Bpifrance’s innovation support allows micro-enterprises, SMEs, and Midcaps to finance innovative projects, either conducted on their own behalf (individual aid for innovation) or as part of a consortium of businesses and laboratories conducting innovation projects jointly (support for collaborative projects). In 2020, Bpifrance carried out a study to evaluate the economic impact of individual aid. Another study, made by the Center for Research in Economics and Statistics (CREST) and DG for Enterprise, gives an overview of the economic impact of support for innovation through collaborative projects. Both were realized as a part of a major evaluation project for the European Commission. You can find both studies’ results in this report.

1. Economic impact
of Bpifrance’s
support for innovation
27 Jan 2021

2. IMPACT DE BPIFRANCE INDICATEURS 2017 2
Two studies seeking to estimate the impact of Bpifrance’s support
for innovation on businesses’ economic trajectory
● Two studies evaluating the impact on R&D expenditure, jobs and growth of the support given to businesses
undertaking innovation projects either on their own behalf (individual aid for innovation) or as part of a consortium
of businesses and laboratories conducting innovation projects jointly (support for collaborative projects).
● This research into Bpifrance’s individual aid was conducted by an economist from the Bpifrance Evaluation
Department and France Stratégie. The research into support for collaborative projects was carried out by economists
from the French Centre for Research in Economics and Statistics (CREST) and the French government’s
Directorate-General for Enterprise. The work was supervised by two external steering committees with
members from the French Treasury, the DG for Enterprise, France Stratégie, the Banque de France and
independent universities (the advisors being Professor Pierre Mohnen from the University of Maastricht and
Professor Xavier Jaravel from the London School of Economics).
● The research projects make use of some 15 years of data on innovation support activities (2005-2018) from
60,000 projects entailing individual aid for innovation and 2,000 collaborative projects, cross-referenced with
government statistical data published through INSEE’s secure data hub (CASD).
● Methodology: for both studies, difference-in-differences method with matching for supported businesses against
businesses that were not supported but were initially similar (the “counterfactual”) – propensity score matching
method.
● Reports sent to the European Commission in November under the broader scope of the evaluation programme for
state aid to R&D: https://www.entreprises.gouv.fr/fr/etudes-et-statistiques/autres-etudes/evaluation-des-aides-d-etat-
la-rd-et-l-innovation-rapport.

3. IMPACT DE BPIFRANCE INDICATEURS 2017 3
Bpifrance individual aid for innovation boosts the R&D and
innovation spending of SMEs and micro-enterprises
On average, granting individual aids boost annual R&D spending by an additional €84k compared with
the counterfactual SMEs and micro-enterprises, of which €67k equates to the amount of RDI aid
allocated, corresponding to €45k of budget resources**.
Source: Bpifrance individual aid for innovation evaluation report (by Bpifrance).
€84k
in additional
R&D spending
per year
(22% increase)*
€45k**
of budget resources
used to provide
€67k
of individual RDI
aid granted
of which
The amount of Bpifrance individual
aid granted causes an increase in
the R&D spending of recipient
SMEs and micro-enterprises,
without replacing the privately-
sourced money that would have
been spent in the absence of the
scheme (no windfall effect).
* In comparison with the year preceding receipt of aid
** Estimated figure. RDI funding instruments include grants, repayable advances and loans enabling a leverage effect between the budget
cost (€45K per year on average) and the aid granted (€67K per year on average). This leverage effect of 1.5 was estimated on a scope of
companies and programs larger than the ones being covered by the France Stratégie / Bpifrance impact study

4. IMPACT DE BPIFRANCE INDICATEURS 2017 4
Investment in R&D and innovation results in additional jobs from the
first year, and an increase in revenue after 3 years
1.6
jobs created in total
after
3 years
(10% increase)*
Individual aid increases the
total headcount at SMEs and
micro-enterprises, including
R&D jobs (post-grad level and
highly-skilled jobs).
After 3 years, R&D and
innovation investment made by
recipient SMEs and micro-
enterprises results in additional
business growth.
€280k
in additional
revenue
after
3 years
(6% increase)*
0.5
post-graduate level jobs
created after
3 years
(10% increase)*
€80k
in additional
export revenue
after
3 years
(8% increase)*
Source: Bpifrance individual aid for innovation evaluation report (by Bpifrance).
of which
of which
* In comparison with the year preceding receipt of aid.

5. IMPACT DE BPIFRANCE INDICATEURS 2017 5
Support for collaborative projects has a knock-on effect on privately-
sourced SME-MidCap R&D expenditure
On average, granting support for collaborative projects boosts annual R&D spending by an additional
€294k compared with the counterfactual SMEs and MidCaps (intermediate-sized enterprises), of
which €105k equates to the amount of RDI support allocated, corresponding to €70k of budget
resources**.
Source: Support for R&D projects evaluation report (CREST, DG for Enterprise). The analyses consider Bpifrance support for
collaborative projects (Single Interministerial Fund (FUI), Structural Competitiveness Projects (PSPC), PIAVE future projects) together
with the ADEME (Agency for the Environment and Energy Management) and Rapid schemes.
€294k
in additional
R&D spending
per year
(19% increase)*
€70k**
of budget resources
used to provide
€105k
of collaborative RDI
aid granted
of which
The amount granted in support for
collaborative projects serves to
increase the R&D spending of
recipient SME-MidCaps. The
support received encourages these
businesses to spend more
privately-sourced funds in
comparison to a situation where the
scheme does not exist.
* In comparison with the year preceding receipt of aid
** Estimated figure. RDI funding instruments include grants, repayable advances and loans enabling a leverage effect between the budget
cost (€70K per year on average) and the aid granted (€105K per year on average). This leverage effect of 1.5 was estimated on a scope of
companies and programs larger than the ones being covered by the Crest / DG for Enterprise impact study

6. IMPACT DE BPIFRANCE INDICATEURS 2017 6
Support for collaborative projects stimulates job creation and
investment in R&D and boosts R&D project completion
Support for collaborative
projects increases the number
of R&D jobs and the amount
spent on R&D in SME-
MidCaps.
Support for collaborative
projects helps to increase the
number of patents filed by
recipient SME-MidCaps.
* In comparison with the year preceding receipt of aid.
** Maximum effect measured in the study. The scale of the effect depends on the data source under consideration.
Source: Support for R&D projects evaluation report (CREST, DG for Enterprise).
1.9
additional jobs
in R&D
every year
(11% increase)*
1.5
additional patents
filed per year**
(116% increase)*
€112k
of additional
R&D
expenditure
every year
(84% increase)*

7. IMPACT DE BPIFRANCE INDICATEURS 2017 7
Evaluation steering committees
Directorate-General for the Treasury
Work supervision and
approval
One committee
for each study
An enlarged committee as
part of the evaluation report
for the
European Commission
Banque de France
France Stratégie
Directorate-General
for Enterprise
Prof. Pierre Mohnen
Expert advisor on
evaluation of
individual aid
Prof. Xavier Jaravel
Expert advisor on
evaluation of support
for collaborative
projects
Prof. Emmanuel Duguet