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Option 3 Mainstreaming would be ranked second, however based more on efficiency and coherence than on effectiveness. One of the aspects Option 3 would omit is providing support for a better integration of potential investors into the value chain including bioprospecting, as this aspect (particular to Blue Biotechnology) would not receive specific attention. The overall assessment of the effectiveness, efficiency and coherence of these actions would much depend on the details of the policy implementation, including the use that can be made of existing initiatives. Option 4 Formal measures contains a number of potentially powerful actions which could render this option quite effective. However, it would score negatively on efficiency and coherence considerations, thus making it the least preferred option. With regard to efficiency, it would require substantial efforts, wider and longer term European and potentially international efforts to implement its measures. Furthermore, its coherence would be compromised by the fact that it could contradict current European strategies and policy frameworks. For example the specific Blue Biotechnology fund would not be much aligned with current horizontal EU financial instruments for growth and development. Consequently, in order to further evaluate whether one or more initiatives under Option 4 would have a future potential it would be necessary to identify the ambitions of the European Union for the sector of Blue Biotechnology as a whole. Given the complementary nature of the policy options and the closely connected problem areas, the analysis has found that a combination of policy options 2 and 3 is likely to be the most effective in addressing the overall problem of the sector. Option 2 with a number of supplementary policy actions from Option 3 could effectively:      increase funding available across the value chain; encourage better understanding of the sector by the investors thereby lowering risks and encouraging investments; bridge the so-called valley of death for product development. 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. The combination of the measures within Options 2 and 3 would ensure wide ranging and effective collaborations between the different groups of stakeholders throughout the value chain. Thereby it would facilitate commercialisation and product development for researchers and private enterprises (particularly SMEs). Furthermore, measures aimed at providing increased financial support would allow for a smooth transition between the research, the product development and the commercialisation stages and could create a long-term perspective for the private enterprises. The promotion of collaboration could drive numerous research activities and could potentially have spill-over impacts in other areas of biotechnology. increase collaboration across the value chain, including those parts which are specific to Blue Biotechnology (e.g. bioprospecting); Study in support of Impact Assessment work on Blue Biotechnology 81

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