Government budget appropriations or outlays for R&D (GBAORD) as well as higher education expenditure on R&D (HERD) peaked in 2010 and have since been declining. The overall effect of policy was that - in relative terms - funding shifted away from innovation towards research policy. Tekes has been significantly de-funded while institutional research funding to the universities has remained stable at the same level and research funding through the Academy of Finland continued to increase (Figure 6.1).