Bosvig utvikler, markedsfører og selger pro- duktet. Det meste av produksjonen foregår imidlertid hos ulike leverandører, som er andre trebearbeidende og mekaniske bedrifter på Østlandet. Sammen med seks samarbeidspart- nere har Bosvig til sammen 450 ansatte og 350 mill. i omsetning – og denne gruppen er den største på produksjon av kontorinnredninger i Norge.
Nettverket er skapt og vedlikehold av Bosvig. Initiativet til nettverket skyldes at Bosvig ikke hadde stor nok produksjonskapasitet internt til å konkurrere om større anbud, samt et behov for å hente inn annen type kompetanse enn det bedriften besitter selv. Nettverket er løst, blant annet setter Bosvig ut leveranser på anbud som også inkluderer andre bedrifter enn de faste samarbeidspartnerne.
Bosvig leverer kundetilpassede produkter til større nybygg (som Regjeringskvartalet) eller ombygginger (som 200 filialer til Sparebanken Nor). Møblene kommer direkte fra bedriftene i nettverket til byggeplassen for montasje, som stiller store krav til Bosvig når det gjelder sty- ring av logistikken. Gjennom arbeidet med båtinnredninger har Bosvig også bygd opp en kunnskap og ’kultur’ på å hanskes med små serier og kundetilpasning av produktene. Kon- kurrentenes konsept er i større grad standardprodukter og stor intern produksjons-kapasitet. Gjennom sitt nye konsept for organisering av produksjonen har Bosvig oppnådd en betydelig inntjening de siste årene.
Nyetablering – eksemplet Protech Consulting AS
Nyetablering av bedrifter er ikke nødvendigvis en innovativ aktivitet. Det betinger at de nye bedriftene ikke kun etteraper andre, eksisterende bedrifter, men at de kommer inn med nye produkter eller produksjonsmåter. Protech Consulting i Arendal er eksempel på en innovativ nyetablering, siden dette er den eneste bedriften av sitt slag i Aust-Agder. Protech er et kon- sulentselskap for nettverksteknologi. Virksomheten består dels i å skreddersy dataløsninger for kunder, basert på Lotus Notes og Microsoft plattform, og dels i å standardisere noen slike skreddersydde løsninger til ’hyllevarer’ for andre bedrifter.
Bedriften ble etablert for tre år siden av to personer fra Arendal, som den gangen begge var 23 år gamle. Etablerne var henholdsvis en nyutdannet bedriftsøkonom og en dataingeniør med ett og ett halvt års erfaring fra arbeidslivet. Spesielt er bedriftsøkonomen en gründerty- pe med klare ambisjoner før og under utdanningen om å etablere sin egen bedrift. Bedriften har vokst siden etableringen og hadde 10 ansatte og 12 mill. i beregnet årlig omsetning på begynnelsen av 1998.
Før etableringen søkte de to gründerne råd hos andre vellykkede og lokale etablerere. Ett råd var å skaffe seg gode og krevende kunder fra starten av, og bedriften har siden søkt med omhu etter nøkkelkunder, som den nå har 17 av i Aust-Agder. Protech utvikler skred- dersydde dataløsninger i samarbeid med nøkkelkundene, og geografisk nærhet til disse er en stor fordel på grunn av det tette samarbeidet. Nøkkelkundene ble valgt blant de mest lønnsomme bedriftene i fylket, som samtidig er IT-intensive. ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ
7DQNHQHUDWVW\UNHQLGHQLQQRYDWLYDNWLYLWHWHQLHWRPUnGHLVWRUJUDGEH VWHPPHUGHQODQJVLNWLJHQ ULQJVXWYLNOLQJHQLRPUnGHW%HGULIWHUNDQLNNHRYHU ODQJWLGVWROHSnVLQHHNVLVWHUHQGHSURGXNWHURJWMHQHVWHUHOOHUPnWHUnJM¡UHWLQJ Sn'HPnLQQRYHUHIRUnIRUVYDUHVLQSODVVLPDUNHGHWRJLQQRYDVMRQHUHUL KYHUWIDOOQ¡GYHQGLJIRUDWEHGULIWHUVNDO¡NHVLQNRQNXUUDQVHNUDIWRJRSSQn YHNVW¶LQQHQIUD· GHWYLOVLYHNVWXWHQRSSNM¡SDYDQGUHEHGULIWHU
8WIUDVOLNHWDQNHUIUDPVWnUGHWn¡NHGHQLQQRYDWLYHHYQHQRJVWLPXOHUHLQQR YDWLYDNWLYLWHWLEHGULIWHU$XVW$JGHUVRPHQYLNWLJRYHURUGQHWVWUDWHJLIRUGHQ UHJLRQDOQ ULQJVSROLWLNNHQ'HWEHW\UEnGH nEHGUHLQQRYDVMRQVWDNWHQRJ GHUPHGNRQNXUUDQVHVW\UNHQLHNVLVWHUHQGHEHGULIWHURJQ ULQJVPLOM¡HULI\ONHW nELGUDWLOHWDEOHULQJDYQ\HEHGULIWHUVDPW nDUEHLGHIRUnIRUDQNUHILOLDO EHGULIWHULORNDOHLQQRYDWLYHQ ULQJVPLOM¡HUVOLNDWGHQQHW\SHQEHGULIWHUIRUW VHWWHUnY UHORNDOLVHUWLRJLQYHVWHUHL$XVW$JGHU
(WYLNWLJSRHQJQnUGHWJMHOGHUXWIRUPLQJDYNRQNUHWHYLUNHPLGOHUIRUHQLQQRYD VMRQVVWUDWHJLHUDWGLVVHPnWLOSDVVHVXWIRUGULQJHURJIODVNHKDOVHULXOLNHEHGULI WHURJQ ULQJVPLOM¡HULI\ONHW,7LQGXVWULHQNDQIRUHNVHPSHOWUHQJHKHOWDQGUH YLUNHPLGOHUIRUnVWLPXOHUHLQQRYDWLYYLUNVRPKHWHQQGHWVRPHUQ¡GYHQGLJL WUHYDUHLQGXVWULHQHOOHUWXULVWVHNWRUHQ'HWHUGHUPHGQ¡GYHQGLJPHGJRGLQQ VLNWLKYRUGDQLQQRYDWLYDNWLYWHWIRUHJnULXOLNHGHOHUDYQ ULQJVOLYHWL$XVW $JGHUIRUnNXQQHXWIRUPHYLUNHPLGOHUWLOSDVVHWEHKRYHQHLIRUVNMHOOLJHW\SHUDY EHGULIWHURJQ ULQJHU6OLNQ¡GYHQGLJLQIRUPDVMRQKDUYLLGHWWHQRWDWHWIUDP VNDIIHWJMHQQRPVDPWDOHUPHGEHGULIWVOHGHUHVXSSOHUWPHGLQIRUPDVMRQIUDDQ GUHLQIRUPDQWHURJUHVXOWDWHUIUDDQGUHXQGHUV¡NHOVHU
,QQRYDWLYDNWLYLWHWGHWnXWYLNOHQRHQ\WWHOOHUHQGUHHNVLVWHUHQGHDNWLYLWHWILQ QHUVWHGLQWHUQWLGHQHQNHOWHYLUNVRPKHWHQ%HGULIWHUPnVnOHGHVE\JJHRSS VSHVLDOLVHUWNRPSHWDQVHIRUnY UHLVWDQGWLOnLQQRYHUH6DPDUEHLGHULPLGOHU WLGVRPRIWHVWRJVnKHOWVHQWUDOWYHGLQQRYDWLYDNWLYLWHW%HGULIWHUVRPLQQRYHUHU KHQWHUQHPOLJLPSXOVHULQIRUPDVMRQRJNRPSHWDQVHIUDPDQJHDQGUHDNW¡UHU VOLNHVRPNXQGHUOHYHUDQG¡UHUIRUVNQLQJRJXWYLNOLQJVLQVWLWXVMRQHURJRIIHQWOL JHP\QGLJKHWHU -IURJVnHNVHPSOHQHLERNV 9LNWLJHVDPDUEHLGVSDUWQHUHYHG LQQRYDWLYDNWLYLWHWNDQILQQHVRJPnRIWHILQQHVLKHOWDQGUHRPUnGHUHQQGHU EHGULIWHQVHOYHUORNDOLVHUW'HWHULPLGOHUWLGLPDQJHVDPPHQKHQJHU²RJVSHVL HOWIRUPLQGUHEHGULIWHU²HQIRUGHOQnUYLNWLJHVDPDUEHLGVSDUWQHUHILQQHVORNDOW 'HWHURJVnHQVWRUVW\UNHIRUQ ULQJVXWYLNOLQJHQGHUVRPGHWILQQHVHWORNDOWRJ LQQRYDWLYQ ULQJVPLOM¡LHQUHJLRQGHUGHWIRUHNVHPSHOE\JJHVRSSVSHVLHOO NRPSHWDQVHRJGHUORNDOHEHGULIWHUVDPDUEHLGHURPXOLNHDNWLYLWHWHU
3UREOHPVWLOOLQJHURJPHWRGH 'HQYLNWLJVWHLQIRUPDVMRQHQLGHWWHQRWDWHWHUKHQWHWIUDLQWHUYMXVDPWDOHUPHG EHGULIWVOHGHUHL$XVW$JGHU9DOJDYSHUVRQOLJLQWHUYMXVDPWDOHVRPPHWRGH YDUHWEHYLVVWYDOJ'HQLQIRUPDVMRQHQYLHWWHUVS¡UNDQLNNHVNDIIHVJMHQQRP DQDO\VHUDYWLOJMHQJHOLJVWDWLVWLNN'HWHURJVnYDQVNHOLJnInWDNLGHQQHW\SHQ LQIRUPDVMRQYLDVS¡UUHVNMHPDGHUGHWJMHUQHEUXNHVIDVWHVYDUDOWHUQDWLYHU, GHQQHVDPPHQKHQJHQHUGHWQ¡GYHQGLJnEUXNHWLGSnnGLVNXWHUHWHPDHURJ I¡OJHRSSPHGQ\HVS¡UVPnOXQGHUYHLVLHQVDPWDOH 67(3$UEHLGVQRWDW$
,QWHUYMXREMHNWHQH EHGULIWVOHGHUQH WLOXQGHUV¡NHOVHQEOHYDOJWXWLVDPUnGPHG RSSGUDJVJLYHU 1 ULQJVHWDWHQ .ULWHULHQHYDUDWEHGULIWHQHVNXOOHWUHNNHVIUD DOOHUHJLRQHQHLI\ONHWGHWVNXOOHY UHEHGULIWHUDYXOLNVW¡UUHOVHRJDOGHURJL XOLNHQ ULQJVVHNWRUHU%HGULIWHQHHUGRJLQQHQIRUQ ULQJHUVRPHUVHQWUDOHL IRUKROGWLOGHWYLUNHPLGGHOV\VWHPHWVRPI\ONHVNRPPXQHQRJ61'UnURYHU'HW EOHOLNHYHOLNNHYDOJWXWEHGULIWHUIUDWXULVWQ ULQJHQVLGHQGHWDOOHUHGHIRUHOLJ JHUHQ´3HUVSHNWLYDQDO\VHIRUUHLVHOLYHWL$XVW$JGHUµIUDMDQXDU 'HWEOH KHOOHULNNHYDOJWEHGULIWHUIUD,7Q ULQJHQSODVWEnWLQGXVWULHQRJPDULWLPVHN WRU,GLVVHEUDQVMHQEOHGHWXWI¡UWLQQRYDVMRQVDQDO\VHUDY$JGHUIRUVNQLQJLUHJL DYGHWVnNDOWH5(*,11SURVMHNWHWLMDQXDUPDUV 5HVXOWDWHUIUDGLVVH DQDO\VHQHRJIUDUDSSRUWHQRPUHLVHOLYHWHURJVnEHQ\WWHWVRPXQGHUODJRJHU RPWDOWLQRWDWHW
%HGULIWHQHLGHQQHXQGHUV¡NHOVHQNRPPHUV UOLJIUDLQGXVWULPHGQRHLQQVODJ DYNRQVXOHQWYLUNVRPKHWRJNXQVWKnQGYHUN'HWPnSRHQJWHUHVDWEHGULIWHQH LNNHXWJM¡UHWUHSUHVHQWDWLYWXWYDOJDY$XVW$JGHUVEHGULIWHU'HHUIRUV¡NWYDOJW XWVRPLOOXVWUHUHQGHHNVHPSOHUSnEHGULIWHULXOLNHUHJLRQHURJDYXOLNW\SHRJ GHWHUEHGULIWHUVRPHQSnIRUKnQGYLVWHNXQQHJLQ\WWLJLQIRUPDVMRQRPLQQRYD WLYYLUNVRPKHW3RHQJHWPHGGHQQHGHOHQDYSURVMHNWHWKDUKHOOHULNNHY UWn ILQQHXWKYRUGDQHQ·JMHQQRPVQLWWOLJEHGULIW·L$XVW$JGHULQQRYHUHURJKYDVRP HUGHYLNWLJVWHXWIRUGULQJHQHVDPOHWVHWW1RWDWQUIUDSURVMHNWHWIRUV¡NHU GHULPRWnJLHQVDPOHWRYHUVLNWRYHUQRHQVLGHUYHGGHQLQQRYDWLYHDNWLYLWHWHQL $XVW$JGHUVQ ULQJVOLYSnEDNJUXQQDYDOOHUHGHJMHQQRPI¡UWHVS¡UUHVNMHPDXQ GHUV¡NHOVHU'HWWHQRWDWHWKDUVRPPnOnJLJUXQGLJNXQQVNDSRJIRUVWnHOVHDY KYRUGDQLQQRYDWLYDNWLYLWHWIRUHJnUJMHQQRPnKHQYLVHWLOQRHQNRQNUHWHHNVHP SOHURJRSSVXPPHUHHUIDULQJHUIUDGLVVH %HGULIWHQHVRPLQQJnULXQGHUV¡NHOVHQ HUYLVWLYHGOHJJHWWLOQRWDWHW
%RNV 7HPDIRUEHGULIWVLQWHUYMXHQH
Intervjuene/samtalene med bedriftslederne omhandlet fire hovedtema og -spørsmål:
1) Bakgrunnsinformasjon om kjennetegn ved bedriftene: Det inkluderer spørsmål som: Hvil- ken type bedrifter inngår i undersøkelsen? Hva er bedriftenes produkter og tjenester? Hva er viktig kompetanse for bedriftenes virksomhet? Hvor mange og hvilke type ar- beidskraft sysselsetter bedriftene? Hvem er viktige leverandører, kunder og samarbeids- partnere?
2) Kjennetegn ved bedrifters innovative aktivitet: Viktige spørsmål er: Hvordan foregår ulik innovativ aktivitet i bedriftene? Hva er hovedformålet med den innovative virksomheten? Hvem er viktige samarbeidspartnere for bedriftene? Inngår bedriftene i bestemte innova- sjonssystemer?
3) Utfordringer og flaskehalser ved innovativ virksomhet: Her er det snakk om spørsmål som: Hvilke faktorer (bedriftsinterne og lokale/regionale) virker som begrensinger på be- -HUYDQ% 3HUVSHNWLYDQDO\VHIRUUHLVHOLYHWL$XVW$JGHU(WXQGHUODJVGRNXPHQW IRUUHYLVMRQHQDYI\ONHWVUHLVHOLYVSODQIRUSHULRGHQ 5HLVHOLYVXWYLNOLQJ/DUYLN $6 ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ
drifters innovative aktivitet? Hva gjør det vanskelig å få i gang og lykkes med innovasjo- ner?
4) Innovasjonstiltak: Dette punktet omhandler spørsmål om: Hvilke type virkemidler har be- driftene (eventuelt) benyttet i forbindelse med innovasjonsprosjekter de siste årene? Hva er bedriftenes erfaringer med disse virkemidlene? Hva anser bedriftene som de viktigste virkemidlene offentlige myndigheter kan sette i verk for å bedre bedrifters innovative ka- pasitet og aktivitet? 8OLNHW\SHUEHGULIWHU²PHGXOLNH LQQRYDVMRQVXWIRUGULQJHU (WXWJDQJVSXQNWIRUDUEHLGHWPHGGHWWHQRWDWHWHUDWIRUVNMHOOLJHW\SHUEHGULIWHU P¡WHUVY UWXOLNHXWIRUGULQJHUIRUVLQLQQRYDWLYHDNWLYLWHW'HWWHEOHWLOIXOOHEH NUHIWHWJMHQQRPVDPWDOHQHPHGEHGULIWVOHGHUHLI\ONHW(WWIHOOHVWUHNNHUDWEH GULIWHQHJMHQQRPI¡UHULQQRYDVMRQHURJDWLQQRYDVMRQHUHUHQYLNWLJGHODYEHGULI WHQHVVWUDWHJL'HWHULPLGOHUWLGVWRUIRUVNMHOOSnKYDVODJVLQQRYDVMRQHUVRP LYHUNVHWWHVKYHP LEHGULIWHQRJHNVWHUQW VRPHQJDVMHUHVLLQQRYDVMRQVSURVMHN WHUKYRUVWRULQQVDWVVRPOHJJHVLQQLSURVMHNWHQHKYDVRPHUYLNWLJHXWIRUGULQ JHUIRUnO\NNHVPHGLQQRYDWLYDNWLYLWHWRJVnYLGHUH
,QQRYDVMRQVSURVHVVHUHUHQPDQJHVLGLJRJVDPPHQVDWWDNWLYLWHWVRPDOWVnLWLO OHJJIRUHJnUSnXOLNHPnWHULGHHQNHOWHEHGULIWHQH'HUPHGEOLUGHWHQQHVWHQ XPXOLJRSSJDYHnVDPPHQIDWWHLQQRYDWLYDNWLYLWHWRJLQQRYDVMRQVXWIRUGULQJHUL $XVW$JGHUVQ ULQJVOLYJHQHUHOW7LOWURVVIRUVWRUHIRUVNMHOOHUPHOORPEHGULIWHU ILQQHVGHWOLNHYHOHQGHOIHOOHVWUHNNRJIHOOHVXWIRUGULQJHU,UHVWHQDYQRWDWHW VDPPHQIDWWHVI¡UVWYLNWLJO UGRPIUDGHEHGULIWVLQWHUYMXHQH
·'HWHUQ¡GYHQGLJnY UHSnKXJJHWKHOHWLGHQ· 5HVXOWDWHQHIUDEHGULIWVLQWHUYMXHQHEHNUHIWHUWURHQSnDWLQQRYDVMRQHUHUKHOW DYJM¡UHQGHIRUEHGULIWHUVNRQNXUUDQVHVW\UNHRJRYHUOHYHOVHSnOHQJUHVLNW5H VXOWDWHQHIRUVWHUNHUGHUPHGDUJXPHQWDVMRQHQRPDWGHWHUVY UWUHOHYDQWRJ Q\WWLJPHGHWVSHVLHOWIRNXVSnLQQRYDWLYDNWLYLWHWLHQ6WUDWHJLVN1 ULQJVSODQ
$OOHGHEHGULIWHQHHULQQRYDWLYHULNWLJQRNPHGXOLNVW\UNHRJSnXOLNHPnWHU $WLQQRYDVMRQHUHUYLNWLJ²RJDWGHWVDPWLGLJHUVWRUHPXOLJKHWHUIRULQQRYDVMR QHU²LQ\HVHNWRUHUVRP,7Q ULQJHQV\QHVRSSODJW'HWVDPPHNDQVLHVRP PRWHSUHJHGHQ ULQJHUVRPVP\NNHSURGXNVMRQ0HQVHOYLWUDGLVMRQHOOHRJ·PRG QH·EUDQVMHUVRPPDWYDUHVHNWRUHQHULQQRYDVMRQHUKHOWQ¡GYHQGLJIRUnRSSUHWW KROGHNRQNXUUDQVHVW\UNHQ 6HHNVHPSOHW*ULPVWDG.RQVHUYHVIDEULNNLERNV
,QQRYDVMRQHUEHVWnULGHIOHVWHWLOIHOOHQHDYPLQGUHHQGULQJHUVRPYLGHUHXWYLN OLQJDYHNVLVWHUHQGHSURGXNWHUHIIHNWLYLVHULQJDYSURGXNVMRQHQJMHQQRPnWDL EUXNQ\HPHWRGHURJLQYHVWHUHLQ\HPDVNLQHUHOOHUJMHQQRPnSU¡YHVHJSnQ\H 'HWJMHOGHULGHWPLQVWHIRUGHEHGULIWHQHVRPEOHEHV¡NWLIRUELQGHOVHPHGDUEHLGHW PHGGHWWHQRWDWHW'HWPnLPLGOHUWLGEHPHUNHVDWGHWWHLPDQJHVDPPHQKHQJHUHUn EHWUDNWHVRP·VXNVHVVEHGULIWHU·RJGHHULNNHQ¡GYHQGLJYLVUHSUHVHQWDWLYHIRUJMHQQRP VQLWWHWEODQW$XVW$JGHUVEHGULIWHU 67(3$UEHLGVQRWDW$
PDUNHGHU'HQQHW\SHQLQQRYDVMRQHUVnYHOVRPLYHUNVHWWLQJDYVW¡UUHSURVMHN WHUHU²RJPnY UH²HQGHODYEHGULIWHQHVVDPOHGHVWUDWHJL)OHUHEHGULIWVOHGH UHIUDPKHYHWEHW\GQLQJHQDY·nY UHSnKXJJHWKHOHWLGHQHWWHUQ\HSURGXNWHURJ PDUNHGHU·,QQRYDVMRQHUHUVnOHGHVHQQ¡GYHQGLJRJQDWXUOLJGHODYGHYHOO\N NHGHEHGULIWHQHVYLUNVRPKHW
'HQQHHUNMHQQHOVHQDYVWDGLJHLQQRYDVMRQHUYLVHUEHW\GQLQJHQDYnUHWWHIRNXVL WLOWDNVDUEHLGHWPRWXWYLNOLQJHQLHNVLVWHUHQGHEHGULIWHU'HWNUHYHVLPDQJHWLO IHOOHUOLNHVWRULQQVDWVRJUHVVXUVHUIRUnRPVWLOOHHNVLVWHUHQGHVRPnHWDEOHUH KHOWQ\HEHGULIWHU-DLQRHQWLOIHOOHUNDQHQHJHQWOLJVQDNNHRPDWHQKHOWQ\H EHGULIWHURSSVWnWWIUDGHQJDPOHVHOYRPEHGULIWVQDYQHWORNDOHQHRJGHOHUDY DUEHLGVVWRNNHQHUGHQVDPPH(WJRGWHNVHPSHOHU(PLO%RVYLJ MIUERNV , IRUKROGWLOVLWXDVMRQHQIRUnUVLGHQKDUGHQQHEHGULIWHQQnKHOWDQGUHSURGXN WHURJPDUNHGHUVnYHOVRPDQGUHPnWHUnRUJDQLVHUHYLUNVRPKHWHQSn%RVYLJ KDGGHGRJE\JGRSSNRPSHWDQVHRJUHVVXUVHUVRPQ\HEHGULIWHUJMHUQHPDQJOHU (NVHPSOHWInULPLGOHUWLGIUDPDWLQQRYDWLYDNWLYLWHW²RJLQRHQWLOIHOOHURPIDW WHQGHLQQRYDVMRQHU²HUHQDYJM¡UHQGHIRUXWVHWQLQJIRUODQJVLNWLJRYHUOHYHOVHDY EHGULIWHU
(QXWIRUGULQJIRUWLOWDNVDUEHLGHWHUVnOHGHVnVHWWHV¡NHO\VHWLVWHUNHUHJUDGPRW EHKRYHWIRULQQRYDWLYYLUNVRPKHWLEHGULIWHU6RPYLVNDOEHVNULYHQ UPHUHQHG HQIRUDQVHVWLGKRVEHGULIWVOHGHUHRJDQGUHQ¡NNHOSHUVRQHUVRPHQVWRUIODVNH KDOVIRUJMHQQRPI¡ULQJDYLQQRYDVMRQHU/HGHUHEOLUIRUW·RSSVOXNW·DYGHQGDJOLJH DNWLYLWHWHQRJGHGDJOLJHSUREOHPHQHVOLNDWGHWJMHUQHEOLUIRUOLWHQWLGWLOnWHQ NHODQJVLNWLJRJWLOnLYHUNVHWWHRJJMHQQRPI¡UHLQQRYDVMRQVSURVMHNWHU
3nWU\NNXWHQIUDNDQGHUIRUY UHQ¡GYHQGLJIRUnInQRNLQQVDWVLGHQLQQRYDWLYH DNWLYLWHWHQHWSRHQJVRPRJVnSnSHNHVDYHQNHOWHEHGULIWVOHGHUH3nWU\NNHWNDQ Y UHLIRUPDYEnGH·ULVRJJXOURW··5LVHW·NDQIRUHNVHPSHOY UHGHOWDNHOVHLEH VWHPWHSURJUDPPHU VRP7()7SURJUDPPHWWLO1RUJHVIRUVNQLQJVUnG GHU XWHQIRUVWnHQGHNRQVXOHQWHUNRPPHUPHGLQQVSLOOIRUnInEHGULIWHUWLOnJM¡UHGH ·ULNWLJH·WLQJHQH·*XOURWHQ·NDQY UHVW¡WWHWLORJUnGJLYQLQJYHGLQQRYDVMRQV SURVMHNWHUVOLNDWGHQ¡NRQRPLVNHRJNRPSHWDQVHPHVVLJHWHUVNHOHQIRUnVHWWHL JDQJVOLNHSURVMHNWHULEHGULIWHQHVHQNHV MIUHNVHPSOHWLERNV
Boks 3: Innovasjoner i en ’moden’ bransje – eksemplet GK
Grimstad Konservesfabrikk A/S (GK) produserer hermetiske og syltede grønnsaker. Bedrif- ten eies av Norgesgruppen, Gartnerhallen og Bama-gruppen. GK har 35 ansatte, i tillegg til en rekke sesongarbeidere, og bedriften hadde 54 mill. i omsetning i 1997.
GK er en produksjonsbedrift, underlagt strategien til konsernledelsen i Tønsberg. På pro- duktsiden har bedriften noen mindre innovasjonsprosjekter på gang – og noen av disse er initiert av markedsavdelingen i konsernet. Prosjektene omfatter blant annet utvikling av fer- menterte agurker for en kunde og ny emballasje. I slike prosjekter kjøper GK gjerne spesiali- sert kompetanse fra FoU-miljøer, som Matforsk på Ås og Norconserv i Stavanger.
Også på prosessinnovasjoner har GK et nødvendig samarbeid med en FoU-institusjon, i dette tilfellet Østfoldforskning. Prosjektene omfatter renere produksjon og økologisk ledelse, nærmere bestemt å få mer ut av råvarene, benytte mindre vann og strøm, samt få mindre ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ avfall. Prosjektene har ledet fram til hyppige analyser som foretas av GK selv og nye prose- dyrer i produksjonen. Østfoldforskning har tatt initiativet til disse prosjektene, initiert av til- gjengelige nasjonale forskningsmidler. Motivasjonen fra bedriftens side for prosjektene ligger også i behovet for stadig å redusere kostnader på grunn av økt konkurranse fra utenlandske produsenter.
,QQRYDVMRQHUHUODQJVLNWLJHSURVHVVHU ,QQRYDWLYDNWLYLWHWVWLOOHUNUDYWLONUHDWLYHHYQHU'HWHULPLGOHUWLGOLNHYLNWLJn InIUDPDWLQQRYDWLYDNWLYLWHWVRPUHJHOHUHQODQJVLNWLJSURVHVVPHGVNULWWYLVH XWYLGHOVHUDYHNVLVWHUHQGHNRPSHWDQVHLEHGULIWHQH3URWRW\SHQSnLQQRYDVMRQHU HUVnOHGHVLNNHGHUHQRSSILQQHUNRPPHUIUDPPHGVWDGLJQ\HRJJOXSHSURGXN WLGHHUVHOYRPVOLNHWLOIHOOHURJVnILQQHV,QQRYDVMRQHUNUHYHUNRPSHWDQVHIRU HNVHPSHOWHNQRORJLVNHNRPSHWDQVHIRUnXWYLNOHQ\HSURGXNWHURJPDUNHGV NRPSHWDQVHIRUnXWYLNOHSURGXNWHUVRPJLULQQWMHQLQJ6OLNNRPSHWDQVHE\JJHV RSSRYHUODQJWLGLEHGULIWHURJEHGULIWHURSSQnURIWHXQLNNRPSHWDQVHLQQHQVL QHQLVMHU
,QQRYDVMRQHUVNMHUVnOHGHVRIWHVRP·VSLQQRIIV·IUDGHQHNVLVWHUHQGHYLUNVRPKH WHQLEHGULIWHU%HGULIWHUNDQIRUHNVHPSHOVHQ\HSURGXNWPXOLJKHWHUPHGEUXN DYVLQNMHQWHWHNQRORJLHOOHUGHNDQRSSIDQJHQ\HPXOLJKHWHULPDUNHGHW MIU HNVHPSOHWLERNV )OHUWDOOHWDYGHPLVO\NNHGHLQQRYDVMRQVSURVMHNWHQHYLKDU UHJLVWUHUWLEHGULIWHQHRPKDQGOHUWLOIHOOHUGHUEHGULIWHUKDUSU¡YGVHJPHGQ\H SURGXNWHUL\WWHUNDQWHQDYVLQWHNQRORJLVNHHOOHUPDUNHGVPHVVLJHNRPSHWDQVH
8WIRUGULQJHQIRUGHQLQQRYDWLYHDNWLYLWHWHQLEHGULIWHQHHUnWDNOHEDODQVHJDQ JHQPHOORPGULVWLJVDWVLQJRJVNULWWYLVHXWYLGHOVHULQQHQIRUNMHQWHSURGXNWHURJ PDUNHGHU'ULVWLJVDWVLQJNDQY UHQ¡GYHQGLJIRUnNRPPHXWDYNU\PSHQGH HOOHUG¡HQGHSURGXNWRJPDUNHGVRPUnGHURJGHWNDQJLEHW\GHOLJHJHYLQVWHU GHUVRPHQO\NNHV'HWHULPLGOHUWLGHQODQJWPHUNUHYHQGHDNWLYLWHWHQQnE\JJH YLGHUHSnHNVLVWHUHQGHDNWLYLWHWRJNRPSHWDQVHLEHGULIWHQ
%RNV ,QQRYDVMRQHUVRPVNULWWYLVHXWYLGHOVHU²HNVHPSOHW&ROW ,QGXVWULHU$6
Colt Industrier i Tvedestrand framstiller bearbeide produkter i aluminium. Bedriften eies av det finske Retting-konsernet, men er ganske selvstyrt når det gjelder innovativ aktivitet. Be- driften har ca. 50 ansatte og snaut 40 mill. i omsetning i 1997.
Colt industrier ble fisjonert ut fra tidligere Golar Metall i 1985. Hovedproduktet var vinduer til fritidsbåtindustrien, med 100 ansatte i bedriften da dette markedet var på topp i 1988. Etter nedgangen i båtbransjen i 1989 måtte bedriften utvikle nye produkter for å unngå nedleggel- se. Bedriften satset i første omgang på utvikling av vinduer med aluminiums-rammer for nye markeder, det vil si for yrkesbåter, tog og bygninger. Produksjon av togvinduer førte til at bedriften fikk kontakt med NSB. Det har senere medført utvikling og produksjon av både le- kerom og røykerom for tog.
Andre nye produkter har oppstått mer tilfeldig. Colt overtok rettigheter til produksjon av fly- trapper for rullestoler fra en lokal oppfinner og brukte 3 mill. for å kommersialisere dette pro- 67(3$UEHLGVQRWDW$ duktet. Denne kontakten med ’flyplassmarkedet’ førte til utvikling av bagasjetraller for fly- plasser som ytterligere ett nytt produkt. Utviklingen har skjedd som en OFU-kontrakt (Offent- lig Forskning og Utvikling) til Gardermoen. Bedriften kom i kontakt med Gardermoen via Hydro Aluminium, som er bedriftens viktigste leverandør av aluminiumsprofiler. Hydro kjente da til at Colt allerede var inne på leveranser til flyplasser, så også i dette tilfellet har et utvik- lingsprosjekt indirekte gitt opphav til en ny produktinnovasjon. ,QWHUQNRPSHWDQVHRJKROGQLQJHUHUDYJM¡UHQGHYHG LQQRYDWLYDNWLYLWHW 6RPYLVWLHNVHPSOHWPHG&ROW,QGXVWULHUHUGHQLQWHUQHNRPSHWDQVHQLEHGULI WHQHJMHUQHGHQYLNWLJVWHUHVVXUVHQYHGLQQRYDWLYDNWLYLWHW,WLOOHJJWLONRPSH WDQVHYLOKROGQLQJHUWLOLQQRYDVMRQHU²VSHVLHOWIUDOHGHOVHQVVLGHPHQRJVnIUD DQGUHDQVDWWH²Y UHDYJM¡UHQGHIRUYHOO\NNHGHLQQRYDVMRQVSURVMHNWHU
'HQLQWHUQHNRPSHWDQVHQVRPEHQ\WWHVYHGLQQRYDWLYDNWLYLWHWHULGHIOHVWHWLO IHOOHQHXIRUPHOO 'HWYLOVLNRPSHWDQVHRSSDUEHLGHWJMHQQRPODQJHUIDULQJLQ QHQIRUGHQDNWXHOOHYLUNVRPKHWHQKRVOHGHURJDQGUHQ¡NNHOSHUVRQHU,QRHQEH GULIWHU VRP0DULWLPH3XVQHVRJ3URWHFK&RQVXOWLQJ VWLOOHVPHUIRUPHOOHNUDY WLOEHVWHPWXWGDQQLQJWLODQVDWWHRJWLOGHVRPELGUDULLQQRYDVMRQVSURVMHNWHU
%HW\GQLQJHQDYGHQLQWHUQHNRPSHWDQVHQIRUnNXQQHLYHUNVHWWHRJJMHQQRPI¡UH LQQRYDVMRQHUSHNHUVDPWLGLJSnGHQNDQVNMHYLNWLJVWHLQQRYDVMRQVXWIRUGULQJHQ IRUEHGULIWHUL$XVW$JGHU QHPOLJGHWnInWDNLNRPSHWHQWHSHUVRQHUWLOnOHGH LQQRYDVMRQVSURVMHNWHUHOOHUInIULJMRUWWLGKRVQ¡NNHOSHUVRQHUWLOnNXQQHGULYH LQQRYDWLYYLUNVRPKHW)OHUWDOOHWDYEHGULIWHQHLXQGHUV¡NHOVHQKDUSUREOHPHU PHGnUHNUXWWHUHYLVVHW\SHUDUEHLGVNUDIW WDEHOO &ROW,QGXVWULHUL7YHGH VWUDQGKDUIRUHNVHPSHOPLVWHWVLYLOLQJHQL¡UHURJLQJHQL¡UHUVLGHQMDQXDU %nGHLGHQQHRJDQGUHEHGULIWHUHUSUREOHPHQHPHGnInWDNLYLVVHW\SHU DUEHLGVNUDIWHQEHW\GHOLJKHPPHQGHIDNWRUIRULQQRYDWLYDNWLYLWHW -IUERNV
7DEHOO 3UREOHPHUPHGUHNUXWWHULQJDYDUEHLGVNUDIWLXWYDOJWH EHGULIWHU
%HGULIW Hvilke type arbeidskraft er det problemer å rekruttere?
Hødnebø & Sønn Produksjonssjef og andre funksjonærer generelt Colt Industrier Sivilingeniører og ingeniører Sølvkroken Alle funksjonærstillinger, der det er krav til erfaring Maritime Pusnes Maskiningeniører Grimstad Konservesfabr. Folk med teknisk utdannelse til produksjonen Ugland Treindustri Personer med kunnskap i data. Faglært arbeidskraft Stansefabrikken Verktøymakere, erfarne produksjonsarbeidere Vatnestrøm Trevarefabrikk Faglært arbeidskraft Foss Fabrikker Ny daglig leder L-Trapp Faglært arbeidskraft 'HWJMHOGHULGHWPLQVWHIRUGHQW\SHQVPnRJPHOORPVWRUHEHGULIWHUVRPRPKDQGOHVL GHWWHQRWDWHW ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ
3UREOHPHWPHGnE\JJHRSSRJYHGOLNHKROGHHQLQWHUQNRPSHWDQVHLEHGULIWHQHHU VDPPHQVDWW,GHILUH¡YHUVWHEHGULIWHQLWDEHOOHUSUREOHPHWnInUHNUXWWHUW SHUVRQHUWLOXOLNHIXQNVMRQ UVWLOOLQJHU'HWWHHUSHUVRQHUVRPJMHUQHPnUHNUXW WHUHVXWHQIUD$XVW$JGHUVOLNDWYDQVNHQHHUnInSHUVRQHUWLOnIO\WWHWLOI\ONHW, WLOOHJJWLOLQWHUHVVDQWHDUEHLGVRSSJDYHURJJRGO¡QQHURJVnI\ONHWVDWWUDNWLYLWHW VRPERRPUnGHHQYLNWLJIDNWRUYHGUHNUXWWHULQJHQ)RUXWHQQDWXUJLWWHIRUKROG YHGQDWXURJNOLPDVSLOOHUGHWRIIHQWOLJHRJSULYDWHVHUYLFHWLOEXGHWHQUROOHYHG YDOJDYERVWHG'HWSHNHULJMHQSnDWHQUHNNHIHOWHUDYGHQRIIHQWOLJHSROLWLNNHQ VRPVNROHWLOEXGRJNXOWXUWLOEXG GLUHNWHRJLQGLUHNWHYLOSnYLUNHEHGULIWHUVLQQ RYDWLYHHYQHRJNRQNXUUDQVHVW\UNH
(WDQQHWIHOOHVSUREOHPLPDQJHEHGULIWHUHUPDQJHOSnWLG6SHVLHOWPLQGUHEH GULIWHUHUXQGHUDGPLQLVWUHUWH'DJOLJOHGHUVNDOGHNNHPDQJH²IRULNNHnVLGH IOHVWH²DGPLQLVWUDWLYHIXQNVMRQHQHLEHGULIWHQ,WLOOHJJWLOSUREOHPHUPHGnILQ QHNRPSHWHQWHIRONWLOIXQNVMRQ UVWLOOLQJHUHUGHWNRVWEDUWIRUPDQJHPLQGUH EHGULIWHUnDQVHWWHHQHNVWUDSHUVRQLDGPLQLVWUDVMRQHQ0DQJHOSnWLGNDQRJVn Y UHHWSUREOHPLQRHVW¡UUHEHGULIWHUGHUGHQGDJOLJHYLUNVRPKHWHQVWMHOHUP\H DYUHVVXUVHQH'HUPHGEOLUGHWIRUOLWHDQOHGQLQJIUDEHGULIWVOHGHOVHQVVLGHWLOn DUEHLGHV\VWHPDWLVNPHGLQQRYDVMRQVSURVMHNWHU
(QNHOWHEHGULIWHU VRP&ROW,QGXVWULHU KDUSRVLWLYHHUIDULQJHUPHGnDQVHWWH SHUVRQHUJMHQQRPRIIHQWOLJHSURJUDPPHU VRP60%NRPSHWDQVH 'HWJLUYHUGL IXOOWLOI¡UVHODYNRPSHWDQVHVW¡WWHWDYRIIHQWOLJHPLGOHU$QGUHEHGULIWHUVRP 9DWQHVWU¡P7UHYDUHKDUNXQQHWVW\UNHGHQLQQRYDWLYHDNWLYLWHWEHW\GHOLJJMHQ QRPnDQVHWWHHQQ\PHGDUEHLGHULDGPLQLVWUDVMRQHQ0HUJHQHUHOWSHNHUGHWWH SnDWVW\UNLQJDYYLNWLJNRPSHWDQVHLEHGULIWHQHJMHQQRPQ\UHNUXWWHULQJYLO NXQQHKDUVWRUHIIHNWSnLQQRYDVMRQVHYQHQ9LUNHPLGOHUVRPEHGUHUEHGULIWHQHV PXOLJKHWHUIRUnInWDNLNRPSHWHQWDUEHLGVNUDIWHUVnOHGHVVY UWDNWXHOW
%RNV ,QQRYDVMRQVXWIRUGULQJHURJLQWHUQNRPSHWDQVH
Søvkroken AS ved Arendal har egen produksjon og salg av sluker og annet fiskeutstyr, sam- tidig som de forhandler fiskeutstyr produsert av andre. Bedriften har 75 ansatte og 70 mill. i omsetning i 1997.
Bedriften gjennomfører mindre endringer i produktene hvert år, som for det meste består i å endre farger og pakninger. Bedriften har imidlertid lite generisk produktutvikling. Det avspei- ler dels begrensede muligheter for å komme med de store nyskapingene innen bedriftens marked, men også at den har manglet interne ressurser til produktutvikling. Bedriften har nylig ansatt en produktutvikler på prøve for å skru opp takten i utviklingen. Det anses av be- driften som nødvendig for å overleve på lengre sikt.
Sølvkroken er en håndverkspreget bedrift med mye manuell produksjon. Bedriften har gjen- nomført mindre metodeendringer opp gjennom årene for å få bedre vareflyt. Den har også gått over fra manuell til automatisk støping av bly. Bedriften har imidlertid en del ugjort når det gjelder økt automatisering og robotisering av produksjonen. Dette arbeidet har også vært hemmet av mangel på intern kompetanse. Det må imidlertid tilføyes at det generelt er man- 67(3$UEHLGVQRWDW$ gel på relevant kompetanse i Norge på aktuelle felter for bedriften, på grunn av at det meste av denne typen arbeidskrevende produksjon er flyttet ut av landet.
Bedriften har vært med i TOPP-prosjektet til Norges forskningsråd, og ble gjennom dette ’presset’ til en del effektivisering av produksjonen. Bedriften mener imidlertid at den ikke fikk så mye nytte av dette prosjektet som den kunne fått på grunn av mangel på kompetanse i produksjonen, det vil si for liten ’mottakerkompetanse’ i forhold til rådene fra utenforstående konsulenter. Også på dette feltet har bedriften søkt å øke egen kompetanse den siste tiden gjennom ansettelse av ny produksjonssjef.
,QQRYDVMRQVSURVMHNWHUHU·WRSSVW\UWH· ,QQRYDVMRQVSURVMHNWHQHLEHGULIWHQEOLULDOWRYHUYHLHQGHJUDGJMHQQRPI¡UWDY OHGHOVHQLEHGULIWHQH'HWHQHVWHXQQWDNHWHU3URWHFK&RQVXOWLQJVRPLNUDIWDY VLQYLUNVRPKHWKDUPDQJHDQVDWWHVRPXWYLNOHUQ\HSURGXNWHU%HGULIWHQOHYHU DYnVNUHGGHUV\GDWDO¡VQLQJHUWLOXWYDOJWHQ¡NNHONXQGHUHQDNWLYLWHWVRPEH VNMHIWLJHUIOHUWDOOHWDYGHDQVDWWHLEHGULIWHQ
,QWHUQWLEHGULIWHQHLQYROYHUHULQQRYDVMRQVSURVMHNWHQHDOWVnOHGHOVHQSOXVV HYHQWXHOWQRHQInDQGUHQ¡NNHOSHUVRQHU0DULWLPH3XVQHVKDUIRUHNVHPSHOHQ HJHQXWYLNOLQJVVMHIPHGHQVWDESnWUHSHUVRQHU'LVVHWDUWDNLQ\XWYLNOLQJDY SURGXNWHUHOOHUYHVHQWOLJHUHYLVMRQHUDYHNVLVWHUHQGHSURGXNWHU7LOVOLNHSUR VMHNWHUNDQGHRJVnEHQ\WWHSHUVRQHUIUDDQGUHDYGHOLQJHULEHGULIWHQ&ROW,Q GXVWULHUKDURJVnHQLQWHUQSURVMHNWRJXWYLNOLQJVDYGHOLQJ,EHJJHGLVVHEHGULI WHQHEHQ\WWHVGHVVXWHQSURGXNVMRQHQIRUIUDPVWLOOLQJDYSURWRW\SHURJWHVWLQJ
9HGSURVHVVLQQRYDVMRQHUVRPGLUHNWHSnYLUNHUDUEHLGVUXWLQHUSn·JXOYHW·LQYRO YHUHVGHDQVDWWHLVW¡UVWJUDG0HQIRUWVDWWHUGHWPHVWHDYLGHHQRJVW\ULQJHQ DYSURVMHNWHQHIRUDQNUHWLOHGHOVHQRJKRVSURGXNVMRQVVMHIHURJIRUPHQQ$UEHL GHUHNRPPHUPHGIRUVODJWLOIRUEHGULQJHUPHQGHQYLNWLJVWHnUVDNHQWLOGHUHV PHGYLUNQLQJHUnVLNUHDNVHSWRJHQWXVLDVPHIRULQQRYDVMRQHQH)OHUHEHGULIWV OHGHUHRSSOHYGHDUEHLGHUHVRPNRQVHUYDWLYHRYHUIRUHQGULQJHURJPHGPDQJOHQ GHIRUVWnHOVHIRUEHKRYHWIRUHQGULQJDYDUEHLGVPHWRGHU
'HQQH·WRSSVW\UWH·LQQRYDWLYHDNWLYLWHWHQSDVVHULNNHKHOWWLOSURWRW\SHQSnVn NDOW·O UHQGHRUJDQLVDVMRQHU·'HUIUDPKHYHVVWRULQIRUPDVMRQVIO\WGHVHQWUDOLVH ULQJDYDQVYDURJSODQOHJJLQJQHGRYHULKLHUDUNLHWVDPWEUXNDYWYHUUIDJOLJH JUXSSHUVRPYLNWLJHNMHQQHWHJQ.DQVNMHNDQGHWOLJJHHQXWIRUGULQJEnGHKRV OHGHOVHRJDUEHLGHUHIRU¡NWVDPDUEHLGRJHQJDVMHPHQWYHGLQQRYDWLYYLUNVRP KHW
·/HYHUDQG¡UHQHHUHQGHODYEHGULIWHQ· ,QQRYDVMRQHUIRUHJnULXWVWUDNWVDPDUEHLGPHGPDQJHHNVWHUQHDNW¡UHUXWIUD EHGULIWHQHVEHKRYIRUnKHQWHNRPSHWDQVHLGHHURJLPSXOVHUXWHQIUD$OOHGH EHGULIWHQHKDUVnOHGHVYLNWLJHVDPDUEHLGVSDUWQHUHQnUGHLQQRYHUHU*HQHUHOWHU OHYHUDQG¡UHURJNXQGHUGHPHVWEHQ\WWHGHVDPDUEHLGVSDUWQHUQH ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ
1nUGHWJMHOGHUOHYHUDQG¡UHUHUGHWHQVWHUNWWHQGHQVWLOXWYLNOLQJDYWHWWHUH NREOLQJHUWLOGLVVH%HGULIWHQHKROGHUOHQJHSnKYHUOHYHUDQG¡URJKDUQRHQInRJ YLNWLJHOHYHUDQG¡UHU%HGULIWHQHKDUVRPRIWHVWOHYHUDQVHUXWHSnDQEXGPHG MHYQHPHOORPURPPHQGHVNLIWHULNNHOHYHUDQG¡UHUIRU·QRHQIHP¡UHU·/LNHYLN WLJVRPSULVHUNYDOLWHWOHYHULQJVVLNNHUKHWUDVNEHKDQGOLQJYHGUHNODPDVMRQ GHWnE\JJHRSSSHUVRQOLJHUHODVMRQHURJDOWVnPXOLJKHWHQHIRUVDPDUEHLGYHG LQQRYDVMRQVSURVMHNWHU
7RW\SHUDYOHYHUDQG¡UHUHUYLNWLJYHGLQQRYDWLYDNWLYLWHW OHYHUDQG¡UHUDYPD VNLQHURJDQQHWSURGXNVMRQVXWVW\UVDPWOHYHUDQG¡UHUDYUnYDUHURJNRPSRQHQ WHU'HQI¡UVWHW\SHQDYOHYHUDQG¡UHUHUYLNWLJHVDPDUEHLGVSDUWQHUHYHGSUR VHVVLQQRYDVMRQHU*RGHOHYHUDQG¡UHUKROGHUNXQGHQHRULHQWHUWRPIRUEHGULQJHUL PDVNLQHURJPHGNM¡SDYQ\WWXWVW\UI¡OJHURJVnHQRSSO ULQJVSDNNH6HWHVGDO V\OYL9DOOHKDUIRUHNVHPSHOVDPPHKRYHGOHYHUDQG¡UL2VORDYEnGHPDVNLQHU UnYDUHURJNRPSRQHQWHU%HGULIWHQEHQ\WWHUGHQQHOHYHUDQG¡UHQRJVnVRPHQ ·WHNQLVNNRQVXOHQW·VRPGHNDQULQJHWLORJKHQWHKMHOSKRV/HYHUDQG¡UHQJLU IDJOLJRSSI¡OJLQJQnUGHWJMHOGHUQ\WWSURGXNVMRQVXWVW\URJHWWHUEHKDQGOLQJDY VP\NNHU
/HYHUDQG¡UHQHDYUnYDUHURJNRPSRQHQWHUHUL¡NHQGHJUDGPHGSnnXWYLNOH SURGXNWHUVDPPHQPHGNXQGHQHVLQH.XQGHQHNDQGHUPHGEHQ\WWHOHYHUDQG¡ UHQHVVSLVVNRPSHWDQVHLVLQHJHQSURGXNWXWYLNOLQJ/HYHUDQG¡UHQHEOLURJVn YLNWLJHUHJMHQQRPWHQGHQVHQWLO·RXWVRXUFLQJ·GHWYLOVLDWEHGULIWHUNRQVHQWUHUHU VHJRPVLQNMHUQHNRPSHWDQVHRJVHWWHUDQQHQSURGXNVMRQERUWWLOOHYHUDQG¡UHU )RUHNVHPSHOKDU+¡GQHE¡VOXWWHWPHGWUHDUEHLGHWWLOP¡EOHQHVLQHIRUnInI U UHIRNXVRPUnGHURJGHKDUKHOOHULQQJnWWHWVDPDUEHLGPHGILUHPHGOHYHUDQG¡ UHUSn·WUHVLGHQ·VRPHUEODQWGHIUHPVWHLODQGHWSnVLQHRPUnGHU
'HQ¡NWHEHW\GQLQJHQDYOHYHUDQG¡UHUYHGLQQRYDWLYDNWLYLWHWVWLOOHUEHGULIWHU RYHUIRUHQGHOXWIRUGULQJHQH'HWVWLOOHV¡NWHNUDYWLOOHYHUDQG¡UHQHVHOYRP NRPSHWDQVHYHGSURGXNWXWYLNOLQJLWLOOHJJWLOHIIHNWLYSURGXNVMRQIRUnNXQQH IRUWVHWWHVLQHOHYHUDQVHUWLONUHYHQGHRJXWYLNOHQGHNXQGHU -IUHNVHPSOHWRP 6WDQVHIDEULNNHQLERNV )RUDQGUHEHGULIWHU ·IHUGLJYDUHSURGXVHQWHU· HUXW IRUGULQJHQnInWDNLJRGHOHYHUDQG¡UHUVRPKDUVSLVVNRPSHWDQVHVRPNDQEH Q\WWHVYHGLQQRYDVMRQVSURVMHNWHU9DOJDYOHYHUDQG¡UHUHUUHWWRJVOHWWHQYLNWLJ VWUDWHJLVNEHVOXWQLQJLEHGULIWHUcVNDIIHVHJJRGHOHYHUDQG¡UHUNDQY UHHW VSHVLHOWSUREOHPIRUPLQGUHEHGULIWHU%nGH6WDQVHIDEULNNHQRJ&ROW,QGXVWULHU V¡NHUVnOHGHVnVNUHOOHERUWQRHQDYGHPLQVWHNXQGHQHVLGHQLQQWMHQLQJHQYHG VPnOHYHUDQVHUHUOLWHQLIRUKROGWLODUEHLGHWVRPI¡OJHUPHG
Boks 6: Økte krav og muligheter for underleverandører – eksemplet Stansefabrikken AS
Stansefabrikken i Lillesand er en ren underleverandør av tynnplateprodukter. Bedriften har 90 ansatte og 56 mill. i omsetning i 1997.
Stansefabrikken har ikke egne produkter, og derfor heller ikke egen produktutvikling. Bedrif- ten opplever imidlertid at den i økende grad trekkes med i utviklingsfasen hos kundene for å påse at produktet de skal levere kan produseres effektivt. Bedriften lager prototyper og vur- derer produkter og tegninger for å gi råd om hvordan ting kan produseres rimeligere. 67(3$UEHLGVQRWDW$
Den største kunden for Stansefabrikken er Bang Olufsen, som står for 40% av bedriftens omsetning. Bang Olufsen har stilt harde krav til kvalitet og effektivitet, som har vært viktig for å utvikle bedriften. Det er etterhvert ansvaret til Stansefabrikken at den får levert kompo- nenter til Bang Olufsen til rett tid. Det foregår gjennom at bedriften er direkte oppkoblet til datasystemet til Bang Olufsen. De kan på den måten undersøke Bang Olufsens produk- sjonsplaner og behovet for deler fra Stansefabrikken. Bedriften legger så igjen beskjed om at de har sett produksjonsplanene og startet opp produksjon av leveransene.
Prosessinnovasjoner ved Stansefabrikken kommer ofte indirekte som krav fra kundene. I leveringsavtaler har bedriften krav om en bestemt effektivitetsøkning per år. Økte kostnader til innkjøp av råvarer må også gjerne tas inn igjen via økt effektivitet ved Stansefabrikken. Prosessinnovasjonene omfatter bedre produksjonsflyt, redusert omløpstid og investering i maskiner, som mer datastyrte stanseverktøy.
En annen utviklingstendens er mindre og hyppigere bestillinger. Stansefabrikken må imidler- tid fortsatt ha en viss seriestørrelse for å få effektiv produksjon. Bedriften lagrer dermed pro- dukter som så sendes kundene i mindre porsjoner. Dette medfører at kundene får redusert sitt lagerbehov, men deler av lageret flyttes til Stansefabrikken.
0DUNHGVRULHQWHUWSURGXNWXWYLNOLQJ .XQGHUHUHQDQQHQYLNWLJ²RJVRPUHJHOKHOWQ¡GYHQGLJ²VDPDUEHLGVSDUWQHU YHGLQQRYDVMRQVSURVMHNWHU'HWJMHOGHUI¡UVWRJIUHPVWIRUEHGULIWHUVRPVNUHG GHUV\USURGXNWHURJO¡VQLQJHUWLOEHVWHPWHNXQGHU3URWHFK&RQVXOWLQJKDUIRU HNVHPSHOQ¡NNHONXQGHUL$XVW$JGHU MIUERNV %HGULIWHQILQQHULVDPDU EHLGPHGGLVVHIUDPWLOEHKRYIRUQ\GDWDWHNQRORJLRJXWYLNOHUSURJUDPYDUHWLO SDVVHWNXQGHQHVEHKRY,VDPDUEHLGPHGQ¡NNHONXQGHUDQDO\VHUHUEHGULIWHQRJ VnRPQRHQDYGHVNUHGGHUV\GGHO¡VQLQJHQHNDQVWDQGDUGLVHUHVWLO·K\OOHYDUHU· IRUVDOJWLODQGUHNXQGHURJI¡UVWRJIUHPVWDQGUHQRUVNHEHGULIWHULQQHQGHQ VDPPHQ ULQJVVHNWRUHQVRPQ¡NNHONXQGHQ
%HW\GQLQJHQDYNXQGHNRQWDNWLOOXVWUHUHVRJVnJMHQQRPGHWHQHPLVO\NNHGHXW YLNOLQJVSURVMHNWHW3URWHFK&RQVXOWLQJKDUVDWWLJDQJ'HWWHJMDOGWHQHJHQLGH WLOGDWDO¡VQLQJVRPGHYLOOHXWYLNOHPHQVRPGHDOGULNRPLPnOPHG'HWVN\O GHVDWGHPLVWHWWURHQSnSURGXNWHWRJGHWVPDUNHGVPXOLJKHWHUXQGHUYHLVLXW YLNOLQJHQ(WWHUGHWWHIRUV¡NHWKDUEHGULIWHQDOOWLGKDWWHWSURVMHNWIRUHQQ¡N NHONXQGHI¡UGHVHWWHULJDQJHQPHGHQSURGXNWLQQRYDVMRQ (PLO%RVYLJHUHQSURVMHNWRULHQWHUWEHGULIWGHUSURGXNWXWYLNOLQJHQVNMHUIRUn P¡WHNXQGHQHVNUDYIRUHNVHPSHOJLWWLDQEXG0DULWLPH3XVQHVHU\WWHUOLJHUH HWHNVHPSHOSnHQEHGULIWVRPYHVHQWOLJOHYHUDYnVNUHGGHUV\O¡VQLQJHUIRUNXQ GHURJGHUNRQWDNWPHGNXQGHUHUGHQYLNWLJVWHNLOGHQIRUQ\SURGXNWLGHHU ERNV ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ Boks 7: Produktutvikling ved Maritime Pusnes AS Maritime Pusnes på Tromøya har engineering av mekaniske deler til skip og offshore som sin hovedaktivitet. Bedriften eies av Aker Maritime AS. Bedriften har omtrent 100 ansatte, der over halvparten er ingeniører og sivilingeniører. Det meste av selve produksjonen utfø- res ved datterbedriften Pusnes Produksjon med 180 ansatte. Hovedproduktene til Pusnes er a) vinsjer for skip, b) offshore forankring av nedsenkbare rig- ger, samt c) offshore lastesystemer for olje. Vinsjene er hyllevare, men det skjer også en videreutvikling gjennom blant annet nye driftsformer og reduksjon av størrelsen. For de to andre hovedproduktene er det mer skreddersøm, der produktene tilpasses kundenes behov og ønsker i hvert tilfelle. Den viktigste impulsen for produktinnovasjoner er kontakt med kunder. Produktutviklerne ved bedriften må derfor ha noe salgsarbeid for å få innspill til nye produkter fra kunder. Kun- der kommer imidlertid ikke med ideer til nye produkter, men de har behov og ønsker som Pusnes søker å løse gjennom tilpassing av eksisterende produkter eller utvikling av nye løs- ninger. Ideene til løsninger baseres på den interne kompetansen og de produktene som Pusnes allerede har. Løsningene er således ofte nye konsepter av eksisterende produkter, men noen ganger må det også lages helt nye komponenter og produkter. Offshore lastesy- stemer var et helt nytt produkt fra slutten av 1970-tallet, som konkurrenter nå kopierer. Pusnes presses imidlertid også av konkurrenter til å innovere. Bedriften har for eksempel brukt flere år på å utvikle en revolusjonerende jekkevinsj. Her så Pusnes at kunder begynte å velge mindre og enklere vinsjer enn de som tilhørte deres egen portefølje. For ikke å miste kunder utviklet bedriften en ny vinsjmodell selv. $QGUHEHGULIWHUKDULNNHSnVDPPHPnWHVRP3URWHFK&RQVXOWLQJHOOHU0DULWLPH 3XVQHVHQNHOWHVWRUHRJNODUWLGHQWLILVHUEDUHNXQGHU.XQGHQHHUIRUKDQGOHUH RJLVLVWHLQVWDQVYDQOLJHIRUEUXNHUHVRPNM¡SHUSURGXNWHUVRPVP\NNHUILVNH XWVW\UG¡UHUKXVP¡EOHURJOLNQHQGH,VOLNHWLOIHOOHUHULPLGOHUWLGRJVnPDU NHGVNXQQVNDSRJ²IRUVWnHOVHVDPWWLOEDNHPHOGLQJIUDPDUNHGHWDYJM¡UHQGHYHG LQQRYDVMRQVSURVMHNWHU.RQWDNWHQPHGPDUNHGHWRUJDQLVHUHVLPLGOHUWLGXOLNWL IRUVNMHOOLJHEHGULIWHU ERNV Boks 8: Eksempler på organisering av tilbakemelding fra markedet ved produktutvik- ling Ved Hødnebø reiser de to lederne og eierne på messer for å følge med i internasjonale tren- der innen sin nisje for klassiske møbler. Ved Sølvkroken er det salgs- og markedsavdelingen som styrer produktutviklingen ut fra si- ne behov for nye produkter. Ideene til nye produkter kommer også først og fremst fra marke- det, og fra egne selgere. Sølvkroken har årlige sammenkomster med kunder – det vil si bu- tikkansatte, men det kan også være journalister – om hva som bør utvikles. Noen ideer 67(3$UEHLGVQRWDW$ kommer også fra oppfinnere og fiskere, men dette er ofte ideer som ikke lar seg kommersia- lisere. Setesdalsylv i Valle har etablert et salgsselskap sammen med fire andre produsenter av ’ga- ve- og turistartikler’. Dette selskapet har ansatt tre selgere som gir nyttig informasjon ved produktutvikling. Ugland Industrier AS er i ferd med å legge om fra en produksjonsrelatert til en markedsrela- tert strategi. Det betyr å foreta en vertikal integrasjon mot markedet. Det skjer blant annet gjennom oppkjøp av aksjer i Lillesandhus og en husprodusent i Oslo. Bedriften kjøper da først og fremst markedskunnskap, inkludert kontakter og relasjoner, som det er dyrt å bygge opp internt. Ved Foss Fabrikker er det en gruppe med teknisk sjef, daglig leder og markedsansvarlig som arbeider med produktutvikling, men bedriftens selgere blir også trekt inn og rådspurt i denne prosessen. / UGRPPHQIUDGLVVHHNVHPSOHQHHUGHQVWRUHEHW\GQLQJHQVRPPnOHJJHVSn PDUNHGVNXQQVNDSYHGLQQRYDWLYDNWLYLWHW)OHUHLQQRYDVMRQVSURVMHNWHULEHGULI WHQHKDUVWUDQGHWSnJUXQQDYPDQJOHQGHPDUNHGVXQGHUV¡NHOVHU'HWHUHQXW IRUGULQJIRUEHGULIWHUnYHOJHNUHYHQGHRJXWYLNOHQGHNXQGHUVOLN3URWHFK&RQ VXOWLQJKDUY UWVY UWEHYLVVWSn (WSUREOHPLQQHQIRUPDQJHEUDQVMHUHULPLGOHUWLGNMHGHGDQQHOVHULJURVVLVWRJ GHWDOMLVWOHGGHW'HWWHHUHWVSHVLHOWSUREOHPIRUPLQGUHEHGULIWHU3UREOHPHWEH VWnULnInLQQSDVVKRVNMHGHQHVRPHQOLWHQEHGULIWPHQRJVnDWEHGULIWHUNDQ PLVWHYLNWLJPDUNHGVNRQWDNWGHUVRPHQELQGHUVHJWLOOHYHULQJWLONMHGHU3UR EOHPHWPHGInLQQSDVVNDQLOOXVWHUHVPHGHNVHPSOHW%\JODQG3ODVW%HGULIWHQ SURGXVHUHUPLOOSODVWSRVHULnUHWPHQVHQNMHGHVRP5(0$EUXNHU PLOOSRVHUSHUnU.MHGHQH¡QVNHUJMHUQHpQSURGXVHQWVRPNDQEHWMHQHDOOHEX WLNNHQHLNMHGHQVDPOHWRJPHGVWDGLJVW¡UUHGRPLQDQVDYNMHGHUEOLUGHWWH HWSUREOHPIRU%\JODQG3ODVW 3nGHQDQQHQVLGHNDQOHYHULQJWLONMHGHUIRUQRHQEHGULIWHUEHW\WDSDYYLNWLJ NRPSHWDQVHSnOHQJUHVLNW%HGULIWHUNDQNRQVHQWUHUHVHJRPSURGXNVMRQPHQV NMHGHQHWDUVHJDYPDUNHGVI¡ULQJVDOJRJHQGHODYDGPLQLVWUDVMRQHQ.MHGHQH NDQGHUPHGWDP\HDYIRUWMHQHVWHQRJEHGULIWHQHPLVWHUPDUNHGVNRQWDNWVRP RIWHHUYLNWLJYHGSURGXNWXWYLNOLQJ MIUHNVHPSOHWLERNV NWVDPDUEHLGPHOORPPLQGUHEHGULIWHUNDQY UHHWWPXOLJVYDUSnXWIRUGULQ JHQPHGNMHGHGDQQHOVH'DQQHOVHQDY6NLSSHUJUXSSHQGHU9DWQHVWU¡P7UHYD UHIDEULNNLQQJnUHUHWWHNVHPSHOSnVDPDUEHLGVRPQRNRJVnXWJM¡UHQRUJDQL VDWRULVNLQQRYDVMRQLWUHYDUHEUDQVMHQ MIUERNV %RNV ,OOXVWUDVMRQDYVDPDUEHLGPHOORPPLQGUHEHGULIWHU Vatnestrøm Trevarefabrikk i Iveland produserer ytterdører. Bedriften har 16 ansatte og 12 mill. i omsetning i 1997. ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ Fram til 1987-88 var dette en ’tradisjonell’ trevarefabrikk med produksjon av det meste innen trevarer, som kjøkken, vinduer, dører og trapper. Bedriften har altså siden den gang spesia- lisert seg på ytterdører. Denne utviklingen har sammenheng med at bedriften siden 1985 har samarbeidet nært med to andre, og omtrent jevnstore, bedrifter (Hansen og Justnæs og Grindland Trevarefabrikk i Kristiansand) innen Skippergruppen. De to andre bedriftene har spesialisert seg på vinduer. De tre bedriftene samarbeider nært om markedsføring og innkjøp. Bedriftene markedsfører seg under ett felles navn og med felles brosjyrer. En tredjedel av produksjonen ved Vatne- strøm Trevare selges også via de to andre bedriftene, som én pakke med dører og vinduer til kunder. Når det gjelder innkjøp har bedriftene felles innkjøpsavtaler med de tre største leverandørene. De tre bedriftene har lite samarbeid om innovasjoner, men samarbeidet og spesialiseringen på dører har indirekte gitt bedre muligheter for innovasjoner ved Vatnestrøm Trevarefabrikk. Spesialiseringen gjør det mulig å få til mer industrialisering og effektivisering av produksjo- nen. Bedriften har også gjennomført viktige prosessendringer den siste tiden, som ny layout i produksjonshallen for å forbedre produksjonsflyten og minske transportveien av komponen- ter, nytt sprøyterom for lakkering og økt bruk av data. Omtrent halvparten av salget i bedriften stammer fra 3-4 standardtyper av dører, mens den andre halvparten er spesialbestillinger til rehabilitering eller dører som er arkitekttegnet. Be- driftslederen plukker opp ideer i arkitekttegnete dører til sine egne standarddører, noe som også viser betydningen av kunde- og markedskontakt for produktutvikling. ,QQRYDVMRQ VDPDUEHLG ,WLOOHJJWLOVDPDUEHLGHWPHGNXQGHURJOHYHUDQG¡UHUYHGLQQRYDVMRQVSURVMHNWHU KDUVnJRGWVRPDOOHEHGULIWHQHRJVnVDPDUEHLGPHGDQGUHHNVWHUQHDNW¡UHU WD EHOO 'HWXQGHUVWUHNHUW\GHOLJDWLQQRYDWLYDNWLYLWHWNUHYHUXWVWUDNWVDPDU EHLG'HWILQQHVLPLGOHUWLGRJVnHNVHPSOHUSnDWEHGULIWHUHUEOLWWKHPPHWLVLQ XWYLNOLQJDYIHLOYDOJDYVDPDUEHLGVSDUWQHUHRJNRQVXOHQWHU(QYLNWLJXWIRUG ULQJYHGLQQRYDVMRQHUHUVnOHGHVnILQQHIUDPWLOG\NWLJHVDPDUEHLGVSDUWQHUH 6DPDUEHLGVSDUWQHUQHLWDEHOOHUDYIOHUHW\SHU0DQJHEHGULIWHUEHQ\WWHULQQ OHLGHGHVLJQHUHDUNLWHNWHURJHOOHUNRQVXOHQWHUYHGLQQRYDVMRQVSURVMHNWHU)LUH DYEHGULIWHQH &ROW,QGXVWULHU0DULWLPH3XVQHV6¡OYNURNHQRJ*ULPVWDG.RQ VHUYHVIDEULNN KDUVDPDUEHLGPHG)R8LQVWLWXVMRQHUYHGLQQRYDVMRQHU'HWWH ODYHDQWDOOHWXQGHUVWUHNHUDWLQQRYDVMRQHUGUHLHUVHJRPODQJWPHUHQQIRUVN QLQJRJXWYLNOLQJPHQGHWEHNUHIWHUNDQVNMHRJVnUHVXOWDWHUIUD1RWDWQUL GHWWHSURVMHNWHWRPDWEHGULIWHUL$XVW$JGHUEHQ\WWHUUHODWLYWOLWHIRUVNQLQJRJ XWYLNOLQJ %nGHWDEHOORJHNVHPSOHQHSnVDPDUEHLGPHGOHYHUDQG¡UHURJNXQGHURYHQIRU YLVHUHQQHVWHQWRWDOPDQJHOSnORNDOWVDPDUEHLGRJORNDOHLQQRYDWLYHQHWWYHUN ,GHQIRUELQGHOVHPnGHWQHYQHVDWWRDYEHGULIWHQH )RVV)DEULNNHURJ6HWHVGDOV\OY KDUEHQ\WWHWGHVLJQHUHIUDHWSURVMHNWL5LV¡UPHGVY UWVNXIIHQGHUHVXOWDWVHWWIUDEH GULIWHQHVVLGH 67(3$UEHLGVQRWDW$ %HGULIWHQHVDPDUEHLGHUQHVWHQXWHOXNNHQGHPHGHNVWHUQHDNW¡UHUXWHQIRU$XVW $JGHU%HGULIWHQHHU·HQVOLJH·PHGInNRQWDNWSXQNWHULGHWORNDOHQ ULQJVOLYHW 'HWWHUHVXOWDWHWVN\OGHVHWVW\NNHSnYHLYDOJHWDYEHGULIWHUWLOXQGHUV¡NHOVHQ GHUYLLNNHKDUWDWWPHGYLUNVRPKHWHULQQHQIRUGHWUHEUDQVMHNRQVHQWUDVMRQHQ SODVWEnWLQGXVWUL,7Q ULQJHQRJPDULWLPVHNWRU,GLVVHEUDQVMHQHHUGHWHWQRH PHUXWYLNOHWORNDOWVDPDUEHLGVHOYRPGHWWHLNNHHUK¡\WXWYLNOHW VHVHQHUHL QRWDWHW (UGHWVnEHKRYIRUPHUORNDOWVDPDUEHLG"%HGULIWHQHPnYHOJHG\NWLJHVDPDU EHLGVSDUWQHUHXDQVHWWORNDOLVHULQJHQDYGLVVH6LGHQGHXWYDOJWHEHGULIWHQHL PDQJHWLOIHOOHUILQQHVLVPDOHQLVMHUEOLUGHQ¡GWWLOnV¡NHWLODQGUHGHOHUDYODQ GHW HOOHUXWODQGHW IRUnILQQHGHQQ¡GYHQGLJHVSLVVNRPSHWDQVHQ0HUORNDOW VDPDUEHLGEOLUOLNHYHOHWWHUO\VWDYIOHUHEHGULIWVOHGHUH)RUHNVHPSHOKDU&ROW ,QGXVWULHUWDWWLQLWLDWLYWLOVDPDUEHLGRPXWYLNOLQJVSURVMHNWHUPHGDQGUHORNDOH EHGULIWHUXWHQUHVXOWDW%HGULIWHQPHQHUPDQJOHQGHVDPDUEHLGDYVSHLOHUIRUOL WHQIRUVWnHOVHLV UOLJPLQGUHEHGULIWHUIRULQQRYDWLYDNWLYLWHWVRPHQODQJVLNWLJ RJQ¡GYHQGLJLQYHVWHULQJVRPLNNHJLULQQWMHQLQJIUDGDJpQ Tabell 2: Eksempler på eksternt samarbeid ved produkt- og prosessinnovasjoner med andre enn kunder og leverandører Bedrift 6$0$5%(,'63$571(52*7<3(,1129$6-21 Hødnebø & Sønn Innleid designer og produktutvikler (produkt), konsulent (prosess) Emil Bosvig Designbyrå (produkt) Colt Industrier Sentek (Senter for teknologi ved Agderforskning) via RUSH- programmet til Norges forskningsråd (prosess) Hillestad Designere (produkt), tilsvarende bedrift på Østlandet (prosess) Maritime Pusnes SINTEF, Marintek (produkt) Sølvkroken Castingforbundet, oppfinnere (produkt), konsulenter, prosjekt via Norges forskningsråd og NHO (prosess) Protech Consulting Andre lokale datakonsulenter (produkt) Ugland Industrier Arkitekter (produkt) Grimstad Konserversf. Matforsk, Norconserv (produkt), Østfoldforskning (prosess) Foss Fabrikker Innleid designer (produkt), konsulent (prosess) Vatnestrøm Trevarefabr Norsk Dør- og Vinduskontroll (produkt) Vannkilden Iveland Innleid konsulent (produkt) Setesdalsylv Designer (produkt) Bygland Plast Tilsvarende tysk bedrift (produkt) Diana Sylvsmie Andre lokale sølvsmeder (prosess) 2SSVXPPHULQJRPLQQRYDVMRQVXWIRUGULQJHULGH EHGULIWHQH 8QGHUV¡NHOVHQLGHEHGULIWHQHRSSVXPPHUHVLERNVLVMXLQQRYDVMRQVXW IRUGULQJHU'HWWHHUHWIRUV¡NSnnRSSVXPPHUHKYRUGDQUHODWLYWYHOO\NNHGHEH GULIWHUJMHQQRPI¡UHULQQRYDVMRQHUVDPWKYLONHHUIDULQJHURJO UGRPVRPNDQ ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ WUHNNHVIUDHQGHOJRGHRJPLQGUHJRGHLQQRYDVMRQVSURVMHNWHULEHGULIWHQH8W IRUGULQJHQHNDQRJVnGDQQHHWWJUXQQODJIRUGLVNXVMRQDYRIIHQWOLJHYLUNHPLGOHU Boks 10: Sju utfordringer ved innovativ aktivitet i bedrifter 1. Fokuser på innovativ aktivitet som en viktig del av bedriftens samlede strategi og som avgjørende for langsiktig utvikling og overlevelse av bedriften. 2. Bygg opp spesifikk, intern kompetanse i bedriften og rekrutter ressurspersoner til inno- vasjonsvirksomhet. 3. Frigjør tid fra det daglige stresset hos ledere og andre ressurspersoner til innovasjons- prosjekter. 4. Skap forståelse for betydningen av innovasjoner og entusiasme for innovative aktiviteter i hele organisasjonen 5. Skaff dyktige leverandører av produksjonsutstyr og komponenter og involver disse i inn- ovasjonsprosjekter 6. Skaff krevende nøkkelkunder som bidrar til utvikling av bedriften, og/eller organiser tilba- kemelding fra markedet slik at en sikrer seg markedsorientert produktutvikling. 7. Finn andre eksterne samarbeidspartnere (enn leverandører og kunder) ved behov, som kan bidra med spisskompetanse ved innovasjonsprosjekter. /RNDOHEUDQVMHNRQVHQWUDVMRQHU 1RWDWHWKDUVnODQJWDQDO\VHUWUHVXOWDWHUIUDLQWHUYMXVDPWDOHPHGEHGULIWVOH GHUH6RPVDJWHULNNHGHXWYDOJWHEHGULIWHQHUHSUHVHQWDWLYHIRUKHOHQ ULQJVOL YHWL$XVW$JGHU²RJKHOOHULNNHIRUKHOHLQGXVWULHQ%HGULIWHQHHUYDOJWXWVRP QRHQLOOXVWUHUHQGHHNVHPSOHUSnJDQVNHYHOO\NNHGHRJLQQRYDWLYHEHGULIWHU 0DQJHOSnUHSUHVHQWDWLYLWHWDYVSHLOHURJVnDWQRHQGHOHUDYQ ULQJVOLYHWLNNHHU WDWWPHGLXQGHUV¡NHOVHQVLGHQGHWDOOHUHGHIRUHOnUHOHYDQWHVWXGLHUDYSODVWEn WLQGXVWULHQ,7Q ULQJHQPDULWLPVHNWRURJWXULVWQ ULQJHQ9LVNDOQnEUXNH UHVXOWDWHUIUDGLVVHVWXGLHQHWLONRUWnEHVNULYHLQQRYDWLYDNWLYLWHWRJYLNWLJH LQQRYDVMRQVXWIRUGULQJHURJVnLGLVVHGHOHQHDY$XVW$JGHUVQ ULQJVOLY 'HRPWDOWHQ ULQJHQHHUHNVHPSOHUSnVnNDOWHORNDOHEUDQVMHNRQVHQWUDVMRQHU GHWYLOVLEUDQVMHUGHUGHWILQQHVIOHUHORNDOHEHGULIWHUPHGVDPPHW\SHSURGXN WHUHOOHUEHGULIWHUVRPEHQ\WWHUVDPPHW\SHNRPSHWDQVHRJWHNQRORJLLVLQYLUN VRPKHW,XWJDQJVSXQNWHWNDQHQWHQNHVHJDWEHGULIWHULORNDOHEUDQVMHNRQVHQ WUDVMRQHULQQRYHUHUSnQRHDQGUHPnWHUHQQGHEHGULIWHQHVRPHUPHGLYnU XQGHUV¡NHOVHVLGHQGLVVHVRPRIWHVWHU·HQVOLJHVYDOHU·PHGInDNWXHOOHORNDOH VDPDUEHLGVSDUWQHUH%HGULIWHQHLEUDQVMHNRQVHQWUDVMRQHQHEXUGHLKYHUWIDOOKD PXOLJKHWHUIRUnEHQ\WWHDQGUHORNDOHEHGULIWHURJLQVWLWXVMRQHURJORNDOHNRPSH WDQVHQnUGHLQQRYHUHU'H·HQVOLJHVYDOHQH·PnGHULPRWPHGHQJDQJXWDYVLWW ORNDOHRPUnGHIRUnKHQWHLQQQ¡GYHQGLJNRPSHWDQVHYHGVLQLQQRYDWLYHDNWLYL WHW -IUERNVVRPHQLOOXVWUDVMRQSnLQQRYDWLYDNWLYLWHWLKHQKROGVYLVHQEH GULIWLHQEUDQVMHNRQVHQWUDVMRQRJLHQW\SLVN·HQVOLJVYDOH· %HJUXQQHOVHQIRUnVHVSHVLHOWSnORNDOHEUDQVMHNRQVHQWUDVMRQHUHUWRGHOW)RU GHWI¡UVWHNDQGHWLVOLNHWLOIHOOHUY UHIOHUHEHGULIWHULHWRPUnGHVRPRSSOHYHU 67(3$UEHLGVQRWDW$ GHVDPPHIODVNHKDOVHURJXWIRUGULQJHUIRUVLQLQQRYDWLYHDNWLYLWHW²RJIRUXW YLNOLQJDYEHGULIWHQPHUJHQHUHOW6OLNHIHOOHVSUREOHPHUNDQJLJUXQQODJIRUIHO OHVO¡VQLQJHUIRUIOHUHORNDOHEHGULIWHU)RUGHWDQGUHNDQGHWLRPUnGHUPHGOR NDOHEUDQVMHNRQVHQWUDVMRQHUILQQHVHWXXWQ\WWHWSRWHQVLDOIRUQ ULQJVXWYLNOLQJ JMHQQRP¡NWVDPDUEHLGPHOORPORNDOHEHGULIWHU,KYHUWIDOOKHQWHVPDQJHDY HNVHPSOHQHSnVXNVHVVULNQ ULQJVXWYLNOLQJGHUEHGULIWHU RJRIWHVPnRJPHO ORPVWRUHEHGULIWHU KDURSSQnGGLQWHUQDVMRQDONRQNXUUDQVHVW\UNHQHWWRSSIUD ORNDOHEUDQVMHNRQVHQWUDVMRQHU2JIRUNODULQJHQSn·VXNVHVVHQH·WLOVNULYHVEODQW DQQHWHWXWVWUDNWIRUPHOWRJXIRUPHOWORNDOWVDPDUEHLGRSSE\JJLQJDYXQLN NRPSHWDQVHLQHWWYHUNDYEHGULIWHURJLQVWLWXVMRQHUVDPW·VNUHGGHUV\GGH·YLU NHPLGOHUIRUGHQGRPLQHUHQGHORNDOHQ ULQJHQ GHWYLOVLDWGHWHUGDQQHWHW JRGWIXQJHUHQGHRJLQQRYDWLYWORNDOWQ ULQJVPLOM¡ Boks 11: Illustrasjon på innovativ aktivitet i 2 typer av bedrifter Nedenfor beskrives kort to bedrifter. Én – Nilsen Boats – som inngår i et lokalt bransjemiljø, der det finnes kompetanse og samarbeidspartnere som benyttes ved produksjon og pro- duktutvikling. Den andre bedriften – Bygland Plast – har ikke noe tilsvarende lokalt næ- ringsmiljø å spille på, og den må derfor finne samarbeidspartnere og kompetanse i andre deler av landet eller utlandet. Eksempel på bedrift i bransjemiljø – Nilsen Boats AS Nilsen Boats ble etablert ved Arendal i 1991 etter konkursen ved Nidelv Båtbyggeri. Daglig leder er 3. generasjon båtbygger i Nilsen-familien, og har også med seg en fra 2. generasjon som medeier. Bedriften har 12 – 13 mill. i omsetning og seks ansatte. I tillegg kommer tre personer som støper skrog og overbygg til båtene. Disse arbeider imidlertid i et annet, selv- stendig firma, som leier lokaler hos Nilsen Boats, og som støper på regning for dette båtbyg- geriet. Støperiet planlegger selv sin aktivitet ut fra ordrebøkene til Nilsen Boats, slik at båte- ne er ferdig støpt og klare til innredning 14 dager før leveringstidspunkt. Bedriften har fire båtmodeller, som alle er utviklet siden etableringen i 1991. Båtene og pro- duksjonsutstyret (støpeformene) er utviklet internt i bedriften, for det meste av 2. generasjon båtbygger, som også var produktutvikler ved Nidelv Båtbyggeri. Det er leid inn noe hjelp lo- kalt til design og formarbeid. Bedriften har mange typer samarbeid med andre lokale bedrifter. Båtene har vært mar- kedsført og solgt av Nidelv Boats – og under Nidelvs navn. Bedriften har en rekke lokale le- verandører, som utvikler sine komponenter i forbindelse med produktutvikling i Nilsen Boats. Innredningene kjøpes fra Nidelv Nautic, som er det tidligere innredningsverkstedet ved Ni- delv Båtbyggeri og også et ’Nilsen-firma’. Nilsen Boats oppnådde som en av de første båt- byggeriene CE-merking (for å oppfylle EØS-regler) av båter og produksjon. Dette skjedde i samarbeid med et lite, lokalt konsulentselskap. Eksempel på ’enslig svale’ – Bygland Plast AS Bygland Plast ble ’reetablert’ i Bygland i 1993 etter at Nordfolier flyttet produksjonen i Expo Plast fra Bygland til Lillestrøm. Bedriften hadde 15 mill. i omsetning og 16 sysselsatte i 1997. Bedriften produserer bæreposer i plast. ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ Bygland Plast har ingen viktige samarbeidspartner i Aust-Agder. Bedriften samarbeider først og fremst med leverandører av råvarer, trykkfarger og emballasje, som finnes i andre deler av landet eller utlandet. Bygland Plast gjennomførte et større prosjekt fra 1995 til 97 med utvikling av bæreposer som er tynnere, men like sterke som de tradisjonelle posene. Dette innebærer blant annet en reduksjon av råvarer (polyetylen) med 40%, som igjen gir behov for mindre lagerplass og lavere transportkostnader. Produktutviklingen ble gjennomført av daglig leder, som er sivilingeniør, og en av de to tidli- gere etablererne av Expo-plast, som var kjemi-ingeniør. Den viktigste samarbeids-partneren ved utviklingen var råvareleverandøren, som ble benyttet som konsulent for å komme fram til en resept på blandingen av polyetylen for det nye produktet. Bedriften fikk også kontakt via råvareleverandøren med en bedrift i Tyskland som produserer tilsvarende produkter. Denne bedriften ble besøkt, og plastfolie ble også kjøpt herfra i begynnelsen. 3ODVWEnWLQGXVWULHQ $XVW$JGHURJVSHVLHOW$UHQGDO*ULPVWDGRPUnGHWHUODQGHWVVXYHUHQHVHQWUXP IRUSURGXNVMRQDYIULWLGVEnWHULSODVW)\ONHWKDURPWUHQWEnWE\JJHULHURJHO OHUVHWNRPSOHWWV\VWHPDYXQGHUOHYHUDQG¡UHUIRUSODVWEnWLQGXVWULHQ$QWDOODU EHLGVSODVVHULGHWWHSURGXNVMRQVV\VWHPHWDQWDVnY UHGU¡\W 3ODVWEnWLQGXVWULHQUXQGW$UHQGDOYDUOHGHQGHLQQHQGHOHUDYHXURSHLVNEnWLQ GXVWULSn RJI¡UVWHGHODY WDOOHW%UDQVMHQKDUVLGHQPLVWHWGHQQHSR VLVMRQHQ'HQHULPLGOHUWLGIRUWVDWWHNVSRUWUHWWHWQRUVNHEnWHUKDUHWEUDRP G¡PPHLYLNWLJHPDUNHGHURJGHWILQQHVPDUNHGVPXOLJKHWHUIRUYHNVWLEUDQ VMHQ %UDQVMHQHUGRPLQHUWDYVPnRJPHOORPVWRUHEHGULIWHU1RUVDIHVRPSURGXVHUHU OLYEnWHUHUGHQVW¡UVWHEHGULIWHQPHGDQVDWWH:LQG\KDUGU¡\WEHGULIWHU VRP1LGHOY6NLSODVWRJ6FDQGKDUGU¡\WDQVDWWHPHQVGH¡YULJHFDEnW E\JJHULHQHKDUXQGHUDQVDWWH'HWEHW\UDWGHIOHVWHEnWE\JJHULHQHKDUHQ VY UWEHJUHQVHWDGPLQLVWUDWLYNDSDVLWHW'HKDUEHJUHQVHWPHGWLG¡NRQRPLRJ NRPSHWDQVHWLOnWDIDWWSnV\VWHPDWLVNXWYLNOLQJVDUEHLGSnHJHQKnQG %UDQVMHQRPIDWWHUHOOHUVHWXWEUHGWXQGHUOHYHUDQG¡UV\VWHP%nWE\JJHULHQHKDU NRQVHQWUHUWVHJRPXWYLNOLQJDYEnWHUVDPPHQVHWQLQJPDUNHGVI¡ULQJRJVDOJ 0DQJHEHGULIWHUKDUVDWWERUWVHOYHVW¡SLQJHQDYEnWHQHWLOOHLHVW¡SHULHU$OOH EnWE\JJHULHQHNM¡SHUGHVVXWHQHQUHNNHNRPSRQHQWHUIUDXQGHUOHYHUDQG¡UHU 'HWJMHOGHUEODQWDQQHWLQQUHGQLQJHUVWROHUUHNNHUYLQGXHUNDOHVMHUHOHNWULV NHDQOHJJRJLQVWUXPHQWHU'HDOOHUIOHVWHXQGHUOHYHUDQG¡UHQHHUORNDOHRJ PDQJH VRP&ROW,QGXVWULHU KDUHWWHUKYHUWRJVnIXQQHWVHJDQGUHPDUNHGHUL WLOOHJJWLOGHORNDOHEnWE\JJHULHQH 2PWDOHQDYSODVWEnWLQGXVWULHQE\JJHUSn$JGHUI\ONHQHVV¡NQDGWLO5(*,11 SURJUDPPHWL1RUJHVIRUVNQLQJVUnGIUDDSULO 6¡NQDGRPWLOWDNLQQHQSODVWEnWLQ GXVWULHQEOHI¡UWLSHQQHQDY$UQH,VDNVHQ 67(3$UEHLGVQRWDW$ 8WYLNOLQJHQDYQ\HEnWHURPIDWWHURJVnPDQJHDNW¡UHU'HQLQYROYHUHULQRHQ WLOIHOOHUNRQWDNWPHGIRUKDQGOHUHLXWODQGHWIRUnInVLJQDOHURPEHKRYRJWUHQ GHULQQHQGHQLVMHQHVRPEnWE\JJHULHQHRSHUHUHU9LGHUHVNMHUXWYLNOLQJHQL VDPDUEHLGPHOORPEnWE\JJHULNRQVWUXNW¡UIRUPE\JJHURJXQGHUOHYHUDQG¡UHU )RUPE\JJHUQHODJHUIRUPHQHVRPEnWHQHVW¡SHVLPHQVXQGHUOHYHUDQG¡UHQHOD JHUPDOHUWLOVLQHSURGXNWHUGHUVSHVLHOWLQQUHGQLQJHUHUYLNWLJHIRUEnWHQHV NRQNXUUDQVHVW\UNH 3URGXNWXWYLNOLQJLSODVWEnWLQGXVWULHQRPIDWWHUVnOHGHVHWNRPSOHNVWV\VWHP 6\VWHPHWKDUNODUHPDQJOHUQnUGHWYXUGHUHVVRPHWLQQRYDVMRQVV\VWHP0DQ JHOHQHUI¡UVWRJIUHPVWHQVYDNWXWE\JG ORNDO IRUPHOONXQQVNDSVVWUXNWXUWLO SDVVHWEHKRYHQHLEUDQVMHQ2SSO ULQJVNRQWRUHWIRUSODVWIDJHQHVRPRUJDQLVH UHURSSO ULQJDYSODVWIRUPHUHHUGHQHQHVWHIRUPHOOHLQVWLWXVMRQHQ 7DEHOORSSVXPPHUHUYLNWLJHLQQRYDVMRQVXWIRUGULQJHQHIRUSODVWEnWLQGXVWULHQ IRUGHOWSnXOLNHIHOWHUDYEUDQVMHQVYLUNVRPKHW*MHQQRPDWYLKHUNRQVHQWUHUHU RVVRPpQEUDQVMHHUGHWRJVnPXOLJnEOLODQJWPHUNRQNUHWRPIHOOHVLQQRYD VMRQVXWIRUGULQJHUIRUIOHUHEHGULIWHUHQQGHWVRPYDUPXOLJXWIUDGHXOLNHEH GULIWHQHWLGOLJHUHLQRWDWHW 7DEHOO 9LNWLJHLQQRYDVMRQVXWIRUGULQJHUIRUSODVWEnWLQGXVWULHQL$XVW $JGHU Område Viktige innovasjonsutfordringer Produktutvikling • Formbygging er dyrt og langsomt • Mye imitasjon, lite genuin nyutvikling Produkter • Høye priser i forhold til utenlandske konkurrenter Produksjonsprosess • Gammeldags støpeteknologi med problematisk arbeidsmiljø • Kvalitetssikring, bl.a. i forbindelse med nye EU-regler Markedsarbeid • Lite systematikk på tilbakemelding fra markedet • Små ressurser p.g.a. mange små bedrifter og lite samarbeid Kompetanse • Problemer med rekruttering, særlig til støping • Liten teknologisk kompetanse om bl.a. støpemetoder • Liten administrativ kompetanse hos entreprenører Samarbeid • Liten profesjonalitet i forholdet kunde – leverandør • Lite formelt samarbeid mellom båtbyggerier (mye uformelt) 'HQYLNWLJVWHXWIRUGULQJHQIRUSODVWEnWLQGXVWULHQLGDJHUNQ\WWHWWLOSURGXN VMRQVSURVHVVHQRJLI¡UVWHUHNNHVHOYHVW¡SLQJHQ6W¡SLQJHQHUSUHJHWDYJDP PHOGDJVWHNQRORJLPHGEODQWDQQHWOLWHEUXNDYQ\HPDWHULDOHU0\HDYVW¡SLQ JHQXWI¡UHVVRPVDJWLOHLHVW¡SHULHU'HWJLUEnWE\JJHULHQHEHW\GHOLJHIOHNVLELOLWHW LSURGXNVMRQHQPHQGHWKLQGUHUQ\XWYLNOLQJDYQ\HVW¡SHPHWRGHURJEUXNDY DQGUHPDWHULDOHU 'HWHUYDQVNHOLJnInWLONYDOLILVHUWXWYLNOLQJVDUEHLGLOHLHVW¡SHULHUGHUGHWHU IOHUHEnWE\JJHULHUVRPHUNXQGHU'HWHULNNHPXOLJnVNMHUPHVLWWHJHWXWYLN ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ OLQJVDUEHLGLOHLHVW¡SHULHQHIRUGHDQGUHEnWE\JJHULHQHVRPHUNXQGHUKRVGHW VDPPHVW¡SHULHW/HLHVW¡SHULHQHKDUKHOOHULNNHWHNQLVNNRPSHWDQVHWLOnGULYH XWYLNOLQJVDUEHLGSnHJHQKnQG6W¡SHULHQHKDUVWRUSURGXNVMRQVNXQQVNDSEDVHUW SnODQJHUIDULQJ'HWILQQHVLPLGOHUWLGOLWHWHNQLVNLQQVLNWLKYDVRPVNMHUXQGHU VW¡SHSURVHVVHQLVW¡SHULHQH(QNDQIRUHNVHPSHOInVY UWXOLNWUHVXOWDWLVW¡ SLQJHQXWIUDKYLONHJODVVILEHUODPLQDWVRPEHQ\WWHVRJKYRUGDQODPLQDWHWOHJJHV LIRUPHQH'HWNUHYHVEHW\GHOLJWHNQLVNLQQVLNWIRUnIRUVWnKYRUIRUXOLNHPHWR GHUJLUXOLNWUHVXOWDWRJVOLNLQQVLNW VDPPHQPHGPnOLQJRJWHVWLQJ HUQ¡G YHQGLJIRUV\VWHPDWLVNXWYLNOLQJDYVW¡SHPHWRGHURJPDWHULDOYDOJ 3ODVWEnWLQGXVWULHQVWLOOHVRJVnRYHUIRUQ\HNUDYLIRUELQGHOVHPHGVW¡SLQJHQ'HW HQHHUHQIRUYHQWHWLQQVNMHUSLQJDYNUDYWLODUEHLGVPLOM¡HWLVW¡SLQJHQ PHQJGHQ DYVW\UpQJDVVLSURGXNVMRQVORNDOHQH VDPW¡NWNRQWUROODYRPNUDYHQHWLOIUHGV VWLOOHV'HWHUNUDYVRPNDQQ¡GYHQGLJJM¡UHQ\HVW¡SHPHWRGHU'HWDQGUHHUNUDY RPnNXQQHGRNXPHQWHUHNYDOLWHWHQSnVW¡SHQLIRUELQGHOVHPHGQ\H(8 GLUHNWLYHUIRUIULWLGVEnWHUVRPHUWUnGWLNUDIWIUDMXQL 'LUHNWLYHQHOHJ JHURSSWLOHWV\VWHPPHGJRGNMHQQLQJDYEnWPRGHOOHURJPHGNYDOLWHWVVLNULQJDY SURGXNVMRQHQ²RJGHULEODQWVW¡SLQJHQ (QXWYLNOLQJDYVW¡SHSURVHVVHQNDQYLGHUHY UHI¡UVWHVNULWWIRUDQGUHW\SHULQ QRYDVMRQLEUDQVMHQ1nY UHQGHVW¡SHWHNQRORJLPHGQ¡GYHQGLJHVSHUUHURJDY VWLYQLQJHUEHJUHQVHUPXOLJKHWHQHIRUGHVLJQHWDYEnWHQRJIRUKYRUGDQHQEUX NHUYROXPHWLQQHLEnWHQ9HGQ\HVW¡SHPHWRGHUHUGHWPXOLJnRSSQnQ¡GYHQGLJ VW\UNHSnDQGUHPnWHUVRPVnJLUVW¡UUHIULKHWWLOnXWIRUPHGHVLJQHWDYEnWHQ RJGHUPHGWLOPHURPIDWWHQGHSURGXNWLQQRYDVMRQHUHQQGHWVRPQnHUWLOIHOOHL EUDQVMHQ,QQHQIRUSURGXNWXWYLNOLQJHUGHWRJVnEHKRYIRUnWDLEUXNRJPXOL JHQVYLGHUHXWYLNOHPHWRGHUIRUIUHVLQJDYSOXJJHULVWHGHWIRUGDJHQVDUEHLGV NUHYHQGHRJG\UHPDQXHOOHE\JJLQJDYSOXJJHU1\HVW¡SHPHWRGHURJDQQHQ RSSJUDGHULQJDYSURGXNVMRQVSURVHVVHQVRPPHUEUXNDYGDWDYHUNW¡\LNRQ VWUXNVMRQRJSURGXNVMRQHURJVnYLNWLJLQQVDWVIRUnUHGXVHUHSURGXNVMRQVNRVW QDGHQHLSODVWEnWLQGXVWULHQ (QDQQHQYLNWLJLQQRYDVMRQVXWIRUGULQJJMHOGHUPDWHULDOIO\WHQLEnWE\JJHULHQHRJ VDPDUEHLGHWPHGXQGHUOHYHUDQG¡UHURJPHOORPEnWE\JJHULHU6RPQHYQWEHQ\W WHUEnWE\JJHULHQHHQPHQJGHXQGHUOHYHUDQG¡UHULVLQSURGXNVMRQRJRSSPRW DYNRVWQDGHQHIRUHQEnWHULQQNM¡SWHGHOHURJNRPSRQHQWHU3ULVHQSnLQQ NM¡SHQHHUGHUPHGVY UWYLNWLJIRUNRVWQDGVQLYnHWSnEnWHQHRJNYDOLWHWHQSn XQGHUOHYHUDQG¡UHQHVDUEHLGHUYLNWLJIRUNYDOLWHWHQSnEnWHQH 'HQPnWHQSODVWEnWLQGXVWULHQHURUJDQLVHUWSnPHGPDQJHVSHVLDOLVHUWHPLQ GUHHQKHWHUJLUYLNWLJHXWIRUGULQJHUQnUGHWJMHOGHURUJDQLVDWRULVNHLQQRYDVMR QHU,HWWLGOLJHUHRIIHQWOLJILQDQVLHUWSURVMHNWLSODVWEnWLQGXVWULHQ1RUERDW IRUV¡NWHHQnInWLOHQQ\RUJDQLVHULQJDYEUDQVMHQ7DQNHQYDUnInI UUHRJ VW¡UUHHQKHWHUJMHQQRPDWQRHQNRQVHQWUHUHUVHJRPSURGXNWXWYLNOLQJPDU NHGVI¡ULQJRJVDOJPHQVDQGUHWDUVHJDYSURGXNVMRQSnEHVWLOOLQJ3URVMHNWHW O\NWHVLOLWHQJUDGEODQWDQQHWSnJUXQQDYNRQNXUVHULPDQJHDYEHGULIWHQH 67(3$UEHLGVQRWDW$ VRPYDUPHGLSURVMHNWHW'HWNDQRJVnY UHHQIDUHIRUDWHQVOLN¶VW\UW·RPRU JDQLVHULQJVRP1RUERDWSURVMHNWHWWRNWLORUGHIRUWDUERUWYLNWLJHIRUWULQQIRU EUDQVMHQVRPHUIOHNVLELOLWHWLSURGXNVMRQVV\VWHPHWRJJUQGHUPHQWDOLWHWDWGHW HUPDQJHVRP¡QVNHUnGULYHHJHWEnWE\JJHULRJVRPDUEHLGHUKDUGWIRUnInGHW WLO )RUKROGHWOHYHUDQG¡UHUEnWE\JJHULHUDQVHVIUDEHJJHSDUWHUnY UHSUREOHPD WLVN'HWHUEHKRYIRUIRUEHGULQJQnUGHWJMHOGHUVNULIWOLJHHQW\GLJHRUGUHVSHVL ILNDVMRQHURJNUDYWLOSURGXNWHUNYDOLWHWVNRQWUROOIRUSOLNWHQGHOHYHULQJVWLGHU ODQJVLNWLJSODQOHJJLQJDYOHYHUDQVHUVWDQGDUGLVHULQJDYNRPSRQHQWHUIRUnVHQ NHNRVWQDGHURJVnYLGHUH'HWWHHUIHOOHVSUREOHPHULPDQJHEHGULIWHUVRPKYHU HQNHOWEHGULIWNDQKDSUREOHPHUPHGnWDWDNLSnJUXQQDYOLWHQDGPLQLVWUDWLY NDSDVLWHW 0DQJHOHYHUDQG¡UHUKDUPHGEnWE\JJHULHUVRPNUHYHQGHNXQGHUXWYLNOHWSUR GXNWHUVRPPHGKHOOHUWDWWLQQSnDQGUHPDUNHGHU'HWILQQHVHQUHNNHOHYH UDQG¡UHUVRPKDUE\JGRSSEHW\GHOLJNRPSHWDQVHIRUDQGUHW\SHUDYNXQGHU 'LVVHKDULPLGOHUWLGSUREOHPHUPHGnEHQ\WWHGHQQHNRPSHWDQVHQWLOYLGHUHXW YLNOLQJDYNRPSRQHQWHUWLOSODVWEnWLQGXVWULHQSnJUXQQDYKROGQLQJHUKRVPDQ JHEnWE\JJHULHUWLODWOHYHUDQG¡UHUNXQSURGXVHUHUHWWHURUGUH'HWV\QHVGHUIRU nY UHHWSRWHQVLDOIRUPHULQQRYDVMRQJMHQQRPnInWLOPHUO UHQGHQHWWYHUN PHOORPEnWE\JJHULHURJOHYHUDQG¡UHUGHUOHYHUDQG¡UHQHVNRPSHWDQVHLVW¡UUH JUDGEOLUWUHNWLQQLXWYLNOLQJVSURVMHNWHUKRVEnWE\JJHULHQH ,WLOOHJJHUGHWEHW\GHOLJHLQQRYDVMRQVXWIRUGULQJHUSnPDUNHGVVLGD'HIOHVWH VPnEHGULIWHQHKDUOLWHUHVVXUVHUWLOPDUNHGVI¡ULQJRJGHWHUXWYLNOHWOLWHVDPDU EHLGPHOORPEHGULIWHQHSnGHWWHIHOWHW'HWHURJVnPDQJHOSnV\VWHPDWLVNWLOED NHPHOGLQJIUDPDUNHGHWWLOEnWE\JJHULHQHRPQ\HWUHQGHULQQHQIRUHNVHPSHO GHVLJQ ,7Q ULQJHQ ,7Q ULQJHQRPIDWWHURPWUHQWDUEHLGVSODVVHULGHWR$JGHUI\ONHQHKYRUDY IOHUWDOOHWILQQHVL$XVW$JGHU1 ULQJHQHULUDVNYHNVW'HQNDQGHOHVLQQLWUH KRYHGJUXSSHU (OHNWURQLNNLQGXVWUL 3URJUDPYDUHRJPXOWLPHGLD 1HWWVHOVNDSHURJDFFHVVOHYHUDQG¡UHU (OHNWURQLNNLQGXVWULHQRPIDWWHUWUHVWRUHEHGULIWHU (ULFVVRQ.LWURQRJ6RQHF PHGIOHUHKXQGUHDQVDWWHRJVWRURPVHWQLQJLWLOOHJJWLOIOHUHVPnRJPHOORPVWR UHEHGULIWHU'HWRDQGUHKRYHGJUXSSHQHGRPLQHUHVDYUHODWLYWVPnEHGULIWHU 'HWHUGRJWLOO¡SWLO¡NW¶JUXSSHGDQQHOVHU·LQQHQSODVWEnWLQGXVWULHQGHVLVWHnUD'HW HUEHGULIWHUVRPVDPDUEHLGHURPLQQNM¡SVRPHLHUDNVMHUKRVKYHUDQGUHVRPVDPDUEHL GHURPSURGXNVMRQ²RJGHWHUEHGULIWHUVRPNXQPDUNHGVI¡UHURJVHOJHUEnWHU 2PWDOHQDY,7Q ULQJHQE\JJHUSnHWQRWDWXWDUEHLGHWDY-DPHV.DUOVHQYHG$JGHU IRUVNQLQJ8WJDQJVSXQNWHWIRUQRWDWHWHUDUEHLGHWPHG5(*,11V¡NQDGHQIRU,7 Q ULQJHQIUD$JGHUI\ONHQH ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ 'HWHURJVnVWRUHIRUVNMHOOHUPHOORPJUXSSHQHQnUGHWJMHOGHULQYHVWHULQJHURJ NRVWQDGVSURILO(OHNWURQLNNEHGULIWHQHKDUVWRUHLQYHVWHULQJHUNQ\WWHWWLOSUR GXNVMRQVXWVW\URJIRUKROGVYLVVWRUHNRVWQDGHUNQ\WWHWWLOLQQNM¡SDYNRPSRQHQ WHUIUDXQGHUOHYHUDQG¡UHU'HDQGUHJUXSSHQHKDUPLQGUHNRVWQDGHUWLOLQQNM¡S RJO¡QQVNRVWQDGHQHHUGHQNODUWVW¡UVWHNRVWQDGVNRPSRQHQWHQ ,7Q ULQJHQL$XVW$JGHUHUDOOVLGLJRJRPIDWWHUDOOHKRYHGJUXSSHQH'HWHU VQDNNRPUHQHOHNWURQLNNSURGXNVMRQ IRUHNVHPSHO.LWURQ NRPELQDVMRQHQ HOHNWURQLNNRJSURJUDPYDUH VRPYHG2WUXP SURJUDPYDUHOHYHUDQG¡UHU VRP 3URWHFK&RQVXOWLQJ EHGULIWHULQQHQVSHVLHOOHQLVMHU IRUHNVHPSHO6\VWHPVLN NHUKHWLQQHQVLNNHUKHWRJ*5,'LQQHQPLOM¡GDWD EHGULIWHUPHGHWODQGVGHN NHQGHPDUNHG VRP7HOHQRU$OOLDQVHRJ$OOLDQVH,QIRUPDVMRQVV\VWHPHU RJEH GULIWHUVRPOHYHUHU,QWHUQHWWWMHQHVWHU VRP$QHWW ,QQRYDVMRQVXWIRUGULQJHUIRU,7Q ULQJHQRSSVXPPHUHVLWDEHOO(QYLNWLJXW IRUGULQJHUnXWYLNOHEHGUHLQQJUHSPHGPDUNHGHW3UREOHPHWHUJHQHUHOWVHWW LNNHnXWYLNOHQ\HSURGXNWHUVRPIXQJHUHUWHNQRORJLVNPHQnInGHPNRPPHU VLDOLVHUW'HWYLOVLDWGHWPnOHJJHVVW¡UUHYHNWPDUNHGVRULHQWHULQJYHGSUR GXNWXWYLNOLQJRJLNNHEDUHWHNQRORJLRULHQWHULQJ'HWQ¡GYHQGLJJM¡UWHWWHUH VDPDUEHLGPHGNXQGHQH(QNHOWH,7EHGULIWHUKDULPLGOHUWLGNRPPHWODQJWL GHWWHVDPDUEHLGHW (QDQQHQYLNWLJXWIRUGULQJHUnInWLO¡NWVDPDUEHLGRJVWUDWHJLVNHDOOLDQVHU PHOORPEHGULIWHQHRJRJVnPRW)R8PLOM¡HUIRUnP¡WHGHWPDQJIROGDYXWIRUG ULQJHUVRPGHVWLOOHVRYHUIRU'HWnKDWLGRJ·UnG·WLOnSOHLHVDPDUEHLGRJVNDSH QHWWYHUNHUHQIODVNHKDOVLPDQJHEHGULIWHU 0DQJHDYGHVPnRJPHOORPVWRUHEHGULIWHQHOHYHUHUVNUHGGHUV\GGHO¡VQLQJHUWLO VLQHNXQGHU'HWWHJM¡UDWHQNHOWHDYEHGULIWHQHEOLUVnUEDUHIRUGLGHKDUInNXQ GHUNRUWHWLGVIULVWHURJRSHUHUHULJUHQVHODQGHWDYGHWVRPHUWHNQLVNRJ¡NRQR PLVNPXOLJ'HWOLJJHUHQXWIRUGULQJIRUVOLNHEHGULIWHULnVWDQGDUGLVHUHVNUHG GHUV¡PVO¡VQLQJHUIRUHWVW¡UUHPDUNHG ,7Q ULQJHQHUNRPSHWDQVHLQWHQVLY*HQHUHOWJMHOGHUGHWDWMRPHUXWYLNOLQJVR ULHQWHUWHRJVNUHGGHUV\GGHSURGXNWHUVRPIUHPVWLOOHVGHVWRVW¡UUHHUEHKRYHWIRU K¡\NRPSHWDQVHRJGDVSHVLHOWIRULQJHQL¡UHURJVLYLOLQJHQL¡UHU'HWHULGDJVWRU PDQJHOSnLQJHQL¡UHURJVLYLOLQJHQL¡UHURJSHUVRQHUPHGGHQ·UHWWH·PDUNHGV NRPSHWDQVHQ 67(3$UEHLGVQRWDW$ Tabell 4: Viktige innovasjonsutfordringer for IT-næringen i Aust-Agder. Område Viktige innovasjonsutfordringer Produktutvikling Større vekt på markedsorientert produktutvikling Produkter Mange produkter lages i små serier eller skreddersys for enkeltkun- der, uten at produktet blir forsøkt standardisert Marked Generelt for liten markedskompetanse og for lite systematisk arbeid med kundepleie og markedsutvikling i bedrifter. Kompetanse Rekruttering av sivilingeniører og ingeniører og personer med ’rett’ markedskompetanse Samarbeid med eks- Sette av tid og ressurser for systematisk utvikling av samarbeid med terne aktører kunder, andre IT-bedrifter og FoU-institusjoner Kapital Skaffe kapital til de første fasene av en produktutvikling 0DULWLPVHNWRU 'HPDULWLPHQ ULQJHQHHUVWHUNWUHSUHVHQWHUWL$XVW$JGHU)RUKHOH$JGHUUHJ QHVGHWPHGRPWUHQWV\VVHOVDWWHLGLVVHQ ULQJHQH 'LVVHHUIRUGHOWSnFD EHGULIWHUSnWMHQHVWHVLGHQ UHGHULIRUVLNULQJRJPHJOLQJ RJSnFDEHGULI WHUSnXWVW\UVVLGHQ VNLSVXWVW\URJRIIVKRUHXWVW\U 'HPDULWLPHQ ULQJHQHRSSOHYHUHQUHODWLYWJRGLQQWMHQLQJPHQ¡NWJOREDOLVH ULQJKDUPHGI¡UWHWIRUKROGVYLVVWRUWNRVWQDGVSUHVVLWUDGLVMRQHOOHPDUNHGHU(Q XWYLNOLQJVWHQGHQVLQQHQWMHQHVWHVLGHQHUDWPHUDYDQVHUWHIXQNVMRQHUVRPEH IUDNWQLQJIRUUHWQLQJVXWYLNOLQJRJILQDQVLHULQJIO\WWHUXWDYODQGVGHOHQWLOEODQW DQQHW2VOR6WDYDQJHURJ/RQGRQ0HURSHUDWLYHIXQNVMRQHUEOLUY UHQGHLJMHQ Sn6¡UODQGHW'HWHURJVnHWWUHNNDWIOHUHVHOVNDSHUHUVROJWRJDNWLYLWHWHQLVHO VNDSHQHSn6¡UODQGHWEHW\GHOLJUHGXVHUW(QPRWVYDUHQGHWHQGHQVHULPLGOHUWLG LQWHUHVVDQWHQ\HWDEOHULQJHURJHOOHUUHYLWDOLVHULQJHUVRPIRUHNVHPSHO,QWHURFH DQ8JODQG0DQDJHPHQW ,QQRYDVMRQVXWIRUGULQJHQHLGHPDULWLPHQ ULQJHQHHURSSVXPPHUWLWDEHOO3n WMHQHVWHVLGHQHUXWYLNOLQJDYLQWHUQNRPSHWDQVHRJUHNUXWWHULQJDYYLVVHW\SHU DUEHLGVNUDIWHQYLNWLJXWIRUGULQJ'HWVDPPHHUnInWLO¡NWHIIHNWLYLVHULQJDY GULIWHQEODQWDQQHWJMHQQRP,7O¡VQLQJHU(QVSHVLHOOHXWIRUGULQJSnWMHQHVWHVL GHQHUHOOHUVnKLQGUHXWIO\WWLQJDYDYDQVHUWHIXQNVMRQHUWLODQGUHRPUnGHUVDPW nILQQHQ\HNXQGHUSnJUXQQDY¡NWNRVWQDGVSUHVVLWUDGLVMRQHOOHPDUNHGHU7LO VLVWIUDPVWnU¡NWNRQWDNWPHGIRUVNQLQJVRJXQGHUYLVQLQJVPLOM¡HUVRPHQYLNWLJ XWIRUGULQJ 1nUGHWJMHOGHUXWVW\UVOHYHUDQG¡UHQHHUGHWRJVnYLNWLJHXWIRUGULQJHUNQ\WWHWWLO XWYLNOLQJDYNXQQVNDSVEDVHQRJWLOUHNUXWWHULQJDYIXQNVMRQ UHU8WVW\UVOHYH UDQG¡UHQHKDUY UWLIUDPJDQJGHVLVWHnUHQHRJGHUHUXWYLNOHWVWHUNHNREOLQ JHUPHOORPOHYHUDQG¡UHQHRJNXQGHULQQHQRIIVKRUHVHNWRUHQ(QXWIRUGULQJNDQ LPLGOHUWLGY UHnVW\UNHNXQQVNDSHQRPRJVDPDUEHLGHWPHGUHGHULHU 2PWDOHQDYPDULWLPVHNWRUE\JJHUSn$JGHUI\ONHQHVV¡NQDGWLO5(*,11SURJUDPPHW 6¡NQDGRPWLOWDNLQQHQPDULWLPVHNWRUEOHI¡UWLSHQQHQDY7URQG5DQG¡\ +L$$JGHUIRUVNQLQJ ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ 7DEHOO 9LNWLJHLQQRYDVMRQVXWIRUGULQJHUIRUPDULWLPHQ ULQJHUL$XVW $JGHU Viktige innovasjonsutfordringer Område Produkt-/tjeneste- • Økt kontakt fra utstyrsleverandører til kunder (rederiene) innovasjoner Prosessinnovasjoner • Mangel på innovasjon på driftssiden i mange rederier, og be- hov for økt operasjonell effektivitet • Økt utnyttelse av IT-systemer Markedsinnovasjoner • Hindre utflytting av hovedkontorfunksjoner fra fylket • Økt kostnadspress på operative funksjoner Kompetanse og per- • Mangel på offiserer med erfaring og personell med teknisk sonell erfaring fra skip • Problemer med å rekruttere økonomisk/administrativt personell i ledende stillinger Samarbeid • Øke kontakten mellom næringene og undervisnings- og forsk- ningsmiljøer • Få til nye bedrifter gjennom knoppskyting i bransjen 5HLVHOLYVQ ULQJHQ 2YHUQDWWLQJVRJVHUYLFHYLUNVRPKHWHUV\VVHOVDWWHGU¡\WSHUVRQHUL$XVW $JGHUL VRPYDUHQYHNVWSnKHOHVLGHQ 'HWRVWRUHWXULVWRPUn GHQHLI\ONHWHU+RYGHQVRPGRPLQHUHVDYYLQWHUWXULVPHRJN\VWRPUnGHWPHG HQKHNWLVNVRPPHUVHVRQJ 5DSSRUWHQIUD5HLVHOLYVXWYLNOLQJ/DUYLNEHVNULYHUEnGHGLUHNWHRJLQGLUHNWH PDQJHLQQRYDVMRQVXWIRUGULQJHUIRUUHLVHOLYVQ ULQJHQL$XVW$JGHU8WIRUGULQ JHQHVHHVLO\VDYLQWHUQDVMRQDOHXWYLNOLQJVWUHNNLWXULVWVHNWRUHQRJ$XVW$JGHUV DWWUDNVMRQHURJPXOLJKHWHULIRUKROGWLOLQWHUQDVMRQDOHWUHQGHU (QRYHURUGQHWWHQGHQVLLQWHUQDVMRQDOWXULVPHHU¡NWLQGLYLGXDOLVHULQJRJGLIIH UHQVLHULQJ0HGGHWPHQHVDWWXULVWHQHL¡NHQGHJUDGOHJJHURSSIHULHQHVLQSn HJHQKnQGRJLPLQGUHJUDGEHQ\WWHUSDNNHUHLVHU+\WWHIHULHRJDQGUHIRUPHUIRU VM¡OKXVKROGYHQWHVnVWnIRUGHQVW¡UVWHYHNVWHQLGHQLQWHUQDVMRQDOHGHOHQDY WXULVWWUDILNNHQIUDPRYHU'HVVXWHQPnWLOEXGHQHUHWWHVLQQPRWPDQJHVHJPHQ WHULPDUNHGHWXWIUDXOLNH¡QVNHUKRVXOLNHWXULVWJUXSSHU(WWYRNVHQGHPDU NHGVVHJPHQWEHWHJQHV·ODQGVE\JGUHNUHDVMRQ·GHWYLOVLUHLVHQIUDHWVWRUE\OLYXW WLOQDWXUORNDONXOWXURJVWLOOKHW'HWKHYGHVRJVnnY UH¡NHQGHEHYLVVWKHWRP DWWXULVWWLOEXGHQHVNDOY UHPLOM¡YHQQOLJH 5HLVHOLYVWLOEXGHQHL$XVW$JGHURJGHWVRPHUHQQDWXUOLJYLGHUHI¡ULQJDYWLOEX GHQHV\QHVnSDVVHLQQLGLVVHGRPLQHUHQGHWUHQGHQH'HWDYVSHLOHUDW$XVW 2PWDOHQDYUHLVHOLYVQ ULQJHQE\JJHUSn-HUYDQ% 3HUVSHNWLYDQDO\VHIRUUHLVH OLYHWL$XVW$JGHU(WXQGHUODJVGRNXPHQWIRUUHYLVMRQHQDYI\ONHWVUHLVHOLYVSODQIRUSHULR GHQ 5HLVHOLYVXWYLNOLQJ/DUYLN$6 67(3$UEHLGVQRWDW$ $JGHULNNHKDUE\JGXWWLOEXGWLOSDVVHWGHWNODVVLVNH·EXVVUXQGUHLVHPDUNHGHW· 8WIUDWUHQGHQHLGHQLQWHUQDVMRQDOHWXULVPHQE¡UGHWLPLGOHUWLGVNMHHQV\VWH PDWLVNYLGHUHXWYLNOLQJDYQDWXUQ UHDNWLYLWHWHURJ·ODQGVE\JGUHNUHDVMRQ·L $XVW$JGHUVUHLVHOLY )OHUHW\SHULQQRYDVMRQHUDQVHVVRPYLNWLJHIRUnYLGHUHXWYLNOHUHLVHOLYVQ ULQJHQ LI\ONHW WDEHOO 3nSURGXNWVLGHQDQVHVGHWVRPYLNWLJnXWYLNOHDWWUDNVMRQHU KHUXQGHURJVnIHVWLYDOHUXWVWLOOLQJHURJDUUDQJHPHQWHU VRPNDQXWI\OOHGHWUD GLVMRQHOOHDWWUDNVMRQHQHSn6¡UODQGHWVRPHUQDWXUVM¡VROVRPPHURJSLWWR UHVNEHE\JJHOVH'DNDQDWWUDNVMRQHQHNRPSOHWWHUHHNVLVWHUHQGHDWWUDNVMRQHURJ ¡NHHWVWHGVNRQNXUUDQVHSRVLVMRQLUHLVHOLYVVDPPHQKHQJ$WVOLNH·Q\H·WLOEXG NDQY UHHQPDQJHOYDUHYLVHVIRUHNVHPSHOLWXURSHUDW¡UHUVYXUGHULQJDYXOLNH N\VWRPUnGHUVRPUHLVHPnOLIRUELQGHOVHPHGUXQGUHLVHU'HK¡\HVWHYHUGLHQH VFRUHU6¡UODQGHWSnGHWUDGLVMRQHOOH·QDWXUEDVHUWH·WLOEXGHQHPHQVWLOUHWWHODJWH RJNRPPHUVLHOOHWLOEXGYXUGHUHVODQJWODYHUH$NYDULHWL5LV¡URJGHQQnQHGODJ WH6RPPHUIXJOSDUNHQL*ULPVWDGQHYQHVLUDSSRUWHQVRPHNVHPSOHUSnDWWUDN VMRQHUVRPKDUELGUDGGWLO¡NWNRQNXUUDQVHVW\UNH1HV-HUQYHUNVPXVHXPRJ cPOL.UDIWVWDVMRQV,QIRUPDVMRQVVHQWHUHUGHULPRWHNVHPSOHUVRPLNNHKDUIXQ JHUWSnGHQVDPPHPnWHQ 5DSSRUWHQWDUWLORUGHIRUDWJRGKHOKHWOLJVWHGVXWYLNOLQJGHUNXOWXUDWWUDNVMRQHU RJNXOWXURSSOHYHOVHUEOLUVHWWLVDPPHQKDQJPHGDQQHQYLUNVRPKHWHUYLNWLJL UHLVHOLYVVDPPHQKHQJ0HGXQQWDNDYHQNHOWHDUUDQJHPHQWHURJIHVWLYDOHUWLO WUHNNHUNXOWXUVHJLVY UWOLWHQJUDGWXULVWHUSnHJHQKnQG'HWHUI¡UVWRJ IUHPVWHW·HNVWUD·WLOEXGWLOWXULVWHUVRPRSSULQQHOLJNRPPHUWLOODQGVGHOHQDY DQGUHnUVDNHU6WHGXWYLNOLQJSHNHUSnHWEHKRYIRUEHGUHRUJDQLVHULQJDYUHLVH OLYVQ ULQJHQSnXOLNHVWHGHUIRUnXWYLNOHHWKHOKHWOLJSURGXNWRJLYDUHWDPDU NHGVI¡ULQJ 3URGXNWRJPDUNHGVXWYLNOLQJKHQJHUVDPPHQ)RUn¡NHOHQJGHQSnVHVRQJHQ HUGHWEHKRYIRUnXWYLNOHQ\HWLOEXGPRWEHVWHPWHPnOJUXSSHULPDUNHGHW+DY ILVNHSURVMHNWHWRJ/\QJ¡USRUWHQQHYQHVVRPGHHQHVWHV\QOLJHHNVHPSOHQHSn Q\PDUNHGVRULHQWHULQJJMHQQRPDNWLYLWHWHULQQHQIRUILVNH'HWNDQRJVnY UH PXOLJKHWHUIRUXWYLNOLQJDYDQGUHWHPDEDVHUWHSURGXNWHU )RU¡YULJWDUUDSSRUWHQWLORUGHIRUDWLQQVDWVHQSnPDUNHGVVLGHQPnNRQVHQWUH UHV²RJQnUGHWJMHOGHUGHQXWHQODQGVNHWUDILNNHQE¡ULQQVDWVHQUHWWHVPRW 'DQPDUN7\VNODQGRJ1HGHUODQG6SHVLHOWIRU6HWHVGDOHQXWHQRP+RYGHQSn SHNHUUDSSRUWHQDWHQV\VWHPDWLVNPnYHOJHPnOJUXSSHURJXWYLNOHHWSURGXNW WLOSDVVHWPnOJUXSSHQH6HWHVGDOHQDQVHVnNXQQHXWYLNOHWLOEXGWLOSDVVHWWUHQ GHQHLQQHQIRU·ODQGVE\JGUHNUHDVMRQ·VY UWJRGWVRPWUDGLVMRQVE UHUIRU·GHW W\SLVNQRUVNH·PHGIORWWQDWXURJNXOWXUODQGVNDS0HQEnGHSnPDUNHGVRJ SURGXNWVLGHQWDVGHWDOWVnWLORUGHIRUHQKHOKHWOLJVWUDWHJLGHUDNW¡UHULQQHQ Q ULQJHQEHVWHPPHUVHJIRUKYDUHLVHPnOHQHVNDOY UHIRUEHVWHPWHPnOJUXS SHU8WIUDUDSSRUWHQNDQGHWWHDQVHVVRPGHQVW¡UVWHLQQRYDVMRQVXWIRUGULQJHQL UHLVHOLYVQ ULQJHQ DWDUEHLGHWRUJDQLVHUHVVOLNDWPDQJHDNW¡UHUWUHNNHULVDP PHUHWQLQJXWIUDHQV\VWHPDWLVNSODQIRUSURGXNWRJPDUNHGVXWYLNOLQJDYVWH GHURJRPUnGHU ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ 1nUGHWJMHOGHUSURVHVVLQQRYDVMRQHUVWLOOHULQIRUPDVMRQVRJNRPPXQLNDVMRQV WHNQRORJLHQRJVnUHLVHOLYVQ ULQJHQHRYHUIRUQ\HXWIRUGULQJHU'HWOLJJHUVWRUH PXOLJKHWHUSnPDUNHGVVLGHQJMHQQRPnV\VWHPDWLVHUHODJUHRJGLVWULEXHUHLQ IRUPDVMRQRPUHLVHRJRSSKROGVPXOLJKHWHURSSOHYHOVHRJDWWUDNVMRQHULI\ONHW 'HWHUEHKRYIRUNRPSHWDQVHKHYLQJLQQHQGHQQ\HWHNQRORJLHQRJLGHHUWLOQ\ EUXNDYWHNQRORJLHQ'HWWHHURJVnRSSJDYHUVRPEHVWNDQO¡VHVLIHOOHVVNDS PHOORPEHGULIWHURJPHGPHGYLUNQLQJIUDRIIHQWOLJHP\QGLJKHWHU Tabell 6: Viktige innovasjonsutfordringer for reiselivsnæringen i Aust-Agder Område Viktige innovasjonsutfordringer Produktutvikling • Videreutvikling av naturnære aktiviteter og ’landsbygd rekrea- sjon’, samt nye attraksjoner Prosessutvikling • Ta i bruk IT-teknologi på en systematisk måte Markedsutvikling • Utvikle tilbud mot nye målgrupper for å forlenge sesongen • Konsentrert innsats på markedssiden mot Danmark, Tyskland og Nederland Samarbeid • Bedre organisering av reiselivsnæringen på ulike steder for å få til helhetlig stedsutvikling 2SSVXPPHULQJDYEUDQVMHDQDO\VHQH 5HVXOWDWHQHIUDGHILUHRPWDOWHEUDQVMHDQDO\VHQHEHNUHIWHUVWRUWVHWWO UGRP PHQIUDLQQRYDVMRQVVWXGLHQHLGHXWYDOJWHEHGULIWHQHVOLNGHQQHEOHRSS VXPPHUWLERNV8WIRUGULQJHQHVRPEOHXWNU\VWDOOLVHUWIRUKYHUDYEUDQVMHQH VWHPPHUVnOHGHVVWRUWVHWWRYHUHQVPHGLQQRYDVMRQVXWIRUGULQJHQHLDQGUHGHOHU DYQ ULQJVOLYHWLI\ONHW%UDQVMHDQDO\VHQHXQGHUVWUHNHUVnOHGHVEHKRYHQHIRUn • %\JJHRSSVW¡UUHLQWHUQNRPSHWDQVHLEHGULIWHURJUHNUXWWHUHUHVVXUVSHUVR QHUWLOnLYHUNVHWWHRJJMHQQRPI¡UHLQQRYDVMRQVSURVMHNWHU • 6LNUHNRQWDNWPHGPDUNHGHWRUJDQLVHUHV\VWHPDWLVNWLOEDNHPHOGLQJIUD PDUNHGHWRJ¡NHLQQVDWVHQPRWQ\HPDUNHGHU %\JJHRSSHWSURIHVMRQHOWVDPDUEHLGPHGOHYHUDQG¡UHUDQGUHEHGULIWHULVDPPH Q ULQJRJ)R8PLOM¡HU²RJVLNUHWLGRJUHVVXUVHUIRUVOLNQHWWYHUNVE\JJLQJ %UDQVMHDQDO\VHQHSHNWHRJVnSnPHUNRQNUHWHRJIHOOHVLQQRYDVMRQVXWIRUGULQJHU LQQHQKYHUEUDQVMH'LVVHRPIDWWHUn • *MHQQRPI¡UHEHVWHPWHSURVHVVLQQRYDVMRQHULSODVWEnWLQGXVWULHQ XWYLNOLQJ DYVW¡SHWHNQRORJLRJIRUPE\JJLQJ VnYHOVRPLUHGHULHURJUHLVHOLYVQ ULQJHQ ¡NWXWQ\WWHOVHDY,7V\VWHPHU 'HWWHHUIRUVnYLGWHQJHQHUHOOXWIRUGULQJ VRPEOHREVHUYHUWRJVnIRUIOHUWDOOHWDYGHEHGULIWHQH MIUHNVHPSOHWLERNV • 6WDQGDUGLVHULQJDYVNUHGGHUV¡PVO¡VQLQJHUL,7Q ULQJHQRJVNDIIHWLOYHLH NDSLWDOIRUWLGOLJSURGXNWXWYLNOLQJLGHQQHQ ULQJHQ0DQJHOHQSnNDSLWDOWLO LQQRYDVMRQVSURVMHNWHUHURJVnHWJHQHUHOWSUREOHPIRUIOHUHEHGULIWHUEODQWGH +LQGUHXWIO\WWLQJDYDYDQVHUWHDNWLYLWHWHULQQHQUHGHULYLUNVRPKHWIUDI\ONHW, JMHQSHNHVGHWSnHQPHUJHQHUHOOXWIRUGULQJVSHVLHOWIRUEHGULIWHUVRPHUGHOHU 67(3$UEHLGVQRWDW$ DYVW¡UUHNRQVHUQ'HQQHXWIRUGULQJHQEOHLNNHPLQVWDNWXDOLVHUWDYGHQVnNDOWH (ULFVVRQVDNHQYLQWHUHQ %RNV %HKRYHWIRUSURVHVVLQQRYDVMRQHU²HNVHPSOHW/7UDSS$6 L-trapp i Lillesand produserer trapper i tre. Bedriften har 13 ansatte og hadde snaut 10 mill. i omsetning i 1997. Bedriften engasjerer også to selvstendige montører for oppsetting av trapper hos kunder. Bedriften ser små muligheter for produktinnovasjoner på trapper. Det finnes mange andre, og gjerne mindre, bedrifter som også produserer trapper, og prisen er fast og lav. Det betin- ger at bedriften stadig må forbedre effektiviteten for å være konkurransedyktig. For å være effektiv, har L-trapp innført en datastyrt produksjon. Så godt som alle trappen tegnes av daglig leder via dataprogram. Dette overføres til produksjonen, der maskin- kjørerne enkelt omformer dette til et maskinprogram. Deretter freses deler ut av CNC- fresemaskin, trapper pakkes og monteres på byggeplassene. Arbeidet med å effektivisere produksjonen omfatter også endringer i arbeidsmetoder og –rutiner. Datastyring av produksjonen betyr en svært stor investering i maskiner for en liten bedrift, og bedriften oppruster maskinparken stadig. Drivkraften bak innføringen av denne produksjons- metoden i L-trapp er interesse og kunnskap om rasjonalisering hos daglig leder, som samti- dig er eier. +YDVnQnUGHWJMHOGHUVWUDWHJLHURJYLUNHPLGOHU" 1RWDWHWKDUIUDPVNDIIHWP\HNRQNUHWLQIRUPDVMRQRPLQQRYDWLYDNWLYLWHWRJLQQ RYDVMRQVXWIRUGULQJHULXOLNHGHOHUDY$XVW$JGHUVQ ULQJVOLY8WIUDIRUVNMHOOLJH W\SHUDYVWXGLHUHUGHWRJVnPXOLJnWUHNNHIUDPHQGHOIHOOHV·VXNVHVVNULWHULHU· IRUnO\NNHVPHGLQQRYDVMRQVSURVMHNWHU 0HQVHOYRPPDQJHDYXWIRUGULQJHQHNDQY UHIHOOHVIRUXOLNHW\SHUDYEHGULI WHUNDQGHWVRPHUUHOHYDQWHO¡VQLQJHUYDULHUH'HRPWDOWHEUDQVMHDQDO\VHQH LQQHQSODVWEnWLQGXVWUL,7Q ULQJHQRJPDULWLPVHNWRUVNXOOHDOOHUHVXOWHUHL IRUVODJWLOWLOWDNVRPVnEOHV¡NWILQDQVLHUWIUD5(*,11SURJUDPPHWL1RUJHV IRUVNQLQJVUnG$QDO\VHQHIRUVOREODQWDQQHWXOLNHW\SHUDYWLOWDNIRUnXWYLNOH IRUVNQLQJVRJK¡\VNROHPLOM¡HWSn$JGHUWLOnEOLEHGUHLVWDQGWLOnWLOE\UnGJLY QLQJNXUVRJSURVMHNWDVVLVWDQVHWLOSDVVHWEHGULIWHQHVEHKRYVW\UNHVDPDUEHLGHW PHOORPGLVVHPLOM¡HQHRJEHGULIWHULEUDQVMHQHVDPWELGUDWLO¡NWVDPDUEHLG LQQDGLEUDQVMHQH $WIRUVODJHQHWLOWLOWDNLGHWUHEUDQVMHQHWRNIDWWLEHKRYHWIRU¡NWVDPDUEHLG PHOORPUHJLRQDOIRUVNQLQJVRJK¡\VNROHPLOM¡HURJEHGULIWHUHUKHOWQDWXUOLJHW WHUVRPRSSGUDJHWIUD1RUJHVIRUVNQLQJVUnGQHWWRSSEHVWRLnXWDUEHLGHIRUVODJWLO GHQQHW\SHQSURVMHNWHU5(*,11SURJUDPPHWKDUQHPOLJVRPPnOVHWWLQJn VWLPXOHUHQ ULQJVOLYHWWLOnEOLPHULQQRYDWLYWJMHQQRPnVW\UNHUHODVMRQVE\J JLQJHQRJGHWNRQNUHWHVDPDUEHLGHWPHOORPGHWUHJLRQDOH)R8PLOM¡HWRJXWYDOJ WHEUDQVMHU)RUVODJHQHWLOWLOWDNRJLQQUHWQLQJHQDY5(*,11SURJUDPPHWSH ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ NHUOLNHYHOSnDWGHWLQRHQORNDOHEUDQVMHNRQVHQWUDVMRQHUHUVY UWDNWXHOWPHG IHOOHVO¡VQLQJHUGHUIRUPnOHWNDQY UHnO¡VHIODVNHKDOVHUIRUEUDQVMHQVRPKHO KHWLRPUnGHUELGUDWLOnE\JJHRSSKHOWVSHVLILNNNRPSHWDQVHVRPPDQJHORNDOH EHGULIWHUKDUEHKRYIRULIRUHNVHPSHOHWORNDOWNRPSHWDQVHVHQWHURJVnYLGHUH, ORNDOHEUDQVMHNRQVHQWUDVMRQHUNDQGHWLPDQJHWLOIHOOHUY UHEHW\GHOLJHJHYLQ VWHUnKHQWHIRUJMHQQRPI¡ULQJDYLQQRYDVMRQVSURVMHNWHUJMHQQRPHWEHGUHORNDOW VDPDUEHLG %HGUHORNDOWVDPDUEHLGEOHHWWHUO\VWRJVnDYQRHQDYGHEHGULIWHQHVRPLNNH WLOK¡UHUQRHQORNDOEUDQVMHNRQVHQWUDVMRQ(UIDULQJVJUXSSHUIRUPHOORPOHGHUH LQQHQIRUVDOJPDUNHGVI¡ULQJSURGXNVMRQLQQNM¡SGHUHQNXQQHGU¡IWHNRQNUHWH SUREOHPHUInPDWQ\WWLJHWLSVRPIUDPJDQJVPnWHUYHGSURGXNWXWYLNOLQJRJOLN QHQGHHUHQVOLNLGH)RUnEOLEHGUHLVWDQGWLOnJMHQQRPI¡UHLQQRYDVMRQVSUR VMHNWHUPnQRNOLNHYHOGH·HQVOLJHVYDOHQH·LVW¡UUHJUDGXWYLNOHNRQWDNWHQPHG DNW¡UHULDQGUHGHOHUDYODQGHW 'HQQHW\SHQSUREOHPVWLOOLQJHUYLOVWnVHQWUDOWLGHWIMHUGHQRWDWHWLRSSGUDJHWWLO 67(3JUXSSHQ1RWDWHWVNDONRQVHQWUHUHVHJRPGLVNXVMRQDYUHOHYDQWHVWUDWH JLHURJWLOWDNVRPNDQEHGUHGHQLQQRYDWLYHHYQHQRJDNWLYLWHWHQLXOLNHGHOHUDY $XVW$JGHUVQ ULQJVOLY 6DPPHQGUDJ )RUPnOHWPHGGHWWHQRWDWHWKDUY UWnEHVNULYHRJDQDO\VHUHYLNWLJHVLGHUYHG LQQRYDWLYDNWLYLWHWLXOLNHGHOHUDY$XVW$JGHUVQ ULQJVOLY'HKRYHGVS¡UVPnOH QHVRPHUEHVYDUWLQRWDWHWHU • +YDNMHQQHWHJQHULQQRYDWLYDNWLYLWHWLXOLNHGHOHUDY$XVW$JGHUVQ ULQJV OLY" • +YDHU·VXNVHVVNULWHULHQH·IRUnO\NNHVPHGLQQRYDWLYDNWLYLWHWXWIUDEHGULI WHUVHUIDULQJHUPHGLQQRYDVMRQVYLUNVRPKHW" • +YDHUGHYLNWLJVWHXWIRUGULQJHQHYHGLYHUNVHWWLQJRJJMHQQRPI¡ULQJDYLQQR YDVMRQVSURVMHNWHULEHGULIWHUL$XVW$JGHU" 1RWDWHWEDVHUHVSnWRW\SHUDYDQDO\VHU'HWYLNWLJVWHHULQQVDPOLQJDYLQIRUPD VMRQIUDXWYDOJWHEHGULIWHULI\ONHW%HGULIWHQHEOHYDOJWXWLVDPUnGPHG1 ULQJVHWDWHQLI\ONHWRJGHWHUVQDNNRPVPnRJPHOORPVWRUHEHGULIWHUKRYHG VDNHOLJSURGXNVMRQVEHGULIWHU1RWDWHWEHVNULYHURJVDPPHQIDWWHUYLNWLJO UGRP IUDGLVVHEHGULIWHQHVLQQRYDWLYHDNWLYLWHW'HWOHJJHVYHNWSnnNRQNUHWLVHUHRJ OHYHQGHJM¡UHJMHQQRPHQUHNNHHNVHPSOHUKYDLQQRYDWLYDNWLYLWHWEHVWnULKYRU GDQLQQRYDVMRQHUJMHQQRPI¡UHVKYLONHXWIRUGULQJHUEHGULIWHQHP¡WHURJVnYLGH UH 'LVVHEHGULIWHQHVHUIDULQJHUPHGLQQRYDVMRQVSURVMHNWHUVDPPHQIDWWHVLVMXXW IRUGULQJHUIRULQQRYDWLYDNWLYLWHWLEHGULIWHU8WIRUGULQJHQHEHVNULYHUYLNWLJH IRUKROGVRPHUIDULQJVPHVVLJE¡UY UHSnSODVVYHGJMHQQRPI¡ULQJDYLQQRYD VMRQVSURVMHNWHU'HWHUVQDNNRP 'HQHQHVWHVWRUHEHGULIWHQ PHGPHUHQQV\VVHOVDWWH HU0DULWLPH3XVQHV$6VRP VDPPHQPHGGDWWHUEHGULIWHQ3XVQHV3URGXNVMRQKDUV\VVHOVDWWH 67(3$UEHLGVQRWDW$ )RNXVHUSnLQQRYDWLYDNWLYLWHWVRPHQYLNWLJGHODYEHGULIWHQVVDPOHGH VWUDWHJLRJVRPDYJM¡UHQGHIRUODQJVLNWLJXWYLNOLQJRJRYHUOHYHOVHDY EHGULIWHQ %\JJRSSVSHVLILNNLQWHUQNRPSHWDQVHLEHGULIWHQRJUHNUXWWHUUHVVXUVSHUVR QHUWLOLQQRYDVMRQVYLUNVRPKHW6SHVLDOLVHUWNRPSHWDQVHHUJMHUQHEH GULIWHQHVYLNWLJVWHNRQNXUUDQVHIDNWRU )ULJM¡UWLGIUD·GHWGDJOLJHVWUHVVHW·KRVOHGHUHRJDQGUHUHVVXUVSHUVR QHUWLOV\VWHPDWLVNDUEHLGPHGLQQRYDVMRQVSURVMHNWHU 6NDSIRUVWnHOVHIRUEHW\GQLQJHQDYLQQRYDVMRQHURJHQWXVLDVPHIRULQQ RYDWLYHDNWLYLWHWHULKHOHRUJDQLVDVMRQHQ 6NDIIG\NWLJHOHYHUDQG¡UHUDYSURGXNVMRQVXWVW\URJNRPSRQHQWHURJ LQYROYHUGLVVHLLQQRYDVMRQVSURVMHNWHU 6NDIINUHYHQGHQ¡NNHONXQGHUVRPELGUDUWLOXWYLNOLQJDYEHGULIWHQ RJHOOHURUJDQLVHUWLOEDNHPHOGLQJIUDPDUNHGHWVOLNDWHQVLNUHUVHJ PDUNHGVRULHQWHUWSURGXNWXWYLNOLQJ )LQQDQGUHHNVWHUQHVDPDUEHLGVSDUWQHUH HQQOHYHUDQG¡UHURJNXQGHU YHGEHKRYVRPNDQELGUDPHGVSLVVNRPSHWDQVHYHGLQQRYDVMRQVSUR VMHNWHU 'HQDQGUHW\SHQDQDO\VHULQRWDWHWRPIDWWHUnWUHNNHXWHVVHQVHQIUDILUHWLGOL JHUHJMHQQRPI¡UWHEUDQVMHDQDO\VHULQQHQIRUSODVWEnWLQGXVWUL,7Q ULQJHQPD ULWLPVHNWRURJWXULVWQ ULQJHQ'HWHUVQDNNRPDQDO\VHUVRPODQJWSnYHLGHN NHUGHVDPPHVS¡UVPnOHQHVRPYDUXWJDQJVSXQNWHWIRUGHWWHQRWDWHW6LGHQGLV VHEUDQVMHDQDO\VHQHIRUHOnEOHRJVnEHGULIWHQHWLOGHQI¡UVWHVWXGLHQ ·GH· VWRUWVHWWYDOJWIUDDQGUHEUDQVMHU %UDQVMHDQDO\VHQHEHNUHIWHUVWRUWVHWWO UGRPPHQIUDLQQRYDVMRQVVWXGLHQHLGH XWYDOJWHEHGULIWHQH)RUnVW\UNHGHQLQQRYDWLYHHYQHQRJDNWLYLWHWHQLGHILUH EUDQVMHQHXQGHUVWUHNHUDQDO\VHQHVnOHGHVEHKRYHQHIRUn • %\JJHRSSVW¡UUHLQWHUQNRPSHWDQVHLEHGULIWHURJUHNUXWWHUHUHVVXUVSHUVR QHUWLOnLYHUNVHWWHRJJMHQQRPI¡UHLQQRYDVMRQVSURVMHNWHU • 6LNUHNRQWDNWPHGPDUNHGHWRUJDQLVHUHV\VWHPDWLVNWLOEDNHPHOGLQJIUD PDUNHGHWRJ¡NHLQQVDWVHQPRWQ\HPDUNHGHU • %\JJHRSSHWSURIHVMRQHOWVDPDUEHLGPHGOHYHUDQG¡UHUDQGUHEHGULIWHUL VDPPHQ ULQJRJ)R8PLOM¡HU²RJVLNUHWLGRJUHVVXUVHUIRUVOLNQHWWYHUNV E\JJLQJ %UDQVMHDQDO\VHQHSHNWHRJVnSnPHUNRQNUHWHRJIHOOHVLQQRYDVMRQVXWIRUGULQJHU LQQHQKYHUEUDQVMH'LVVHRPIDWWHUn • *MHQQRPI¡UHEHVWHPWHSURVHVVLQQRYDVMRQHULSODVWEnWLQGXVWULHQ XWYLNOLQJ DYVW¡SHWHNQRORJLRJIRUPE\JJLQJ VnYHOVRPLUHGHULHURJUHLVHOLYVQ ULQJHQ ¡NWXWQ\WWHOVHDY,7V\VWHPHU • 6WDQGDUGLVHULQJDYVNUHGGHUV¡PVO¡VQLQJHUL,7Q ULQJHQRJnVNDIIHWLOYHLH NDSLWDOIRUWLGOLJSURGXNWXWYLNOLQJLGHQQHQ ULQJHQ VRPIRUVnYLGWHUHQ PHUJHQHUHOOXWIRUGULQJ ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ • +LQGUHXWIO\WWLQJDYDYDQVHUWHDNWLYLWHWHULQQHQUHGHULYLUNVRPKHWIUDI\ONHW 'HWSHNHURJVnSnHQPHUJHQHUHOOXWIRUGULQJLNNHPLQVWDNWXDOLVHUWDYGHQ VnNDOWH(ULFVVRQVDNHQYLQWHUHQ 67(3$UEHLGVQRWDW$ 9HGOHJJ 2YHUVLNWRYHUEHGULIWHUVRPHUPHGL LQWHUYMXXQGHUV¡NHOVHQ %HGULIWHQVQDYQ .RPPXQH .RQWDNWSHUVRQ +RYHGSURGXNW $QWDOO V\VVHO VDWWH (PLO%RVYLJ$6 5LV¡U -DQ*XQQDU+DOY *ODVVYHJJHU RUVHQ P¡EOHU +¡GQHE¡ 6¡QQ 5LV¡U 6WLJ+¡GQHE¡ 0¡EOHU &ROW,QGXVWULHU$6 7YHGH *XQQDU+¡UWKH %HDUEHLGSURGL VWUDQG DOXPLQLXP +LOOHVWDG$6 cPOL (LYLQGRJ%RUJKLOG 6P\NNHU +LOOHVWDG 6¡OYNURNHQ$6 $UHQGDO 3HU5HLGDU6SLHOHU )LVNHXWVW\U 0DULWLPH3XVQHV $UHQGDO -RQ+¡YLN 6NLSVRJRIIVKRUH $6 YLQVMHURJODVWHV\ VWHPHU 3URWHFK&RQVXOWLQJ $UHQGDO *HLU7HOOHIVHQ 6RIWZDUH $6 *ULPVWDG.RQ *ULPVWDG 2OH%MHUNnV *U¡QQVDNHU VHUYHVIDEULNN$6 8JODQG,QGXVWULHU *ULPVWDG 7U\JYH(ULNVHQ *DUDVMHUWDN $6 VWROHUKXV 6WDQVHIDEULNNHQ /LOOHVDQG 6YHUUH+RGQHEURJ 7\QQSODWHSURG $6 /7UDSS$6 /LOOHVDQG -¡UJHQ-DFREVHQ 7UDSSHU )RVV)DEULNNHU$6 %LUNHQHV -RKDQQHV)RVV %DGHURPV LQQUHGQLQJ 9DWQHVWU¡P7UHYD ,YHODQG 7RUILQQ2PHVWDG 1 ULQJVNRQVXOHPW 9DOOH 7RUJHLU+DXJDD 0HGUHJQHWGDWWHUEHGULIWHQ3XVQHV3URGXNVMRQ 1RWDW 2SSVXPPHULQJRJIRUVODJWLO LQQRYDVMRQVVWUDWHJLHU $Y$UQH,VDNVHQ ,QQOHGQLQJ 'HWWHHUGHWIMHUGHRJVLVWHQRWDWHWIUD67(3JUXSSHQLIRUELQGHOVHPHGRSSGUD JHWIRU1 ULQJVHWDWHQL$XVW$JGHUI\ONHVNRPPXQHRPELGUDJYHGXWDUEHLGLQJ DYHQQ\6WUDWHJLVN1 ULQJVSODQ 613 IRUI\ONHW )RUPnOHWPHGQRWDWHWHUnJLIRUVODJWLONRQNUHWHVWUDWHJLHURJYLUNHPLGOHUIRUn IUHPPHGHQLQQRYDWLYHHYQHQRJDNWLYLWHWHQLXOLNHGHOHUDY$XVW$JGHUVQ ULQJVOLY)RNXVHWSnLQQRYDVMRQVVWUDWHJLHUDYVSHLOHUWDQNHJDQJHQEDN67(3 JUXSSHQVSURVMHNWIRU1 ULQJVHWDWHQ QHPOLJDWIUDPEULQJHOVHDYLQQRYDVMRQHU² RJGHWVRPI¡OJHUPHGDYQ¡GYHQGLJNRPSHWDQVHRSSE\JJLQJRJO UHSURVHVVHU² HUGHQYLNWLJVWHGULYNUDIWHQEDNQ ULQJVXWYLNOLQJLGDJ)RUKROGVRPLQQRYDVMR QHUNRPSHWDQVHRJO ULQJHUGHWYLNWLJVWHJUXQQODJHWIRUnVNDSHNRQNXUUDQVH NUDIWKRVVnYHOEHGULIWHUVRPUHJLRQHU)UDPEULQJHOVHDYYHOO\NNHGHLQQRYDVMR QHUHUDYJM¡UHQGHIRUnVNDSHYDULJHO¡QQVRPPHDUEHLGVSODVVHULVWRUHGHOHUDY Q ULQJVOLYHW²RJGHWHUVnOHGHVHQEDVLVIRUnRSSUHWWKROGHYHOIHUGVVDPIXQQHW RJJRGHOHYHNnUL$XVW$JGHU8WIUDHQVOLNWDQNHJDQJE¡ULQQRYDVMRQVVWUDWHJLHU GDQQHpQYLNWLJRJVHOYI¡OJHOLJEDVLVLHQQ\6WUDWHJLVN1 ULQJVSODQIRU$XVW $JGHU(QJULSHUGDIDWWLIRUKROGVRP·VNDSHU·Q ULQJVXWYLNOLQJ²RJYLVNDOHW WHUKYHUWDUJXPHQWHUHIRUDWPDQJHYLNWLJHIDNWRUHUVRPSnYLUNHUEHGULIWHUV LQQRYDWLYHDNWLYLWHWNDQSnYLUNHVSnUHJLRQDOWQLYn(QKDUDOWVnEnGHPHGYLN WLJHRJSnYLUNEDUHIRUKROGnJM¡UH 8WSHNLQJHQDYIRUVODJWLONRQNUHWHLQQRYDVMRQVVWUDWHJLHULGHWWHQRWDWHWE\JJHU SnWUHSLODUHU • )RUGHWI¡UVWHHQJHQHUHOOIRUVWnHOVHDYKYDLQQRYDVMRQRPIDWWHURJKYRUGDQ LQQRYDWLYDNWLYLWHWIRUHJnU'HWWHEOHGU¡IWHWLGHWI¡UVWHDY67(3JUXSSHQV QRWDWHUIRU1 ULQJVHWDWHQ²RJGHWWHQRWDWHWVWDUWHWRJVnPHGHQNRUWUHSHWL VMRQDYQRHQKRYHGSXQNWHUVRPHUYLNWLJHIRUGHQHWWHUI¡OJHQGHGLVNXVMRQHQ DYNRQNUHWHLQQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU • )RUGHWDQGUHNXQQVNDSRPVLWXDVMRQHQLXOLNHGHOHUDY$XVW$JGHUVQ ULQJVOLY1RWDWRJIUD67(3JUXSSHQDQDO\VHUWHVnOHGHVKYRULQQRYDWLYH EHGULIWHUL$XVW$JGHUHULIRUKROGWLOODQGVJMHQQRPVQLWWHWKYRUGDQXOLNHEH GULIWHULI\ONHWLQQRYHUHUKYDVRPHUYLNWLJHXWIRUGULQJHURJIODVNHKDOVHUIRU EHGULIWHQHVLQQRYDWLYHDNWLYLWHWRJVnYLGHUH9LNWLJHUHVXOWDWHUIUDGLVVHWR QRWDWHQHUHSHWHUHVRJVnNRUWLGHWWHQRWDWHWVRPHQEDNJUXQQIRUGLVNXVMRQ RPKYRUGDQIRUHNVHPSHOEHVWHPWHLQQRYDVMRQVXWIRUGULQJHUIRU$XVW$JGHUV EHGULIWHUNDQO¡VHV • )RUGHWWUHGMHE\JJHUQRWDWHWSnNXQQVNDSRPKYRUGDQLQQRYDVMRQVVWUDWHJLHU E¡UXWIRUPHVPHGEDNJUXQQLO UGRPIUDNRQNUHWHLQQRYDVMRQVSROLWLVNHYLU 67(3$UEHLGVQRWDW$ NHPLGOHURJPHGEDNJUXQQLO UGRPIUDVWXGLHUDYLQQRYDWLYDNWLYLWHWLEH GULIWHU'HQQHNXQQVNDSHQKHQWHVIUDGHQLQWHUQDVMRQDOHOLWWHUDWXUHQRP GLVVHIHQRPHQHQHRJQRHQKRYHGSXQNWHUIUDGHQQHOLWWHUDWXUHQRSSVXPPH UHVLGHWWHQRWDWHW (Q·EUHG·IRUVWnHOVHDYLQQRYDVMRQHU (WYLNWLJXWJDQJVSXQNWIRUGU¡IWLQJHQDYLQQRYDVMRQVVWUDWHJLHUHUHQDYJUHQVLQJ DYEHJUHSHWLQQRYDVMRQ,QQRYDVMRQHUDYJUHQVHVVY UWEUHGWL67(3JUXSSHQV SURVMHNWIRU¡YULJLWUnGPHGGHWVRPHUEOLWWGHQ·RIILVLHOOH·IRUVWnHOVHQDYLQQR YDVMRQHUIRUHNVHPSHOL(8V·JU¡QQHERN·RPLQQRYDVMRQIUD ,QQRYDVMRQHU VNMHUQnEHGULIWHUXWYLNOHUQ\HHOOHUHQGUHUVLQHHNVLVWHUHQGHSURGXNWHURJWMH QHVWHUQnUGHLQQI¡UHUQ\HPnWHUnIUDPVWLOOHSURGXNWHURJWMHQHVWHUSnQnUGH SU¡YHUVHJSnQ\HPDUNHGHUHOOHUPHGQ\HPHWRGHUIRUPDUNHGVI¡ULQJRJGLVWUL EXVMRQRJQnUGHLQQI¡UHUHQGULQJHULPnWHUnRUJDQLVHUHRJOHGHYLUNVRPKHWHQ Sn ,QQRYDVMRQHUHUDOWVnHWVY UWEUHGWEHJUHSVRPRPIDWWHUPDQJHVLGHUDYEHGULI WHUVXWYLNOLQJ,XWIRUPLQJDYLQQRYDVMRQVVWUDWHJLHUHUGHWVY UWYLNWLJnInPHG VHJDWLQQRYDVMRQHUHUODQJWPHUHQQ·3HWWHU6PDUWHQH·VRPILQQHURSSQ\HRJ JOXSHSURGXNWLGHHU,QQRYDVMRQHURPIDWWHURJVnODQJWPHUHQQXWYLNOLQJDYQ\H K¡\WHNQRORJLVNHEHGULIWHUEHIRONHWDYSHUVRQHUPHGK¡\XWGDQQLQJ%HJJHGHOHU XWJM¡UYLNWLJHVLGHUYHGLQQRYDWLYDNWLYLWHW'HWHULPLGOHUWLGKHOWYHVHQWOLJn XQGHUVWUHNHDWGHWHUPLQVWOLNHYLNWLJ²RJODQJWYLNWLJHUHIRUGHIOHVWHJHRJUD ILVNHRPUnGHU²DWLQQRYDVMRQHUJMHQQRPI¡UHVLGHQ ULQJVVHNWRUHQHGHURPUn GHUKDUWUDGLVMRQHURJNRQNXUUDQVHIRUGHOHU'HWEHW\UDOWVnnSU¡YHnYLGHUHXW YLNOHGHWHNVLVWHUHQGHQ ULQJVOLYHWJMHQQRPRSSJUDGHULQJDYSURGXNWHUSUR GXNVMRQVPnWHURJOLNQHQGHRJLNNHNXQSU¡YHnInHWDEOHUWHOOHUORNNHWWLOVHJ IOHUHK¡\WHNQRORJLVNHYLUNVRPKHWHU,QQRYDVMRQVVWUDWHJLHUPnRPIDWWHKHOHQ ULQJVOLYHW'HQ·EUHGH·GHILQLVMRQHQDYLQQRYDVMRQHUKDUY UWHWYHUNW¡\IRUn XWYLNOHYLUNHPLGOHURJVWUDWHJLHUEHGUHWLOSDVVHWWUDGLVMRQHOOHVPnRJPHOORPVWR UHEHGULIWHU EHGULIWHUVRPYDQOLJYLVKDUOLWHIRUVNQLQJRJXWYLNOLQJPHQVRPOL NHYHONDQY UH²RJRIWHHU²LQQRYDWLYH ,QQRYDVMRQVVWUDWHJLHUWDUVLNWHSnn¡NHHYQHQRJPXOLJKHWHQHLEHGULIWHUWLOn JMHQQRPI¡UHLQQRYDVMRQHU WLOnXWYLNOHQ\HSURGXNWHUQ\HSURGXNVMRQVPnWHURJ Q\HPDUNHGVVWUDWHJLHU,PDQJHGHOHUDYQ ULQJVOLYHWHUVWDGLJHLQQRYDVMRQHU KHOWQ¡GYHQGLJIRUDWEHGULIWHUVNDORSSUHWWKROGHVLQNRQNXUUDQVHHYQH'HWQ\W WHULNNHnKYLOHSnODXYE UD2PHQLNNHHUSnHWVNMHUPHWORNDOWPDUNHGKDU WLOJDQJWLOVSHVLHOOHQDWXUUHVVXUVHUHOOHUOLNQHQGHYLOEHGULIWHUVRPLNNHLQQRYH UHUIRUWEOLIRUELJnWWDYDQGUHEHGULIWHUPHGEHGUHRJHOOHUELOOLJHUHSURGXNWHU PHGPHUDNWLYHPDUNHGVVWUDWHJLHURJVnYLGHUH'HWYLOLNNHPLQVWY UHWLOIHOOHL HWK¡\NRVWODQGVRP1RUJH1RUVNHEHGULIWHUNDQVMHOGHQNRQNXUUHUHNXQSnSULV GHPnYDQOLJYLVKHQWHVLQNRQNXUUDQVHVW\UNHJMHQQRPnY UHLQQRYDWLYH JMHQ QRPnKDEHGUHSURGXNWHURJ´VPDUWHUHµSURGXNVMRQHQQNRQNXUUHQWHU (XURSHDQ&RPPLVVLRQ*UHHQ3DSHURQLQQRYDWLRQ%XOOHWLQRIWKH(XURSHDQ8QLRQ 6XSSOHPHQW /X[HPERXUJ ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ ,QQRYDVMRQHUKDUVHOYI¡OJHOLJDOOWLGY UWYLNWLJIRUQ ULQJVXWYLNOLQJHQ%HW\G QLQJHQDQWDVLPLGOHUWLGnKD¡NWVLGHQ WDOOHWSnJUXQQDYDWGHWKDUVNMHGG YLNWLJHHQGULQJHULYHUGHQV¡NRQRPLHQ*HQHUHOOHXWYLNOLQJVWUHNNHUPHUVNUHG GHUV¡PDYSURGXNWHUNRUWHUHSURGXNWV\NOHUKDUGHUHNRQNXUUDQVHRJPHUXVLN NHUKHWVDPWQ\LQIRUPDVMRQVRJNRPPXQLNDVMRQVWHNQRORJL$OWGHWWHJLUEHKRY IRUK\SSLJHUHHQGULQJHUDYSURGXNWHURJSURGXNVMRQVPnWHUGHWYLOVLIRULQQRYD WLYDNWLYLWHW 5HODWLYWODYLQQRYDWLYDNWLYWHWL$XVW$JGHU ,QQRYDVMRQVVWUDWHJLHUWDUJURYWVDJWVLNWHSnn¡NHHYQHQRJPXOLJKHWHQHLEH GULIWHUWLOnJMHQQRPI¡UHLQQRYDVMRQHUVRPHWYLNWLJELGUDJWLOn¡NHEHGULIWHUV NRQNXUUDQVHHYQH,DUEHLGHWPHGnXWYLNOHVOLNHVWUDWHJLHUIRU$XVW$JGHUHU GHWYLNWLJnKDNXQQVNDSRPGHQLQQRYDWLYHDNWLYWHWHQLEHGULIWHULI\ONHW $XVW$JGHUVEHGULIWHUHULNNHVSHVLHOWIOLQNHWLOnLQQRYHUHQnUHQVHUSnJMHQ QRPVQLWWVWDOOIRUI\ONHW'HWIUDPJnUDYQ\HVWDWLVWLVNHXQGHUV¡NHOVHUVRPEOH UHIHUHUWLQRWDWIUD67(3JUXSSHQ3nGHIOHVWHLQGLNDWRUHQHOLJJHU$XVW $JGHUEHGULIWHQHXQGHUODQGVJMHQQRPVQLWWHW WDEHOO %HGULIWHQHLI\ONHWEUX NHUJMHQQRPJnHQGHPLQGUHSHQJHUWLOIRUVNQLQJRJXWYLNOLQJHQQJMHQQRPVQLW WHWRJGHWDULPLQGUHJUDGIUDPQ\HSURGXNWHU GHWJMHOGHUGRJLNNHEHGULIWHUL JUXSSHQPHG V\VVHOVDWWH LQWURGXVHUHULPLQGUHJUDGQ\HSURGXNVMRQVPn WHURJHUP\HPLQGUHDNWLYHRYHUIRUQ\HPDUNHGHURJWLOnWDLEUXNQ\HPDU NHGVI¡ULQJVPHWRGHU,WLOOHJJWLODWLQQRYDVMRQHUJHQHUHOWVHWWHUVY UWYLNWLJIRU Q ULQJVXWYLNOLQJHQOLJJHUGHWVnOHGHVHNVWUDXWIRUGULQJHUIRU$XVW$JGHUSn GHWWHIHOWHW 67(3$UEHLGVQRWDW$ 7DEHOO ,QGLNDWRUHUSnLQQRYDWLYDNWLYLWHWLEHGULIWHUL$XVW$JGHURJL1RUJH VRPKHOKHW18 Indikator Aust- Norge Agder Andel bedrifter (< 50 sysselsatte) med FoU i 1995 21 30 Andel bedrifter (< 50 sysselssatte) med produktinnovasjoner 1993-9519 25,0 33,1 Andel bedrifter (10-49 sysselsatte) med produktinnovasjoner 1993-95 29,8 27,5 Andel bedrifter (< 50 sysselsatte) med prosessinnovasjojer 1993-9520 19,4 23,7 Andel bedrifter (10-49 sysselsatte) med prosessinnovasjoner 1993-95 11,1 15,1 Andel bedrifter (< 50 sysselsatte) med markedsinnovasjoner21 27,8 31,6 Andel bedrifter (10-49 sysselsatte) med markedsinnovasjoner 19,6 24,4 Andel bedrifter (< 50 sysselsatte) med langsiktige markedstiltak22 14,3 23,2 Andel bedrifter (10-49 sysselsatte) med langsiktige markedstiltak 4,7 13,0 Kilde: FoU-statistikk 1995, SSB ,QQRYDVMRQVXWIRUGULQJHUL$XVW$JGHU +YDEHVWnUGLVVHXWIRUGULQJHQHLIRU$XVW$JGHUVGHO²RJKYDE¡UHQVnOHGHV VSHVLHOWWDIDWWLJMHQQRPQ ULQJVSROLWLNNHQ"'HWWHVS¡UVPnOHWEOHXQGHUV¡NWL QRWDWIUD67(3JUXSSHQ EDVHUWSnLQWHUYMXRJVDPWDOHUPHGXWYDOJWHEH GULIWVOHGHUHRJSnILUHWLGOLJHUHJMHQQRPI¡UWHEUDQVMHDQDO\VHU LSODVWEnWLQGXVWUL ,7Q ULQJPDULWLPVHNWRURJWXULVWQ ULQJHQ / UGRPPHQIUDGLVVHXQGHUV¡NHOVHQEOHRSSVXPPHUWLVMXLQQRYDVMRQVXWIRUG ULQJHUIRUEHGULIWHUL$XVW$JGHUVRPHUYLVWLNRUWIRUPLERNV'HWWHHUIRUKROG VRPXWIUDEHGULIWHUVHUIDULQJHUE¡UY UHSnSODVVIRUnO\NNHVPHGLQQRYDWLY YLUNVRPKHWVOLNDWGHWWHRJVnHUHQIRUPIRUVXNVHVVNULWHULHU 'HWI¡UVWHIRUKROGHWEHU¡UHUKROGQLQJHQWLORJIRUVWnHOVHQIRULQQRYDWLYDNWLYLWHW KRVHLHUHRJEHGULIWVOHGHUH²RJNDQVNMHRJVnLGHOHUDYVW¡WWHDSSDUDWHW,QQRYD VMRQVYLUNVRPKHWPnDQVHVVRPHQGHODYEHGULIWHQHVVDPOHGHVWUDWHJLRJVRP HQDYJM¡UHQGHDNWLYLWHWIRUODQJVLNWLJXWYLNOLQJRJRYHUOHYHOVH'HWnY UHSn ·KXJJHWKHOHWLGHQHWWHUQ\HSURGXNWHURJPDUNHGHU·IUDPKHYHVVRPYLNWLJRJ 7DEHOOHQE\JJHUSnUnGDWDIUD)R8VWDWLVWLNNHQWLO6WDWLVWLVN6HQWUDOE\Un'HQQHGD WDNLOGHQEDVHUHVSnHQXQGHUV¡NHOVHVRPGHNNHULQGXVWULRJGHIOHVWHWMHQHVWH\WHQGHQ ULQJHULSULYDWVHNWRU8QGHUV¡NHOVHQRPIDWWHUDOOHEHGULIWHUPHGRYHUV\VVHOVDWWHHW XWYDOJDYEHGULIWHUPHGPHOORPRJ V\VVHOVDWWHPHQVEHGULIWHUPHGXQGHUV\V VHOVDWWHLNNHHUPHGLXQGHUV¡NHOVHQ 6S¡UVPnOHWLXQGHUV¡NHOVHQYDURPEHGULIWHQKDULQWURGXVHUWQ\HHOOHUYHVHQWOLJHQG UHGHYDUHURJWMHQHVWHUSnPDUNHGHWGHWUHVLVWHnUHQH 6S¡UVPnOHWLXQGHUV¡NHOVHQYDURPEHGULIWHQKDUWDWWLEUXNQ\HHOOHUYHVHQWOLJHQGUH GHSURGXNVMRQVSURVHVVHUGHWUHVLVWHnUHQH 6S¡UVPnOHWLXQGHUV¡NHOVHQYDURPEHGULIWHQKDUHWDEOHUWVHJLQ\HPDUNHGHU 6S¡UVPnOHWLXQGHUV¡NHOVHQYDURPEHGULIWHQKDUJMHQQRPI¡UWDQGUHODQJVLNWLJHPDU NHGVWLOWDNVRPIXVMRQHOOHURSSNM¡SDYEHGULIWHUOLVHQVHURJSDWHQWHU ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ LQQRYDVMRQHUHUDOWVnHQQ¡GYHQGLJRJQDWXUOLJGHODYYLUNVRPKHWHQLYHOO\NNHGH EHGULIWHU(QXWIRUGULQJIRUWLOWDNVDUEHLGHWNDQVnOHGHVY UHnUHWWHV¡NHO\VHWL VWHUNHUHJUDGPRWEHKRYHWRJPXOLJKHWHQHIRULQQRYDWLYYLUNVRPKHWLEHGULIWHU 3RHQJQXPPHUWRLERNVHUDWLQQRYDWLYDNWLYLWHWNUHYHUODQJVLNWLJNRPSHWDQ VHRSSE\JJLQJ'HWHUQ¡GYHQGLJPHGIRUHNVHPSHOWHNQRORJLVNHNRPSHWDQVHIRU nXWYLNOHQ\HSURGXNWHURJPDUNHGVNRPSHWDQVHIRUnXWYLNOHSURGXNWHUVRPJLU LQQWMHQLQJ'HWWHHUNRPSHWDQVHVRPRIWHE\JJHVRSSVNULWWYLVLEHGULIWHUJMHQ QRPSU¡YLQJRJIHLOLQJLXOLNHGHOHUDYYLUNVRPKHWHQYHGUHNUXWWHULQJDYIDJ SHUVRQHURJJMHQQRPO ULQJIUDXOLNHVDPDUEHLGVSDUWQHUH9LGHUHHUGHWRIWH VQDNNRPVSHVLDOLVHUWNRPSHWDQVHVRPHUXQLNIRUKYHUHQNHOWEHGULIW'HWHU VOLNVSHVLDOLVHUWNRPSHWDQVHVRPJMHUQHHUEHGULIWHQHVYLNWLJVWHNRQNXUUDQVH IDNWRURJVRPGHWNDQY UHVY UWYDQVNHOLJIRUNRQNXUUHQWHUnNRSLHUHUDVNW VHOYRPWHNQRORJLHQRJNRPSHWDQVHQLNNHHUSDWHQWHUW %HW\GQLQJHQDYnE\JJHRSSLQWHUQNRPSHWDQVHIRUnNXQQHLYHUNVHWWHRJJMHQ QRPI¡UHLQQRYDVMRQHUSHNHUVDPWLGLJSnGHQNDQVNMHYLNWLJVWHLQQRYDVMRQVXW IRUGULQJHQIRUEHGULIWHUL$XVW$JGHUDQQR QHPOLJGHWnInWDNLNRPSHWHQ WHSHUVRQHUWLOnOHGHLQQRYDVMRQVSURVMHNWHUHOOHUInIULJMRUWWLGKRVQ¡NNHOSHUVR QHUWLOnNXQQHGULYHLQQRYDWLYYLUNVRPKHW 'HQQHXWIRUGULQJHQHUVDPPHQVDWW'HWHUGHOVVQDNNRPnInWDNLSHUVRQHU VRPPnUHNUXWWHUHVXWHQIUD$XVW$JGHU PHQVRPRSSULQQHOLJHNDQNRPPHIUD I\ONHW 'HWNDQY UHSHUVRQHUPHGUHOHYDQWXWGDQQLQJRJGHUXWGDQQLQJHQPn VNDIIHVXWHQIRU$XVW$JGHU8WIRUGULQJHQNDQDOWVnY UHnInSHUVRQHUWLOnIO\W WHWLOI\ONHW QRHVRPRJVnYLVHUKYRUYLGWUHNNHQGHW\SHUDYWLOWDNVRPNDQY UH DNWXHOOHQnUGHWJMHOGHUnEHGUHEHGULIWHUVLQQRYDWLYHDNWLYLWHW8WIRUGULQJHUHU VHOYI¡OJHOLJRJVnnKDHWJRGWORNDOWXWGDQQLQJVV\VWHPWLOSDVVHWYLNWLJHEHKRYL Q ULQJVOLYHW (QDQQHWIHOOHVXWIRUGULQJLPDQJHEHGULIWHUVOLNGHWIUDPJnUDYSXQNWLERNV HUPDQJHOSnWLGWLOnDUEHLGHV\VWHPDWLVNPHGLQQRYDVMRQVSURVMHNWHU6SHVLHOW PLQGUHEHGULIWHUHUXQGHUDGPLQLVWUHUWH'DJOLJOHGHUVNDOGHNNHPDQJH²IRU LNNHnVLGHIOHVWH²DGPLQLVWUDWLYHIXQNVMRQHQHLEHGULIWHQ0HQPDQJHOSnWLG NDQRJVnY UHHWSUREOHPLQRHVW¡UUHEHGULIWHUGHUGHQGDJOLJHYLUNVRPKHWHQ VWMHOHUP\HDYUHVVXUVHQHWLOQ¡NNHOSHUVRQHU'HUPHGNDQGHWEOLIRUOLWHDQOHG QLQJIUDEHGULIWVOHGHOVHQVVLGHWLOnDUEHLGHPHGLQQRYDVMRQVYLUNRPKHW'HQQH XWIRUGULQJHQNDQSHNHSnEHW\GQLQJHQDYnELGUDPHGWLOI¡UVHODYLQWHUQHUHV VXUVHULEHGULIWHQHIRUHNVHPSHOVW¡WWHWLOLQQOHLHHOOHUUHNUXWWHULQJDY·Q¡NNHO SHUVRQHU· 'HWIMHUGHSXQNWRPIDWWHUEHW\GQLQJHQDYnWUHNNHKHOHRUJDQLVDVMRQHQPHGL LQQRYDVMRQVSURVMHNWHULGHWPLQVWHnVNDSHIRUVWnHOVHRJHQWXVLDVPHIRULQQRYD WLYDNWLYLWHWLKHOHRUJDQLVDVMRQHQ,QQRYDVMRQHUHULNNHQRHNXQOHGHOVHQRJLQ JHQL¡UVNLNWHWE¡UDUEHLGHPHGSnHJHQKnQG6SHVLHOWSURVHVVLQQRYDVMRQHUVRP LQWURGXNVMRQDYQ\WWSURGXNVMRQVXWVW\UHOOHUQ\HPHWRGHULSURGXNVMRQHQNUHYHU VWRUPHGYLUNQLQJIUDSHUVRQHUSn·JXOYHW·RPGHVNDOEOLYHOO\NNHGHVDPWDWDU EHLGVNUDIWHQSn·JXOYHW·RJVnNDQKDPDQJHLGHHUWLOIRUEHGULQJHUDYDUEHLGVPn WHURJUXWLQHU'HWV\QHVnOLJJHHQVWRUXWIRUGULQJEnGHKRVOHGHOVHQRJDUEHLGV 67(3$UEHLGVQRWDW$ WDNHUQHLPDQJH$XVW$JGHUEHGULIWHULnInVW¡UUHGHOHUDYRUJDQLVDVMRQHQPHG SnLQQRYDVMRQVSURVMHNWHUGHUGHWWHHUUHOHYDQW Boks 1: Sju utfordringer ved innovativ aktivitet i bedrifter i Aust-Agder 8. Fokuser på innovativ aktivitet som en viktig del av bedriftens samlede strategi. 9. Bygg opp spesifikk, intern kompetanse i bedriften. 10. Frigjør tid fra det ’daglige stresset’ til arbeid med innovasjonsprosjekter. 11. Skap forståelse og entusiasme for innovative aktivitetet i hele organisasjonen 12. Involver leverandører av produksjonsutstyr og komponenter i innovasjonsprosjekter 13. Ha markeds- og kundekontakt slik at en sikrer seg markedsorientert produktutvikling. 14. Finn andre eksterne samarbeidspartnere for å bidra med spisskompetanse ved behov. ,QQRYDVMRQVV\VWHPHU 'HWUHVLVWHSXQNWHQHLERNVSHNHUSnHWKHOWYHVHQWOLJRJJHQHUHOWIRUKROG QHPOLJDWLQQRYDVMRQHUGUHLHUVHJRPVDPDUEHLG%HGULIWHUPnVRPQHYQWE\JJH RSSVSHVLDOLVHUWNRPSHWDQVHLQWHUQWLEHGULIWHQIRUnY UHLVWDQGWLOnLQQRYHUH PHQEHGULIWHQHPnRJVnKHQWHVSHVLDOLVHUWNRPSHWDQVHXWHQIUD²RJGHPn NQ\WWHVHJDQWLOG\NWLJHVDPDUEHLGVSDUWQHUH'HWYLORIWHY UHHQVDPPHQKHQJ PHOORPLQWHUQNRPSHWDQVHRJPXOLJKHWHQHIRUHNVWHUQWVDPDUEHLG%HGULIWHU WUHQJHUJMHUQHHQYLVVNRPSHWDQVHKRVQ¡NNHOSHUVRQHUIRUnY UHLVWDQGWLOn KHQWHLQQRJGUDQ\WWHDYLGHHULQIRUPDVMRQRJNRPSHWDQVHXWHQIUD %HKRYHWIRUnNQ\WWHVDPPHQXOLNHW\SHUNXQQVNDSRJ¡NWLQQRYDVMRQVWDNWKDU PHGI¡UW¡NWVDPKDQGOLQJPHOORPEHGULIWHURJPHOORPEHGULIWHUIRUVNQLQJVVWLI WHOVHUDQGUHNXQQVNDSVSURGXVHQWHUIRUnVNDIIHWLOYHLHNRPSHWDQVH%HJUHSHW LQQRYDVMRQVV\VWHPE\JJHUVnOHGHVSnWDQNHQRPDWPXOLJKHWHQHIRULQQRYDVMRQHU LVWRUJUDGDYKHQJHUDYKYRUGDQEHGULIWHUVDPDUEHLGHURPO ULQJNRPSHWDQVH RSSE\JJLQJRJLQQRYDVMRQHUVHJLPHOORPRJPHGDQGUHDNW¡UHUVRPIRUVNQLQJV WLIWHOVHURJRIIHQWOLJHP\QGLJKHWHURJLNNHNXQSnKYRUIOLQNHKYHUEHGULIWHUSn HJHQKnQG 'HWHUIRUHNVHPSHOJHQHUHOWHQVWHUNWWHQGHQVWLOXWYLNOLQJDYWHWWHUHNREOLQJHU PHOORPOHYHUDQG¡UHURJNXQGHEHGULIWHU2JVnEHGULIWHUL$XVW$JGHUKROGHURIWH OHQJHSnKYHUOHYHUDQG¡URJKDUQRHQInRJYLNWLJHOHYHUDQG¡UHU%HGULIWHQHKDU VRPRIWHVWOHYHUDQVHUXWHSnDQEXGPHGMHYQHPHOORPURPPHQGHVNLIWHULNNH OHYHUDQG¡UHUIRU·QRHQIHP¡UHU·/LNHYLNWLJVRPSULVHUNYDOLWHWOHYHULQJVVLN NHUKHWUDVNEHKDQGOLQJYHGUHNODPDVMRQGHWnE\JJHRSSSHUVRQOLJHUHODVMRQHU 1RWDWYLVWHEODQWDQQHWKYRUGDQ6¡OYNURNHQ$6LHQNHOWHWLOIHOOHUKDGGHKDWWIRUOL WHQ·PRWWDNHUNRPSHWDQVH·LQWHUQWWLOnInIXOOWXWE\WWHDYUnGIUDXWHQIRUVWnHQGHNRQVX OHQWHURPSURGXNVMRQVHQGULQJHU *MHUGLQJ$1 UHG 'HQIOHNVLEOHYLUNVRPKHW2PVWLOOLQJVSUHVRJIRUQ\HOVHL GDQVNHUKYHUYVOLY',6.2SURVMHNWHW 5DSSRUWQU.¡EHQKDYQ (UKYHUYXWYLNOLQJVnGHW *UHJHUVHQ%RJ%-RKQVRQ ¶/HDUQLQJ(FRQRPLHV,QQRYDWLRQ6\VWHPVDQG (XURSHDQ,QWHJUDWLRQ·5HJLRQDO6WXGLHV ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ RJDOWVnPXOLJKHWHQHIRUVDPDUEHLGYHGLQQRYDVMRQVSURVMHNWHU9DOJDYOHYHUDQ G¡UHUHUUHWWRJVOHWWHQYLNWLJVWUDWHJLVNEHVOXWQLQJLEHGULIWHU²RJGHWHUHQXW IRUGULQJIRUVSHVLHOWPLQGUHEHGULIWHUnVNDIIHVHJG\NWLJHOHYHUDQG¡UHU .XQGHUHUHQDQQHQYLNWLJ²RJVRPUHJHOKHOWQ¡GYHQGLJ²VDPDUEHLGVSDUWQHU YHGLQQRYDVMRQVSURVMHNWHU'HWJMHOGHUKHOWRSSODJWIRUEHGULIWHUVRPVNUHGGHUV\U SURGXNWHURJO¡VQLQJHUWLOEHVWHPWHNXQGHU0HQGHWJMHOGHURJVnIRUEHGULIWHU GHUNXQGHQHHUIRUKDQGOHUHRJLVLVWHLQVWDQVYDQOLJHIRUEUXNHUH,VOLNHWLOIHOOHU HURJVnPDUNHGVNXQQVNDSRJ²IRUVWnHOVHVDPWWLOEDNHPHOGLQJIUDPDUNHGHW RIWHDYJM¡UHQGHIRUnO\NNHVPHGLQQRYDVMRQVSURVMHNWHURJNRQWDNWHQPHGPDU NHGHWRJWLOEDNHPHOGLQJIUDPDUNHGHWPnRUJDQLVHUHVSnHQV\VWHPDWLVNPnWH )OHUHLQQRYDVMRQVSURVMHNWHULGHEHGULIWHQHVRPEOHDQDO\VHUWLQRWDWKDGGH VnOHGHVVWUDQGHWSnJUXQQDYPDQJOHQGHPDUNHGVXQGHUV¡NHOVHU ,WLOOHJJWLOVDPDUEHLGHWPHGNXQGHURJOHYHUDQG¡UHUYHGLQQRYDVMRQVSURVMHNWHU WUHQJHUEHGULIWHURJVnRIWHVDPDUEHLGPHGDQGUHHNVWHUQHDNW¡UHUVRPIRUVN QLQJVLQVWLWXVMRQHUGHVLJQHUHSULYDWHNRQVXOHQWHURJVnYLGHUH'HWXQGHUVWUH NHULJMHQDWLQQRYDWLYDNWLYLWHWNUHYHUXWVWUDNWVDPDUEHLG'HWILQQHVLPLGOHUWLG RJVnHNVHPSOHUSnDWEHGULIWHUHUEOLWWKHPPHWLVLQXWYLNOLQJDYIHLOYDOJDY VDPDUEHLGVSDUWQHUHRJNRQVXOHQWHU(QYLNWLJXWIRUGULQJYHGLQQRYDVMRQHUHU VnOHGHVnILQQHIUDPWLOG\NWLJHVDPDUEHLGVSDUWQHUH 6NUHGGHUV¡PDYYLUNHPLGOHU 8WIRUGULQJHQHVRPHURSSVXPPHUWLERNVSHNHUPRWHQGHOYLNWLJHYLUNHPLGOHU LHQLQQRYDVMRQVVWUDWHJLIRU$XVW$JGHU0HQI¡UYLJnUYLGHUHPHGnXWPHLVOH NRQNUHWHYLUNHPLGOHUVNDOYLWUHNNHIUDPQRHQYLNWLJHJHQHUHOOHSULQVLSSHUIRU XWIRUPLQJDYUHJLRQDOHLQQRYDVMRQVVWUDWHJLHUKHQWHWIUDOLWWHUDWXUHQ MIUERNV 'HWWHNDQRJVnY UHQ\WWLJNXQQVNDSRJLQVSLUDVMRQnKDLPHQWHYHGXWIRUPLQJ DYVWUDWHJLHUWLOSDVVHWQ ULQJVOLYHWL$XVW$JGHU (WYLNWLJSULQVLSSYHGXWIRUPLQJDYYLUNHPLGOHURJVWUDWHJLHUHUDWGLVVHPnWLO SDVVHVXOLNHPnOJUXSSHUGHPnIRUHNVHPSHOXWIRUPHVSnXOLNHPnWHURYHUIRU XOLNHW\SHUEHGULIWHURJQ ULQJVPLOM¡HU$XVW$JGHUKDUHQUHNNHPLQGUHEH GULIWHULWUDGLVMRQHOOHQ ULQJVVHNWRUHUPHQRJVnHQYLVVNRQVHQWUDVMRQDYHOHN WURQLNNRJ,7EHGULIWHUVSHVLHOWL$UHQGDORJ*ULPVWDG'HWYLOQRNY UHEHKRY IRUKHOWDQGUHLQQRYDVMRQVVWUDWHJLHURYHUIRU,7Q ULQJHQHQQIRUHNVHPSHOIRU WUHYDUHEHGULIWHUUHWWRJVOHWWIRUGL,7EHGULIWHULQQRYHUHUSnDQGUHPnWHU PHG EODQWDQQHWVW¡UUHEUXNDYIRUPHOO)R8NRPSHWDQVH RJRSSOHYHUDQGUHIODVNH KDOVHUHQQWUHYDUHEHGULIWHU Boks 2: Generell lærdom om utforming av innovasjonsstrategier 1. Virkemidler og strategier må tilpasses ulike situasjoner 2. Det regionale nivået (fylker, kommuner) er viktige ved utforming og gjennomføring av innovasjonsstrategier. Det skyldes at regionale forhold som kvaliteten på det lokale ar- beidsmarkedet, omfanget av lokal læring og kompetanseoppbygging samt dominerende holdninger til det å prøve noe nytt er viktig for muligheten til å innovere i et område. 6WRUSHU0RJ$6FRWW 7KHZHDOWKRIUHJLRQV)XWXUHV 67(3$UEHLGVQRWDW$ 3. Virkemidler og strategier bør være rettet inn mot produksjons- og innovasjonssystemer heller enn mot enkeltbedrifter. 4. Virkemidler må rettes inn mot bedrifters reelle behov (for mer enn teknologisk hjelp), og støtteapparatet må opptre proaktivt. 5. Virkemidler og strategier må endres i tråd med læring i virkemiddelapparatet. %HW\GQLQJHQDYGHWUHJLRQDOHQLYnHW %HW\GQLQJHQDYnVNUHGGHUV\YLUNHPLGOHUSHNHURJVnSnDWGHWUHJLRQDOHQLYnHW VSLOOHUHQUROOHYHGXWIRUPLQJDYLQQRYDVMRQVVWUDWHJLHU5HJLRQHUHUIRUVNMHOOLJH RJYLUNHPLGOHUPnWLOSDVVHVEHGULIWVRJQ ULQJVVWUXNWXUHQLUHJLRQHUVnYHO VRPXOLNHKROGQLQJHUWLOIRUHNVHPSHOLQQRYDVMRQHQWUHSUHQ¡UVNDSRJVDPDU EHLG'HWDUJXPHQWHUHVGHUPHGIRUDWSROLWLNNGHOYLVPnXWIRUPHVWLOSDVVHVRJ JMHQQRPI¡UHVSnUHJLRQDOWQLYnIRUnNXQQHWDKHQV\QWLOVSHVLHOOHIRUKROGLKYHU UHJLRQ'HUHOHYDQWHUHJLRQDOHQLYnHQHHUNRPPXQHRJI\ONHVQLYnHW GHOHUDY Q ULQJVSROLWLNNHQPnXWIRUPHVSnGLVVHQLYnHQHVLGHQGHWHUKHUGHQIUHPVWH NXQQVNDSHQRPGHWUHJLRQDOHQ ULQJVOLYHWILQQHV 'HWUHJLRQDOHQLYnHWDQWDVnY UHVSHVLHOWYLNWLJIRUWUDGLVMRQHOOHVPnRJPHO ORPVWRUHEHGULIWHU VRPGHWILQQHVPDQJHDYL$XVW$JGHU'HWEHJUXQQHVPHG DWGHQQHW\SHQEHGULIWHUYDQOLJYLVKDUI UUHUHVVXUVHUQnUGHWJMHOGHUWLGSHQJHU RJNRPSHWDQVHWLOnILQQHVDPDUEHLGVSDUWQHUHRYHUHWVW¡UUHRPUnGH0LQGUH YLUNVRPKHWHUDQVHVGHUPHGnY UHVY UWDYKHQJLJHDYNYDOLWHWHQSnGHWUHJLR QDOHQ ULQJVPLOM¡HW DWGHWGHUILQQHVKROGQLQJHUNRPSHWDQVHRJDNW¡UHUVRP VWLPXOHUHUGHQLQQRYDWLYHYLUNVRPKHWHQLEHGULIWHQH7UDGLVMRQHOOHVPnRJPHO ORPVWRUHEHGULIWHUNDQRJVnRIWHWUHQJHKMHOSIUD·PHOORPPHQQ·IRUnNRPPHL NRQWDNWPHGIRUVNQLQJVLQVWLWXWWHU6WRUHEHGULIWHURJK¡\WHNQRORJLVNHPLQGUH EHGULIWHUKDUJMHUQHVW¡UUHLQWHUQHUHVVXUVHUQnUGHWJMHOGHUnVDPDUEHLGHPHG IRUVNQLQJVLQVWLWXWWHUVRPIRUHNVHPSHODQVDWWHPHGK¡\HUHXWGDQQLQJRJVRP RJVnNDQKDWLGOLJHUHVWXGLHNDPHUDWHUHOOHUNROOHJHUYHG)R8LQVWLWXWWHUK¡\ VNROHURJOLNQHQGH %HW\GQLQJHQDYGHWUHJLRQDOHQLYnHWIRUQ ULQJVRJLQQRYDVMRQVSROLWLNNEHURU RJVnSnDWUHJLRQHQRJVSHVLILNNHUHJLRQDOHIRUKROGHU·JMHQRSSGDJHW·DYIRUVNHUH RJSROLWLNNXWIRUPHUHVRPHQYLNWLJNLOGHWLONRQNXUUDQVHVW\UNHIRUEHGULIWHULHQ +DVVLQN5 7HFKQRORJ\7UDQVIHU$JHQFLHVDQG5HJLRQDO(FRQRPLF'HYHORS PHQW(XURSHDQ3ODQQLQJ6WXGLHV 'HWNDQVHOYI¡OJHOLJY UHVQDNNRPYLUNHPLGOHUVRPRPIDWWHUPHUHQQHQNRPPXQH RJHWI\ONH &RRNH3 3ODQHW(XURSH 1HWZRUN$SSURDFKHVWR5HJLRQDO,QQRYDWLRQDQG 7HFKQRORJ\0DQDJHPHQW7HFKQRORJ\0DQDJHPHQW 1RWDWIUD67(3JUXSSHQYLVHULPLGOHUWLGDWPLQGUHEHGULIWHUL$XVW$JGHULPDQJH WLOIHOOHUKDUEHW\GHOLJNRQWDNWPHGVDPDUEHLGVSDUWQHUHVSHVLHOWOHYHUDQG¡UHURJNXQGHU %HGULIWHQHKDUGRJVY UWVMHOGHQNRQWDNWPHG)R8LQVWLWXVMRQHUXQLYHUVLWHWHURJK¡\ VNROHUEnGHLRJXWHQIRU$XVW$JGHU ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ JOREDOLVHUW¡NRQRPL'HWNDQV\QHVVRPHQPRWVLJHOVHnKHYGHDWUHJLRQDOHIRU KROGHUEOLWWYLNWLJHUHIRUNRQNXUUDQVHVW\UNHQWLOEHGULIWHUVDPWLGLJVRP¡NR QRPLHQHUEOLWWPHUJOREDOLVHUWJMHQQRPDWEHGULIWHUSnXOLNHPnWHUNQ\WWHV VDPPHQLVW¡UUHQHWWYHUN WLOHLHUHNXQGHURJOHYHUDQG¡UHU%HW\GQLQJHQDYUH JLRQDOHIRUKROGOLJJHUQHWWRSSLDWJMHQQRPI¡ULQJDYLQQRYDVMRQHUHUVHQWUDOWIRU EHGULIWHUVNRQNXUUDQVHVW\UNHRJDWLQQRYDVMRQHUGHOYLVHUHWORNDOWRJUHJLRQDOW IHQRPHQYHGDWLQQRYDVMRQVSURVHVVHUHUDYKHQJLJHDYYLNWLJHORNDOHHOOHUUHJLR QDOHIRUKROG 'LVVHUHJLRQDOHIRUKROGHQHDYEHW\GQLQJIRUEHGULIWHUVLQQRYDWLYHHYQHHUDWWUH KRYHGW\SHU .YDOLWHWHQSnGHWORNDOHDUEHLGVPDUNHGHWVRPHUYLNWLJVLGHQGHWODQJWSn YHLDYJM¡URPEHGULIWHUNDQUHNUXWWHUHDUEHLGVNUDIWPHGQ¡GYHQGLJHNYDOLIL NDVMRQHUIRUnE\JJHRSSRJRSSUHWWKROGHHQLQWHUQNRPSHWDQVHWLOnJMHQ QRPI¡UHLQQRYDVMRQVSURVMHNWHU )RU$XVW$JGHUVGHONDQYLRJVnWLOI¡\HDW NYDOLWHWHQRJDWWUDNWLYLWHWHQDYI\ONHWVRPERRPUnGHHUYLNWLJLDUEHLGHWPHG nWUHNNHWLOVHJDUEHLGVNUDIWXWHQIUDI\ONHW 2PIDQJHWDYORNDOHO UHSURVHVVHU6OLNHSURVHVVHUIRUHJnULQWHUQWLEHGULIWHU PHQRJVnLQHWWYHUNDYEHGULIWHURJPHGLQVWLWXVMRQHUVRPK¡\VNROHUIRUVN QLQJVVWLIWHOVHURJWHNQRORJLVHQWUH/ UHSURVHVVHUNDQELGUDWLORSSE\JJLQJ DYXQLNORNDONRPSHWDQVHGHWYLOVLNRPSHWDQVHVRPILQQHVKRVDUEHLGHUHRJ LEHGULIWHURJLQVWLWXVMRQHUSnEDUHQRHQInVWHGHU²RJGHWHUNRPSHWDQVH VRPLNNHNDQVNDSHVUDVNWRJULPHOLJDQGUHVWHGHU.XQQVNDSHQHUORNDOW IRUDQNUHWIRUGLVWRUHGHOHUDYGHQLNNHNDQGRNXPHQWHUHVLPDQXDOHURJO UHE¡NHU.XQQVNDSHQHURJVnEXQGHWLRSSDUEHLGHGHYDQHUKROGQLQJHURJ HUIDULQJHUKRVDUEHLGVNUDIWHQRJGHQNDQGHUPHGLNNHOHWWRYHUI¡UHVWLODQ GUHVWHGHU 7LOVWHGHY UHOVHQDYORNDOHLQVWLWXVMRQHUVRPIUHPPHUNRPSHWDQVHRSSE\J JLQJO ULQJRJVDPDUEHLGPHOORPEHGULIWHU'HWHUYDQOLJnVNLOOHPHOORP IRUPHOOHRJXIRUPHOOHLQVWLWXVMRQHU)RUPHOOHLQVWLWXVMRQHUHURUJDQLVDVMRQHU VRPVNROHULQWHUHVVHIRUHQLQJHUVDPDUEHLGVRUJDQHU'LVVHVNDOELGUDWLOUH OHYDQWIRUPHOONRPSHWDQVHKRVDUEHLGVNUDIWHQ VNROHU$UEHLGVPDUNHGVHWDW IDJRSSO ULQJ 0HGXIRUPHOOHLQVWLWXVMRQHUWHQNHVSnYDQHUUXWLQHURJKROG QLQJHUKRVSHUVRQHURJJUXSSHU,KYLONHQJUDGGRPLQHUHQGHKROGQLQJHULHW RPUnGHURSSPXQWUHUWLOnWHQNHQ\WWRJLKYLONHQJUDGGHWILQQHVVDPDU EHLGVKROGQLQJHURJJMHQVLGLJWLOOLWHUYLNWLJIRURPIDQJHWRJNYDOLWHWHQSn LQQRYDVMRQVSURVHVVHULHWRPUnGH 'HWUHSXQNWHQHEHU¡UHUP\HDYNMHUQHQYHGUHJLRQDOLQQRYDVMRQ QHPOLJDWVWD GLJRSSJUDGHULQJDYSURGXNWHURJSURVHVVHULEHGULIWHUNUHYHUVSHVLDOLVHUWNRP SHWDQVHVRPRIWHHUE\JJHWRSSJMHQQRPVDPDUEHLGPHOORPEHGULIWHURJLQVWLWX VMRQHURJDWGHWWHVDPDUEHLGHWLQRHQWLOIHOOHUVWLPXOHUHVYHGVDPORNDOLVHULQJ (WKRYHGPnOYHGUHJLRQDOHLQQRYDVMRQVVWUDWHJLHUHUnVWLPXOHUHVOLNHO UHSUR VHVVHULQWHUQWLEHGULIWHURJPHOORPEHGULIWHURJ·RPJLYHOVHQH· $PLQ$RJ17KULIW *OREDOL]DWLRQVRVLRHFRQRPLFVWHUULWRULDOLW\,/HH5RJ :LOOV- UHG *HRJUDSKLHVRIHFRQRPLHV$UQROG/RQGRQ 6LGH 67(3$UEHLGVQRWDW$ ¶6\VWHPRULHQWHUWH·YLUNHPLGOHU (WDQQHWJHQHUHOWSULQVLSSHUDWVWUDWHJLHURJYLUNHPLGOHUE¡UY UHUHWWHWLQQ PRWSURGXNVMRQVHOOHULQQRYDVMRQVV\VWHPHUKHOOHUHQQPRWHQNHOWEHGULIWHU'HW DYVSHLOHUEHW\GQLQJHQDYVDPDUEHLGPHOORPXOLNHDNW¡UHURPLQQRYDVMRQHU VDPWDWQ ULQJVSROLWLNNVLNWHUPRWnVWLPXOHUHXWYLNOLQJDYHWRPUnGHKHOOHU HQQVW¡WWHWLOHQNHOWEHGULIWHU6W¡WWHWLO·V\VWHPHU·NDQY UHHWYLUNHPLGGHOIRUn RSSQn¡NWHULQJYLUNQLQJHULHWRPUnGHGHWDWNRPSHWDQVHWHNQRORJLLQQRYDVMR QHURJYHNVWVSUHVPHOORPEHGULIWHU )OHUHW\SHUDYYLUNHPLGOHUKDUVnOHGHVIRNXVSnIRUKROGODQJVYHUGLNMHGHQRJXW YLNOLQJDYEHGUHVDPDUEHLGPHOORPNXQGHURJOHYHUDQG¡UHUVnYHOVRPPHOORP EHGULIWHURJK¡\VNROHUXQLYHUVLWHWHURJIRUVNQLQJVVWLIWHOVHU0\HDYLQVSLUDVMR QHQWLOGHQQHW\SHQDYYLUNHPLGOHUKHQWHVIUDVnNDOWHUHJLRQDOHNOXVWUHHOOHUQ ULQJVNO\QJHUGHWYLOVLPLQGUHJHRJUDILVNHRPUnGHUGHUGHWILQQHVIOHUHEHGULIWHU LQQHQIRUGHQVDPPHQ ULQJVVHNWRUHQRJGHUEHGULIWHQHLQQJnULIRUVNMHOOLJHW\ SHUDYVDPDUEHLG%HGULIWHQHLQ ULQJVNO\QJHQHHULPDQJHWLOIHOOHUVPnRJ PHOORPVWRUHPHQGHRSSQnUNRQNXUUDQVHVW\UNH²RJKDULPDQJHWLOIHOOHUVWRU HNVSRUWDQGHO²JMHQQRPnY UHGHODYHWVW¡UUHQ ULQJVPLOM¡6PnLQWHUQHUHV VXUVHUHULNNHQ¡GYHQGLJYLVHQVWRUEDUULHUHIRUPLQGUHYLUNVRPKHWHUYHGLQQR YDVMRQVYLUNVRPKHWGHUVRPGHKDUWLOJDQJWLOVXSSOHUHQGHNRPSHWDQVHLDQGUH EHGULIWHUVDPDUEHLGVIRUDRJ)R8LQVWLWXWWHU'HWKHYGHVVnOHGHVDWNYDOLWHWHQ SnVOLNHHNVWHUQHUHODVMRQHUHUVY UWYLNWLJIRUGHQLQQRYDWLYHHYQHQWLOEHGULIWHU ²RJIRUPLQGUHYLUNVRPKHWHUYLOPDQJHHNVWHUQHNRQWDNWHUHWDEOHUHVPHGDNW¡ UHULQ UKHWHQ8WYLNOLQJHQLHQEHGULIWHUGHUPHGHWVW\NNHSnYHLHQIXQNVMRQ DYGHWUHJLRQDOHQ ULQJVPLOM¡HW 1nHUUHJLRQDOHQ ULQJVNO\QJHUNXQpQGHODYQ ULQJVVWUXNWXUHQL$XVW$JGHU 0DQJHEHGULIWHULI\ONHW²NDQVNMHIOHUWDOOHW²HULNNHGHODYVOLNHUHJLRQDOHNO\Q JHUVRPGHWLKYHUWIDOOILQQHVNODUHWLOO¡SWLOLQQHQIRUSODVWEnWLQGXVWUL,7 Q ULQJPDULWLPVHNWRURJWUHYDUHLQGXVWUL0DQJHEHGULIWHUNDQEHWHJQHVVRP ·HQVOLJHVYDOHU· EHGULIWHQHKDUInHOOHULQJHQQDWXUOLJHVDPDUEHLGVSDUWQHUHL Q UKHWHQPHQNDQILQQHYLNWLJHVDPDUEHLGVSDUWQHUHLDQGUHGHOHUDYODQGHW HOOHUHQGRJLXWODQGHW'HWKDUY UWPLQGUHIRONXVSnGHQQHW\SHQDYEHGULIWHUL OLWWHUDWXUHQ1nUGHWJMHOGHUGH·HQVOLJHVYDOHQH·YLOPHUDWRSSPHUNVRPKHWHQ UHWWHVPRWGHQHQNHOWHEHGULIWHQVLGHQGHWDOWVnLGLVVHWLOIHOOHQHLNNHILQQHVHW UHJLRQDOW·PLOM¡·0HQIRUWVDWWNDQGHWY UHUHOHYDQWnUHWWHHQGHODYRSSPHUN VRPKHWHQPRWEHGULIWHQHVQHWWYHUNGHWDWEHGULIWHQHHULVWDQGWLOnKHQWHLQIR UDPVMRQLGHHURJNRPSHWDQVHIUDUHOHYDQWHVDPDUEHLGVSDUWHQHUHDQGUHVWHGHU )RNXVSnPHUHQQWHNQRORJLXWYLNOLQJ VDWWEHKRYLIRUELQGHOVHPHGLQQRYDVMRQHU LQQRYDVMRQVSURVMHNWHUPnVHHVL VDPPHQKHQJPHGEHGULIWHQHVVDPOHGHVWUDWHJLKYRUGDQSURVMHNWHQHVNDOILQDQ VLHUHVEHKRYIRUnKHQWHLQQQ\NRPSHWDQVHUHNUXWWHULQJRJRSSO ULQJDYDU EHLGVNUDIWRJVnYLGHUH'HWEHW\UDWHQUHNNHW\SHUDYYLUNHPLGOHUHUDNWXHOOHRJ PnWUHNNHLVDPPHUHWQLQJ 0HUJHQHUHOWSHNHVGHWSnDWYLUNHPLGOHUE¡UY UH·HWWHUVS¡UVHOVRULHQWHUWH·GHW YLOVLLQQUHWWHWPRWnWLOIUHGVVWLOOHUHHOOHEHKRYLEHGULIWHUKHOOHUHQQnVSUHGHQ NRPSHWDQVHQVRPDOOHUHGHPnWWHILQQHVYHGVNROHUDYXOLNHVODJIRUVNQLQJVLQ VWLWXWWHURJOLNQHQGHWLOQ ULQJVOLYHW'HWEHW\URJVnDWVW¡WWHV\VWHPHWPnRSS WUHSURDNWLYW WDNRQWDNWPHGEHGULIWHUSnHJHWLQLWLDWLYRJWDLQLWLDWLYWLOSUR VMHNWHUKHOOHUHQQNXQnVLWWHRJYHQWHSnKHQYHQGHOVHURJV¡NQDGHUIUDQ ULQJVOLYHW 2JVnO ULQJLYLUNHPLGGHODSSDUDWHW (WVLVWHSULQVLSSJMHOGHUEHKRYHWIRUO ULQJLYLUNHPLGGHODSSDUDWHW6WUDWHJLHU RJYLUNHPLGOHUHULNNHIHUGLJXWYLNOHWHQJDQJIRUDOOHGHPnWLOSDVVHVXQGHUYHLV XWIUDLQQKHQWLQJDYHUIDULQJRJO ULQJL·VW¡WWHV\VWHPHW·'HWnVNDSHNRQVHQVXV RJHQWXVLDVPHRPPnORJYLUNHPLGOHUPHOORPDNWXHOOHRIIHQWOLJHRJSULYDWHDNW¡ UHUDQVHVVRPHQYLNWLJRSSJDYH 0HGEDNJUXQQLVSHVLILNNNXQQVNDSRPYLNWLJHLQQRYDVMRQVXWIRUGULQJHULEHGULI WHUL$XVW$JGHURJJHQHUHOONXQQVNDSRPUHJLRQDOLQQRYDVMRQVSROLWLNNEOLU VS¡UVPnOHQH +YLONHNRQNUHWHLQQRYDVMRQVVWUDWHJLHURJYLUNHPLGOHUHUDNWXHOOH IRUXOLNHGHOHUDY$XVW$JGHUVQ ULQJVOLY"+YDNDQYLUNHPLGGHODSSDUDWHWLI\O NHWJM¡UHIRUnEHGUHEHGULIWHUVLQQRYDWLYHHYQHURJDNWLYWHW" )RUnVYDUHSnGLVVHVS¡UVPnOHQHVNDOYLI¡UVWJM¡UHUHGHIRUQRHQVWUDWHJLHURJ YLUNHPLGOHUUHWWHWLQQPRWKHOHQ ULQJVOLYHWLI\ONHW'HWWHVXSSOHUHVGHUHWWHU PHGYLUNHPLGOHUUHWWHWVSHVLHOWLQQPRWILUHKRYHGW\SHUDYEHGULIWHU MIULQQGH OLQJHQLQRWDW GHWYLOVLEHGULIWHUVRPWLOK¡UHUUHJLRQDOHQ ULQJVNO\QJHU·HQV OLJHVYDOHU·ILOLDOEHGULIWHURJQ\HWDEOHULQJHU NWIRNXVSnLQQRYDVMRQHU 9LUNHPLGOHQHRJVWUDWHJLHQHLQQUHWWHWPRWKHOHQ ULQJVOLYHWHUGHOWLnWWHKRYHG RPUnGHU MIUERNV )RUGHWI¡UVWHHUGHWYLNWLJn¡NHRSSPHUNVRPKHWHQPRW EHW\GQLQJHQDYLQQRYDVMRQHUEnGHLQ ULQJVOLYHWRJLYLUNHPLGGHODSSDUDWHW(Q PnELGUDWLOKROGQLQJHURJNXQQVNDSVOLNDWLQQRYDWLYDNWLYLWHWEOLUHQGHODYEH GULIWHUVVDPOHGHVWUDWHJLRJDWLQQRYDVMRQHURSSIDWWHVVRPHQDYJM¡UHQGHDNWLYL WHWIRUnRSSQnNRQNXUUDQVHHYQHRJODQJVLNWLJRYHUOHYHOVHLEHGULIWHU6W¡WWHV\ VWHPHWNDQELGUDWLO¡NWRSSPHUNVRPKHWRJKROGQLQJVHQGULQJJMHQQRP·HNVHP SOHQHVPDNW· JMHQQRPnIUDPKHYHJRGHHNVHPSOHUSnEHGULIWHUVRPKDUO\NNHV PHGLQQRYDVMRQVSURVMHNWHUNWRSSPHUNVRPKHWRSSQnVRJVnJMHQQRPYLUNH PLGOHUVRPHUVSHVLHOWLQQUHWWHWPRWn¡NHEHGULIWHUVLQQRYDWLYHHYQHU 'HWHNVLVWHUHUDOOHUHGHHQUHNNHRUGQLQJHUYLD61'RJ1RUJHVIRUVNQLQJVUnG VRPHUVSHVLHOWLQQUHWWHWPRWnVW¡WWHWHNQRORJLRYHUI¡ULQJWLORJLQQRYDVMRQVSUR VMHNWHULEHGULIWHU'H·WUDGLVMRQHOOH·RUGQLQJHQHPHGOnQRJWLOVNXGGWLOLQYHVWH 67(3$UEHLGVQRWDW$ ULQJHULPDVNLQHURJE\JQLQJHUNDQRJVnY UHK¡\VWUHOHYDQWHLLQQRYDVMRQV VDPPHQKHQJ'HWVDPPHHULK¡\HVWHJUDG·P\NH·LQYHVWHULQJHUWLOXWYLNOLQJV SURVMHNWHURSSO ULQJNRPSHWDQVHKHYLQJPDUNHGVI¡ULQJHWF3RHQJHWKHUHUn VHWWHVOLNHHNVLVWHUHQGHVW¡WWHRUGQLQJHQHLVDPPHQKHQJPHGHQODQJVLNWLJVWUD WHJLIRULQQRYDVMRQVXWYLNOLQJLEHGULIWHU²RJGHWNDQY UHQ¡GYHQGLJPHGIOHUH W\SHUDYRUGQLQJHUWLOVDPPHSURVMHNW,QQRYDVMRQVSURVHVVHUHUQHPOLJNRP SOHNVH GHRPIDWWHUJMHUQHLQYHVWHULQJHUNRPSHWDQVHKHYLQJPDUNHGVI¡ULQJRJ VWUDWHJLXWYLNOLQJLWLOOHJJWLOXWYLNOLQJDYEHVWHPWHSURGXNWHURJSURVHVVHU %HGULIWHUNDQVnOHGHVWUHQJHPDQJHW\SHUELVWDQGYHGLQQRYDVMRQVSURVMHNWHU 'HWHUVRPQHYQWRJVnHWSRHQJDWLQQRYDVMRQVUHWWHWHYLUNHPLGOHURIWHNDQNUHYH DWVDNVEHKDQGOHUHRSSWUHUSURDNWLYWGHWYLOVLRSSV¡NHUEHGULIWHUIRUnLGHQWLIL VHUHEHKRYRJNRPPHPHGIRUVODJWLOO¡VQLQJHU'HWWHHUVSHVLHOWYLNWLJRYHUIRU PLQGUHYLUNVRPKHWHUPHGOLWHQHUIDULQJRJNRPSHWDQVHWLOnJMHQQRPI¡UHLQQR YDVMRQVSURVMHNWHU(QVOLNDUEHLGVPnWHEHJUXQQHVPHG·O ULQJVSDUDGRNVHW· GHW YLOVLDWI¡UHQKDUO UWQRHNDQHQLNNHVSHVLILVHUHKYDHQWUHQJHUnO UH(Q SURDNWLYDUEHLGVPnWHVWLOOHULPLGOHUWLGK¡\HNUDYWLONRPSHWDQVHQLYLUNHPLG GHODSSDUDWHW²RJDQQHQNRPSHWDQVHHQQGHQWUDGLVMRQHOOHPHGnEHKDQGOHU V¡NQDGHUXWIUDHWUHJHOYHUN Boks 3: Oppsummering av innovasjonsstrategier og virkemidler for hele Aust-Agders næringsliv 1. Økt oppmerksomhet om betydningen av innovasjoner 2. Vri eksisterende virkemidler mot innovasjonsprosjekter 3. Videreutvikling av utdanningssystemet rettet mot næringslivets behov 4. Skape gode bomiljøer for å øke mulighetene for rekruttering av ressurspersoner utenfra 5. Tilrettelegge spesielle ordninger for rekruttering av visse typer arbeidskraft 6. Øke mulighetene for samarbeid med andre aktører i innovasjonsprosjekter 7. Bidra til uformelle fora for samarbeid og kompetanseoppbygging 8. Organisere evaluering og læring fra strategier og virkemidler 6LNUHNRPSHWHQWDUEHLGVNUDIW 'HWUHQHVWHW\SHQHDYVWUDWHJLHULERNVWDUXWJDQJVSXQNWLDWEHGULIWHUWUHQJHU HQYLVVLQWHUQNRPSHWDQVHIRUnJMHQQRPI¡UHLQQRYDVMRQVDNWLYLWHWRJIRUnNXQQH VDPDUEHLGHPHG)R8PLOM¡HU(UIDULQJHUYLVHUQHPOLJDWPDQJHDYKLQGULQJHQH IRUWHNQRORJLRYHUI¡ULQJOLJJHULPDQJHOSnNRPSHWDQVHRJHQKHQVLNWVPHVVLJH RUJDQLVHULQJLEHGULIWHQHVHOY eQVWUDWHJLRPIDWWHUnVWDGLJYLGHUHXWYLNOHXWGDQQLQJVV\VWHPHWLI\ONHW YLGHUH JnHQGHVNROHUIDJRSSO ULQJHWWHURJYLGHUHXWGDQQLQJRJDUEHLGVPDUNHGVRSS O ULQJ UHWWHWPRWQ ULQJVOLYHWVEHKRY'HWWHHUYLNWLJIRUnVLNUHWLOJDQJSnIDJ IRONYHGQ\UHNUXWWHULQJVnYHOVRPHQYLGHUHXWYLNOLQJDYNRPSHWDQVHQLGHQ HNVLVWHUHQGHDUEHLGVVWRNNHQVRPIRUHNVHPSHOHWWHUXWGDQQLQJLQQHQGDWDVW\ ULQJDYSURGXNVMRQHQ'HQQHVWUDWHJLHQNDQLPLGOHUWLGRJVnVHWWHVLVDPPHQ &HUYDQWHV0 'LIIXVLQJ7HFKQRORJ\WR,QGXVWU\7KH2(&'2EVHUYHU1R $XJXVW6HSWHPEHU ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ KHQJPHGVWUDWHJLQXPPHULERNVQHPOLJn¡NHPXOLJKHWHQHIRUUHNUXWWH ULQJDYDUEHLGVNUDIWXWHQIUDI\ONHW$WGHWILQQHVHWYLGHUHJnHQGHVNROHWLOEXGL ULPHOLJQ UKHWNDQY UHpQYHVHQWOLJIDNWRUYHGYXUGHULQJRPHQVNDOIO\WWHWLO HWVWHGHOOHULNNH $XVW$JGHUHULNNHVHOYIRUV\QWPHGDUEHLGVNUDIW²RJVSHVLHOWPnSHUVRQHUPHG K¡\HUHXWGDQQLQJUHNUXWWHUHVXWHQIUDI\ONHWHYHQWXHOWDW·JDPOH·DXVWHJGHUUH NUXWWHUHVWLOEDNH6RPGHWIUDPJnUDYQRWDWHUHQDWGHYLNWLJVWHLQQRYDVMRQV XWIRUGULQJHQHIRUEHGULIWHULGDJHQVVWUDPPHDUEHLGVPDUNHGnInWDNLSHUVRQHU PHGYLVVHW\SHUXWGDQQLQJIRUnVW\UNHGHQLQWHUQHNRPSHWDQVHJHQHUHOWLEH GULIWHURJIRUnNXQQHJMHQQRPI¡UHLQQRYDVMRQVSURVMHNWHU'HWnOHJJHIRUKROGHQH EHVWPXOLJWLOUHWWHIRUDWEHGULIWHUNDQO\NNHVPHGUHNUXWWHULQJDYUHVVXUVSHU VRQHURJKROGHSnGLVVHHUGHUPHGHQYLNWLJRSSJDYH'HWRPIDWWHUJURYWVHWWn ELGUDWLOJRGWIXQJHUHQGHORNDOVDPIXQQPHGQ¡GYHQGLJRIIHQWOLJRJSULYDWVHUYL FH3XQNWRJYLVHUDWLQQRYDVMRQVVWUDWHJLHUNDQY UHVY UWRPIDWWHQGH (WDQQHQRJVXSSOHUHQGHVWUDWHJLHUnWLOUHWWHOHJJHVSHVLHOOHRUGQLQJHUIRUUH NUXWWHULQJDYYLVVHW\SHUDUEHLGVNUDIW(WHNVHPSHOHUEHVWHPWHUHVVXUVSHUVRQHU SURGXNWXWYLNOHUGHVLJQHUHOOHUPDUNHGVVMHI VRPHU·WLOOHLH·IRUEHGULIWHUHOOHU IRUIOHUHEHGULIWHULVDPPHQLHQEHVWHPWSHULRGH(WDQQHWHNVHPSHOHUDOWHUQD WLYHVWXGLHRUGQLQJHUGHUVWXGHQWHUSODVVHUHVLEHGULIWHURJHOOHUJMHQQRPI¡UHU SURVMHNWRSSJDYHULEHGULIWHUPRWnIRUOHQJHVWXGLHWLGHQHOOHUXWSODVVHULQJDY Q\XWGDQQHGHSnSU¡YH'HQQHW\SHQRUGQLQJHUILQQHVSnQDVMRQDOWQLYnRJHOOHUL DQGUHRPUnGHU3RHQJHWHUnVXEVLGLHUHYLVVHW\SHUDUEHLGVNUDIWWLOEHVWHPWH LQQRYDVMRQVSURVMHNWHULEHGULIWHULHQDYJUHQVHWWLGVSHULRGH'HWVNDOEHGUHEH GULIWHUVPXOLJKHWHUIRUnVHWWHLYHUNLQQRYDVMRQVSURVMHNWHURJLQRHQWLOIHOOHU RJVnHQGUHKROGQLQJHUWLOGHWnDQVHWWHK¡\WNYDOLILVHUWDUEHLGVNUDIW %LGUDWLOVDPDUEHLGRJQHWWYHUNVE\JJLQJ 3XQNWRJLERNVDYVSHLOHUDWLQQRYDVMRQHUQHVWHQDOOWLGJMHQQRPI¡UHVL VDPDUEHLGPHOORPPDQJHDNW¡UHUVDPWDWEHGULIWHUKDUEHKRYIRUnInLPSXOVHU RJNRPSHWDQVHXWHQIUDIRUnVXSSOHUHVLQLQWHUQHNRPSHWDQVH'HUPHGNDQGHW Y UHHQYLNWLJRSSJDYHIRUYLUNHPLGGHOV\VWHPHWnRSSWUHVRP·PHOORPPHQQ· JMHQQRPnELGUDWLODWEHGULIWHUILQQHUJRGHVDPDUEHLGVSDUWQHUHVRPXOLNHNRP SHWDQVHPLOM¡HU'HUGHWHUUHOHYDQWNDQRJVnSURVMHNWHUOHJJHVRSSVRPVDPDU EHLGPHOORPIOHUHEHGULIWHU,QRHQWLOIHOOHUV\QHVGHWYLNWLJnXWYLNOHEHGUHVDP DUEHLGVKROGQLQJHULEHGULIWHU(QNHOWHEHGULIWHUIUDXQGHUV¡NHOVHQLQRWDWPHQ WHVnOHGHVDWVDPDUEHLGPHGDQGUHORNDOHEHGULIWHUKDGGHVWUDQGHWSnPDQJOHQ GHIRUVWnHOVHIRUDWVDPDUEHLGRPNRPSHWDQVHRSSE\JJLQJRJLQQRYDVMRQVXWYLN OLQJRIWHHUHQODQJVLNWLJLQYHVWHULQJVRPLNNHJLUXPLGGHOEDULQQWMHQLQJ,DQ GUHVDPPHQKHQJHUNDQGHWY UHYLNWLJnELGUDWLODQGUHKROGQLQJHURJUXWLQHUL EHGULIWHUIRUnKHQWHLQIRUPDVMRQRJNRPSHWDQVHXWHQIUD (WVXSSOHUHQGHYLUNHPLGGHOHUnELGUDWLOVDPDUEHLGRJNRPSHWDQVHKHYLQJJMHQ QRPnRUJDQLVHUHXIRUPHOOHIRUDGHUXOLNHQLYnHULEHGULIWHUNDQVDPOHVWLONRUWH PDWQ\WWLJHVHPLQDUHURJNXUV'HWHNVLVWHUHUXOLNHULQJHUL$JGHUI\ONHQH IRU HNVHPSHO,7ULQJHQRJ.RPSHWDQVHULQJHQ6¡UEHJJHPHG$JGHUIRUVNQLQJHQ VRPVHNUHWDULDW GHUGHWEODQWDQQHWIRUHJnUVOLNDNWLYLWHW3RHQJHWKHUHULPLG OHUWLGnODGHQQHW\SHUIRUDY UHNRQVHQWUHUWRPHPQHUVRPHUUHOHYDQWHIRU 67(3$UEHLGVQRWDW$ JMHQQRPI¡ULQJDYLQQRYDVMRQVSURVMHNWHU'HWHURJVnYLNWLJnPHUNHVHJPDQJHO SnWLGVRPHQIODVNHKDOVLEHGULIWHUVOLNDWGHQQHW\SHQIRUDJMHUQHEHK¡YHU XWHQIRUVWnHQGHVRPRUJDQLVDWRURJVY UWNRQNUHWHPDWQ\WWLJHRSSOHJJ 'HWVLVWHSRHQJHWLERNVRPIDWWHUO ULQJRJLQQRYDVMRQHUVRPYLNWLJLYLUNH PLGGHODSSDUDWHWRJLNNHNXQLEHGULIWHQH'HWEHW\UnRUJDQLVHUHHYDOXHULQJRJ JMHQQRPGU¡IWLQJDYVWUDWHJLHURJYLUNHPLGOHUPHGYLVVHPHOORPURP ,QVWLWXVMRQVE\JJLQJLUHJLRQDOHQ ULQJVNO\QJHU ,UHVWHQDYQRWDWHWVNDOYLGLVNXWHUHVWUDWHJLHURJYLUNHPLGOHUUHWWHWLQQPRWEH VWHPWHW\SHUDYEHGULIWHU²RJVRPNDQVXSSOHUHGHPHUDOOPHQQHVWUDWHJLHQHL ERNV9LVNDOI¡UVWWDIRURVVUHJLRQDOHNOXVWUHHOOHUQ ULQJVNO\QJHUVRPGHWL GHWPLQVWHILQQHVNODUHWLOO¡SWLOL$XVW$JGHU 5HJLRQDOHNO\QJHUKDUHQVSHVLHOOVWLOOLQJLGLVNXVMRQHQDYUHJLRQDOHLQQRYDVMRQV VWUDWHJLHU6OLNHNO\QJHUHUQHPOLJHQYLNWLJLQVSLUDVMRQWLOXWIRUPLQJHQDYSULQ VLSSHUEDNUHJLRQDOHLQQRYDVMRQVVWUDWHJLHUVnYHOVRPWLONRQNUHWHYLUNHPLGOHU )RUVNHUHRJSROLWLNNXWIRUPHUHKDUVWXGHUWLQQRYDWLYHUHJLRQDOHNO\QJHURJGH ILQQHUQRHDYnUVDNHQWLOVXNVHVVHQHLYLUNHPLGOHUXWIRUPHWSnORNDOWQLYn(W KRYHGIRUPnOPHGLQQRYDVMRQVVWUDWHJLHUIRUUHJLRQDOHNOXVWUHHUnELGUDWLOIHO OHVO¡VQLQJHUIRUEHVWHPWHEUDQVMHULHWRPUnGHUIRUnIMHUQHIODVNHKDOVHUIRUIOHUH EHGULIWHU/¡VQLQJHQHKDUV UOLJEHVWnWWLnVSUHYLNWLJLQIRUPDVMRQNRPSHWDQVH RJWHNQRORJLWLOEHGULIWHUIRUn¡NHGHUHVLQQRYDWLYHHYQH (QIRUXWVHWQLQJIRUnXWYLNOHIHOOHVO¡VQLQJHUHUnKDQRHQIRUDIRUGU¡IWLQJRJXW YHNVOLQJDYLQIRUPDVMRQPHOORPEHGULIWHURJPHGRIIHQWOLJHP\QGLJKHWHU'HWR I¡UVWHVWUDWHJLHQHLERNVRPIDWWHUGHUIRUnELGUDWLOXWYLNOLQJDYIRUPHOOHLQVWL WXVMRQHULUHJLRQDOHQ ULQJVNO\QJHU'HWHUQ¡GYHQGLJPHGIRUDIRUnGU¡IWHIHO OHVSUREOHPHUEODQWEHGULIWHUEOLNMHQWPHGKYHUDQGUHVSUREOHPHURJWHQNHPnWH XWYLNOHSHUVRQOLJNMHQQVNDSRJVDPDUEHLGVDPWY UHHWWDOHU¡URYHUIRUP\QGLJ KHWHU$XVW$JGHUKDUIOHUHVOLNHRUJDQLVDVMRQHULVLQHUHJLRQDOHNO\QJHUVRPIRU HNVHPSHO1RUVNH%nWE\JJHUHV/DQGVIRUHQLQJ,7ULQJHQ6¡UODQGHWV7HNQRORJL IRUXP0DULWLPW)RUXPRJ$JGHU7UHYDUHEHGULIWHUV6DPPHQVOXWQLQJ 'HQVLVWQHYQWHRUJDQLVDVMRQHQKDUIXQJHUWLPHUHQQnURJY UWYLNWLJIRUn XWYLNOHHWVDPDUEHLGPHOORPWUHYDUHEHGULIWHUL$JGHU'HWWHEHUHGWHP\HDY JUXQQHQIRUHQYHOO\NNHWHWDEOHULQJDY$JGHU7UHVHQWHUSn%LUNHODQGL 'HQQHW\SHQRUJDQLVDVMRQHUPnJHQHUHOWDQVHVVRPYLNWLJIRUnXWYLNOHVDPDU EHLGRJWLOOLWPHOORPEHGULIWHULHQEUDQVMH9LUNHPLGGHODSSDUDWHWPnKDJRG NRQWDNWPHGVOLNHRUJDQLVDVMRQHURJHYHQWXHOWELGUDWLOnGDQQHRJRSSUHWWKROGH VOLNH (WYLNWLJIRUWULQQPHGUHJLRQDOHQ ULQJVNO\QJHUHUPXOLJKHWHQHIRUORNDONRP SHWDQVHRSSE\JJLQJLQHWWYHUNDYEHGULIWHURJPHGORNDOHVNROHURJDQGUHLQVWLWX VMRQHU1nUGHWILQQHVIOHUHEHGULIWHUPHGVDPPHW\SHYLUNVRPKHWRJVSHVLDOLVHU WHOHYHUDQG¡UHUDYSURGXNWHURJWMHQHVWHULHWRPUnGHHUGHWPXOLJKHWHUIRUXW YHNVOLQJDYHUIDULQJDWEHGULIWHUO UHUDYKYHUDQGUHRJNRSLHUHUYHOO\NNHGHO¡V QLQJHUHWF ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ 6OLNHORNDOHO UHSURVHVVHUNDQVWLPXOHUHV\WWHUOLJHUHGHUVRPGHWILQQHVORNDOH LQVWLWXVMRQHUPHGSURIHVMRQHOONRPSHWDQVHSnGHVDPPHIHOWHQHVRPEHGULIWHQH 6SHVLHOWLNO\QJHUGRPLQHUWDYVPnRJPHOORPVWRUHEHGULIWHURSSDUEHLGHVGHW I¡UVWRJIUHPVWHUIDULQJVEDVHUWNRPSHWDQVHVRPNDQJLJUXQQODJIRUPLQGUH HQGULQJHULSURGXNWHURJSURVHVVHU0HURPIDWWHQGHLQQRYDVMRQHUNUHYHUJMHUQH IRUVNQLQJRJXWYLNOLQJVRPPLQGUHEHGULIWHUVMHOGHQKDUUHVVXUVHUWLOLQWHUQW 'HUPHGNDQGHWY UHEHKRYIRUV\VWHPDWLVNNRPSHWDQVHRSSE\JJLQJJMHQQRP IRUVNQLQJRJXWYLNOLQJYHGIRUHNVHPSHOK¡\VNROHUHOOHUIRUVNQLQJVVWLIWHOVHULHW RPUnGHVDPWDWGLVVHKDUNRQWDNWPHG)R8PLOM¡HUXWHQIRUUHJLRQHQIRUnKHQWH LQQVXSSOHUHQGHNRPSHWDQVH9LUNHPLGGHODSSDUDWHWNDQELGUDWLODWGH·ULNWLJH· LQVWLWXVMRQHQGDQQHVRJWLORSSE\JJLQJRJVSUHGQLQJDYNRPSHWDQVHYHGGLVVH 'HWNDQY UHDNWXHOWnVW¡WWHXWSHNWHLQQRYDVMRQVSURVMHNWHULHQNHOWEHGULIWHUL NO\QJHQH'LVVHNDQIXQJHUHVRP·GHPRQVWUDVMRQVSURVMHNWHU·IRUDQGUHEHGULIWHUL Q UKHWHQ.RPSHWDQVHXWYLNOHWLHQEHGULIWNDQRJVnVSUHVUDVNWWLODQGUHEH GULIWHUYLDIHOOHVOHYHUDQG¡UHUSHUVRQOLJHQHWWYHUNRJYHGDWDUEHLGVWDNHUHVNLI WHUDUEHLGVVWHG'HWHULPLGOHUWLGRJVnYLNWLJnOHJJHWLOUHWWHIRUVDPDUEHLGVSUR VMHNWHUPHOORPIOHUHEHGULIWHUVLGHQLQQRYDVMRQVXWIRUGULQJHQH VRPEHKRYHWIRU Q\SURGXNVMRQVWHNQRORJL RIWHHUIHOOHV6DPDUEHLGVSURVMHNWHUPHGHQ·JXOURW·L IRUPDYRIIHQWOLJGHOILQDQVLHULQJRJGHUGHWRSSQnVNRQNUHWHJHYLQVWHUSnEH GULIWVQLYnNDQRJVnELGUDWLOnVNDSHEHGUHVDPDUEHLGVKROGQLQJHUVRPQRNKDU Y UWQRHIUDY UHQGHLHQNHOWHEUDQVMHU 8OLNHWLOWDNLQ ULQJVNO\QJHQH )RUnEOLPHUNRQNUHWSnIODVNHKDOVHURJPXOLJHWLOWDNLQQHQIRUEHVWHPWHQ ULQJVNO\QJHUYLOYLWUHNNHIUDPI¡OJHQGHHNVHPSOHU ,SODVWEnWLQGXVWULHQHUGHWHQUHNNHLQQRYDVMRQVXWIRUGULQJHU'LVVHHUEODQW DQQHWNQ\WWHWWLOXWYLNOLQJDYHIIHNWLYVW¡SHWHNQRORJLVRPHUPLQGUHEHODV WHQGHIRUDUEHLGVPLOM¡HWEHGUHVW\ULQJDYYDUHIO\WHQLEnWE\JJHULHQHRJEHGUH IRUKROGPHOORPEnWE\JJHULHURJOHYHUDQG¡UHUUDVNHUHRJULPHOLJHUHIRUPE\J JLQJPHUV\VWHPDWLVNWLOEDNHPHOGLQJIUDPDUNHGHWRJ¡NWWHNQRORJLVNNRP SHWDQVH'HWHUQnSnWUDSSHQHWRSURVMHNWHUGHOILQDQVLHUWIUD1RUJHVIRUVN QLQJVUnG 5(*,11RJ7()7 IRUnWDIDWWLGLVVHXWIRUGULQJHQH6HQWHUIRU WHNQRORJL 6HQWHN YHG$JGHUIRUVNQLQJHUVHQWUDOWLGHWWHDUEHLGHWJMHQQRPDW GHWKHUVNDOIRUHJnHQRSSE\JJLQJDYNRPSHWDQVHVRPHUVHQWUDOWIRUEHGULI WHQH6W¡WWHV\VWHPHWL$XVW$JGHUE¡UELGUDWLOGHWWHDUEHLGHWI¡UVWRJIUHPVW JMHQQRPVW¡WWHWLOJRGHNRQNUHWHLQQRYDVMRQVSURVMHNWHUVRPPnWWHIUDP NRPPHLVDPDUEHLGPHOORPEnWEHGULIWHURJ6HQWHN ,,7Q ULQJHQV\QHVYLNWLJHLQQRYDVMRQVXWIRUGULQJHUEODQWDQQHWnY UHWLO VWUHNNHOLJUHNUXWWHULQJDYK¡\WXWGDQQHWDUEHLGVNUDIWnKDULVLNRNDSLWDOWLO WLGOLJNRPPHUVLDOLVHULQJVDPWInWLOPHUVWDQGDUGLVHULQJDYVNUHGGHUV¡PV O¡VQLQJHU'HWKDUIRUHNRPPHWHQLQVWLWXVMRQVRSSE\JJLQJL,7Q ULQJHQGH VLVWHnUDGHOYLVSnVN\QGHWDY·(ULFVVRQVVDNHQ·IRUnWDIDWWLVOLNHXWIRUGULQ JHURJXWO¡VH\WWHUOLJHUHYHNVWLQ ULQJHQ1\HLQVWLWXVMRQHUHU6¡UODQGHWV 7HNQRORJLIRUXP,.7ODERJVLYLOLQJHQ¡UVWXGLXPYHG+L$L*ULPVWDG,WUnG PHGGHJHQHUHOOHEHWUDNWQLQJHQHRPUHJLRQDOHNOXVWUHIRUDQPnVOLNLQVWLWX VMRQVE\JJLQJDQVHVVRPYLNWLJHVNULWWPRW¡NWVDPDUEHLGRJLQQRYDWLYDNWLY 67(3$UEHLGVQRWDW$ WHWL,7Q ULQJHQLI\ONHW9LUNHPLGGHODSSDUDWHWE¡UGHUIRUVW¡WWHRSSRP LQQRYDVMRQVIUHPPHQGHDNWLYLWHWRJSURVMHNWHULLQVWLWXVMRQHQH'HWE¡UHYHQ WXHOWRJVnOHJJHVRSSWLORUGQLQJHUVRPVLNUHUDWQ\XWGDQQHGHVLYLOLQJHQL¡UHU IUD+L$InUPXOLJKHWHUWLOnEOLUHNUXWWHUWDYEHGULIWHUL$XVW$JGHU ,WUHYDUHLQGXVWULHQV\QHVYLNWLJHLQQRYDVMRQVXWIRUGULQJHUnY UHnJMHQQRP I¡UHIRUWVDWWHIIHNWLYLVHULQJ²VnYHOVRPnInWLO¡NWVDPDUEHLG²IRUnP¡WH KDUGNRQNXUUDQVHUHNUXWWHULQJDYIDJDUEHLGHUHVDPWnVYDUHSnNMHGHGDQ QHOVHUEODQWGLVWULEXW¡UHU$JGHU7UHVHQWHUWDUIDWWLGHQQHW\SHQDYXWIRUG ULQJHU7UHVHQWHUHWKDUVRPVLQKRYHGDNWLYLWHWnRUJDQLVHUHIDJRSSO ULQJ PHQIXQJHUHURJVnVRPHWNRPSHWDQVHRJVHUYLFHVHQWHUIRUWUHYDUHLQGXVWUL HQSn$JGHUPHGHQUHNNHSURVMHNWHULHQNHOWEHGULIWHUHOOHUIRUJUXSSHUDY EHGULIWHU6W¡WWHWLONRPSHWDQVHRSSE\JJLQJRJIHOOHVLQQRYDVMRQVSURVMHNWHUL $JGHU7UHVHQWHUV\QHVnY UHHQIRUQXIWLJLQQRYDVMRQVVWUDWHJLIRUWUHYDUHLQ GXVWULHQVHOYRPGHWVHOYI¡OJHOLJLNNHXWHOXNNHURJVnDQQHQRUJDQLVHULQJDY LQQRYDVMRQVSURVMHNWHUIRUHNVHPSHOLUHJLDYHQNHOWEHGULIWHU 'HWUHHNVHPSOHQHInULOOXVWUHUHPHUJHQHUHOOHVWUDWHJLHUVRPRJVnNDQY UHDN WXHOWIRUDQGUHUHJLRQDOHQ ULQJVNO\QJHULI\ONHWQHPOLJDWGHWPnIRUHILQQHV EUDQVMHIRUHQLQJHURJOLNQHQGHVDPWLQVWLWXVMRQHUVRPNDQRUJDQLVHUHIHOOHV SURVMHNWHURJNRPSHWDQVHRSSE\JJLQJ Boks 4: Oppsummering av innovasjonsstrategier og virkemidler for regionale næ- ringsklynger i Aust-Agder 1. Søke kontakt med og støtte bransjeforeninger etc., som bidrar til samarbeid mel- lom bedrifter 2. Støtte kompetanseoppbygging i og spredning av kompetanse fra lokale institu- sjoner, samt bidra til etablering av ’riktige’ institusjoner 3. Legg til rette for felles innovasjonsprosjekter mellom flere bedrifter 4. Støtte konkrete innovasjonsprosjekter fra samarbeidet mellom båtbedrifter og Sentek 5. Støtte innovasjonsfremmende aktiviteter og prosjekter i regi av nye institusjoner i IT-næringen 6. Støtte til kompetanseoppbygging og felles innovasjonsprosjekter i Agder Tresen- ter 0HOORPPHQQIRU·HQVOLJHVYDOHU· 'HWJnUHWYLNWLJVNLOOHLLQQRYDVMRQVVDPPHQKHQJPHOORPEHGULIWHULUHJLRQDOH Q ULQJVNO\QJHUVRPKDUPDQJHORNDOHVDPDUEHLGVSDUWQHUHRJEHGULIWHUVRP PnILQQHYLNWLJHVDPDUEHLGVSDUWQHUHLDQGUHGHOHUDYODQGHWHOOHUHQGRJLXWODQ GHW,GHQDQGUHW\SHQEHGULIWHULGH·HQVOLJHVYDOHQH·NDQYLUNHPLGGHODSSDUDWHW KDHQYLNWLJUROOHPHGnY UHPHOORPPHQQ ERNV 'HWILQQHVIOHUHRIIHQWOLJH YLUNHPLGOHUVRPVNDONQ\WWHEHGULIWHUWLONUHYHQGHRIIHQWOLJHHOOHUSULYDWHNXQ GHULIRUELQGHOVHPHGXWYLNOLQJVSURVMHNWHU 2)8RJ,)8NRQWUDNWHU 9LUNH PLGGHOV\VWHPHWSnI\ONHVQLYnNDQELGUDWLOIOHUHVOLNHNRQWUDNWHUVDPWELGUDWLO nNQ\WWHNRQWDNWWLOUHOHYDQWH)R8PLOM¡HU6WRUHRJUHVVXUVVWHUNHEHGULIWHUKDU JMHUQHGHQ¡GYHQGLJHNRQWDNWHQHVHOYPHQIRUPLQGUHRJWUDGLVMRQHOOHEHGULIWHU NDQIXQNVMRQHQVRPPHOORPPDQQY UHYLNWLJ'HWDQW\GHVRJVnIUDLQIRUPDVMR QHQLQRWDWRPDWEHGULIWHUL$XVW$JGHUJMHQQRPI¡UHUUHODWLYWOLWH)R8'HW ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU ,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ NDQVnOHGHVY UHHWSRWHQVLDOIRUPHU)R8RJIRUQRHQEHGULIWHUNDQQRNHQEDU ULHUHY UHPDQJHOSnNXQQVNDSRPRJNRQWDNWPHGUHOHYDQWH)R8 LQVWLWXVMRQHU 5HJLRQDOIRUDQNULQJDYILOLDOEHGULIWHU )RUILOLDOEHGULIWHUGHWYLOVLEHGULIWHUVRPHLHVDYNRQVHUQXWHQIRU$XVW$JGHU NDQHQYLNWLJVWUDWHJLY UHn¡NHGHQUHJLRQDOHIRUDQNULQJHQDYEHGULIWHQH'HW EHW\UnNQ\WWHEHGULIWHQHVWHUNHUHWLOHWUHJLRQDOWQ ULQJVPLOM¡PHGYLNWLJHOH YHUDQG¡UHUDQGUHVDPDUEHLGVSDUWQHUHRJNRPSHWHQWDUEHLGVNUDIW'HWHUWUROLJ PLQGUHDNWXHOWn·U\NNH·EHGULIWHUXWDYHWVOLNWPLOM¡HQQGHUILOLDOEHGULIWHQHUHQ ·HQVOLJVYDOH· ,WLOOHJJWLOYLUNHPLGOHUIRUnVLNUHNRPSHWHQWDUEHLGVNUDIWQHYQWLERNVHUGHW nXWYLNOHIOHUHORNDOHOHYHUDQG¡UHUVRPWLOIUHGVVWLOOHUILOLDOEHGULIWHQHVNUDYWLO SULVNYDOLWHWRJOHYHULQJVVLNNHUKHWNDQVNMHGHWPHVWUHOHYDQWHYLUNHPLGOHWL GHQQHVDPPHQKHQJHQ'HWNDQIRUHNVHPSHOEHW\VWRULQQRYDVMRQPHGKHQV\Q SnSURGXNWHUSURGXNVMRQVPHWRGHURJKROGQLQJHULHNVLVWHUHQGHORNDOHEHGULIWHU )OHUHORNDOHOHYHUDQG¡UHUNDQRJVnY UHHWVHOYVWHQGLJ¡QVNHIUDILOLDOEHGULIWHQL WUnGPHG¡NWXWEUHGHOVHDY·MXVWLQWLPH·SULQVLSSHUIRURUJDQLVHULQJDYYDUH VWU¡PPHU'HWEHW\UDWEHGULIWHUUHGXVHUHUVLWWODJHUKROGGUDVWLVNJMHQQRPnIn YDUHUIUDOHYHUDQG¡UHUQnUGLVVHVNDOEHQ\WWHVLSURGXNVMRQHQ/HYHUDQG¡UHUPn PDNWHVPnRJUDVNHEHVWLOOLQJHUPHQKDUGRJVRPUHJHONXQGHQHVEXGVMHWWHUn SODQOHJJHHWWHU1 UORNDOLVHULQJUHGXVHUHUWUDQVSRUWEHKRYHWRJJM¡UGHWOHWWHUH nPDNWHUDVNHEHVWLOOLQJHU,NNHPLQVWKDUNXQGHUPXOLJKHWHUIRUnInQ\HYDUHU UDVNHUHYHGIHLOIUDOHYHUDQG¡UHUHOOHURPGHInUXYHQWHGHRUGUH Boks 5: Oppsummering av innovasjonsstrategier og virkemidler for tre ulike typer av bedrifter i Aust-Agder Type bedrift Strategi ’Enslig svale’ 1. Være mellommann til kompetansemiljøer andre steder Filialbedrift 1. Bidra til å utvikle flere gode, lokale leverandører Nyetablering 1. Knytt bedrifter tit et nettverk med gode samarbeidspartnere 2. Akkvisisjon for å utfylle eksisterende næringsmiljøer 3. Legge til rette for ’telependling’ .Q\WWQ\HWDEOHUHUHWLOQHWWYHUN 'HQVLVWHW\SHQDYEHGULIWHUHUQ\HWDEOHULQJHU1\HEHGULIWHUXWJM¡UQ¡GYHQGLJYLV LNNHHQLQQRYDVMRQ'HWEHWLQJHUDWEHGULIWHQHLNNHNXQHWWHUDSHUDQGUHDOOHUH GHHNVLVWHUHQGHEHGULIWHUPHQDWGHNRPPHULQQPHGQ\HSURGXNWHUHOOHUO¡V QLQJHU0HQVHOYLQQRYDWLYHQ\HWDEOHULQJHUPnIRUWVHWWHnY UHLQQRYDWLYH IUDPRYHURPGHVNDORSSUHWWKROGHVLQNRQNXUUDQVHVW\UNH 67(3$UEHLGVQRWDW$ 1\HEHGULIWHUVWnURIWHLIDUHIRUnEOL·LVROHUWH·QRHVRPJMHUQHIUDPKHYHVVRP VPnEHGULIWHQHVIUHPVWHSUREOHP GHWDWGHPDQJOHUHW·VW¡WWHV\VWHP·UXQGWVHJ (QUHOHYDQWVWUDWHJLRYHUIRUQ\HWDEOHUHUH²EnGHIRUnPXOLJJM¡UHHQYHOO\NNHW HWDEOHULQJRJIRUWVDWWLQQRYDWLYDNWLYLWHW²HUGHUIRUnNQ\WWHGLVVHWLOHWQHWW YHUN'HWWHNDQEHVWnDYHUIDUQHEHGULIWVOHGHUHHOOHUJUQGHUHVRPNDQY UH UnGJLYHUHRJHOOHUSULYDWHLQYHVWRUHUPHGULVLNRNDSLWDO9LGHUHNDQGHWY UHYLN WLJnKMHOSHQ\HEHGULIWHUPHGnILQQHQ¡NNHONXQGHUJRGHOHYHUDQG¡UHURJDQGUH VDPDUEHLGVSDUWQHUH6SHVLHOWLEHGULIWHUGHUGHWOLJJHUP\HSURGXNWXWYLNOLQJRJ PDUNHGVI¡ULQJEDNHWDEOHULQJHQNDQGHWRJVnY UHDNWXHOWPHGULVLNRNDSLWDO 0XOLJKHWHUIRUDNNYLVLVMRQ (QPXOLJKHWIRUQ\HEHGULIWHUWLO$XVW$JGHUHUDNNYLVLVMRQGHWnInEHGULIWHUIUD DQGUHGHOHUDYODQGHWWLOnIO\WWHWLOI\ONHW(WVOLNWYLUNHPLGGHOE¡URPPXOLJ EUXNHVVWUDWHJLVNYHGnSU¡YHnInLQQEHGULIWHURJLQVWLWXVMRQHUVRPNDQXWI\OOH GHWHNVLVWHUHQGHQ ULQJVPLOM¡HW2SSUHWWHOVHQDYVLYLOLQJHQL¡UVWXGLHWL*ULP VWDGHWWHUORNDOWSnWU\NNNDQEHWHJQHVIRUHQVOLNYHOO\NNHWDNNYLVLVMRQ (QDQQHQW\SHDNNYLVLVMRQJMHOGHUSHUVRQHURJLNNHEHGULIWHUHOOHULQVWLWXVMRQHU 7HOHSHQGOLQJGHUDUEHLGVWDNHUHDUEHLGHUDQGUHVWHGHUHQQSnDUEHLGVVWHGHW PHQHUWLONREOHWDUEHLGVVWHGHWYLDGDWDQHWWNDQY UHHQQ\PXOLJKHWIRUDNNYL VLVMRQDYSHUVRQHU'HWJLU¡NWHPXOLJKHWHUIRUIRONVRPDUEHLGHUDQGUHVWHGHU PHQVRPDYXOLNHnUVDNHUPnWWH¡QVNHnERSn6¡UODQGHWnIO\WWHWLO$XVW$JGHU (WYLUNHPLGGHONDQY UHnJM¡UHIRUV¡NPHGDWWUDNWLYHIHOOHVORNDOHUIRUWHOH SHQGOHUH(WVOLNWYLUNHPLGGHONDQRJVnY UHHWPXOLJI¡UVWHVNULWWIRUnUHNUXW WHUHIOHUHUHVVXUVSHUVRQHUWLOORNDOHEHGULIWHU MIUYLUNHPLGGHOLERNV 67(3DUEHLGVQRWDWHUZRUNLQJSDSHUV ,661 +DQV&&KULVWHQVHQ 0nOIRUPXOHULQJL171)L0DMRUVWLG +DQV&&KULVWHQVHQ %DVLVWHNQRORJLHQHVUROOHLLQQRYDVMRQVSURVHVVHQ (ULN65HLQHUW .RQNXUUDQVHG\NWLJHEHGULIWHURJ¡NRQRPLVNWHRULPRWHQQ\IRUVWnHOVH -RKDQ+DXNQHV )RUVNQLQJRPWMHQHVWH\WLQJ -RKDQ+DXNQHV )RUVNQLQJRPWMHQHVWH\WLQJ 8WIRUGULQJHUIRUNXQQVNDSVJUXQQODJHW -RKDQ+DXNQHV (QVDPPHQKROGWWHNQRORJLSROLWLNN" +DQV&&KULVWHQVHQ )RUVNQLQJVSURVMHNWHULLQGXVWULHOOUHJLL.MHPLVNNRPLWHL171)LRJ nUHQH $QGHUV(NHODQG %UXNDY(9(17YHGHYDOXHULQJDY6.$3WLOWDN 7HUMH1RUG7URQG(LQDU3HGHUVHQ 7HOHNRPPXQLNDVMRQ 2IIHQWOLJSROLWLNNRJVRVLDOHDVSHNWHUIRUGLVWULEXWLYHIRU KROG 5/95 (ULF,YHUVHQ ,PPDWULHOOHUHWWLJKHWHURJQRUVNQ ULQJVSROLWLNN (WNRPPHQWHUWUHIHUDWWLO 12(VHPLQDUHW , ,, $UEHLGVUDSSRUWHQH WLORJPHG EHVWnUDYHPSLULVNHDQDO\VHUDYEODQW DQQHWLQQRYDVMRQVDNWLYLWHWLQ¡NNHOEUDQVMHUL1RUJH ,QQRYDWLRQSHUIRUPDQFHDWLQGXVWU\OHYHOLQ1RUZD\ 3XOSDQGSDSHU ,QQRYDWLRQSHUIRUPDQFHDWLQGXVWU\OHYHOLQ1RUZD\ %DVLFPHWDOV ,QQRYDWLRQSHUIRUPDQFHDWLQGXVWU\OHYHOLQ1RUZD\ &KHPLFDOV ,QQRYDWLRQSHUIRUPDQFHDWLQGXVWU\OHYHOLQ1RUZD\ %R[HVFRQWDLQHUVHWF ,QQRYDWLRQSHUIRUPDQFHDWLQGXVWU\OHYHOLQ1RUZD\ 0HWDOSURGXFWV ,QQRYDWLRQSHUIRUPDQFHDWLQGXVWU\OHYHOLQ1RUZD\ 0DFKLQHU\ ,QQRYDWLRQSHUIRUPDQFHDWLQGXVWU\OHYHOLQ1RUZD\ (OHFWULFDODSSDUDWXV ,QQRYDWLRQSHUIRUPDQFHDWLQGXVWU\OHYHOLQ1RUZD\ ,7 ,QQRYDWLRQSHUIRUPDQFHDWLQGXVWU\OHYHOLQ1RUZD\ 7H[WLOH ,QQRYDWLRQSHUIRUPDQFHDWLQGXVWU\OHYHOLQ1RUZD\ )RRGEHYHUDJHVDQGWR EDFFR .HLWK6PLWK(VSHQ'LHWULFKVDQG6YHLQ2ODY1nV 7KH1RUZHJLDQ1DWLRQDO,QQRYDWLRQ6\VWHP $VWXG\RINQRZOHGJHFUHDWLRQ GLVWULEXWLRQDQGXVH (ULF,YHUVHQRJ7URQG(LQDU3HGHUVHQPHGKMHOSDY(UODQG6NRJOLRJ.HLWK6PLWK 3RVWHQVVWLOOLQJLGHWJOREDOHLQIRUPDVMRQVVDPIXQQHWLHWHNVSORUDWLYWVWXGLXP 7RUH6DQGYHQ $FTXLVLWLRQRIWHFKQRORJ\LQVPDOOILUPV -RKDQ+DXNQHV 5 'LQ1RUZD\ ² $QRYHUYLHZRIWKHJUDQGVHFWRUV 67(3 6WXGLHUÃLÃWHNQRORJLÃLQQRYDVMRQÃRJáNRQRPLVNÃSROLWLNN ,,, -RKDQ+DXNQHV3LPGHQ+HUWRJDQG,DQ0LOHV 6HUYLFHVLQWKHOHDUQLQJHFRQRP\LPSOLFDWLRQVIRUWHFKQRORJ\SROLF\ -RKDQ+DXNQHVDQG&ULVWLDQR$QWRQHOOL .QRZOHGJHLQWHQVLYHVHUYLFHVZKDWLVWKHLUUROH" +DQV&&KULVWHQVHQ $QGUHZ9DQGH9HQVLQQRYDVMRQVVWXGLHURJ0LQQHVRWDSURJUDPPHW $ )LQQUVWDYLNDQG6YHLQ2ODY1nV ,QVWLWXWLRQDOPDSSLQJRIWKH1RUZHJLDQQDWLRQDOV\VWHPRILQQRYDWLRQ $ $UQH,VDNVHQRJ1LOV+HQULN6ROXP ,QQRYDVMRQVVWUDWHJLHUIRU$XVW$JGHU,QQVSLOOWLO6WUDWHJLVN1 ULQJVSODQ 67(3 6WXGLHUÃLÃWHNQRORJLÃLQQRYDVMRQÃRJáNRQRPLVNÃSROLWLNN 6WRUJDWHQ12VOR1RUZD\ 7HOHSKRQH )D[ :HE KWWS ZZZVROQRVWHS 67(3JUXSSHQEOHHWDEOHUWL IRUnIRUV\QH EHVOXWQLQJVWDNHUHPHGIRUVNQLQJNQ\WWHWWLODOOH VLGHUYHGLQQRYDVMRQRJWHNQRORJLVNHQGULQJPHG V UOLJYHNWSnIRUKROGHWPHOORPLQQRYDVMRQ ¡NRQRPLVNYHNVWRJGHVDPIXQQVPHVVLJH RPJLYHOVHU%DVLVIRUJUXSSHQVDUEHLGHU HUNMHQQHOVHQDYDWXWYLNOLQJHQLQQHQYLWHQVNDSRJ WHNQRORJLHUIXQGDPHQWDOIRU¡NRQRPLVNYHNVW'HW JMHQVWnUOLNHYHOPDQJHXO¡VWHSUREOHPHURPNULQJ KYRUGDQSURVHVVHQPHGYLWHQVNDSHOLJRJ WHNQRORJLVNHQGULQJIRUO¡SHURJKYRUGDQGHQQH SURVHVVHQInUVDPIXQQVPHVVLJHRJ¡NRQRPLVNH NRQVHNYHQVHU)RUVWnHOVHDYGHQQHSURVHVVHQHUDY VWRUEHW\GQLQJIRUXWIRUPLQJHQRJLYHUNVHWWHOVHQDY IRUVNQLQJVWHNQRORJLRJLQQRYDVMRQVSROLWLNNHQ )RUVNQLQJHQL67(3JUXSSHQHUGHUIRUVHQWUHUW RPNULQJKLVWRULVNH¡NRQRPLVNHVRVLRORJLVNHRJ RUJDQLVDWRULVNHVS¡UVPnOVRPHUUHOHYDQWHIRUGH EUHGHIHOWHQHLQQRYDVMRQVSROLWLNNRJ¡NRQRPLVN YHNVW 7KH67(3JURXSZDVHVWDEOLVKHGLQ WRVXSSRUW SROLF\PDNHUVZLWKUHVHDUFKRQDOODVSHFWVRI LQQRYDWLRQDQGWHFKQRORJLFDOFKDQJHZLWKSDUWLFXODU HPSKDVLVRQWKHUHODWLRQVKLSVEHWZHHQLQQRYDWLRQ HFRQRPLFJURZWKDQGWKHVRFLDOFRQWH[W7KHEDVLV RIWKHJURXS·VZRUNLVWKHUHFRJQLWLRQWKDWVFLHQFH WHFKQRORJ\DQGLQQRYDWLRQDUHIXQGDPHQWDOWR HFRQRPLFJURZWK \HWWKHUHUHPDLQPDQ\XQUHVROYHG SUREOHPVDERXWKRZWKHSURFHVVHVRIVFLHQWLILFDQG WHFKQRORJLFDOFKDQJHDFWXDOO\RFFXUDQGDERXWKRZ WKH\KDYHVRFLDODQGHFRQRPLFLPSDFWV5HVROYLQJ VXFKSUREOHPVLVFHQWUDOWRWKHIRUPDWLRQDQG LPSOHPHQWDWLRQRIVFLHQFHWHFKQRORJ\DQG LQQRYDWLRQSROLF\7KHUHVHDUFKRIWKH67(3JURXS FHQWUHVRQKLVWRULFDOHFRQRPLFVRFLDODQG RUJDQLVDWLRQDOLVVXHVUHOHYDQWIRUEURDGILHOGVRI LQQRYDWLRQSROLF\DQGHFRQRPLFJURZWK