104

Furthermore the measure could facilitate the commercial uptake of products in development as investors would have access to a database by which they could gain an overview and understanding of the research and product development potential in Europe (better decision making based on more accurate information). Wider impacts A wider impact of the measure would be the increase in awareness of the wider scientific community with regard to the research and product development activities that takes place within the Blue Biotechnology sector. This could potentially result in new applications for the products and encourage investments. Furthermore, results could include an overall growth for the sector and an increased number of jobs for skilled personnel. 4C Establish a (stand-alone) Blue Biotechnology fund Expected results The stand-alone Blue Biotechnology fund would focus on funding a combination of research in the sector as well as the roll-out stage in the industry. The aim would be clearly identified and would focus on actively supporting the sector. However, such funds are very costly to run and monitor given the small size of the industry. Cost implications would include manpower as well as infrastructural investment. Furthermore, actions are being taken to prevent fragmentation of funding and funds and instruments are being concentrated into efficient hubs - such as Horizon 2020 for R&D or the EIB’s financial instruments. The stand-alone fund could therefore clash and overlap with some of these other funding streams. Specific impacts Blue Biotechnology SMEs would have an additional stream of finances to either fund their research, or their roll-out phase. Given that at times it is the running out of other funds that stop the development of products this stand-alone fund could bridge the funding gap as well as further encourage sectoral growth. Wider impacts A growing sector with extra funding would not only attract more companies and research institutes to participate, but also investors and buyers looking into new booming sectors. However, such a stand-alone fund could also have a negative impact due to fragmentation of the funding streams and encouraging other sectors to also set up their specific funds. This could be seen as ‘winding back the clock’ on the progress that has occurred in bringing a more streamlined approach and increased efficiency in EU funding. 4D Promote legal measures in the context of UNCLOS Expected results The expected result of this measure would be an increased awareness and improved understanding of the legal conditions that can be relevant for access and benefit sharing which could translate into a wider collaboration of stakeholders on international waters. While the costs of promoting legal measures within UNCLOS would be on the low to medium scale as there are ongoing discussions between the international stakeholders it is very difficult to predict the timeline through which this action would be realised. Study in support of Impact Assessment work on Blue Biotechnology 79

105 Publizr Home