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that overall costs could be on the lower end of the scale as it would mainly include increased hours for legal, administrative and policy experts. Specific impacts The specific impacts brought along by increased legal clarity would include an increased collaboration potential from investors who would see lower risks as well as a reduced burden on research organisations interested in bioprospecting in maritime areas under coastal State jurisdiction. Wider impacts Among the wider impacts could be improved collaboration with and support to research programmes in third countries thereby contributing to an increase in the number of marketable products and increased protection of biodiversity. 5.3.2 Impacts of policy option 3 The most substantial impact is expected from only one measure, 3G. 3G- Promote Blue Biotechnology funding through existing financing instruments Expected results There are already several financing instruments that focus on innovative industries as well as SMEs in general.114 Missing however, is a focus on new industries such as Blue Biotechnology and actively supporting them. Start-ups and R&D are of course present, but new industries experience the issue of lack of focus and comprehension from the side of financial institutions to a much greater level. This could be altered by:  Earmark certain financial instruments/ budgets targeted at Blue Biotechnology companies;  Market and financial research to be conducted on the sector to gain a better understanding of the sector and the risks to facilitate future investment decisions using the existing financial instruments;  The providing institutions and funds (ERDF, EMFF, ESF, EIB) make a greater effort to reach out to the Blue Biotechnology sector with the financial instruments already available.  Provide help in completing applications for finances & business plans to companies emerging from pure frontline research to a more commercial world. The administrative costs of promoting such financing mechanisms would presumably be on the lower end of the scale as these instruments are in place alongside a communication network and infrastructure. Specific impacts The greater availability of finances (e.g. from mainstream Structural Funds, Horizon 2020 and EIB facilities) would give more Blue Biotechnology SMEs the opportunity to develop their products or find the right investors that would be of interest. The help and focus provided by the institution to the companies would allow them to be more sustainable over the long run as crucial business and financial skills would be gained. Lastly, knowledge about the sector would help to make better informed investment decisions by companies as well as investors, thus stimulating the most efficient system (by either increasing the amount of finances available and/or the cost of acquiring finances). 114 http://europa.eu/youreurope/business/funding-grants/access-to-finance/ Study in support of Impact Assessment work on Blue Biotechnology 77

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