International Journal of Entrepreneurship and Innovation Management (40 papers in press)
Corporate Governance and Initial Public Offerings
by Tarek MILOUD
Abstract: The study aims to determine how different factors shape the size of boards of directors in private firms conducting an initial public offering(IPO)on the regulated Euronext Paris market. These factors include the presence of a venture capitalist, ownership structure, firm-specific characteristics and CEO characteristics. To study the determinants of board size,we used a sample of 568 firms that went public from 1995 to 2012 and found that the boards tend to become more independent shortly after going public, which indicates that firms are affected by monitoring in financial markets. The study found strong evidence that ownership variables, board structure variables, CEO characteristic variables and firm characteristic variables tend to affect board size. Our results also indicate that venture capitalists are a major catalyst for IPOs because they provide financing and strategic advice, act as an opposing force to the CEO and shape the governance structure.
Keywords: IPO; Corporate governance; Ownership structures; Board structure and Venture capital.
Delineating the Concept of Corporate Social Innovation: Toward A Multidimensional Model
by Ayla Esen, Ceyda Maden-Eyiusta
Abstract: Business organizations are facing increasing pressure over their role in society. Social innovation is a relatively new concept used to define efforts to develop novel and innovative solutions to social challenges. The aim of this study is to conceptualize a novel form of social innovation, namely, corporate social innovation, by focusing on social innovation efforts initiated by private sector organizations. This study also aims to provide insight into (1) the definition of corporate social innovation and (2) the key dimensions underlying the social innovation capability of business organizations. Data were collected through semi-structured interviews with 20 experts who play an active role in various social innovation projects in their respective organizations and/or adopt social innovation as an academic field of interest. The interview results extend our conceptual understanding of the corporate social innovation phenomenon by providing a comprehensive definition of the concept and describing a six-factor model of corporate social innovation capability.
Keywords: corporate social innovation; social innovation; corporate social innovation capability.
New Independent Technology-Based Firms: Differences from other NTBFs and future research agenda for technology innovation management
by Fernanda Paula Arantes, Mauro Caetano, Veronica Angelica Freitas De Paula, Maria Salete Batista Freitag
Abstract: New technology-based firms (NTBFs) are responsible for the dissemination of technological innovation and industrial boosting, and have become attractive topics of research in the scientific field. However, literature is not uniform in its understanding of the concepts and definitions involving these organisations. Starting from the assumption that clarifying this distinction may contribute to the scientific production of knowledge directed to NTBFs specificities, this study first aims to suggest a new typology for NTBFs, differentiating between independent and dependent NTBFs. Second, this study presents an overview of recent innovation management studies on independent NTBFs among the top 10 technology innovation management journals through a systematic literature review. Research results indicate various distinctive features between these organisations and the existence of several literature gaps to be exploited, such as the licensing of innovation and intra-industrial innovation architectures.
Keywords: technology based; new enterprises; innovation management; technology intensive enterprises; systematic literature review; new independent technology based firms; spin-offs; technological innovations; innovation management studies.
Learning and Unlearning in Firms Commercialising Product Innovations: The Short Term Performance Implications of Business Model Changes
by Anton Danielsen, Annaleena Parhankangas
Abstract: In this paper, we analyse changes in the business model components of firms commercialising product innovations. We distinguish between three different types of business model changes based on their learning vs. unlearning content. Drawing on a study of 61 product innovation commercialisation projects, we suggest that business model expansion has positive short term performance implications, while business model substitution is likely to hurt short term performance. No statistically significant relationship between business model contraction and short term performance was found.
Keywords: Business model; learning; unlearning; product innovation.
Proposed Business Model for the Sustainability of Technology Business Incubators in Brazil and Portugal
by Antonio Lobosco, Emerson Antonio Maccari, Priscila Rezende Da Costa, Martinho Isnard Ribeiro De Almeida
Abstract: Technology business incubators (TBIs) can be used strategically as mechanisms for innovation and economic development processes in countries, states, municipalities, regions and companies. The study of their management model in terms of organizational efficiency and value creation is important. In this context, the general aim of this study was to evaluate the business models of incubators of technology-based Brazilian and Portuguese companies. With this specific aim, the study sought to (a) map the resources that affect costs and/or generate revenue; (b) study the nature of partnerships; (c) analyze value propositions; and (d) propose a business model for the sustainability of TBIs. The methodology employed was qualitative in nature and the multiple case study method was used at ten TBIs, six of which were Brazilian and four Portuguese. The result was the proposal of a business model for TBIs that includes good incubation practices for companies and helps incubators to achieve sustainability through organizational efficiency and value creation.
Keywords: company incubators; technological basis company incubators; technological basis company; business model; business model for technological basis company incubators.
The Death Valley of the university-industry cooperation with universities: From intention to action
by Sara Fernández-López, David Rodeiro-Pazos, Nuria Calvo, Braulio Pérez
Abstract: Research transfer depends mostly on the firm's goodwill for cooperation. However, very few papers deal with the intentions and attitudes of firm's representatives when they decide to cooperate with universities. Following an outside/in approach, this paper explores firms' attitudes towards R&D cooperation by focusing on the determinants of both having an interest in engaging with universities and the decision to pursue it. Using a sample of 262 firms, we studied the process of the development of interest to the formal decision to collaborate and found that the type of innovative activities carried out by the firm could explain the firm's interest, but not the formal decision to cooperate with universities. In turn, the strategic focus of the firm explained the decision to cooperate with universities. These results reinforce the need to design policies that build relations between researchers and firms at an individual level based on the firm's needs, instead of focusing on the institutional level based on the university's needs.
Keywords: University-industry collaboration; Strategy; Research and Development; Innovation transfer.
Boards of directors roles and size: what effects on exploitative and exploratory innovations? Case of listed Tunisian firms
by Sarra Berraies, Wajdi Ben Rejeb
Abstract: The purpose of this paper is to investigate the effect of the size and the roles of the board of directors (BD) on two types of innovation namely exploitative and exploratory innovations. These relationships have been little explored in the literature, particularly in developing economies.
Using a quantitative approach, an empirical study was conducted on a sample of 51 Tunisian listed companies. It revealed that exploratory innovation is promoted by BDs service role. The results also highlight that exploitative innovation is positively related to the BD's strategy role but negatively associated with BDs control role. The findings do not show a significant effect of BDs size on the two types of innovation.
This research provides insights to companies looking to improve their corporate governance practices and develop a sustainable competitive advantage based on innovation.
Keywords: Keywords: Corporate Governance; board of directors; board size; service role; control role; strategy role; exploitative innovation; exploratory innovation; Tunisian firms; multiple regression analysis.
Territorial agglomerations and corporate social responsibility: The role of science and technology parks
by Jose Moyano-Fuentes, Antonia Rodriguez-Martinez, Juan-Jose Jimenez-Delgado
Abstract: This paper is framed within the stream of research that investigates the factors that explain corporate social responsibility and analyses the role played by the immediate area in which a company operates. Its purpose is to examine the impact of science and technology parks on the social responsibility of companies physically located in territorial agglomerations. Using reasoning derived from institutional theory, the study examines the effects of the sense of belonging to a park, the involvement of institutions with links to a park, and the know-how that exists within a park. An analysis of a sample of 239 companies in high tech sectors in Spanish science and technology parks showed that all three aspects have a significant positive influence on the implementation of corporate social responsibility, although know-how was proved to be of secondary importance compared to a sense of belonging and the role played by institutions interrelating with parks.
Keywords: Corporate social responsibility (CSR); territorial agglomerations; science and technology parks; sense of belonging; Involvement of local institutions; know-how.
Policies supporting the Diffusion of Technology. The need for a systematic analysis.
by Adele Parmentola, Michele Simoni, Ilaria Tutore
Abstract: Diffusion of innovation policies are aimed at spreading technological capabilities throughout the industrial structure, facilitating the ongoing and incremental adaptation to change.
Nevertheless, economic literature on technology policies has focused predominantly on policies of generation, underestimating the effects of policy interventions in the diffusion process.
According to these considerations, the purpose of this paper is to identify the policies able to support the diffusion of an innovation by analysing the studies that specifically rely on the topic, and to provide a theoretical framework that links the policies to support the dissemination of an innovation to the barriers that hinder the diffusion of a new technology among a community of adopters. The framework gives a comprehensive view of diffusion of innovation policy, and to provide useful suggestions for policy makers.
Keywords: diffusion of innovation; technology policies; barriers to diffusion.
How open is the food NPD process? Preliminary results from an explorative study
by Barbara Bigliardi, Francesco Galati, Filippo Pavesi
Abstract: The food industry is facing a large number of challenges and a new paradigm for the development, acquisition and implementation of the huge potential of scientific breakthroughs is needed. Traditionally, the food NPD process is a closed process, where the inputs for new ideas come mainly from internal sources and new products are developed within the companys boundaries. Recently, this process has been modified to accommodate the OI paradigm, that addresses these challenges and opportunities, but it is still gaining momentum in the food sector. The main objective of this exploratory study is to investigate which stages of the NPD process food companies use to open, as well as which types of collaborations are established during each (open) stage of the NPD process. Three food companies were analysed and results suggest that the NPD process is more open during the very first phases, during the so-called fuzzy front-end. As for the collaboration, in the first stages of the NPD process the role played by customers and consumers is highly relevant, conversely suppliers centrality becomes higher when technical knowledge is required.
Keywords: New Product Development; Open innovation; collaboration; food industry; case study.
Shifting business models in the electronic gaming industry - From publisher backing to co-creation and crowdfunding
by Thomas Thurner, Melina Kroenert, Adrian Goersch
Abstract: The electronic gaming industry is in a process of massive change from publisher-based to artist-led-distribution. Still, insights into how this shift of paradigm plays out are largely absent from the academic literature. This paper studies the changing business model in the electronic gaming industry on the example of the game Rouge Stormers by the German indie game developer Black Forest Games. The studio worked on their title from 2006 to the present day during a time of far-reaching changes in the electronic game industry. The move-over to the new business reality led through turbulent times as publishers struggled to commercialize their projects and many went bankrupt. Also the technological change led to fading interests in consoles and required adjustments. The crowdfunding platform kickstarter was an entry point, but a previously failed project scared off potential publishers. Also, funding for the entire development process is impossible to acquire as the required capital is too high. A combination of crowdfunding with early access, a platform that specializes on early commercialization of games, proved successful. The paper demonstrates that the paradigm shift especially for small game developers is a messy trial-and-error process that threatens their very existence.
Keywords: computer games; video games; game development; co-creation; crowdfunding; community innovation; business model innovation;.
Exploring the role of context in motivating entrepreneurial behaviours: The motivations of migrant entrepreneurs in the Republic of Ireland and Northern Ireland
by Steven Lucas
Abstract: The personality traits approach is a popular way of understanding entrepreneurial motivation. This approach emphasises the importance of internal characteristics as drivers of entrepreneurial motivation. One of the central issues with the personality traits literature is therefore a tendency to overlook the importance of the actors external context in facilitating entrepreneurial motivations. The purpose of the paper is to address this gap by making three exploratory arguments, each of which is demonstrated through an analysis of the motivations of 43 migrant entrepreneurs in the Republic of Ireland and Northern Ireland. The arguments are 1) that context is an active force influencing entrepreneurial motivation; 2) that external environments are experienced differentially by actors; and 3) that context has both spatial and temporal elements.
Keywords: migrant; return migrant; entrepreneurship; self-employment; business; start-up; agency; context; motivation; biographical embeddedness; mixed embeddedness; personality traits.
Marketing Capability, Technical Capability, or Degree of Product Innovation: What Really Matters in leveraging the Sales of Technology-based Start-ups?
by Luis Carlos Padrão, Tales Andreassi, Luiz Artur Ledur Brito
Abstract: The objective of this study was to analyze the influence of incubator marketing support on the product performance of incubated NTBFs. The studys theoretical contribution sheds new light on NPD in incubated NTBFs by analyzing the effect of an important type of incubator support on NPD: incubator marketing support. A total of 512 target NTBFs were identified, and 250 participated in the survey. We found that incubator marketing support positively influences marketing capability. Marketing capability is a key factor for promoting sales growth in both low and high turbulence environments, although the effect is more pronounced in low turbulence environments.
Keywords: Product development; new technology-based firms; incubator; entrepreneurship.
Supporting Entrepreneurship Policy: An Overview of Italian Start-up Competitions
by Renato Passaro, Ivana Quinto, Antonio Thomas
Abstract: Innovative start-ups are currently considered to be an important channel for industrial change and for the renewal of economic systems. Among the initiatives that have been implemented to promote their diffusion, start-up competitions (SUCs) have received much recognition from policy-makers, followers and participants. Although the number of SUCs has grown, there are no comprehensive or systematic overviews of SUCs in the literature. Hence, this paper presents a cross-sectional exploratory analysis of Italian SUCs to provide an overview of their core characteristics. This in-depth study will support the diffusion of SUCs and will provide a foundation for the creation of a suitable ecosystem to improve the processes of business start-ups. The results show that the diffusion of SUCs is accompanied by deep structural changes, which can be interpreted as a consequence of the growing involvement of private organizations in promoting SUCs. Nevertheless, wide-ranging public intervention appears to be necessary to increase the effectiveness of SUCs.
Keywords: Entrepreneurship policy instrument; Start-up Competitions; Business Plan Competitions; Start-up ecosystem; Entrepreneurial process; Innovation; Policy-maker.
The hierarchical relationships between CEO characteristics, innovation strategy and firm performance in open innovation
by Joon Mo Ahn
Abstract: Open innovation (OI) has become an important business norm of successful firms; however, its strategic aspects and the role of a key individual, such as a chief executive officer (CEO) in its adoption, have been under-researched. This paper aims to investigate whether OI is relevant to SMEs and how CEO characteristics influence firm performance through OI. The hierarchical relationships between a firm and CEO characteristics are analysed with structural equation modelling (SEM) using data from 401 innovation-oriented SMEs in Korea. The results indicate that (1) openness can make a greater contribution to firm performance, (2) CEO characteristics are positively associated with openness, and (3) government support positively influences both openness and internal R&D. The research suggests that the human elements in SMEs should place a greater emphasis on OI to enhance firm performance and that policy makers should consider developing various programmes for key decision makers in SMEs to increase their awareness of OI.
Keywords: open innovation;CEO;SME;structural equation modeling.
Stimulating and inhibiting factors of patent filing with Brazilian universities
by Fernanda Pereira, Helder Costa, Valdecy Pereira
Abstract: One of the roles to be played by the University, besides the production of knowledge, is its contribution to technological innovation, which in some cases is manifested by the filing of patents. This characteristic becomes more important in countries that are in the development stage, as is the case of Brazil, one of the members of the BRICS. In this context, the following questions arise: What does the patent filing map in Brazil with the participation of Brazilian universities look like? And what are the factors that stimulate or inhibit the production of patents in this country? By identifying the main inhibiting and stimulating factors for the patenting in Brazilian universities from the perspective of Innovation Agencies, this unprecedented study may support policies to promote technological innovation and, in particular, to increase patent filing with the participation of universities.
Keywords: Patents; Brazilian universities; inhibiting factors; stimulating factors; Innovation Agencies; Brazil; patent filing map.
ASSESSMENT CRITERIA FOR SEED ACCELERATORS IN ENTREPRENEURIAL PROJECT SELECTIONS
by Teresa Mariño-Garrido, Domingo García-Pérez-de-Lema, Antonio Duréndez
Abstract: This paper contributes to the literature on accelerators by filling the gap concerning the criteria used to select venture projects. Seed accelerators develop strict and rated assessment criteria for project selection that grants them objectivity and guarantees program success. This study uses a sample of 309 cases to analyse the criteria applied by an accelerator when selecting projects. Among these cases, 15 entered the accelerator stage. Our work first examines variables linked to the business project, such as the extent of innovation, extent of investability, speed of acceleration and extent of team consistency. It then assesses entrepreneurial skills such as negotiation, teamwork, creativity, communication and leadership. Our findings show that extent of team consistency and speed of acceleration are the most widely-used variables to assess a business project, while the most valued entrepreneurial skills are leadership followed by creativity. Furthermore, the project is more likely to enter the acceleration stage in the presence of higher team consistency and creativity.
Keywords: Seed accelerator; entrepreneurship; start-up; venture capital.
Entrepreneurs' views on corporate social responsibility communication in SMEs − insights from Germany
by Jelena Simon, Kerstin Ettl
Abstract: Although the entrepreneur plays a crucial role in SME development, discussions about corporate social responsibility (CSR) and the reasons for a lack of CSR communication by companies are paradoxically usually held without listening to the entrepreneurs themselves. We address this gap and two questions from an entrepreneurs point of view: How, for what reasons and to whom do SMEs currently communicate their CSR activities? What do SMEs themselves regard as requirements for effective and manageable CSR communication? We refer to case studies developed through in-depth interviews with SME owners in Germany and aim to illustrate the motives and challenges that entrepreneurs face when they talk (or do not talk) about and publicize (or do not publicize) fulfilled social responsibility actions. Our results emphasize the great importance of the entrepreneurs attitude towards and knowledge about corporate social responsibility in the method and intensity of CSR communication in SMEs.
Keywords: Corporate Social Responsibility; CSR; Sustainability; SMEs; Entrepreneurs; Commu-nication; CSR Communication; Germany; Qualitative Approach; Case Study.
EVOLUTION OF INBOUND OPENNESS PROFILES IN THE INNOVATION PRACTICES OF SMALL AND MEDIUM-SIZED ENTERPRISES IN SPAIN AND PORTUGAL
by Franciane Hochleitner, Anna Arbussà, Germà Coenders
Abstract: The purpose of this article is to shed light on the patterns of inbound open innovation practices of SMEs and to explore potential size and country specificities. We base the analysis on data provided by three waves of the Eurostat Community Innovation Survey (CIS) for Spanish and Portuguese firms. The study identifies 5 innovation clusters with different openness profiles: closed innovators, absorbers of specialised knowledge, acquirers, co-operators and absorbers of industry knowledge. We find no substantial differences between small and medium-sized firms with regards to their innovation profiles, but there are substantial differences between the profiles of Spanish and Portuguese firms and the trends in said profiles. Portuguese firms increasingly rely on technology acquisition and Spanish firms on public institutions. These results could help shape national policy on intellectual property and public research systems, among others.
Keywords: Cluster analysis; SMEs; open innovation; innovation activities; innovation policy.
How does the Organizational Structure influence a Work Environment for Innovation?
by Eliana Gaspary, Gilnei Luiz De Moura, Douglas Wegner
Abstract: Companies operating in dynamic and rapidly changing markets need to design an organizational structure that fosters innovation. However, there are still remaining gaps in literature regarding the impact of organizational structure on the development of an environment that stimulates creativity and innovation. This paper analyzes the influence of different dimensions of organizational structure on the development of a work environment for innovation. A case study with a mixed method approach was conducted in the Brazilian subsidiary of a multinational company recognized worldwide for its innovative capacity. The results contribute to the theory by showing that several structural dimensions mainly the level of communication, level of formalization and job codification affect the work environment for innovation. The study also enriches the comprehension on how managers should design specific structural dimensions to stimulate creativity and innovation.
Keywords: innovation management; work environment for innovation; climate for innovation; creativity; organizational structure; matrix organization; human resources.
Venture capital firms valuation in bull and bear markets: Evidence from Sweden
by Anders Isaksson, Öystein Fredriksen
Abstract: This study uses an experimentally designed case study approach to investigate Swedish venture capital firms valuation practices in two different economic contextsthe economic boom (bull market) of 1999 and the downturn (bear market) of 2002. A key finding in our study is that during economic downturns, venture capital firms employed fewer and less advanced valuation methodsrelying more on rules of thumb and gut feeling than during boom times. We conclude that investor behaviour is considerably affected by current economic conditions and advocate strongly that it be considered in future research on not only venture capital valuation, but also investor behaviour in general. This study thus enriches the knowledge of venture capitalists valuation practices, in general, and how market conditions affect them. Furthermore, the results can also aid researchers in developing more relevant theories of valuation, valuation models, and valuation practices.
Keywords: venture capital; private equity; valuation; asset-based valuation; discounted cash flow valuation; required rate of return; cost of capital; dot-com bubble; economic bubbles; capital market myopia; bull market; bear market; investor behaviour.
Can we build resilience by way of creativity? Artistic ventures in a London hospice
by Thomas Hirschmann, Nigel Hartley, Steffen Roth
Abstract: Resilience and stress management are considered key factors for entrepreneurial success. In this research we propose that controlled, creative confrontation with adversity not only does not harm but, instead, helps to overcome stressful experience by fostering resilience. Our research is based on a neuronal network-model that pictures resilience and its relation to creativity. This model is applied to several cases of a UK hospice that successfully uses art to deal with the stressful conditions of dying inpatients. On this background we outline the concept of Controlled Creative Confrontation that harnesses the creativity-inherent potential for catalytic change to build resilience and permanently transform the self-perception of patients. This concept is illustrated in three exemplary cases of patients who successfully coped with their impending death by using art to confront, overcome, and re-build themselves in the face of this ultimate adversity. Describing these cases we point out which specific aspects of resilience we presume to be fostered by creativity. We conclude the research giving an outlook on suggested future studies providing quantitative support for and deeper insight into the causal relationship between the two concepts of creativity and resilience and their impact on the success of entrepreneurial ventures.
Keywords: Creativity; resilience; stress; coping; dying; art; entrepreneurial success.
SHARING YOUTUBE CONTENT IN OFFLINE MODE: AN ATTEMPT TO EXPLORE CONVERSATION THROUGH AN EXPERIMENTAL STUDY
by Janarthanan Balakrishnan, Susobhan Goswami
Abstract: Various researches have added up productive insights on users motivation and psychology behind online video sharing. Given that sharing involves communication and other related factors, this study aims to investigate the users communication needs and personality traits working behind sharing online videos in an offline platform. Given the popularity, YouTube was chosen for investigating the above research objective. With a differential approach, this study has employed social network analysis to understand the communication diffusion through quasi- experiment methodology. Three video genres-blocks; movie review videos, sports videos and music videos were chosen to understand the difference among the network structures. Further, personality of test units (five-factor model) and their communication factors (expertise, trustworthiness, attractiveness, social tie and homophily) are keyed out through the measures of eigenvector centrality, betweenness centrality and closeness centrality from the three network structures. The results indicated that the central units of movie reviews and music videos exhibited an extrovert personality, on the other hand, the central units from sports videos displayed an openness trait. Alongside the results of personality, it was understood that social tie, homophily and trustworthiness happen to be the most influencing factors in the communication diffusion of movie reviews, sports and music videos respectively.
Keywords: YouTube content; Social Network Analysis; Communication factors; Big Five personality traits; Centrality; Experiment method.
Innovation strategy and organizational structure:
insights from an Italian family firm
by Elisa Truant, Laura Broccardo
Abstract: Innovation is a key driver for national and international economic development and growth. Nevertheless, especially during a period of crisis, companies ration resources, limiting investments in research and innovation.
The objective of this study was to verify whether an innovation strategy might offer a competitive advantage, even during periods of crisis, to a family business operating in the automotive sector. In addition, it was also investigated if the company had modified its organizational structure to enhance strategy implementation.
The research methodology first focused on a review of the international literature relevant to innovation in family businesses and the strategy-structure alignment. Then, based on the literature, a relevant Italian case study about a leader in the European vehicle-transport sector was selected and examined. In recent years, crisis has strongly affected this sector, increasing the average life of commercial vehicles. To survive and thrive over this period, in contrast with the behavior of other companies, the family business owner adopted a proactive approach based on an innovation-focused strategy.
This paper adds specific findings related to the management of innovation in family firms, contributing to the expansion of the literature on innovation in family businesses and organizational structure while providing some useful practical insights.
Keywords: innovation; strategy; organizational structure; family firm; case study.
Sensemaking in collaborative networks: creating and balancing activities in open business models
by Jean-Paul Peronard, Jacob Brix
Abstract: The purpose of the study is to advance research on open business models as activity systems (Zott and Amit, 2010) in collaborative networks. We utilise Bradley's (1995) theory of exchange behaviour to discuss how new joint activities can be explored and how existing activities can be redesigned to strengthen collaboration between companies. To enable this discussion, we delve into the sensemaking literature and theory from loosely coupled systems. Our discussion leads to the development of the balanced activity system (BAS) model. The paper's key contribution is the prescriptive BAS model, which can be used strategically in collaborative networks to redesign or create new joint activities.
Keywords: collaborative networks; open business models; sensemaking; business development; innovation management.
Creativity and innovation: the case of haute cuisine
by Angelo Presenza, Tindara Abbate, Alfonso Vargas-Sánchez, Tina Harrison
Abstract: This study focuses on creativity and innovation in the gastronomy sector, where both concepts have become increasingly relevant determinants of success, business performance and longer-term survival. Specifically, it investigates the key factors that effectively stimulate the actions and behaviours leading to a continuous flow of novel and useful ideas that can be turned into innovations. To achieve this, an inductive methodology was used, based on the study of a single but significant case, using the semi-structured in-depth interview. The results show that new ideas are mainly generated directly by the chef; hence individual features play a leading role, together with endless experimentation. They furthermore underline that the innovation process is mainly influenced by a trial-and-error approach, which is possible only if the chef has a genuine entrepreneurial spirit. These results hold several relevant theoretical and practical implications.
Keywords: creativity; innovation; entrepreneurship; gastronomy; restaurant; haute cuisine; chefs; success factors; business performance; case study; Italy.
The use of equity crowdfunding to launch innovative ventures: insights from three cases
by Gianluca Elia, Alessandro Margherita, Fabrizio Quarta, Pasquale Stefanizzi
Abstract: Crowdfunding is the process of collecting money from a large audience to launch an entrepreneurial project. It is mostly based on the use of internet to gather financial resources and leverage the 'wisdom of crowds' to pre-validate the potential of a business idea. In particular, equity crowdfunding allows broad groups of investors to fund new companies in return for ownership of a piece of the business. It is thus an interesting option for supporting the launch of innovative companies, although its adoption is still limited by a number of complexities and an incomplete awareness of potential benefits. In such vein, this paper delineates the status of equity crowdfunding in Italy and presents the analysis of three successful equity crowdfunding campaigns, with the purpose to collect a set of lessons learned and provide useful insights for entrepreneurs and investors as well.
Keywords: case study; crowdfunding; crowdsourcing; entrepreneur; equity; investor; Italy; project; startup; technology entrepreneurship.
High-tech entrepreneurial ecosystems: using a complex adaptive systems framework
by Michael Sheriff, Moreno Muffatto
Abstract: The entrepreneurship ecosystem concept has been examined by various scholars resulting in different definitions and the development of various frameworks. High-tech entrepreneurial ecosystems are special types that are closely linked to innovative, high growth firms. We argue that the logic of interpretation of high-tech entrepreneurial ecosystems is quite different from that of national entrepreneurial ecosystems. The latter are guided by national policies and follow mainly a top down approach. This paper posits that the emergence and development of high-tech entrepreneurial ecosystems follow mainly a bottom up approach. For this reason, we have used a complex adaptive systems framework to interpret high-tech entrepreneurial ecosystems. In addition, we have also examined the network effects in these ecosystems. Reflecting on these effects, we have highlighted the additional roles of agents such as universities and local governments in contributing to the success of high-tech ecosystems. Finally, we have developed propositions that could be transformed into testable hypothesis and suggested further research.
Keywords: entrepreneurship; entrepreneurial ecosystems; high-tech; complex adaptive systems; CAS.
Special Issue on: When Entrepreneurship Meets Innovation
Potential international competitiveness and co-innovation of technology-based international SMEs
by Angelika Löfgren
Abstract: This paper contributes to an integrated entrepreneurship perspective in the cross-section of research on networks, innovation and internationalisation. The study promotes a conceptualisation based on international competitiveness literature in order to further such an integrated entrepreneurship perspective. By focusing on potential international network competitiveness, delineated as network-based sources of international competitiveness, the sustainability of international entrepreneurial firms is emphasised. The paper specifically draws attention to the relationship between network-based sources of international competitiveness and international technology development. Three hypotheses are developed and tested on 142 technology-based internationalising SMEs by means of linear structural relations (LISREL). The results indicate that there are direct- and indirect positive effects between network-based sources of international competitiveness and international technology development.
Keywords: entrepreneurship; innovation; international; competitiveness; technology development; networks; SMEs; LISREL; potential international competitiveness; international entrepreneurship; co-innovation.
Special Issue on: Migration and Diaspora Entrepreneurship Tackling the Heterogeneity
Entrepreneurship and economic integration of immigrants: a critical review of literature
by Jan Brzozowski
Abstract: This study provides a critical investigation of the research on immigrant entrepreneurship and economic integration of immigrants. Based on a sample of 44 articles, the paper shows the main theoretical concepts, methodological approaches and findings. The results of the literature review show surprising shortages in the studies on immigrant entrepreneurship as the immigrants self-employment status is usually perceived as a desired outcome of economic integration. Consequently, some important gaps in the knowledge on immigrant entrepreneurship are identified, and the most urgent directions for further studies are proposed.
Keywords: entrepreneurship; immigrant; economic integration.
Special Issue on: ICMC 2016 Entrepreneurship and Innovation in the Multi-sector Network Economy
Sustainable Value Creation in the Commercialization of Innovation:
The Case of Auria Biobank
by Hanna Lehtimäki, Ilpo Helén, Karoliina Snell, Päivi Eriksson, Tero Montonen
Abstract: The purpose of this study is to examine how different logics of commercialization are part of sustainable value creation in an emerging area of healthcare. This paper presents an inductive interpretative case study to examine the emerging field of personalized medicine from the perspective of a biobank seeking to create value on its depository of tissue samples, patient records, and digitized data. This study increases our understanding of the challenges and opportunities faced by a company when developing innovations in healthcare. It contributes to the literature on the commercialization of innovation by exploring how sustainable value creation in an emerging industry builds on both planned and emergent commercialization activities and how different logics of commercialization are a part of sustainable value creation in personalized medicine.
Keywords: healthcare; innovation; commercialization; value creation; stakeholder; biobank; personalized medicine.
A Case Study of Exploring the Barriers of Pro-Environmental Behaviour
by Ville-Veikko Piispanen, Eeva Aromaa, Kaisa Henttonen
Abstract: The research focuses on the barriers of pro-environmental behaviour in a circular economy. More specifically, the aim is to study how an entrepreneur make sense of existing barriers when reflecting on the business. Previous studies on environmental awareness and behaviour have focused extensively on the individual and business level, yet barriers resulting from a circular economy have not been studied in small- and medium-sized businesses. In this single case study, the gap is explored by innovating a reflective circular economy diagnostics tool and interviewing one entrepreneur in an energy- and resource-intensive industry, which has many established and deep-rooted historical industrial practices. Content analysis and sensemaking practices have been used to analyse the data. The findings show that the barriers are mostly related to economics, and they can be structural, cultural, and contextual. The analysis also shows that pro-environmental concerns do not always lead to pro-environmental behaviour.
Keywords: Barriers; behaviour; circular economy; entrepreneurship; environment; sustainability; sensemaking; case study; SME.
A Case Study on Accounting Facultys Perceptions of Technology in Accounting Classes
by Kristine Brands
Abstract: The accounting profession is undergoing a transformation because of the explosion of the amount of financial data and information available to organisations, the demand for real-time access to information, and the use of business analytics. The accountants of the future need to be qualified to address these challenges. This means that higher education accounting degree programmes must adapt their curriculums and courses to leverage technology tools and practices to ensure that their accounting faculties are prepared to teach these courses. The purpose of this exploratory descriptive case study was to evaluate accounting instructors perceptions and experiences with technology to identify best practices to develop their technological intelligence to enable them to implement technology into accounting programmes and courses to meet the demands that technology is placing on the accounting profession.
Keywords: Accounting faculty; accounting courses; information technology; technology integration; accounting curriculums; technological intelligence; technological readiness; best practices.
Drivers and barriers to networked commercialization: A business model perspective
by Malla Mattila, Mika Yrjöla, Hanna Lehtimäki
Abstract: The purpose of this study is to adopt a business model lens to identify and analyze key drivers of and barriers to the networked commercialization of technology (NCT). The study contributes to commercialization literature by illustrating the usefulness of the business model lens for analyzing networked commercialization. The results of the empirical case study of a company developing disruptive nanotechnological solutions for mass production identify key drivers of and barriers to business model decisions in the NCT. The results show that the tasks and activities involved in the NCT and business model development are connected to others operating in the business network.
Keywords: technology commercialization; network; business model; resource; value proposition; value creation; value capture; venture; qualitative case study.
The Importance of Being Known: Evaluating Companies for Growth-oriented Incubation
by Paivi Eriksson, Tero Montonen, Juha Vilhunen, Kalevi Voutilainen
Abstract: This article explores the early phases of the incubation process, in which small and medium-sized companies are evaluated for a project that aims to accelerate their growth. Guided by the justification theory approach, the objective was to analyse how different orders of worth (inspired, domestic, fame, civic, market, and industrial) guided evaluation, selection and justifications thereof in a face-to-face meeting between project staff and business experts. Findings indicate that justifications for the companies having most potential for incubation were informed by the domestic order of worth in particular, emphasizing evaluators common history, mutual familiarity and personal relationships with the people and teams of the prospective companies. Concerning the industrial order of worth, professionalism, efficiency and a limited number of internal growth factors related to people were addressed.
Keywords: incubation; evaluation; selection; justification; SME; growth-orientation.
Special Issue on: Sustainable Entrepreneurship
Management style and innovation of females in gender-atypical businesses
by Luisa Carvalho, Ana Fernandes
Abstract: Research on female entrepreneurship has increased in recent years. Female entrepreneurship is understood as an additional opportunity to create jobs and contribute to economic growth. Female entrepreneurs play a plurality of roles in the family and professional environment. The goal of this research is to study the entrepreneurial profile and the management style of females in gender-atypical businesses. This is a contemporary topic but still with few empirical studies, particularly in Portugal when we observe it from the specific regional perspective of less developed regions, such as the interior of Portugal (region of Viseu). This study is based on a qualitative methodology, and presents 12 case studies of female entrepreneurship in SMEs from to a regional perspective. The main results suggest that women voluntarily create their own business and balance their private and professional life well. The managerial profiles seem to reveal no substantial differences between male and female entrepreneurs.
Keywords: Case Study; Entrepreneurial profile; Gender; Women Entrepreneurship.
Work Integration Social Enterprises as symbols of sustainable entrepreneurship: Evidence from Spanish Case Studies
by Elisa Baraibar-Diez, Maria D. Odriozola, Emma Granel Prieto
Abstract: Work integration social enterprises (WISEs) are a type of social companies dedicated to help people at risk of social exclusion to join the ordinary labour market. The rise of people at risk of social exclusion after the European financial crisis has highlighted the role played by these companies and it is essential for their labour integration. Promoting work integration social enterprises increases social awareness and reinforces the transition from a disadvantaged group to working life. Koopera Santander (second hand clothing sale) and PLIS Servicios (ecological car washing) are two WISEs in the Spanish region of Cantabria that are also examples of sustainable entrepreneurship due to the activity they carry out (sustainability of resources), the objective to which they are committed (labour sustainability) and the saving of public resources (sustainability of public administration). Both WISEs have been created thanks to the entrepreneurial role of associations or cooperatives. Despite the support of these agents, both of them mention administrative barriers as the main obstacle to set up this type of social enterprise. The success of WISEs transforming socially dependent people into employed population is due to the more inclusive cultures and the deductions provided to private companies when hiring people who have passed through an itinerary of labour insertion.
Keywords: Work integration social enterprises; WISE; Social inclusion companies; Social entrepreneurship; sustainable entrepreneurship.
CORPORATE RESPONSIBILITY IN THE FAST FASHION INDUSTRY How Media Pressure Affected Corporate Disclosure Following the Collapse of Rana Plaza
by Elise Auke, Ana Simaens
Abstract: The concept behind fast fashion is that of quickly-produced, low-priced, and short-lived fashion items and, for many, it constitutes the opposite of sustaina-bility. The collapse of the Rana Plaza garment factory in 2013 generated greater focus on corporate social responsibility (CSR) issues within the fast fashion in-dustry and raised important questions about whether the industry can be sus-tainable altogether. This research aims to explore the reasons for which compa-nies engage in CSR initiatives and whether global news media attention has an effect on companies CSR disclosure and initiatives. The study draws upon le-gitimacy theory and media agenda setting theory to explore the link between CSR disclosure and news coverage. The research shows that the CSR disclo-sures varied according to the companies CSR profiles, and that media cover-age differed according to the companies CSR initiatives and proactivity in re-lation to the collapse. This paper contributes to the literature by qualitatively exploring the relationship between media attention and corporate disclosure in the ready-made garment industry after a disaster.
Keywords: Corporate disclosure; Corporate social responsibility; Media pressure; Rana Plaza.
The impact of institutions on SMEs innovation in Transition Economies
by Albulena Kadriu, Besnik Krasniqi, Cristina Boari
Abstract: This paper aims to investigate the institutional impact on innovation of firms across 30 transition countries in Central Asia and Eastern Europe. Building on the institutional theory literature, we hypothesize on the direct influence of formal and informal institutions on innovation, also taking into consideration the interaction effects between them, where the last play the role of moderator variable, and third, we examine the EU Membership as a control variable. The study uses structural equation modeling and data from Business Environment and Enterprise Performance Surveys (BEEPS) conducted by the World Bank/EBRD in 2012-2014 to understand the impact of institutional factors on the innovation of SMEs in transition countries. These results suggest that the perceived institutional obstacles are not an issue for the creation of innovation because bribery is used to overcome government ineffectiveness, bureaucracy and inflexible legislation that inhibits smooth economic activities.
Keywords: SMEs; transition economies; formal and informal institutions; innovation.
CATALYSTS OF UNIVERSITY SOCIAL RESPONSIBILITY INTO STRATEGIC PLANNING BY THEMATIC ANALYSIS AND DEDUCTIVE CODING
by Elva Ramos, Xavier Llinas-Audet, Jesús Barrena-Martínez
Abstract: The relevance of higher education institutions (HEI) for social development is unquestionable because of their potential for contributing intellectual solutions for the social, economic, and environmental welfare of society. The current study aims to: 1) examine which are the main catalysts of university social responsibility (USR) from a strategic management perspective; 2) show the relations among those catalysts through semantic networks; and 3) analyse the role of university promotion of entrepreneurship. The method uses a content analysis in a sample of 23 universities and examines the subject and codes to clarify the catalysts. The semantic networks are shown to reveal these connections. It was found that a high percentage of universities orient their efforts towards enhancing the employability of students, mainly through entrepreneurial projects intended to achieve social responsibility.
Keywords: Strategic Management; Strategic Planning; Stakeholder Theory; Higher Education Institutes; University Social Responsibility; Sustainable Entrepreneurship; Students Employability; University Economic Management; University Cooperation; Qualitative Research; Deductive Method.