Dutch Regional Agencies Boost Innovation and Economic Growth
Maastricht, Monday, 2 September 2024.
In 2023, regional development agencies in the Netherlands supported thousands of startups and SMEs, driving growth and addressing societal challenges. These agencies anticipate further positive contributions to the country’s earning capacity in coming years.
Significant Financial Support
The nine regional development agencies (ROMs) in the Netherlands played a crucial role in fostering innovation and economic development in 2023. By providing financial and substantive support to thousands of startups, scale-ups, and innovative SMEs, they enabled these enterprises to tackle pressing societal issues such as housing shortages, grid congestion, sustainable food production, and climate transition. With a total fund capital of €2.1 billion and over 600 staff, the ROMs have established a robust support system for regional businesses.
Strategic Innovation Agendas
ROMs collaborate closely with businesses, educational institutions, and government bodies to develop and implement strategic innovation agendas. These agendas aim to strengthen both existing and emerging innovative ecosystems. Projects supported by ROMs include initiatives like BOM’s collaboration with Protix on insect farming, Horizon Flevoland’s partnership with Econowind on sustainable shipping, and IQ’s development of the Healthy Chronos app for data-driven cancer recovery.
Interregional and International Efforts
At the end of 2023, the ROMs received a one-time boost of €4 million to enhance interregional collaboration, facilitating the timely market entry of necessary innovations. Additionally, €2.5 million was allocated under the Energy Hubs Stimulus Program to develop energy hubs, which are vital for the Netherlands’ energy supply. ROMs also played a significant role in internationalization efforts, assisting Dutch SMEs through 194 international trade activities that benefited 4,200 participants with valuable information and foreign contacts.
Economic and Job Growth
The ROMs’ efforts yielded substantial economic and job growth. In 2023, they contributed to 474 innovation projects with a financial scope exceeding €350 million, engaging over 1,000 companies in areas such as energy transition, food transition, and safety. Furthermore, ROMs invested €219 million in 372 innovative SMEs, with 50% of startups and later-stage capital recipients involving ROMs. Their investment portfolio includes 1,104 enterprises.
Future Prospects
Looking ahead, the ROMs anticipate continued growth in the positive contributions of regional SMEs to the Dutch economy. The Multi-Year Strategy for Interregional Cooperation 2024-2027, published by the Minister of Economic Affairs and Climate Policy in late June, aims to further support innovative entrepreneurs in the region. As Wendy de Jong, chair of ROM-Nederland, emphasizes, ‘We have taken steps together, but I urge to continue focusing on innovation. Because innovation affects us all.’