Data from the Interamerican Development Bank (IDB) shows that Brazil was responsable for 60% of the investments in research and development among the countries of Latin America and the Caribbean in 2007. Brazil is the only country in the region which allocates up to 1% of Gross Domestic Product (GDP) for innovation.

According to the IDB, one of Brazil's main points is the availability of support mechanisms for technological research. "In terms of availability of instruments to encourage innovation, Brazil probably has more instruments than any other country in Latin America," said Flora Painter, Head of Science and Technology Division of the IDB.

One of the governmental mechanisms to stimulate entrepreneurial innovation is called economic subsidies - funds released in the announcement by the Financing Agency for Studies and Projects (FINEP), from the Ministry of Science and Technology. Since 2006, were released more than R$ 1.7 billion, according to the ministry.

The IDB research was presented at a seminar about regional innovation systems. During the meeting, was also presented an assessment about business innovation in four states (Alagoas, Paraiba, Santa Catarina and Minas Gerais), which is in the implementation phase of a pilot project for a regional innovation system.

Source:
Agência Brasil