Metholodogy of Conclusions Evaluation as a Barrier for Getting Finansing of Innovations in SME. The main aim of this article was to identify the barriers arising from the proposals for the definition of innovation adopted for evaluation. The subject of the study was the methodology of evaluation of applications for co-financing under European Union funds, the sub-measure „Industrial research and development by enterprises”. Complicated procedures and the lack of access to reliable information result in the need to use third-party services when preparing applications. In addition, projects that are highly competitive are favored, but are not always the most innovative. Another problem is the approach to the definition of innovation. The so-called the Oslo methodology was last updated in 2005. The methodology adopted is also not adequate to the current situation in the IT service landscape.

The paper presented intends to fill up a gap in surveying the Hotelling Rule by taking a company based, microeconomic approach based on analyses of annual reports. Using selected data three fundamental hyphothesis are tested:
1) growth rate of margins (“net margins” including a capital charge) per unit realized by mining companies must exceed a rate equal to their cost of capital,
2) output shall follow deviations from the Hotelling growth line,
3) margins shall follow a path set by individually defined expected rate of return.
The analysis was based on 5 leading gold producers, responsible for ca 15–20% of global primary production, all of them public and listed on a stock exchange for the entire period of 2004–2019/2020. As margin shall grow at a rate compensating individual risk of a company in consideration, they shall not be homogenous. At 1st step industry WACC was adopted to calculate a normalized capital charge. The calculations revealed no support for Hotelling Rule. There is no evidence that over a period of above 15 years margins follow any path determined by a growing expotential function, following a compound rate. Subsequently it was checked whether output volume is corrected due to development of actual versus expected (resulting from the Hotelling Rule) margin values. Selected companies were near indifferent to this parameter while taking decisions in area of volumes supplied. Neither there is no evidence of relation between changes in output and margins. Finally, it was checked whether differences between expected and actual margins’ growth paths could be described by a linear function, resulting from consequent adoption of a risk rate component. Here neither any evidence was found. In conclusion no support for the Hotelling rule was identified.

We are observing an increase in development activity of the cities with poviat rights nowadays. It is visible especially in the area of obtaining European funds, financial policy, infrastructure or entrepreneurship. Those matters, especially experience of cities with poviat rights as the main beneficiaries became an interesting research area now. The aim of the article is to assess the competitiveness and development level of the cities with poviat rights in voivodships of Eastern Poland. For the purposes of this article, a synthetic measure has been used. Taking into account the availability and comparability of data as well as statistical criteria, the variables describing: financial situation, economy and infrastructure in the system of cities with poviat rights in voivodships of Eastern Poland were adopted. Data from the Local Data Bank of the Central Statistical Office for 2008, 2012 and 2016 were the main source of the article.

Healthcare services differ from other public goods due to the characteristics of their demand and supply. As a public good, its provision might allow for a free rider effect. This study aimed at checking whether a patient's overall tendency to free ride impacts the Willingness to Pay for public healthcare access. The study demonstrates that besides the experience level with the valued good, free riding tendency also influenced the valuation. The results indicate that not only past decisions about free riding but also readiness to free ride in the future might change the willingness to pay for the public good.

The model is developed for the intellectualized decision-making support system on financing of cyber security means of transport cloud-based computing infrastructures, given the limited financial resources. The model is based on the use of the theory of multistep games tools. The decision, which gives specialists a chance to effectively assess risks in the financing processes of cyber security means, is found. The model differs from the existing approaches in the decision of bilinear multistep quality games with several terminal surfaces. The decision of bilinear multistep quality games with dependent movements is found. On the basis of the decision for a one-step game, founded by application of the domination method and developed for infinite antagonistic games, the conclusion about risks for players is drawn. The results of a simulation experiment within program implementation of the intellectualized decision-making support system in the field of financing of cyber security means of cloudbased computing infrastructures on transport are described. Confirmed during the simulation experiment, the decision assumes accounting a financial component of cyber defense strategy at any ratios of the parameters, describing financing process.

On May 17, 2018, the National Center for Research and Development announced the initiation of a new procedure within the Hydrogen Storage Program. The objective was to develop a Hydrogen Storage System for use with fuel cells and its demonstration in a Mobile Facility. This is to create an alternative to the use of fossil fuels and create a field for competition in creating solutions in the field of access to “clean” energy. The National Center for Research and Development is responsible for the development of assumptions, regulations and implementation.

The analysis presents the main assumptions of the program is correlated to the current legal situation related to the financing of Research and Development. An in-depth study concerns the ways of using innovative partnership and its placement in the system of European Union legal acts. The idea of the pre-commercial procurement procedure (Pre-Commercial Procurement), which was developed to support the implementation of prototypes of solutions – resulting from research and development – with a high potential for possible commercialization, was described in details. This procedure is characterized by ensuring the financing of a product or service at an early stage of development. Although this creates the risk of failure of the project, it stimulates technological development.

Nowadays, fighting to stop climate change is not only possibility, it is indisputably an imperative for our future life on the Earth. The concept of climate neutrality was established at the beginning of the twenty-first century but has gained importance in the last decade. Climate neutrality can be achieved if CO2 emissions are reduced to a minimum and all remaining CO2 emissions are offset with climate protection measures. In order to limit global warming to 1.5°C – a threshold the Intergovernmental Panel for Climate Change (IPCC) suggested is safe – climate neutrality is essential by 2050. The main aim of this article is to identify activities aimed at neutralizing the impact of mining and energy companies in Poland on climate and to assess the approach of commercial banks in Poland towards financing their activities towards climate neutrality. The article verifies the research hypothesis stating that commercial banks in Poland support the financing of activities conducive to achieving climate neutrality by companies from mining and energy industries. The empirical research was carried out in three stages. It included data analysis, case study and questionnaire survey. The study shows that the mining and energy industry in Poland is aware of the need to implement quick actions to reduce their negative impact on the environment and to achieve climate neutrality by 2050. Moreover, it has been proven that the banking sector in Poland is open to financing socially responsible investments (SRI) supporting activities for climate neutrality.

One of the main problem of innovative projects in Russian Federation is the need to assess the impact of exogenous shocks on their financing and development. The impact of this type of shock in the period of globalization is sharply increasing. In order to assess the impact of exogenous shocks on innovative projects we create a model with two stages using the innovate project of production of water purification plants. The first stage of it is the construction of a simple model of financial risk, stipulating the conditions when investors will invest in this firm in the absence of negative shocks, their expectations will depend on their own confidence in continuing investment at the next stages. This model shows a positive result. At the second stage we take into account the impact of the negative exogenous shocks on the project, and try to trace a reaction of companies involved in financing innovative projects. The results of the project were negative. The investor in this case as a rule can stop financing and has the risk of losses. In order to prevent this situation we propose to use a real option for a possible refusal to implement an innovative project in the event that the net present value after one year of financing will be negative or very small. To our opinion it is one of the best ways to reduce financial risks during the implementation of innovative projects for investors.

The paper deals with possibilities of innovation projects financing in the Small and Medium Size Enterprises (SMEs) in the Czech Republic. It discusses, in the emphasis on SMEs, possible approaches to innovative company financing in dependence on company life cycle. Well established and functional models of innovative companies financing as FFF, Business angels, Private equity and Venture capital funding and mezzanine financing are discussed. Inasmuch SMEs are considered the key driving force of the Czech economy and the stabilizing feature of the regional development, the government places emphasis on the development of financial instruments which would ensure an ongoing financial support of innovation projects. But managements of SMEs insufficiently use all opportunities to obtain investment resources for the growth, future competitiveness and prosperity of their companies. According to researches performed in EU it was proven that financing constraints hinder innovation among SMEs. Maintaining regional balance through sustainable performance of SMEs is the common aim of municipalities as well. It is necessary for SMEs to form long-term relationships with their municipalities in the region. Programmes which arrange financial support for institutions are provided through private investors, grants, the EU funds and national budget. The paper evaluates pros and cons of various types of financial subsidies with respect to payback periods, risk exposure and availability. The paper includes the outputs of empirical research in SMEs carried out 2014 focused on steering innovation projects in SMEs. The aim of the research was to find out if SMEs can manage, evaluate and develop innovation projects. Moreover the authors examined the effectiveness of relationships established between SMEs and municipalities and problems which the SMEs are confronted by upon the ensurance of project innovation investments. The sources procurement is a very sophisticated topic and it is beneficial for the SMEs to establish a close cooperation not only with municipalities but also with universities.