Joint SBA Policy Measures Proposed
for design & implementation in
Torrevieja
Note: The proposed policy-measures are based on the results of Diagnostic Survey which has been launched among local business organizations in Torrevieja in April 2017. The results and analysis of the Survey are presented in the attached document. The Survey results showed four pressing problems which are serving as negative factors for Torrevieja’s local economy growth and job creation.
Problems to be addressed :
Problem 1 : Limited opportunities for local SMEs’ expansion due to lack of market dynamics and negative market expectations
Problem 2: Limited access for local SMEs to the procurement market opportunities (government contracts & grants)
Problem 3: Limited access of local SMEs to venture capital for expansion and innovation
Problem 4: Lack of Regulatory Impact Assessment for local SMEs
Problem 1 to be addressed: Limited opportunities for local SMEs’ expansion due to lack of market dynamics and negative market expectations
Policy Measures proposed:
1.1. Torrevieja Revitalization Plan
Both, lack of market dynamics and negative expectations, are result of lack of good public policies for diversification of the local economy on the one hand, and lack of good initiatives on the other hand. Revitalization plan for new high profile developments in the area is definitely needed. Such new developments (urban, transport and events) are supposed to develop a new market winds and attract new type of market players. Strong attention should be given by all actors in the region in order to find a new engine for local growth, avoid the dependence of seasonal business, stop relaying too much on trade & hospitality, and increase the profile of the area, resp. attracting public with stronger purchase power, including attracting strategic investors. In order to achieve these goals, the local community should come up with a modern type of planning, brainstorming and project delivery entities. This massive Revitalization plan could not come from nowhere, it should be an intellectual product created with the synergy of the whole community.
1.2. Torrevieja Regional Development Board
In order to challenge and mobilize the intellectual potential of the whole community, the process of idea generation and idea management should be led by a body which unite representatives of all sectors and is not dominated by burocrats and politicians. Such bodies exist in many leading European Regions, usually titled Regional Development Boards. They are given specific authority to lead public debates and to make decisions about planning in the area of regional development, including Regional Revitalization Plan, mentioned above.
1.3. Torrevieja Development Corporation
Development Corporation is a business entity, usually owned by local government but is managed by professionals who are not staff of the government offices or government agencies. The Development Corporation is the entity which is responsible for delivery of the Revitalization Plan. Both type of entities mentioned above, Regional Development Board and Development Corporation, are emanation of citizens’ participation in the local economic development. They are strongly relying on professional expertise and are successfully incorporated into the systems for regional development of the leading European regions. Examples of Development Boards and Corporations should be closely studied in order some of their good practices to be adjusted and incorporated. Here is also necessary to be mentioned that it is may be a good idea when Revitalization Plan is considered – as more territory being united under the plan as more options for planning significant new developments exist. At this point a joint approach of the three already united municipalities of Torrevieja, Guardamar del Segura and Pillar de la Horadada is a good ticket for further joint policy measures in this direction.
Problem 2 to be addressed: Limited access for local SMEs to the procurement market opportunities (government contracts & grants)
Policy Measures proposed:
- e-Procurement Navigator
System which is scanning on regular basis all existing opportunities for government contracts & grants on the local, national and European public market
- e- Procurement Platform
E-platform accessible by all local businesses which allows local SMEs to stay perfectly informed about all existing procurement opportunities on local, national and European public market. E-mail alerts informing all registered users for upcoming business opportunities.
- Procurement Training Network
Well managed system for training the local business how to take advantage of all these opportunities and to make sure that they are available for their local business
Problem 3 to be addressed: Limited access for local SMEs to venture capital
Policy Measures proposed:
3.1. Torrevieja Venture Capital Facility
Lack of access to funds for expansion and innovation is signaled by about 40 % of the Respondents. The policy measure here proposed, namely the creation of a Torrevieja Venture Capital Facility, aims the creation of an office specialized in providing advisory to local business owners which are looking for access to venture capital. Such capital is offered by different investment funds, for example equity investments. These are usually private equity and venture capital funds that have signed an agreement with the European Investment Fund. The funds make investment decisions based on commercial criteria. Find the fund managers in your country by clicking here. Torrevieja Venture Capital Facility is not supposed to provide capital. Instead it is supposed to guide the SME in the process of identifying the right source for venture capital and dealing with it in its best interest.
Problem 4 to be addressed: Lack of Regulatory Impact Assessment for local SMEs
Policy Measure proposed:
4.1. Torrevieja Regulatory Impact Assessment Board
The existing and the newly created legislation and regulations have impact on the business. Here proposed Regulatory Impact Assessment Board aims to study and analyze the impact which the legislation and regulations have, or will have on the Torrevieja’s small and medium business. Such entity is serving as a guarantee that these legislation & regulations rather help the local business instead of creating additional burden, or unhealthy competition for local SMEs. An example of a legislation which impact on local SMEs should be a subject of the recommendations & decisions made by Torrevieja Regulatory Impact Assessment Board is the implementation of the national legislation for working hours of the commercial stores. 75 % of the Respondents have stated their opinion that Impact Assessment Board should be created. Torrevieja’s government should be encouraged to study other EU Regions’ practices and consider implementation of such board in accordance with the vision expressed by the Respondents in this survey. The Board is supposed to be independent from the administration and the legislative branch.
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