Without change, Australia risks being competed out in the world market, resulting in fewer jobs and lower economic growth.
page 51) Accept international standards and risk assessments for certain product approvals (Proposal 1, page 31) Enhance the 457 and investor visa programmes (Proposal 11, page 55 and Proposal 12,
service or product has been approved under a trusted international standard or risk assessment, Australian regulators should not impose any additional requirements
All Commonwealth Government regulatory standards and risk assessment processes will be reviewed against this principle. TPO00007 Industry Innovation and Competitiveness Agenda Industry Competitiveness x Industry Innovation and Competitiveness Agenda As a first step, the Government will enable Australian manufacturers of medical devices to register routine medical
and move to a more-effective risk-based approach for compliance and monitoring. The Government will improve the Significant Investor visa programme,
and take their own risks. The Government is also acting to better translate Australia's good ideas into commercial success. Australia performs well on many measures of research excellence
and emergency response training to also cover production optimisation and risk assessments. VR Space has signed recently a three year partnership agreement with Simtars, a division of the Queensland Department of Natural resources and Mining,
A well-developed financial system founded on sound prudential regulation that efficiently manages risk and channels savings to the highest return investments.
For example, in its‘Opportunity at Risk'report, the Minerals Council of Australia (2012) noted that in Australia it takes around three years to get approval for a thermal coal project compared to around two years for the rest of the world.
To achieve this, we must also promote a culture of entrepreneurialism and responsible risk taking by business.
when policy settings discourage appropriate risk taking behaviour. This is why the Government is laying the groundwork for Australian businesses to embrace structural economic changes,
and risks and to decide whether, and in which areas, to invest their capital. Government subsidies and other policies that have distorted these decisions,
Building Australia's Comparative Advantages Business Council of Australia In July 2014, the Business Council of Australia (BCA) released a major study on Australia's competitiveness and policies to ensure our economic security
government assistance to these industries still risks‘crowding out'other productive industries, as the exchange rate and other economic variables adjust.
It is businesses themselves that are placed best to assess commercial prospects and risks, to foresee and take advantage of changing market conditions,
and manage risks. At the same time, regulations impose costs and reduce the flexibility of businesses and individuals to adapt to changing economic conditions.
and risk assessments of some highly regarded regulators in other advanced economies not being recognised in Australia.
Another example is that the Australian industrial chemical risk assessment system makes insufficient use of assessments
Regulators will adopt a risk based approach, for example, by focusing on businesses and activities that are higher-risk,
and lowering compliance costs for lower-risk businesses. We are also continuing the roll out of Standard Business Reporting,
to provide quicker and more accurate reporting across government agencies, and reduce the cost of regulatory reporting.
and risk assessments To reduce duplicative domestic regulation, the Government will adopt the principle that if a system,
service or product has been approved under a trusted international standard or risk assessment, then Australian regulators should not impose any additional requirements,
and risk assessment processes in each ministerial portfolio and objectively assess whether unique Australian standards or risk assessments are needed.
As a first step the Government will enable Australian manufacturers of medical devices to register routine medical devices using conformity assessment certification from European notified bodies.
and increase its acceptance of international risk assessments materials from trusted overseas regulators. This will be part of broader reform to introduce a graduated,
risk-based approach to the regulation of industrial chemicals that will streamline (and, in the case of low-risk chemicals, remove the need for) the pre market assessment of chemicals already authorised for use in comparable countries.
Portfolio Ministers will conduct consultations as part of existing deregulation commitments including working with stakeholder groups to develop criteria for accepting
take a risk-based approach, and are consistent and accountable. The Framework will apply to Commonwealth regulators that administer,
As not all employers are able to cover risks themselves, an alternative may be to allow other private employers to access cover under the Commonwealth laws as premium payers rather than self-insurers.
and importers who have strong security practices and a history of compliant behaviour with access to streamlined custom procedures.
and the registry services of the Australian Securities and Investment Commission. The Government's Asset Recycling Initiative will provide incentive payments to the States to privatise assets
delivering personalised mentoring and support to‘at risk'apprentices; providing guidance to businesses taking on apprentices,
moving the national regulator, the Australian Skills Quality Authority (ASQA), to a new risk based model with improved information and education services, better recognition and greater autonomy
ASQA has taken already steps to reduce its level of interaction with training providers on low-risk activities.
nomination and visa applications around risk-factors to reward low-risk applicants and re-focus compliance and monitoring activities on high-risk applicants;
with investigative and information-gathering powers modelled on those available to the Australian Securities and Investments Commission.
The Government is committed also to starting the detailed planning necessary to build new dams to ensure water security for communities and industries.
and reduce risk. Among other things the Centres will encourage businesses in these industries to form commercial research and development partnerships with each other,
and well understood risk How a Growth Centre could assist the food industry Significant growth in processed food exports requires many changes by individual firms across the supply chain
unless there is a risk that the employee will forfeit the shares, in which case taxation is deferred until the shares‘vest'(that is,
The Australian Securities and Investment Commission will also be consulted, given its oversight of disclosure documents involving the offer of financial products (like options and shares).
and assuming there is no risk of forfeiting the options, if the employees accept the options then they will have to pay tax on the free options in the income year they are provided the options,
Deferral of tax is limited to schemes where there is a risk of the employee forfeiting the shares or options,
when there is no risk of forfeiture or when any restrictions on the sale or exercise of the options are lifted (vesting point).
without the options necessarily being at risk of forfeiture. Further, for options, the deferred taxing point at vesting will be moved back to
Their scale means they can find it more difficult to access capital or carry and spread risks themselves,
Consultation pathways Reform Consultation pathway Projected timeframe A lower cost, business friendly environment 1. Accepting trusted international standards and risk assessments The Parliamentary
) Opportunity at risk: regaining our competitive edge in minerals resources. Sydney: Minerals Council of Australia. National Science Board.
Australian Securities Exchange (ASX)- istock Page 47 Students reading-istock Page 49 Construction worker-Michele Mossop, Engineers Australia Page 63
and the threat of climate change and the scarcity of natural resources are increasingly more noticeable.
People who live in a stable society based on equality, security, equitable distribution and job satisfaction provide the best starting point for increased innovative ability.
This is not least due to our capacity to exploit scarce resources among other ways, by means of new technological and organisational developments based on new and improved knowledge.
Being an entrepreneur requires the ability to take risks, think innovatively, see possibilities, and do something with them by effectuating them into the marketplace.
2003) or in their report The british Chamber of commerce indicated that UK productivity is under threat because small and medium sized enterprises (SMES) are failing to exploit the benefits of technology.
feasibility studies to evaluate their cost-effectiveness, risk analysis, design and development, new policies and procedures, market research and marketing,
fire suppression and physical security related. At this point, the participation of experts for recommendations and solutions was necessary.
security breaches or fire damage was reduced significantly.""Innosupport: Supporting Innovation in SMES"-2. 1. Audit tools (Technology Audit) page 14 of 271 2. 1. 5. Expected Results/Benefits of Technology Audit
and threats (T). Such an analysis of the strategic environment is referred as a SWOT analysis. The SWOT analysis provides information that is helpful in matching the firm's resources and capabilities to the competitive environment in
and Weaknesses as well as the existed or forthcoming Opportunities and Threats from its external environment. Only when these four critical information elements are elaborated well and known,
and separate it into internal issues (strengths and weaknesses) and external issues (opportunities and threats).
or minimised to achieve desired results (weakness or threat). When doing SWOT analysis, remember that the S
and Threats you face. Carrying out an analysis using the SWOT framework helps you to focus your activities into areas where you are strong and where the greatest opportunities lie.
and maximises the potential of the strengths and opportunities while minimising the impact of the weaknesses and threats."
Gathering information on Opportunities and Threats should focus on the external factors. 3. Create a workshop environment
Supporting Innovation in SMES"-2. 2. SWOT Analysis page 18 of 271 4. List Strengths, Weaknesses, Opportunities, Threats in the SWOT Matrix 5. Evaluate listed
Strengths, Weaknesses, Opportunities, and Threats. The SWOT template below includes sample questions, whose answers are inserted into the relevant section of the SWOT grid.
Own known vulnerabilities? Timescales deadlines and pressures? Cash flow, start-up cash-drain? Continuity, supply chain robustness?
Competitors'vulnerabilities? Industry or lifestyle trends? Technology development and innovation? Global influences? New markets, vertical, horizontal?
Threats Political effects? Legislative effects? Environmental effects? IT developments? Competitor intentions-various? Market demand? New technologies, services, ideas?
The gathering information on Opportunities and Threats should focus on the external factors. Step 3: The manager of the health centre encouraged all the members of staff to freely express their opinions about what they felt to be appropriate.
Support of local government High felt need of users Internationally funded projects Threats: Low income of users Bad roads Low salaries Lack of budget Paradigms of providers High competition Step 5:
the risks are tolerated easily because the chance to find a solution is bigger; it is an inexhaustible source of stimulating the individual creative potential.
sinectics, GSS Group Support system, 6-3-5 Method, Analogical Reasoning etc) create the conditions for feelings of psychological security, favourable for creative manifestations."
How do we manage the threat of the loss of key people and their know-how?
Risk taking Initiate more discussions with people from outside the organization Follow your intuitive hunches Allow people to be more spontaneous
and personal risks taken to drive innovation in the organization. 4. 7. 5. Guidelines for installing a corporate innovation system 1. Always create the motivation first.
What kinds of risks (implicit, career-wise) am I taking if I dedicate my time to innovation?
Links Using toys to stimulate creativity http://www. thunderboltthinking. com/performance improvement. htm Creating an Environment for Innovation http://www. strategyletter. com/CD0902/featured article. html Risk
which will allow the acceptance/rejection of potential projects based on the assessment of the potential gain in balance with the risks involved.
which they were willing to risk. However, it was decided to have a webpage with information and a possibility to email Magic Books,
so that the risks are minimised and profits are maximised. This text is designed to help SMES managers to understand the NPD methods necessary to introduce successful new products. 6. 1. 1
To manage risk via a stage0gate method, the parallel activities in a certain stage must be designed to gather vital information-technical,
market, financial, operations in order to drive down the technical arid business risks. Each stage costs more than the preceding one,
and risk is managed. The gates 2: Preceding each stage is an entry gate or go/kill decision point,
investment requirements Programme breakeven time Proposed customer quotation Updated programme schedule Programme staffing issues Programme risk issues NPD process deviations Final Design Review issues
Updated programme schedule and status Programme risk issues NPD process deviations"Innosupport: Supporting Innovation in SMES"-6. 1. New product development methods page 113 of 271 6. 1. 3. 2. Success Factors Success Factors
The Challenge This team needed a product development process that would help them manage critical risk without slowing them down.
and legal risk issues to be managed. The senior management gatekeeping team has welcomed already the consistency of business cases produced"Innosupport:
Monitor the potential threat levels posed by competitive products to understand competitive strengths and weaknesses.
Under this system of rights, creators are assured that their works can be disseminated without fear of unauthorized copying or piracy.
Supporting Innovation in SMES"-7. 2. International Regulations page 159 of 271 Applying for an European Patent European patent applications may be filed (notwithstanding the provisions on national security) at:
if there are no national security constraints, to WIPO (World Intellectual Property Organisation) in Geneva or to European Patent office in either The hague or Munich.
Another risk, which is undertaken without regular updating is that the original patents and the technology they protect may become obsolete.‘'
and excellent ideas that could exploit new technologies or products are very important for the development of business.
such as the specific nature of the innovation project or new technology business, the financial risks involved, the complexity of the project and the time needed for development.
Supporting Innovation in SMES"-8. 1. Financing Innovation in Europe page 176 of 271 The advantages of venture capital are that no security needs to be given,
the risk is with the investor as much as with the company and so is the loss.
A further problem with bank loans is that the bank will require security in the event that something goes wrong in the business venture.
Since innovation is considered a high-risk business by most banks, it is sometimes difficult to find a bank willing to offer a loan.
Introduction Some characteristic features such as insecurity, growing dependence on scientific progress, growing complexity of research and innovation, the importance of knowledge and learning etc. form the innovation process.
if production exploits resources and people in a not acceptable way. The internet and mass media are able to influence on costumers opinions during very short time.
The most dominant problems are listed below in Table 1. Barriers to innovation in SMES Studies (amongst others) Financial bottlenecks-hindered access to external finance,-high innovation costs (and therefore)- high economic risks Acs
political and/or security-related concerns and are supported not rarely by strong pressure groups in the society.
Furthermore, some employees in the R&d units at the headquarters tend to see the new location as a potential threat to their job security leading to resentments, antagonism and even non-cooperation,
and ii) SMES. b) What are the advantages and possible risks of internationalization of innovation activities, particularly of R&d?
For example, on the issue of access to financing for R&d, many respondents recommended public programmes and support for venture capital and other types of risk financing through, for example, tax incentives.
demographic change and wellbeing PHC-12-2014/20153 Clinical research for the validation of biomarkers and/or diagnostic medical devices 66.10 45.00 9. Food security, sustainable agriculture and forestry,
Secure societies Protecting freedom and security of Europe and its citizens DRS-17-2014/2015 Protection of urban soft targets and urban critical infrastructures 7. 00
and services as well as access to the financial facilities supported under Access to Risk Finance of this work programme. 5 For topic PHC-12-2014/2015,
or manage the higher risks resulting from international opening of the schemes. Financial incentives, for example co-funding a limited number of initial transnational cooperation projects with knowledge institutions,
and control and manage risk in a collaborative partnership. This will provide managers of small companies with hands-on guidelines on how to innovate and setup innovation networks.
This action is linked to an investment readiness measure (Call H2020-BIR-2014 in the Access to Risk Finance Work Programme
Since firm entry involves considerable risk, with survival chances that are difficult to assess, institutions that make exit very costly discourage entry.
and SMES looking for risk Key policy recommendations Increase the ability of women to participate in the labour force by ensuring the availability of affordable child care and equal treatment in the workplace.
Regulations should be designed to minimise negative impacts on provision of risk finance. Regulations and supervisor arrangements designed to safeguard the soundness of financial systems can affect the provision of risk finance to SMES.
Such regulations should be subject to cost-benefit assessments before they are implemented and their impact should be monitored subsequently.
Subject new regulations which could adversely affect the provision of risk finance to cost-benefit tests of their likely effect before implementation and monitor their subsequent impact.
or for increasing the efficiency of government policy in addressing other market failures that affect innovation processes (e g. sharing the cost and risk of pre-competitive research).
ways of spreading risk; lowering and sharing costs, including R&d costs; and in many cases, improving access to finance.
But globalisation can also pose challenges and threats which SMES, from a resource viewpoint, are less wellequipped than larger firms to confront.
Challenges and threats may concern the following: standards and international compatibility issues; intellectual property protection;
political risks; corruption; and rule of law issues. SMES'participation in global markets lags behind that of larger firms.
including trust, transaction security and concerns about intellectual property rights as well as challenges in areas of management skills and technological capabilities.
security, privacy and consumer protection are essential, Regulatory and self-regulatory efforts to bolster trust, security,
A culture of security to enhance trust in the use of ICT, effective enforcement of privacy and consumer protection,
security (including spam and viruses), privacy and consumer protection. Intellectual property protection of ICT innovations and digital products is necessary to build the confidence among SMES that is essential
and e-business skill formation (including marketing, organisational, security, trust and management skills in addition to ICT skills) in conjunction with education institutions, business and individuals.
since these are likely to produce more accurate estimates with less risk of overestimating policy impact.
On the other hand there is the risk that this closeness may impair their independence and subject the evaluation to capture or political influence.
However, there is a risk that the discussion may engage those responsible for the programme less when it is led by outsiders,
incurring the risk of underestimating their innovation effort. In fact, innovation often occurs without the performance of formal R&d,
Lastly, given all of the above qualifiers, we explore SME innovation strategies that exploit a firm's current capabilities
There is the risk that technical staff will push too far ahead of customers and lead to a product failure.
They also cannot spread R&d expenses over large sales volumes nor spread the risk of failure across multiple projects.
and increases the risk of intellectual property loss. Although only a small proportion of SMES engage in innovation activities,
there is less risk of a disconnect between levels due to bureaucracy, delays, and miscommunication. 10 SMES also vary in how much they focus on learning (Salavou, 2005.
There is a paradox in customer closeness and a risk, however, in that firms that work closely with only a few customers begin to depend mainly on their own internal 11 resources for ideas rather than seek new information from the outside.
other than to indicate that these SMES are better at quickly forming unique technology/market/product combinations that exploit new technology than they are at conducting fundamental research
This transfers the risk of equipment failure to the service provider and focuses on relationship-based services centered around the product and operational availability and response time in case of failure.
as the service firm's risk increases and higher levels of solution expertise must be available.
and security that the company provides. The responsibility for downtime now shifts from user to supplier,
and focuses heavily on managing risk, and keeping the process on budget and schedule. Firms in the middle region of the figure offer discrete services usually on a fee-per-event basis (e g.,
Another aspect of incentives is to encourage risk taking. An individual (or team) should not be punished
A culture of risk-taking is essential for a successful innovation process. Unlike products, many services are delivered by individual employees
and risk associated with each idea. In most situations, the business analysis should include at least three scenarios:
and customization Shift downtime risk from customer to service supplier Transition from transactional to relational selling Base business model on low cost and convenience over product life Extend customer relationship deep
I find it easy to be open and honest with people from other departments Risk The degree to which the organization,
employees and managers take risk I am encouraged to experiment; we take calculated risks; we encourage trial and error Stimuli The degree to which it is understood that unrelated knowledge can impact product, service and operations improvements
I am encouraged to search externally for information; I obtain data from many different sources; we listen to suggestions from suppliers;
Management's assurance of status parity can help to bridge the gap between departments, and unite them for a common purpose (Susman and Dean, 1992).
Contracting such work to outsiders has reputation risks and inhibits feedback and learning opportunities from the field.
It is better to overstaff inhouse personnel than risk ineffective response (Gebauer et al. 2005). ) The firm also can start to offer services where its installed base is most dense,
but include surveillance, monitoring, information gathering, interpretation, and the firm's willingness to invest in data capture and storage.
L'innovation dans l'assurance: le cas de l'UAP (Innovation in insurance: The case of UAP), for UAP and The french Ministery of Research-University of Lille.
and disadvantages (unable to spread risk across projects, can't afford to fund log-term R&d).
Nevertheless, the small-and medium-sized enterprises of Germany have not been able to overcome the risks inherent in a high degree of specialisation,
and especially their vulnerability to market changes. 45. Despite their specialisation, the German Mittelstand companies pursue a strategy that is not blindly committed to the technological frontier.
Benefits could include gaining a larger share of the target market, risk diversification, or access to vital information about potential inputs or market opportunities.
professional risk evaluators for new technologies and new business; and rapid access to secondary markets. 67.
as well as government bodies, have difficulty assessing the risk-profit trade offs of innovative ventures. Uncertainties about the technical feasibility, the time period of development, the total financing needed,
commercial risk, and managerial capacity of an SME and its proposed innovative project. Technological rating organisations can be public or private bodies,
including to ensure the rapid diffusion of expertise in technological rating that would help reduce the uncertainty that limits private sector investments in high risk innovation projects (Box 1). They may also want to consider subsidising programmes that help
Thirdly, managers advocate longterm investments that tolerate fluctuation and short-term risks, while shareholders advocate an avoidance of any risk.
This is particularly problematic, because investments in innovation and new projects involve higher short term risks. Fourthly, managers meet competitive threats by increasing their cost-cutting investments to rationalize on the firm's resources and by pushing for innovation in management and operational aspects.
The shareholders tend to think mostly of selling the firm to get the best possible return on invested capital, especially upon the slightest indication of trouble.
In the process shareholders tend to induce failure of the firm (Crotty 1990. All the above issues indicate that the financial theory approach is not the most accurate,
Creation of new knowledge in a firm involves risks (Teece and Pisano 1994, Howells and Michie 1997, Lei 1997),
by taking risks, innovating, and exhibiting proactive behaviors, and by adopting entrepreneurial postures (Khandwalla 1987).
The only threat to reliability is finding new literature that contradicts the existing findings. The argumentation and reasoning carried in the paper is general in its nature (d). 2 Coverage Intensity
The only threat to reliability is finding new literature that contradicts the existing findings. Same as in (d) above. 7 The firm studied falls within the definition of SMES, as:
Any threat to reliability in papers 1, 2, 4, 5 and 6 would come from the introduction of new research that contradicts the findings in the literature I relied on to build my case in these papers. 64 The issue of generalizability Generalizability can affect experiment design
there are risks and limitations of instability imbedded in the model, when input information is not intense enough.
A new model to identify bankruptcy risk of corporations. Journal of Banking and Finance 1 (1), 29 54.
An application in securities analysis. Management International Review 28 (1), 34 44
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