Financing innovation in Brazil: empirical evidence and implicit S&T policy

Financing innovation is not emphasized by neo-schumpeterian approach, despite Schumpeter (1982) himself having already emphasized the relevance of the bank system in the economic development. In this article we analyze financing innovation in Brazil through recent empirical evidence from Brazilian Innovation Survey. In doing so, we also highlight the implicit S&T policy as it influences firms’ investment decision. An integrated and articulated operation of NIS relies upon the definition of an innovation policy that faces the problems of articulation between institutions that comprise it, and, thus, reduces the uncertainty inherent to contradictions between implicit and explicit innovation policies, building a trustful institutional environment for investors.