and application of a variety of Web 2. 0-based information and communication technologies that simplify the relationship with stakeholder groups
and the increasing contribution of SMES to the global economy in promoting growth and employment opportunities (Bednarzik, 2000;
Micro, small and medium-sized enterprises (SMES) are the engine of the European economy. They are an essential source of jobs,
In the European union 99,8%(20,9 million) of enterprises active within the EU-27's nonfinancial business economy in 2008 were SMES (Eurostat, 2008.
%and for 58.6%value added within the nonfinancial business economy (Eurostat, 2008). SMES play an essential role in economic and technological development (Kaufmann and Tödtling, 2002.
particularly in mature Western economies, encouraging and improving the innovative potential of small and micro firms remains at the heart of policy initiatives that provide a wide range of financial support for innovative projects (Edwards et al.,
Review of Economics & Statistics, 84 (2), pp. 298-309.8. Cefis E. and Marsili O. 2006.
How Smaller Companies Can Benefit form Open Innovation, Economy, Culture & History Japan Spotlight, 29 (1), pp. 13-15.
using a quantile regression approach to explore the relationship between R&d and innovation, International Review of Applied Economics, 24 (1), pp. 95-102.21.
Theory and Evidence, Small Business Economics, 6, pp. 327-347.54. O'dwyer M.,Gilmore A. and Carson D. 2009.
Firm size and types of innovation, Economics of Innovation & New Technology, 18 (3), pp. 205-223.62.
Networks, Firm Size and Innovation, Small Business Economics, 22 (2), pp. 141-153.63. Rufat-Latre J.,Muller A. and Jones D. 2010.
November 2005, Published in Dutch The Creative Economy: challenges and opportunities for the DC-regions, Isabelle De Voldere, Eva Janssens, Jonas Onkelinx and Leo Sleuwaegen, April 2006, Published in English Spelers uit de televisiesector getuigen:
14 2. 1. Business model innovation in SMES to sidestep the commodity trap...14 2. 2. The role of the initial business concept or vision...
the relevance of the experience economy for innovating SMES...22 2. 4. Different ways SMES can create value...
The current economic crisis has weakened the financial health of many small and medium-sized firms (SMES), especially in industries in which foreign,
Technology per se has no economic value; indeed, the economic value of technology is realized when companies develop and commercialize it through a particular business model.
In all our interviews, managers emphasized that business models play a primary role in SMES in low-and medium-tech industries, not the technology.
We also focus on the role of the experience economy as one way to create value.
we examine the different drivers that enable SMES to accomplish these major business model changes. 2. 1. Business model innovation in SMES to sidestep the commodity trap Many SMES face severe commoditization pressure in their markets.
SMES that successfully sidestepped the commodity trap have changed their existing business model successfully to deliver more value for the customer at a profit.
The economic value of a technology only emerges when it is commercialized in some way. 14 It is the business model that determines the economic value of a new technology by indicating how customer value will be created
and how the company can capture value from that technology. In contrast with other innovation reports,
the relevance of the experience economy for innovating SMES New offerings can create value for customers in different ways.
In today's service economy, many SMES wrap additional services around their products to increase customer value in exchange for a premium price.
and scope economies become the dominant driver to gain and sustain competitive advantages. As the next examples will show,
Curana is a great example that illustrates how commodities such as mudguards and other bike accessories can be used to transform bicycle riding for the end consumers into an engaging experience.
and how this move allows them to sidestep the commodity trap. We narrowed our attention in this chapter to the role of the business concept
because avoiding the commodity trap and price competition are their main concerns. Once Curana was recognized as an ODM,
and analyzes it via a set of keywords regarding how the overall concept of a patient room should be changed to deliver value for the different stakeholders involved.
Stakeholders are, in this case, the patient, nurses, doctors, family of the patient, and so on. PROF was structured in such a way that it could progress with the new concept for a patient room and stay in tune with the stakeholders.
PROF includes both a small and a large consortium. The small one consists of a well-58 selected group of architects
and think in an innovative way about a patient room that could add significant value to all the stakeholders involved.
Other companies make money using open innovation to move from commodity products to highly differentiated products.
and Quilts of Denmark successfully sidestepped the commodity trap and now capture more value by focusing on how they can offer highly differentiated products and unique experiences to the consumer.
Moving away from commodity-like products and offer highly differentiated products (or experiences) that combine the expertise of several partners,
The current economic crisis has weakened their financial health, especially in industries that are globalizing rapidly. These changing market conditions force them to look for new ways to differentiate their products
First, SMES create the majority of the jobs in these industries in Western economies. Moreover, globalization and commoditization threaten many jobs
MA. 14 The role of the business model creating economic value from technological inventions is one of the central themes in Chesbrough, H. W. 2003), Open innovation;
A discovery driven approach, Long Range Planning, 43,247-261.20 Pine, B. G. and Gilmore, J. H. 2011), The experience economy, Harvard Business Review
Pine, B. G. and Gilmore, J. H. 1998), Welcome to the experience economy, Harvard Business Review, July-August, 97-105;
The Predatory Use of Preliminary Injunctions, The Journal of Law and Economics. Vol. XLIV, no. 2, 2001,573-603) for an analysis of how smaller firms are disadvantaged disproportionately by high IP litigation costs. 37 See Chesbrough, H. 2003) Open Innovation:
Kenniseneconomie (Knowledgeand Economy. Statisticsnetherlands, Voorburg, Thenetherlands. Teece, D.,1986. Profitingfromtechnologicalinnovation: Implicationsfor integration, collaboration, licensingandpublicpolicy. Researchpolicy 15,285 305.
and thus for economic growth. 13 3. 1 Type of industry SMES can be divided in different ways
Economics of Innovation and New Technology 4 (1), 41-59. Atuahene-Gima, K.,1996. Differential Potency of Factors Affecting Innovation Performance in Manufacturing and Services Firms in Australia.
Regional Innovation Systems and Clusters in the Asymmetric Knowledge Economy. In: Breschi, S.,Malerba, F. eds..
Small Business Economics 9, 33-44. Hair, J. F.,Anderson, R. E.,Tatham, R. L.,Black, W c.,1998.
-Driven New Ventures in Economic growth: A Cross-country Analysis H200720 21-12-2007 Entrepreneurial exit in real and imagined markets H200719 21-12-2007 Modelling latent and actual entrepreneurship H200718
Ambitious Nascent Entrepreneurs and National Innovativeness H200701 3-1-2007 Entrepreneurial diversity and economic growth H200627 21-12-2006 Motivation Based Policies for an Entrepreneurial
EU Economy H200626 19-12-2006 Export Orientation among New Ventures and Economic growth H200625 18-12-2006 Institutionele voorwaarden voor zelfstandig ondernemerschap
Kenniseneconomie (Knowledgeand Economy. Statisticsnetherlands, Voorburg, Thenetherlands. Teece, D.,1986. Profitingfromtechnologicalinnovation: Implicationsfor integration, collaboration, licensingandpublicpolicy. Researchpolicy 15,285 305.
November 2005, Published in Dutch The Creative Economy: challenges and opportunities for the DC-regions, Isabelle De Voldere, Eva Janssens, Jonas Onkelinx and Leo Sleuwaegen, April 2006, Published in English Spelers uit de televisiesector getuigen:
14 2. 1. Business model innovation in SMES to sidestep the commodity trap...14 2. 2. The role of the initial business concept or vision...
the relevance of the experience economy for innovating SMES...22 2. 4. Different ways SMES can create value...
The current economic crisis has weakened the financial health of many small and medium-sized firms (SMES), especially in industries in which foreign,
Technology per se has no economic value; indeed, the economic value of technology is realized when companies develop and commercialize it through a particular business model.
In all our interviews, managers emphasized that business models play a primary role in SMES in low-and medium-tech industries, not the technology.
We also focus on the role of the experience economy as one way to create value.
we examine the different drivers that enable SMES to accomplish these major business model changes. 2. 1. Business model innovation in SMES to sidestep the commodity trap Many SMES face severe commoditization pressure in their markets.
SMES that successfully sidestepped the commodity trap have changed their existing business model successfully to deliver more value for the customer at a profit.
The economic value of a technology only emerges when it is commercialized in some way. 14 It is the business model that determines the economic value of a new technology by indicating how customer value will be created
and how the company can capture value from that technology. In contrast with other innovation reports,
the relevance of the experience economy for innovating SMES New offerings can create value for customers in different ways.
In today's service economy, many SMES wrap additional services around their products to increase customer value in exchange for a premium price.
and scope economies become the dominant driver to gain and sustain competitive advantages. As the next examples will show,
Curana is a great example that illustrates how commodities such as mudguards and other bike accessories can be used to transform bicycle riding for the end consumers into an engaging experience.
and how this move allows them to sidestep the commodity trap. We narrowed our attention in this chapter to the role of the business concept
because avoiding the commodity trap and price competition are their main concerns. Once Curana was recognized as an ODM,
and analyzes it via a set of keywords regarding how the overall concept of a patient room should be changed to deliver value for the different stakeholders involved.
Stakeholders are, in this case, the patient, nurses, doctors, family of the patient, and so on. PROF was structured in such a way that it could progress with the new concept for a patient room and stay in tune with the stakeholders.
PROF includes both a small and a large consortium. The small one consists of a well-58 selected group of architects
and think in an innovative way about a patient room that could add significant value to all the stakeholders involved.
Other companies make money using open innovation to move from commodity products to highly differentiated products.
and Quilts of Denmark successfully sidestepped the commodity trap and now capture more value by focusing on how they can offer highly differentiated products and unique experiences to the consumer.
Moving away from commodity-like products and offer highly differentiated products (or experiences) that combine the expertise of several partners,
The current economic crisis has weakened their financial health, especially in industries that are globalizing rapidly. These changing market conditions force them to look for new ways to differentiate their products
First, SMES create the majority of the jobs in these industries in Western economies. Moreover, globalization and commoditization threaten many jobs
MA. 14 The role of the business model creating economic value from technological inventions is one of the central themes in Chesbrough, H. W. 2003), Open innovation;
A discovery driven approach, Long Range Planning, 43,247-261.20 Pine, B. G. and Gilmore, J. H. 2011), The experience economy, Harvard Business Review
Pine, B. G. and Gilmore, J. H. 1998), Welcome to the experience economy, Harvard Business Review, July-August, 97-105;
The Predatory Use of Preliminary Injunctions, The Journal of Law and Economics. Vol. XLIV, no. 2, 2001,573-603) for an analysis of how smaller firms are disadvantaged disproportionately by high IP litigation costs. 37 See Chesbrough, H. 2003) Open Innovation:
or in the small group of successful startups, such as Google, e-Bay or Amazon, surviving the new economy bubble,
the slowdown in productivity in the European economy since the mid-1990s and the opening of a wide productivity gap with the USA since then.
In turn, the productivity gap is considered to be the main source of the gap in rates of growth between the two economies.
Andrea Bonaccorsi is professor of economics and management at the University of Pisa Italy. His main research interests include:
and communications technology in the second half of the 1990s, followed by rapid productivity growth in the market services sector of the economy in the first half of the 2000s.
whose impact on the economy is pervasive, transversal, and deep (Bresnahan and Trajtenberg, 1995). Ten Raa and Wolff (2000) identified the sectors that are most responsible for the growth in total factor productivity in the period 1958 1997 in the USA,
But why did the US economy adopt ICT earlier and more productively, first in the manufacturing sector, then in the market service sector?
0. 9 2 0. 4 9 1. 4 Linguistics, literature 4 0. 5 4 0. 9 Economics 2 0. 2
students with a background in human sciences (literature, linguistics, psychology) and social sciences (economics) may combine their domain expertise with advanced computer science.
On the other hand, top scientists have large opportunity costs: if they lose opportunities the value they lose is very large,
so they will not accept offers that they consider below their opportunity cost. The higher the reputation, the larger the opportunity costs.
In other words, we may think of this career pattern as a dynamic equilibrium, in which all talented scientists are allocated to universities that make best use of their talent,
also by public shareholders from Italy and France. In the 2010 Scoreboard it is registered as incorporated in Netherlands. 2. Citeseer was developed in 1997 at the NEC Research Institute, Princeton, NJ.
U s. economic growth in the Information age. Brookings Papers on Economic activity, 1, 125 211. Kargon, R, S Leslie and E Schoenberger 1992.
Far beyond big science: Science regions and the organization of research and development. In Big science. The Growth of Large-scale Research, P Galison and B Hevly (eds..
External economies and economic progress. The case of microcomputer industry. Business History Review, 66,1 50.
In Research and Innovation Policies in the New Global economy. An International Comparative Analysis, P Larédo and P Mustar (eds..
Economic policy, 18 (36), 9 72 Norberg, A l 2005. Computers and Commerce. A Study of Technology and Management at Eckert-Mauchly Computer Company, Engineering Research Associates,
Engines of growth in the US economy. Structural Change and Economic Dynamics, 11 (4), 473 489.
Economic growth in Europe: A Comparative Industry Perspective. Cambridge, UK: Cambridge university Press. Triplett, J E and B P Bosworth 2004.
New Sources of Economic growth. WASHINGTON DC: Brookings Institution. Van Ark, P m O'Mahony and M P Timmer 2008.
Quarterly Journal of Economics, 122 (4), 1351 1408. Watson, T Jr 1990. Father, Son & Co.:
and resource efficiency 4. Tackling social inclusion and demographic challenges 5. Implementation of local and territorial development aimed at promoting economic growth These funds provide financial basis for Hungary's medium and long-term development
One further feature of Hungary's development goals is its shift to a low carbon economy,
competitiveness of enterprises (TO3) and low carbon economy (TO4) in relation to allocation account for 58.9%at national level.
TO4) the country will spend 13.25%of the ERDF allocation to promote the low carbon economy further to the EUR 845 M dedicated from the Cohesion Fund.
and environmental related actions planned under TO4 (low carbon economy), TO5 (climate change) and TO6 (environment protection and resource efficiency),
-carbon economy in all sectors; 1 425 387 797 0 845 597 151 532 278 345 5 000 000 2 808 263 293 (5) promoting climate change adaptation,
authorities and stakeholders and efficient public administration. 0 684 855 782 0 0 0 684 855 782 Technical assistance 0 0 193 449
and serve as a starting point for further discussion of related issues among stakeholders, in particular at INNO-Grips workshops.
and Philipp Koellinger, Assistant professor in Economics, Erasmus University Rotterdam, Netherlands. Disclaimer Neither the European commission nor any person acting on behalf of the Commission is responsible for the use
growing enterprises as they are seen as a key driver of economic growth and employment. Europe has performed relatively badly in generating high-growth innovative companies that quickly become global leaders.
Section 3. 2.)Theoretical arguments for SME support Policies promoting high growth of innovative SMES should be in accordance with principal insights of economic theories.
The government's 2009 New Growth Strategy identifies SMES as an engine for future high economic growth.
gorillas. 1 These enterprises are seen as important drivers of economic growth, employment and social wellbeing. There is also an increased interest of policy makers in fostering innovation,
compared to the US and also to some Asian economies. For example, while the US are home to companies such as Google, Microsoft and Amazon
Is it more efficient (in terms of economic growth and job creation) to support all SMES"a little bit, "or to concentrate efforts on those with the highest growth potential?(
i e. enterprising human action in pursuit of the generation of value through the creation or expansion of economic activity. 5 A certain share of high-growth enterprises are defined so-called gazelles
since the definition of gazelles includes for example new companies that grow from ten to 18 employees within three years reaching a size that does still not make much difference from a regional or national economy point of view.
or economy outside the government. 13 Policies include, but are limited not to, taxation, regulation, expenditures, legal requirements and prohibitions,
study guide for this Policy Brief. 13 Deardorff's Glossary of International Economics, policy, accessed 2 may 2010.
One with OECD economist Jonathan Potter, one with US venture capital and innovation policy advisor Burton Lee,
Philipp Koellinger, Assistant professor in Economics at Erasmus University Rotterdam. He is associate editor of the Small Business Economics journal
and has research interests and a sound publication track record in the fields of entrepreneurship and innovation.
and grow (motivation), access to markets (output) as well as infrastructure and economic stability (framework). 14 This framework is conducive to the analysis of barriers to innovation
Favourable framework conditions for innovation and growth require a sound infrastructure as well as economic stability. Infrastructure includes physical infrastructure for transportation, communication (e g. broadband), energy/water as well as institutions for security, health education and the legal system.
Economic stability and growth are conducive to future revenues and thus foster companies'investment into growth. 16 Last but not least
) Market rules Standards Framework conditions Infrastructure Facilities for transport, communication, energy/water Institutions for security, health education, legal system (e g. employment and bankruptcy law) Economic stability Right
Unfortunately this picture is only a fragment as four of the six largest European economies (Germany, France, UK,
The current economic crisis hit the US, home to many big young global leaders, worse than many European countries
p. 2. Policies for high-growth innovative SMES v1. 6 22 3. 3 Theoretical foundations of SME policy On the importance of a theoretical foundation for economic policy
such policies should be in accordance with principal insights of theories of economic policy. Otherwise such policies run the risk of wasting scarce resources
Some schools of economic theory assume that governments act in their own interests. For example governments may seek to increase the probability for being reelected
A study by the Finnish Ministry of the Economy published in 2011 found that in the period 2006-2009,691 newly founded companies fulfilled the OECD criteria for high growth,
for high-growth innovative SMES v1. 6 27 A Kauffmann Institute study of the US economy in 2010 with data for 2007 contained 5. 5 million firms.
and only in large diversified metropolitan regions. 42 Several studies by the Finnish economist Erkko Autio published in 2007 substantiated the importance of a small share of high-growth enterprises for overall
in order to promote economic growth, therefore, what really is needed are new jobs and new growing firms...but high growth can be misperceived a indicator Policy makers should
some argue that governmental policy for promoting technological entrepreneurship can contribute to the vitalisation of the national economy through the generation of new jobs
and implementation in order for economies to take full advantage of their entrepreneurial potential. 54 The study
connecting 37 national and international financiers with 25 Finnish growth companies. 75 At the beginning of 2008 the innovation department of the Ministry of Employment and the Economy established a division for growth ventures.
In terms of economic theory coaching is a private good so that public support for facilitating coaching cannot necessarily be grounded on market failure.
There are empirical indications that a well-functioning venture capital market is conducive to growth not only of single companies but also of national economies:
114 In light of the economic crisis, Singaporean business associations started the Financial Facilitator Programme (FFP) in January 2009,
First, improved involvement of stakeholders, nota-136 For ecosystems see the related statements by Martin Fransman, INNO-Grips (2011), p. 4,
The sectoral focus is a facilitator as it drives to the involvement of stakeholders and experts with sectoral background and reputation.
So the general lesson is that policies for high-growth of SMES may seek to diversify a national economy's key sectors.
Is it more efficient (in terms of economic growth and job creation) to support all SMES"a little bit, "or to concentrate efforts on those with the highest growth potential?
Some economists take the opinion that only the market can determine what the optimal amount of entrepreneurship is.
This position is supported by US economist Scott Shane: Getting economic growth and jobs creation from entrepreneurs is not a numbers game.
It is about encouraging the formation of high quality, high growth companies. Policy makers should stop subsidizing the formation of the typical start-up
and enhancing economic growth. 145 141 For example, the case study about Korea in this Policy Brief (see section 5. 1) mentions that the Korean government developed more than 100 different SME policy measures,
Canada is often in the shadow of its big neighbour, the USA, in terms of economic policies, but deserves attention with regard to high-growth SMES.
These countries are however very different in terms of population, economy and the prime criterion here SME policies:
It is one of the few developed countries that could avoid a longer recession during the economic crisis,
is heavily suffering from the economic crisis and the 2011 Earthquake, and has dedicated no policies for high-growth SMES.
has been a major policy player in promoting growth of SMES and the Korean economy at large. SMBA applies more than 100 SME promotion measures.
Entrepreneurship policies Recent activities to foster business start-ups In order to mitigate the negative effects of the economic crisis
Korea's overseas market development policy has transformed the country from being poverty-stricken into the world's 15th largest economy.
The new focus is on the promotion of Global Star SMES as the backbone of the economy.
The introduction of policy schemes for supporting this group of enterprises will probably impact the Korean economy dramatically in the coming years.
However, figures for 2009 may indicate a decline caused by the worldwide economic crisis. Exhibit 5-4:
References This case study has been conducted by Yoo Soo Hong, Director of the Institute for Global Innovation Economy (IGIE),
/Korea Institute for Industrial Economics and Trade (KIET: http://www. kiet. re. kr/kiet/eng/index eng. jsp.
While the government has attributed the successful recovery from the word-wide economic crisis to the numerous opportunities SMES have been provided with,
These employ 60%of Singapore's workforce and contribute an approximate value-added of 40%to the local economy.
Financial Facilitator Programme In light of the economic crisis Singaporean business associations started the Financial Facilitator Programme (FFP) in January 2009.
of the local economy. Consequently, investments by Singapore's government are expected to rise steadily. However, as there are no evaluations of government support available,
/Singapore Budget 2010-Towards An Advanced Economy: Superior skills, Quality Jobs, Higher Incomes<http://www. mof. gov. sg/budget 2010/download/FY2010 FLYERS FOR BUSINESSES. pdf>Singapore's National Day Rally 2010, Part 2:
Updates to Government's Response to the Economic downturn in Asia/Pacific (IDC#AP633103S, December 2009.
with an historic heavier weighting in ICT and Bio. 2. Linking government assistance (IRAP) with subsequent VC financing leads to less shareholder dilution
Why Venture capital is Essential to the Canadian Economy-The Impact of Venture capital on the Canadian Economy.
The Economic Importance of Venture capital Backed Companies to the U s. Economy, 2008, June at http://www. asiaing. com/venture-impact-the-economic-importance-of-venture-capital-backedcompanies-to-the-u-s-ec
Through these overlapping diversification and clustering policy initiatives, the government's 2009 New Growth Strategy (Basic Policies) Toward a Radiant Japan identifies SMES as an engine for future high economic growth.
(i e. corporate groupings) in stimulating the domestic economy. The new concept guiding SME policies became to develop
revised in July 2010, specifically identifying SMES as one of the main drivers of the economy.
Second, they should pioneer new frontiers, especially in the areas of inbound tourism and local economy revitalisation.
Although the post-Lehman economic downturn has led the government to focus on legislating remedial measures to support struggling SMES (e g.,
Ministry of Economy, Trade and Industry (www. meti. go. jp) White paper on Small and Medium Enterprises in Japan:
Ministry of Economy, Trade and Industry (www. meti. go. jp)( p40 70 in 2009wp) Ministry of Education, Culture, Sports, Science and Technology (MEXT.
According to their mission statements, the MOIT focuses on the promotion of economic growth in Israel and the OCS oversees all Government sponsored support of R&d in the Israeli industry.
the consulting branch of the Institut der deutschen Wirtschaft (IW, Institute for the German Economy).
which was established in 2005 with the objective of identifying trends and challenges of structural changes of the economy.
Policies for high-growth innovative SMES v1. 6 88 tribute the bulk of new jobs in a national economy, it would be a waste of resources to foster specifically those companies that would grow anyway.
Balancing SME policies with economic policies at large The question of balancing policies for general and high-growth SMES may have to be asked even broader:
Economists suggest that policy should not principally favour SMES. Which type of enterprise generates most innovations
Since there are empirical findings supporting the importance of high-growth SMES for employment in developed national economies,
and bankruptcy law conducive for high growth Economic stability Economic stability and growth European monetary policy (No difference between general SME policies and high-growth SME policies) Right
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& Practice 3 Small Business Economics 4 Journal of Small Business Management 1 Cato 2 Journal of Public Policy and Management Level 2 entrepreneurship
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and immigrants provided by the Ministry of Employment and the Economy. http://www. yrityssuom i. fi***Vigo,
by Finnish Ministry of Employment and Economy The programme bridges the gap between early stage technology firms
The Finnish Ministry of Employment and Economy launched the Vigo Programme in 2009. PROFICT Partners Oy manages the execution of the program.
that have a disproportionately higher impact on the metro area economy. East asia China Zhongguancun Science Park (ZSP) Gazelles Plan The Zhongguancun Science Park (ZSP) in Beijing initiated a Gazelles Plan in July 2003 to subsidise qualified high
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