The lack of readily identifiable and realisable value in the assets created via expenditure on innovation increases the risk that such investments could become “short-termist” and cyclical, especially among resource-constrained SMEs, which are likely to be juggling many conflicting priorities. A recent study shows that 40% of SME applicants at the European Patent Office applied for a patent in order to facilitate securing external finance, compared with 15% of applications from large firms (de Rassenfosse, 2012). In France, SMEs rely more on internal funds for their R&D expenditure than large enterprises, according to data from BPI France.