Assistant professor of Marketing at the Olin Business school, Washington University in St louis. 1 1 Introduction Activity consumption is a significant component of the U s. economy,
which contributed a large percentage of the firm's profits. Subscriptions declined from 12 million paying customers at the end of 2010 to 11.4 million at the end of March of 2011 and continued to rapidly drop until May In response to questions about this decline, the company's CEO,
Mike Morhaime, said that subscriber base does not change linearly. It fluctuates based on content consumption,
and continued by promising faster release of new content to respond to the demand decline. 3 The second stream of research includes quantitative methods that explore the relation between consumer consumption, past individual decisions,
and Sociability of Actions We develop a model of consumer choices about product usage and content consumption in environments characterized by the introduction of product updates and sociability of actions.
environment where consumers have the possibility of enjoying the product individually or with a community of other users.
including the opportunity to socialize with other individuals who have similar interests and collaborate on content consumption.
This is true in many consumption environments. For example, in video games, product updates are common and demand expertise from users to enjoy newly introduced content.
We demonstrate its application with the study of consumer demand in the online computer gaming industry. 3. 1 An Online Game We use data from the online game World of Warcraft developed by Blizzard Entertainment, a division
/15 dividuals explore the environment developed by programmers. The game was introduced originally in 2004 and became the best-selling PC game of 2005 and 2006 worldwide.
The game environment and related data are particularly suitable to the study of product usage for a number of reasons.
since players interact in the shared environment and individuals have the opportunity to join online communities to share experiences,
and explore content simultaneously. These attributes add a unique social dimension to product usage. Blizzard Entertainment releases detailed statistics about player participation and performance to provide a more complete experience to users
where term Cj is the number of tasks included in choice set j. 16we note that more challenging content that demands cooperation of multiple players can still be performed by individuals who are not part of a game community.
and computational demands. Therefore, with two levels of observed innate ability and two unobserved consumer segments, we have four segments in total.
or competitive technologies or services that might increase or lower the appeal of the product, even without consumer usage.
Second, it is possible that there are demand changes that occur over time and lead to either different participation rates or different consumer segments enjoying the product.
Alternatively, our model can quantify firm actions that specifically affect more experienced users-such as making it easier for expert players to advertise their group in the world environment
A Dynamic Structural Analysis of Demand in a Reward Program, Quantitative Marketing and Economics, 2008, Vol. 6, Issue 2, pp. 109-137.14.
Ishihara, M. and A. Ching (2012), Dynamic Demand for New and Used Durable goods without Physical Depreciation:
and Veblen Effects in the Theory of Consumers'Demand, Quarterly Journal of Economics, 64 (May),
Pollak, R. A. 1970), Habit formation and Dynamic Demand Functions, The Journal of Political economy, 78, No. 4, pp. 745-763.34.
Debunking the stereotypical gamer profile, Journal of Computer-Mediated Communication, 13, pp. 993-1018.44. Yao, S.,C. F. Mela, J. Chiang,
Scientific Papers (www. scientificpapers. org) Journal of Knowledge management, Economics and Information technology 409 Special Issue December 2013 The Impact of Innovation in Romanian Small and Medium-Sized
Enterprises on Economic growth Development Author: Oncioiu Ionica, Titu Maiorescu University Bucharest, ionicaoncoiu@yahoo. ro, Romania Small firms are big business in the aid of economic development.
When the SMES competitive advantage is based on knowledge as is the case of the knowledge economy,
innovation and creativity become a decisive factor in the economic activity because knowledge tends to be developed in the actual contexts.
At the same time, much less is written about the majority of small and micro size firms that constitute the core of the economy.
positive and negative, of the changed economic environment in Romania, for the development of small medium enterprises'.
'Results revealed that Romanian Small medium enterprises (SMES), as in all transition economy, play an important role in the economic growth development and are recognized increasingly as having a permanent role as a seedbed for future growth.
Keywords: innovation; development; growth; enterprise The Impact of Innovation in Romanian Small and Medium-Sized Enterprises on Economic growth Development 410 Special Issue December 2013 Introduction Given the importance of SMES in their world
, economies everywhere are given special attention. Hence the concern for their delineation as appropriate, with the intention to create conditions for broader and more effective participation in economic activities in or involved.
The substance of this upgrade though is situated in a great range of differences from country to country or integration groups,
however, has some common aspects are taken into account with a different intensity depending on the circumstances of the moment.
perpetuation and rise or fall of SMES in the economy of any country is their contribution to creating new value,
There can be made two main arguments that justify the specific attention to this subpopulation of private enterprises.
SMES form a big and vital part of the modern economy. The second argument is more qualitative:
or estimates of the market new business The Impact of Innovation in Romanian Small and Medium-Sized Enterprises on Economic growth Development 411 Special Issue December 2013 concept.
The new business concept is conceived from the current state of products and processes in the enterprise
the current markets and a perception of future market opportunities. Consistency between two major elements is decisive for a successful completion of the SMES innovation process.
the capacity of the enterprise to muster resources and to act in a sufficiently dynamic way.
All countries statistics result that SMES dominate in economy, representing over 99%of the total of companies,
because they provide an opportunity to succeed relatively much The Impact of Innovation in Romanian Small and Medium-Sized Enterprises on Economic growth Development 412 Special Issue December 2013 higher.
small enterprises have share research costs much higher turnover than in large enterprises. Moreover, large enterprises in research-development focuses on another very important indicator for them:
the share of production of new products in turnover. Lately, attention is given, absolutely natural, SME branches of the peak of high-tech."
Second SME start-ups of"cyber-entrepreneurs",is focuses on the exploitation of opportunities offered by electronic commerce and service sectors.
and markets products under pressure from major customers. The innovation infrastructure includes: incubators (infrastructure for start-ups), technological parks (experimental facilities), technical transfer centers and the system of intellectual property.
In a Romanian economy located yet in a consolidation process and of getting stronger of SMES sector,
environment factors (generally powerfully unstable) they act through numerous and diverse compromises. Maybe the most important are the ones who have a legislative order,
which are based on taxes (fiscal, firstly) dissipated, changing and sometimes contradicted. Against this background I searched for reasonable answers to the following questions:
Is it possible to measure The Impact of Innovation in Romanian Small and Medium-Sized Enterprises on Economic growth Development 413 Special Issue December 2013 the innovation in a transition economy,
with which to explain the The Impact of Innovation in Romanian Small and Medium-Sized Enterprises on Economic growth Development 414 Special Issue December 2013 reasons of the emergence of companies in specialized exchange economy
and the existence of a laboratory or a research team is exceptional in the SME environment (Santarelli and Sterlacchini, 1990;
In the Schumpeterian sense, innovation can be viewed as a heart of entrepreneurship (Schumpeter 1934. There are empirical researches presenting evidences about the importance of small entrepreneurial businesses in innovation.
the so-called gazelles that believed to be responsible for the bulk of new job creation, technology progress, and economic growth.
At the same time, most small businesses that constitute the core of the economy do not innovate. Most SME innovations are marginal improvements of already existing products,
Damanpour and Wischnevsky 2006, The Impact of Innovation in Romanian Small and Medium-Sized Enterprises on Economic growth Development 415 Special Issue December 2013 Lankhuizen and Woolthuis 2003
Today, the view which is taken as a current guideline is that the most important way of supporting Romanian small and medium enterprises is to encourage the business environment and the general development of the economy.
in Romania there was created a vicious circle where the state is ensuring the minimum financial resources for stimulation of knowledge-based economy
and observe three The Impact of Innovation in Romanian Small and Medium-Sized Enterprises on Economic growth Development 416 Special Issue December 2013 maxims of scientific method:
They will be the pivotal element in developing a typology classifying an innovation of Romanian SMES in strategies of development economic activity.
%15,56%15,56%The Impact of Innovation in Romanian Small and Medium-Sized Enterprises on Economic growth Development 417 Special Issue December 2013 4 Pattern notpattern not Pattern
Small and medium enterprises represent an equilibrium factor at micro and macroeconomic level. In permanent economic changing environment, SMES are flexible
and possess a greater adaptation capacity, favorite by reduced dimensions and rapid decision process. They adapt easily to consumer exigencies
Another important aspect is the fact that these generate in a big proportion technical innovations that are economy applicable.
The Impact of Innovation in Romanian Small and Medium-Sized Enterprises on Economic growth Development 418 Special Issue December 2013 Thus,
despite the economic reform, small and medium enterprises in Romania are confronted still with a series of obstacles which, in the view of the economic and political instability, lead to uncertainty and to inhibition of the entrepreneurial spirit.
Romanian companies must continually develop ways of operating through more sophisticated strategies aimed at increasing research and innovation capacity and functioning in a business environment to the highest level.
Creating a stimulating business environment for SME growth and their competitiveness is based on the national strategy
and government policies to facilitate an incentive framework for foreign investment and development of commercial partnerships with small and medium firms in other countries.
This should stimulate the concentration of domestic private capital to help boost the sector's role the Romanian economy.
as we will have winners of The Impact of Innovation in Romanian Small and Medium-Sized Enterprises on Economic growth Development 419 Special Issue December 2013 the crisis,
The results also suggest that for Romania the small and medium businesses represent the engine of the economic growth
The increase of the small and medium businesses sector had a positive influence upon the businesses environment reducing the unemployment rate
In conclusion, the influence of innovation in the strategy of Romanian SMES development economic is mixed, both negative, by the superior concurrence, the increase of the turbulence of the businesses environment,
So, innovation will not only support the development of new products or increase the productivity of labor and capital
but also bring The Impact of Innovation in Romanian Small and Medium-Sized Enterprises on Economic growth Development 420 Special Issue December 2013 more economic growth, employment,
International Journal of Industrial Organization, 28: 191 202,2010. 5 Golodner, A m.,Antitrust, Innovation, Entrepreneurship and Small Business, Small Business Economics Vol. 16 No.
The Impact of Innovation in Romanian Small and Medium-Sized Enterprises on Economic growth Development 421 Special Issue December 2013 11 Soete, Luc a o.,Eindrapport van
70-74,1994. 13 Tõnis Mets,.Creative Business model Innovation for Globalizing SMES, Entrepreneurship-Creativity and Innovative Business models, Thierry Burger-Helmchen (Ed.),ISBN:
14 http://www. intechopen. com/books/entrepreneurship-creativity-and-innovative-business-models/creative-business-model-innovation-for-globalizing-smes, 2012;
15 Torben Juul Andersen and Peter Winther Schroder, Strategic Risk management Practice, Cambridge university Press, 2010.16 Vlerick Leuven Gent Management School, Global Entrepreneurship
Monitor, Rapport voor Bel en Vlaanderen, 2006.17 Wickham, Philip A.,Strategic Entrepreneurship, Pearson, Fourth Edition, 2006.18 Williamson, O. E.,The Institutions of Governance
19 Zimmerer, Thomas W. and Scarborough, Norman M.,Essentials of Entrepreneurship and S Business management.
20 Business models for Small and Medium-Sized Enterprises, in Constructing the European Information Socia1yfair, 1998,
23 OECD, Small and Medium-sized Enterprises: Local Strength, Global Reach, OECD Observer, iunie 2011;
24 www. alliedacademies. org/entrepreneurship/index. html; 25 www. animmc. ro; The Impact of Innovation in Romanian Small and Medium-Sized Enterprises on Economic growth Development 422 Special Issue December 2013 26 www. cnipmmr. ro;
27 www. europa. eu. int
RESEARCH Open Access The relationship between innovation, knowledge, and performance in family and non-family firms:
Data from 430 small and medium-sized enterprises were analyzed through hierarchical regression analysis, and innovation was found to be a significant factor in both family and non-family samples.
SMES Background Increasingly, innovation in new products/services and the implementation of key processes are becoming vital sources for firm competitive advantage (Rumelt 1984;
and services are positioned to compete more successfully through the development of new products and processes, before competitors in first-mover advantage, increasing market share, return on investment (ROI),
Similarly, family firms have dominated small and medium-sized enterprise (SME) creation in many countries (Astrachan and Shanker 2003;
and the economies in which the family SME operates. High levels of performance can facilitate firm growth and subsequent profit performance,
which in turn can yield employment gains and contribute to the general economic health of a state, region,
Journal of Innovation and Entrepreneurship 2013,2: 14 http://www. innovation-entrepreneurship. com/content/2/1/14 of SMES in family firms.
Journal of Innovation and Entrepreneurship 2013,2: 14 Page 2 of 20 http://www. innovation-entrepreneurship. com/content/2/1/14 predicting SME performance (Anderson
Innovation in firms has been studied in several forms in the entrepreneurship literature. For example, a firm's‘entrepreneurial orientation'suggests that a combination of three basic dimensions:
and more prone to be risk-averse than non-family firms, due to capital constraints and the closeness of the family (Allio 2004;
Journal of Innovation and Entrepreneurship 2013,2: 14 Page 3 of 20 http://www. innovation-entrepreneurship. com/content/2/1/14 have a longer planning cycle that non-family firms,
Involvement in management by family members can increase innovative behavior as family members are more apt to understand challenges and opportunities that face the firm (Zahra 2005.
For this study, innovation is defined as the ability to create new value propositions through offering new products and services;
the framework for our hypothesis development is based on new products/services, opportunity recognition, process/practice development,
and creativity in accomplishing goals. Hypothesis 1: There is a positive relationship between innovation and performance in family firms as compared to non-family firms.
and this contextual connection can be relevant to family-owned enterprises (Nordqvist 2012). Knowledge-based resources have been noted as important for a firm's innovative capacity which aids in the discovery and exploitation of opportunities (Kaya and Patton 2011.
Knowledge in a firm has been classified broadly as firm-specific or general (Helfat 1994; Pavitt 1991.
or how to turn that knowledge into profit or else the expert would be acting as an entrepreneur.
but it is the entrepreneur who recognizes the value of the opportunity through the application of the specialist's knowledge.
Journal of Innovation and Entrepreneurship 2013,2: 14 Page 4 of 20 http://www. innovation-entrepreneurship. com/content/2/1/14 lose their‘familiness'as the advantages of knowledge
Knowledge permits firms to more accurately predict the nature and commercial potential of changes in the environment and the appropriateness of strategic and tactical actions (Cohen and Levinthal 1990.
and exploiting new and emerging opportunities. There appears to be a relationship between knowledge and innovation,
and exploit existing and acquired knowledge as well as develop new opportunities. Alavi and Leidner (2001) described this process as creating,
Journal of Innovation and Entrepreneurship 2013,2: 14 Page 5 of 20 http://www. innovation-entrepreneurship. com/content/2/1/14 (Andres 2008;
Journal of Innovation and Entrepreneurship 2013,2: 14 Page 6 of 20 http://www. innovation-entrepreneurship. com/content/2/1/14 Family firms included 15.6
2. 4 5 3. 6 Accommodation and food 13 26 8. 9 5 3. 6 Other services 14 4 1. 4
Journal of Innovation and Entrepreneurship 2013,2: 14 Page 7 of 20 http://www. innovation-entrepreneurship. com/content/2/1/14 dependent variable.
Journal of Innovation and Entrepreneurship 2013,2: 14 Page 8 of 20 http://www. innovation-entrepreneurship. com/content/2/1/14 significant at the 1%level.
Journal of Innovation and Entrepreneurship 2013 2: 14 Page 9 of 20 http://www. innovation-entrepreneurship. com/content/2/1/14 results are stronger for family firms.
Therefore, we conclude that hypothesis 1 is supported partially. Hypothesis 2 states that firm performance is positively related to knowledge
SMES should manage their business with regard to the development of new and existing products and services
Knowledge permits a firm to predict more accurately the nature and commercial potential of changes in the environment and the appropriateness of strategic and tactical actions (Cohen and Levinthal 1990.
and exploiting new opportunities (Shane 2000). For this study, knowledge was not only significant in the final model,
Journal of Innovation and Entrepreneurship 2013,2: 14 Page 10 of 20 http://www. innovation-entrepreneurship. com/content/2/1/14 The relationship between a family firm
or entrepreneur/team possess only their initial ideas about the opportunity. Through a variety of activities, including searches of networks (Dubini and Aldrich 1991),
Synthesizing this information aids in revealing the overall potential of the opportunity and provides the basis for a strategic foundation from
which to build the venture (West and Noel 2009). The synthesizing of information is ultimately distinctive for each venture
The sharing of information and understanding about opportunities enable firms to attract other human capital, financial investment,
Journal of Innovation and Entrepreneurship 2013,2: 14 Page 11 of 20 http://www. innovation-entrepreneurship. com/content/2/1/14 performance, everything else constant.
they become more bureaucratic over time with increases in size and scope, for example, an increasing reliance on specific customers, suppliers, or markets.
Innovation has emerged over the last several years as a dominant perspective in entrepreneurship research, and this research has aligned with prior recent research that this concept indeed has potential to explain performance in smaller family-owned organizations (Lichtenthaler and Muethel 2012).
and economic development and in general concludes that the more educated the citizens the more entrepreneurial they tend to be and thus more rapid economic growth (Florida 2002).
Further, knowledge has been tied to the development in the number of SMES in economies (Petrakis and Kostis 2012.
Journal of Innovation and Entrepreneurship 2013,2: 14 Page 12 of 20 http://www. innovation-entrepreneurship. com/content/2/1/14 discussed in the‘Sample'subsection of the‘Methods'section,
Western nations have benefited long from a stable infrastructure, steady supply of capital, and abundance of skilled labor and technology (Ebert and Griffin 2005;
Jorgenson 2001. Such conditions aided in the establishment of economic systems supportive of innovative capacity and knowledge-based competencies,
which are a dominant driver of wealth creation and employment (Lee and Peterson 2000). Similarly, many Western nations such as some European countries, Japan, Australia,
and New zealand have factored consistently in recent entrepreneurship studies as being conducive to entrepreneurship (Busenitz et al. 2000;
Future research opportunities may exist to understand the role of innovation at varying points in time during the evolution of family firms.
Journal of Innovation and Entrepreneurship 2013 2: 14 Page 13 of 20 http://www. innovation-entrepreneurship. com/content/2/1/14 resources are the most critical for family SMES.
The empirical study examines 430 firms and contributes to our knowledge about performance in SMES in both family and nonfamily firms.
Methods Currently, the SBA defines a business concern as one that is organized for profit; has a place of business in the USA;
makes a significant contribution to the US economy through the payment of taxes or the use of American products, materials, or labor;
Journal of Innovation and Entrepreneurship 2013,2: 14 Page 14 of 20 http://www. innovation-entrepreneurship. com/content/2/1/14 showed no significant difference between the US
Finally, there remains the widespread use of convenience sampling in both entrepreneurship and family research.
Journal of Innovation and Entrepreneurship 2013,2: 14 Page 15 of 20 http://www. innovation-entrepreneurship. com/content/2/1/14 Personal/mail survey The survey with a covering
Scale development Innovation Early research has examined the important role of innovation within entrepreneurship (Schumpeter 1947.
In addition, existing unique products/services in the company's portfolio are investigated. In order for innovation to occur,
and exhibit opportunity recognition and exploitation skills, three items that measured the willingness of firms to take on new opportunities
and also their willingness to adjust their business as necessary in order to exploit them. The proactive nature of firms to utilize opportunities was measured by action
and decisionmaking shown in uncertain situations. Innovation throughout an organization was examined also with regard to general business practices,
Most items in the innovation scale were sourced from questions in existing scales from the entrepreneurship, SME,
as well as to develop new opportunities (Carrillo et al. 2004; Quintas et al. 1997. Following Alavi and Leidner (2001), the knowledge variable is described as a knowledge management process,
Journal of Innovation and Entrepreneurship 2013,2: 14 Page 16 of 20 http://www. innovation-entrepreneurship. com/content/2/1/14 knowledge.
which the venture operates be taken into consideration when measuring performance (Sandberg and Hofer 1987). Therefore, subjective performance measures were utilized indicating the perceptions on performance goals with regard to sales
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