Exploring the impact of open innovation on national systems of innovation A theoretical analysis Yuandi Wang a, Wim Vanhaverbeke a b c, Nadine Roijakkers a a Hasselt University, Faculty of business Economics
Open innovation National systems of innovation Innovation intermediaries Technology markets Corporate venture capital Innovation policy 1. Introduction Nowadays, no single company, not even the manufacturing giants
customers or specialists usually referred to as open source. These are all enablers of open innovation that coexist
venture capital; state-of-the-art knowledge. Furthermore, the author concludes that the resulting changes in NSI stimulated and accelerated the emergence of OI in the US.
First, it encourages OI scholars to conduct their research within a broader economic growth perspective as this paper reveals that OI practices are connected closely to a country's specific innovative context.
setting the benchmark and developing linked indicators 13. These approaches are developed separately and they emphasise different NSI characteristics.
Its ultimate goals are economic growth, job creation, and acquisition of international skills. Each innovation system performs differently in achieving its supposed aims.
and corporate venture capital (CVC) 3, 23. In technology markets, firms purchase, sell, and use technologies developed by other firms to complement their internal technology base 24.
and business model thinking are linked tightly to each other. Finally, the buzz on open innovation has triggered many firms to redirect their innovation strategy in new ways.
Inside-out and outside-in flows entail patent licencing, technology-based acquisition, joint-ventures, non-equity R&d investments
In view of this demand for knowledge flows NSI scholars have listed IPR protection as one of the key functions within a portfolio
The majority of these central labs were dismantled especially during the 1990s as big companies were pressured by shareholders to focus on short-term profits.
and training One of the crucial elements holding the open innovation system together is its human and social capital.
including networking and collaboration skills, corporate entrepreneurship, the ability to license technologies, and carrying out R&d.
In addition, policy-makers need to address postgraduate training and‘lifelong learning'for a society's human capital as 422 Y. Wang et al./
and have suggested two complementary investment models 66. The first is the‘private investment'model, which assumes that innovation can be funded by private sources
and that private returns can be appropriated from such investments 67. The second is the‘collective model'
which fosters innovation through direct public investments in public knowledge goods 68. This model also progressively employs policy instruments to promote private investments in R&d 69.
Examples of such policy instruments are competition policies, tax policies, and subsidies. Therefore, prior to the OI era, innovation came about either through private R&d spending in firms or through government investments in the public sphere 70.
A vast range of social resources, such as retired skilled workers, and the valuable knowledge of former staff, have been excluded generally from the task of advancing the frontiers of innovation.
OI scholars state that in the OI era companies should tap into this large external pool of know-how to gain new ideas while at the same time move unused ideas outside the company 3. This leads to a large, valuable stock of knowledge for others
and additional revenues for the firm itself. Researchers in OI claim that valuable knowledge can be generated through resources other than those provided by firms and governments 36.
and further improve NSI effectiveness. 3. 8. Benefiting from strong specialisation in innovative labour Economists have shown that the growth of a more complex division of labour is closely bound to the growth of total production and trade
the economy of specialisation was confined largely within firms 74. A study by Arora et al. 75 shows that a decline of research productivity inevitably occurs
there is a major opportunity to benefit from this strong division of labour through an open innovation model. OI theory purports that innovators do not necessarily implement all innovation stages,
OI provides greater scope for jointly configuring the best ideas and business models. In other words, OI strives to come up with the best ideas and the most suitable business models for commercialisation 49,82.
As a result, OI improves resource allocation at the macro level and yields benefits for all concerned 57.3.10.
Conversely, in an OI era, knowledge transfer is driven primarily by firms'desire to advance current business models, nurture new businesses,
The most important players are firms, universities, venture capital organisations, and public agencies charged with innovation policy 29.
Here, they stressed the role universities play in technical innovation and knowledge-based economies. Such networks are popular in NSI research.
Open source involves collaboration between firms, suppliers, customers, and policy-makers of related products to pool software R&d and generate shared technology.
and knowledge-sharing among innovating firms, customers, and other interested parties, have been recorded in the literature 94,96.
Open innovation stresses that a firm's business model acts as a filter, leaving just a few technology projects in the running for commercialisation.
The upshot is that technological developments do not automatically lead to the successful launch of products and services 101.
industries, and national economies. In this study, we examine how open innovation practices in firms have an impact on the regional or national systems of innovation (NSI.
Besides private and public investments in R&d we also need to include a vast range of social resources that could be used in OI.
it is vital that policy follows this trend to foster a more open innovation environment.
and newly-emerging technology services facilitating open innovation. Fourth, more attention might be paid to the IPR system:
ii) foster and support institutions channelling human and financial resources towards promising technologies and business models;(
iii) highlight the reworking of good ideas through suitable business models and highly-efficient markets for technology and knowledge workers.
Policy 30 (7)( 2001) 1091 1114.21 D. J. Teece, Competition, cooperation, and innovation: organisational arrangements for regimes of rapid technological progress, J. Econ.
Policy 32 (7)( 2003) 1217 1241.37 H. Chesbrough, K. Schwartz, Innovation business models with co-development partnerships, Res.
G. Dosi (Ed.),Technical Change and Economic theory, Pinter Publishers, London, 1988.41 M. P. Hekkert, S. O. Negro, Functions of innovation systems as a framework
The Politics of State Policy Innovation, Louisiana State university Press, Baton rouge, 2007.46 C. Freeman, Continental, national and sub-national innovation systems complementarity and economic growth, Res.
NBER Innovation Policy & the Economy, 2 (1), MIT Press, Cambridge MA, 2002, pp. 51 77.49 H. Chesbrough, Open Business models:
2008.57 Z. Griliches, R&d and Productivity, The University of chicago Press, Chicago, 1998.58 F. J. Arcelus, P. Arocena, Convergence and productive efficiency in fourteen OECD countries:
Evolutionary Economics and Path Dependency, Elgar, Cheltenham, 1997.61 R. Rothwell, Successful industrial innovation: critical factors for the 1990s, R&d Manage. 22 (1992) 221 239.62 W. Nasierowski, F. J. Arcelus, On the efficiency of national innovation systems, Socioecon.
S&t Indicators for the Knowledge-Based Economy OECD, Paris, 1996.64 M. E. Porter, The Competitive Advantage of Nations, Free Press, New york, 1990.65 C. Freeman
Organisations Evolving, Sage, London, 1999.69 S. Hess, Individual behaviour and collective action towards the environment:
Rev. 50 (4)( 2009) 68 77.73 J. Stiglitz, C. E. Walsh, Economics, third edition W. W. Norton & Company, New york, 2002.74 D
The Economics of Innovation and Corporate Strategy, MIT Press, Cambridge and London, 2001.76 D. A. Levinthal, J. G. March, The myopia of learning, Strategic Management Journal
Rev. 60 (2)( 1970) 186 194.79 R. A. Burgleman, Corporate entrepreneurship and strategic management: insights from a process study, Manage.
in the Economics of Innovation Series, Elgar, Cheltenham, UK; Northampton, MA, 2006.82 K. D. Backer, Open Innovation in Global networks, OECD, Paris, 2008.83 OECD, Open Innovation in Global network, OECD, Paris, 2005.84 C
Policy 28 (8)( 1999) 793 805.89 V. Chiesa, R. Manzini, E. Pizzurno, The externalisation of R&d activities and the growing market of product development services
Policy 35 (7)( 2006) 994 1017.98 H. Katajisto, J. Kimari, Education, Training and Demand for Labour in Finland by 2015
Technological, Market and Organisational Change, John Wiley & Sons, London, 2001.101 H. Chesbrough, Business model innovation:
He is extending his research on open innovation and open business models by performing joint research with various universities around the globe.
Customers expect to engage on a more real-time basis, using social media platforms. Staff members wonder why their work tools aren't all available as mobile apps,
All of these changes provide huge opportunities for those leading businesses able to move quickly to adopt
Those leading CIOS who are embracing digital find themselves grappling with a new set of demands:
while also opening up new business models at the heart of these firms. These changes are already apparent to nearly all of us as consumers.
With every month that passes, more services go digital: from checking and adjusting your home's energy usage via a mobile app,
All of these services now exist, and more are created every day. This presents a huge opportunity for CIOS, especially those with the aspiration,
as detailed in our previous The DNA of the CIO report, to have a bigger and more influential role within the business.
1 CIOS see digital as a major opportunity to fulfill their career aspirations. From Nestlé's push into direct online selling as a consumer brand, to Caterpillar's creation of new lines of services for clients, CIOS at all kinds of firms are using digital technology to transform their businesses.
These exciting possibilities align closely with the career aspirations of CIOS. However, even in IT-intensive industries,
They also more often recognize the skills needed for success, such as communication and leadership, strong strategic engagement,
Executive summary Born to be digital 5 65%of digital-ready CIOS are engaged highly on helping develop new products and services. 3 Despite a seat at the top table,
and driving business model innovation and they show a set of six unique traits (see text box above).
and services, compared with just 50%of other CIOS. They show a much stronger appetite for risk
90%cite communication and influencing skills as strongly important to their role, compared with 79%of other CIOS. 5 Leading CIOS take a multidisciplinary approach to their careers.
they actively seek out opportunities to work in other parts of the business and in other geographic regions.
and their customers interact. At the same time these technologies are releasing a wave of IT-led innovation,
and creating new revenue and cost-saving opportunities. This seems like a natural process within internet companies,
For leading CIOS, this presents a major opportunity to expand their role and remit, especially for those who have grasped the more strategic elements of their role.
Amazon, an online retailer, is using digital to invent new ways of interacting with its customers.
Nestlé, The swiss food giant, has used digital technology to create a whole new business model for its Nespresso range of coffee capsules,
For leading CIOS, these present a major opportunity to expand their role and remit, especially for those engaged on the most strategic elements of their role.
better customer experiences, streamlined operations and new business models. Gartner2 agrees: its 2013 CIO Agenda Report notes that,
3 1. Using digital to enhance traditional business models, such as moving from selling products to providing services Streetcar and Xerox are two examples 2. Transforming existing business models to offer new digital services such as 100flowers selling via Facebook
3. Inventing wholly new types of business models from virtual currencies in online games, to others selling its digital data In many cases,
digital has moved technology toward becoming the front end of the spear rather than the tail feathers,
Companies are recognizing that a judicious use of IT can lead them toward increases in sales and returns on investment never before possible.
and the radical new logistics ideas it can deliver has made CIO Richard Alan Herz a vital voice in shaping the firm's future business model.
and understand the opportunities for these changes, and for cutting capital spending and moving toward a more flexible business model,
says Dave Ryerkerk, Global IT Advisory Leader at EY. But what's really hard for CIOS to answer is this question of pace.
Born to be digital 9 Indeed, relatively few CIOS are equipped for the demands of a digital world
and those who are not are increasingly at risk. As more applications and infrastructure get moved to the cloud, IT leaders
Opportunities ahead for CIOS in IT-intensive industries Previous research5 revealed that about two-thirds of all CIOS (64%)are generally happy in their roles,
For these CIOS, digital can provide this opportunity at least for those who are able to recognize
Their spending ratio ranges from 1. 02%to 3. 99%,representing vast investments in IT,
IT services and e-commerce) Telecommunications Banking Media and entertainment Other Pharmaceutical and biotechnology 16%20%7%15%20%22%IT-intensive industry CIOS refers to the CIOS surveyed for this report,
for CIOS to truly help address the opportunities and threats that digital transformation provides to their firms,
and 55%development of services and products*72%Discussing IT's role in 76%business transformation 73%Discussing IT budgetary issues
so the technology environment is strategically important to building and maintaining trust in the organization,
%74%Project and change management skills 81%77%Analytical approach and organizational skills 87%79%Communication and influencing skills 65%64%Technological skills
it is also apparent that many IT-intensive industry CIOS still struggle to translate this need for stronger communication
and end customers aren't as strong. For IT leaders who hold as much sway as they do to influence other parts of the business
this is a missed opportunity. Digital is creating new demands for leadership. Some CIOS are ready for that
and some aren't, notes Kornferry's Concannon. This talk about‘the CIO is dead'is sort of silly,
Digital presents CIOS with a fresh opportunity to become relevant to the business but this digital CIO needs different DNA.
but especially when it comes to aspiring business executive positions Communication and influencing Change management Top three skills needed to succeed IT-intensive industry CIO IT-intensive industry CIO Typical CIO Typical CIO Leadership Career ambitions 79%81
it demands a different mindset. To delve deeper into this mindset, we assessed the characteristics of those CIOS most engaged in the strategic elements of their jobs,
who are delivering both on business transformation as well as business model-related innovation. These are the two elements that The DNA of the CIO identified as the most helpful for CIOS trying to stand out in their role
and suggest where the opportunities are for the organization. Too many CIOS are simply reactive,
Born to be digital 19 The CIO's role 1 2 4 3 5 6 EXECUTION ENABLE Taking ownership of IT governance MENT Bringing business model innovation Managing
That figure is well ahead of the 72%of IT-intensive industry CIOS. It's very important that a CIO has a vision for the company that is directly linked to its business model,
All this implies that the digital-ready CIOS have a close understanding of their companies'underlying business models,
and products and services. EY's Dave Ryerkerk notes that, in the past, businesses would draw up a major initiative setting out the required processes
It gives us insight into new opportunities to cross-sell or up-sell, he says.
Digital-ready CIOS strongly see the need to bring innovation both at a business model level and in terms of new products
and services something picked out by 81%of digital-ready CIOS, well ahead of the 64%of IT-intensive industry CIOS overall.
Ru, the Russian internet communication and entertainment company. We don't trade in oil; we trade in innovation,
and developing new services or products with the executive management team, compared with just 50%of ITINTENSIVE industry CIOS overall.
and challenges 63%55%Discussing IT's role in research and development of services and products 50%65%Participating in strategic decision-making 45%57%Discussing mergers
Becher cites the adage that marketers know that half their marketing investment is wasted but do not have any idea which half.
CIOS must get closer to the firm's end customers, their needs and preferences. Half (52%)of digital-ready CIOS place a strong emphasis here,
we find that those who regularly meet with customers are still very much the exception, notes Informationweek's Preston.
Michael Golz, CIO Americas, SAP Born to be digital 25 Chart 8 Business relationship of CIOS with internal and external stakeholders 58%73%Chief executive officer (CEO) 63%75%Chief
Communication is a vital part of any CIO's role, and one where many acknowledge the need for improvement.
like the aerospace CIO who explains convincingly the impact of harnessing in flight sensor data to transform their business model,
and creating value-added services. They know how to explain these new business models, which may be more profitable than actually building the physical products,
says Golz. So it's a true business conversation. It's not about upgrading system XYZ to improve efficiency by 0. 5%.In particular,
9 out of 10 cite communication and influencing skills as strongly important to their roles.
which makes a closer link to the CEO or other key executive stakeholders more vital.
and talk about any issues and opportunities, or about how they can get more value from IT,
In addition, I have a very good communication line to the CEO: we meet on a monthly basis. At the same time,
that is a huge management demand, so it will affect your abilities on strategy and innovation.
or serve their customers any better, argues Informationweek's Rob Preston. Those who focus solely on this are just chief infrastructure officers,
Nevertheless, digital-ready CIOS do seek out bigger opportunities in IT infrastructure. But with one such opportunity
the cloud, the attraction for many IT leaders is that it has the potential to reduce the time
As such, CIOS need to experiment widely to identify the biggest opportunities for the future. Digital CIOS need to be more innovative
High job satisfaction The first thing to point out is that digital-ready CIOS appreciate the opportunity they hold:
which gave him international exposure and significant personal and professional development opportunities. It was one of the key points of my life,
He took an opportunity to transfer to France, which forced him to embrace a new culture and language,
including the customers and marketing side, he says. Later positions at National australia bank and Lloyds Group gave him the chance to develop his influencing skills
economics or physics, there is typically a dimension beyond IT to their studies. For example, Jeanette Horan, CIO at American IT company IBM, did a bachelor's degree in mathematics,
as well as an advisor to Epic Ventures, a venture capital firm, and an advisory board member of the David Eccles School of business.
Shorter tenures As a result of their greater willingness to pursue new opportunities, many of these leading CIOS have been in their posts for a relatively short amount of time.
Group Software Services, Nedbank 2007 Advanced Management Programme, Harvard Business school 2005 2007 Divisional Director: Project & Programme Management, Nedbank 2004 Divisional Director:
today Senior vice president & Americas CIO, SAP America, Inc 2009 2011 Head of Global Application Services, SAP AG 2002 2003 Vice president IT Infrastructure, SAP America
Renault-Nissan 2004 2006 Vice president, Global Information systems, Nissan motor Co. 1997 2004 Head of Consulting Services, i2 Technologies 1996 1997 Director of Information systems
customer segment and Nykredit estate agency services, Nykredit 2011 today Member, IT think tank Denmark 3. 0 2010 today Member, National IT project counsel 2006 2010 Chairman, CIO
DANSK IT 1975 1982 Master of Economics, University of Aarhus 1989 MDP program, Cranfield University Diego Calegari IBM 2013 today Spanish South america CIO Executive
The early pioneers of digital have shown the disruptive potential that these tools hold from new ways to communicate with customers, through to wholly new business model opportunities.
For CIOS, all this brings new demands and pressures to which they will have to react.
Digital, in particular, provides wide-ranging new opportunities to deliver radically more efficient processes, as well as wholly new products and services.
But to truly deliver on this, you'll need a firm grasp of the corporate business and operating model.
at both a process and a business model level Don't let operational IT overwhelm you Tasks at a strategic level Conclusion Your personal agenda Born to be digital 37 It is human nature to be swept up by a compelling storyline
and extending to the end customers. Build close relationships with the front of the business Be a compelling storyteller Be willing to move around,
and pace of change 123 456 Steps to setting up a digital enterprise CIOS taking the lead on digital need to enable the rapid assembly of new ideas and business initiatives.
New products and services should not be introduced unless the underlying technology is available to efficiently support these.
This demands rapid-assembly teams that represent views from across the business, including marketing, finance and IT,
CIOS need to balance any new digital opportunities against their associated risks. While it may make a lot of sense to move email and CRM systems quickly to the cloud,
These sectors included technology (including hardware, software and other IT services), financial services, life sciences, telecommunications, online and e-commerce.
49,999 22%50,000 and more 19%23%Software, hardware and computer services Banking and financial services 19%8%Chemical, bio-and medical technology 14%Telecommunication operators
and services Semiconductors and 8%telecommunications equipment 7%Transport and logistics Media and televison 4%10%Other E-commerce, internet and social media 6%Cable operators and services
The Economist, 27 may 2013. Further reading Ready for take off? How to make the business fly, EY, 2014.
Digital data opportunities: using insight to drive relevance in the digital world, EY, 2011. Predictive analytics:
Born to be digital 41 EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services.
The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over.
We develop outstanding leaders who team to deliver on our promises to all of our stakeholders.
does not provide services to clients. For more information about our organization, please visit ey. com. 2014 EYGM Limited.
AU2207 EMEIA MAS. 1000366 ED Nonein line with EY's commitment to minimize its impact on the environment,
and Academy of Economies Studies from Bucharest Oncioiu Florin Rzvan University of Agronomic Sciences and Veterinary medicine of Bucharest Romania Innovation is a broad concept
Enterprises extend their ability to develop new business concepts, their dynamic capability, by accessing external resources.
Small and Medium Enterprises, competitiveness, innovation. JEL: O32, Q55 Introduction In an increasingly complex business environment, organizations have been confronted with rapid changes in technology, competition, regulation and customer needs and demands.
This has caused managers and researchers alike to search for new ways of developing organizational capabilities by continuous adaptation and anticipation of the need for change.
therefore the imagination of managers seeking to survive the current turbulent operating environments. Innovations may represent novelties in one or along several dimensions.
They may provide new products or services to a market; they may introduce new technology to existing products;
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.
With the current rapid transformation of markets, enterprises would quickly stagnate and competitive positions without renewing.
the capacity of the enterprise to muster resources and to act in a sufficiently dynamic way.
Literature review Innovation is confined not to the area of entrepreneurship. Also other agents such as government agencies or non profit institutions can‘innovate
'but in this paper we limit the discussion to innovation and entrepreneurship, operating in a market environment.
By definition innovation processes address novel products or processes that require new capabilities or a new application of existing capabilities.
The link between entrepreneurship and innovation has been established strongly since Joseph Schumpeter. Since then innovation is considered as an essential characteristic of entrepreneurship.
The link is emphasized by any textbook on entrepreneurship, even introductory ones, such as for example Zimmerer and Scarborough in its fifth edition (2008):
Entrepreneurs also create innovations to solve problems they observe, often problems they face themselves. The fundamental issue is the management of innovation processes,
Many therefore consider better access to such external resources to be a vital policy instrument to support the innovative capacity of the business sector, especially for smaller enterprises.
Innovation systems have received attention from researchers as well as policy-makers as possible instruments for improving the innovation capacity of enterprises.
It is imperative that innovation systems are developed with a thorough understanding of how enterprises utilize external resources in their innovation processes.
During times of dramatic changes in the business environment or when SMES exploited completely new opportunities,
The innovation capacity of an enterprise thus rests on the foundation of its resources, which have been accumulated as a result of previous activities.
thus the process at the strategic level that enables the enterprise to change the content,
Correspondence between the dynamic capability and the dynamic change patterns of the business environment is essential for the long-term survival of the firm.
Innovation can be applied successfully in‘new'sectors such as high-tech but as well in very‘traditional sectors in industry, services and even agriculture.
When a national or regional government wants to design a policy to support entrepreneurship in general of innovation in particular,
on the other hand the European commission has to watch carefully the rules of fair competition within the European Economic Area.
in full respect of the need to preserve free and fair competition. Without excluding any areas dorm such initiative,
Many enterprises, especially SMES, encounter difficulties in planning, implementing and marketing innovative products and in innovating in their production processes.
Enterprises of all sizes should be more flexible in responding to rapid changes in demand, adapt to new technologies, such as ICT and e-business,
259 The creation of new businesses is necessary for the renewal and modernization of the economy but not sufficient.
and the suburb economy, comparing that between the income tax and gray economy. The Northern states with large amount of social expenses in the brut profit have increased also suburb economies.
Suede, Norway and Finland, have gray economies of 19, %while USA or Switzerland only 8, 8%of the total economy.
In spite of reducing the income tax and those on the profit to 16%,Romania with assistance expenses of 38
6%has a suburb economy of 34,4%.%It is very logical why a company manager to be very reticent to legalize his affair,
as long as due to the fiscal reform it has a reduction for taxes, incomes and contributions by 2, 2%of the brut profit,
and not 9%as the governors say. In Romania was created a vicious circle where the state is ensuring the minimum financial resources for stimulation of knowledge-based economy
and only a few companies proved able to compete through innovation. Very often knowledge is connected strongly with people
and all or part of it can do a major challenge. Innovation system is important for clarifying the area of innovation policy
and representing the economic opportunity of recombining knowledge. At top of that, more and more companies have involving in different stage of the innovation process.
In this direction in Romania the capital and financial channels for innovation activities can be the private venture capital.
The availability of that capital does not depend only on financial issues, but also on other factors as follows:
incubators (infrastructure for start-ups), technological parks (experimental facilities), technical transfer centers and the system of intellectual property.
which is destined to co-finance centers of technological transfer, office for connection with industry, technological parks and technological incubators.
Ministry of Education and Research and the Ministry of Communications and Information technology aim to attract to industrial parks with intention to create such parks in every Romanian city that has a university center.
They estimate that around 50 business incubators have been created but there are no monitoring mechanisms and no efficiency criteria or targets for them.
SME represent 98%of approximately all enterprises in Europe. Approximately 80%of their activities are carried out at a local or regional level.
for Romania the small and medium businesses are representing the engine of the economic growth and a vector for disseminating the research and development results.
The increase of the small and medium businesses sector had a positive influence upon the businesses environment reducing the unemployment rate
Strategies related to the environment characteristics, when an accentuate competition on the internal market and a rapid change rhythm in their activity domain can be associated with the orientation to the international market-between them it should be mentioned the niche's strategy,
which presupposes their concentration on the products and services for which it is disposed competitive advantages as a result of their capacity of innovation, adaptability and personalization of the production in connection with the request exigencies.
Conclusion Innovation is a broad concept. Innovation is not in contradiction with tradition. Any type of entrepreneur
and to promote competition. There is a high correlation but not full coincidence between entrepreneurship and innovation. 261 The degree of innovation is monitored by policy makers.
A high degree of innovation is considered to f make the economy more‘competitive'.'Innovation will not only support the development of new products or increase the productivity of labor and capital,
but also bring more economic growth, employment, a better balance of payments, improve the labor conditions etc. There is clearly a link between microeconomic issues such as entrepreneurial startups and macroeconomic performance.
It is not easy to measure innovation. Businesses operate in international markets while policy makers focus on a territory.
Very often the effect of a policy is felt beyond the territory of the government.
This is especially the case in a small open economy operating in this type of market as is illustrated by the case of Romanian References 1. Biatour, Bernadette and Kegels, Chantal and Vandecandelaere, Siska (2006.
A broad-based innovation strategy for the EU, Communication from the Commission to the Council, the European parliament, the European Economic and Social Committee and the Committee of the Regions. 4. Soete, Luc a o. 2007.
Global Entrepreneurship Monitor, Rapport voor Bel en Vlaanderen. 6. Wickham, Philip A. 2006. Strategic Entrepreneurship, Pearson, Fourth Edition. 7. Zimmerer, Thomas W. and Scarborough, Norman M. Essentials of Entrepreneurship and S Business management.
Pearson, Fifth Edition, 2008
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