Abstract
The authors provide some empirical evidence of the impact of two policy measures designed to support innovation in small and medium firms in Piedmont, both financed using the European Structural Funds but managed at regional level. The first measure was a concessional loan to promote the introduction of innovative plant, machinery and equipment, while the second was a free grant to stimulate research activity by firms. The programmes were effective in stimulating targeted investments (respectively tangible and intangible), but the benefits were short-lived, although to different degrees. The impact was stronger for the smallest firms and, in the case of the second measure, for firms with a low credit rating.
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