payments, handling waste, and cybercrime. In other areas, there is either a lack of legislation or a late development of legislation fitted to the digital way of doing business and shopping.
and more competitive. 1. 6. Combat fraud and cybercrime. 1. 7. Freedom for a business to trade or not Art. 20 (2) Services Directive. 2. REMOVING BARRIERS TO E-COMMERCE 2
which fully harmonises some key areas of e-commerce transactions (e g. pre-contractual information, formal requirements for contracts, the right of withdrawal, delivery, the passing of risk, etc.)
iii) establish ground-rules for the security of payments online. -The multilateral interchange fee (MIF) Regulation:
All payment channels must operate with equal ease and security. Therefore a coherent set of standards for SEPA payments must be devised which strikes a balance between the harmonisation
and security needed by users and the flexibility required by innovators. All market participants must
AND CYBERCRIME Consumers and bona fide businesses both suffer from cybercrime, misleading marketing, identity fraud, payment fraud, etc.
so does fraud and cybercrime. This is a major concern for bona fide merchants and traders. Protecting against this scourge creates such high costs that they become prohibitive to operate in certain markets.
A drawback in the fight against fraud is that cybercriminals operate across borders while the Member States still act mainly on a national basis;
The EU must make the combat of cybercrime a priority and enhance cooperation between Commission and Member States,
and better security education of consumers. 1. 7. FREEDOM TO TRADE (OR NOT) It is essential that businesses retain the freedom to choose in which markets he/she chooses to serve end-consumers or not.
Also, the trust between market surveillance authorities between the different Member States is low. As a result, testing
new markets New business models Enhancing quality of life Creating new and sustainable jobs Material security Resource justice economy environment society politics Figure 2:
Prepare to take risks: changing a business model is a continuous process. Integrate an ongoing strategic reflection of your business model.
mitigating risks related to the use of chemicals and improving the data management of the chemicals2. www. aga. com CAR2GO:
Saves costs of raw materials, transport, storage, management etc. over relatively short time periods and with generally low-risk investments.
The World Economic Forum (WEF) Global Risks Report 2012 ranked extreme volatility of commodity prices as the fifth most important risk in terms of potentially negative impacts7.
especially for fossil fuels and metals8. 3. 2 Material and energy productivity Many companies are exposed to risks of raw material supply shortages,
World Economic Forum Global Risks Report 2012, www. weforum. org/reports/global-risks-2012-seventh-edition 8 European Environment Agency 2010:
and energy productivity can save costs and lower risk by making companies less dependent on imports.
What are the risks and opportunities of implementing a sustainable supply chain management approach? Eco-innovate!
Evaluate risks and opportunities through a risk management approach or an opportunitybased approach. Establish a common language Set sustainability targets and procurement criteria for the supply chain.
Evaluating risk, especially long-term costs and benefits may be challenging. Understanding the environmental impacts across the life-cycle is essential,
price, cost reduction, risk reduction, accessibility, convenience and/or usability? How does improved envi-Business case for eco-innovation Feedback from market research
and other stakeholders environmental awareness and understanding may help to reveal business opportunities or threats.
What are associated the risks with each source of funding? What types of free or subsidised funding or business support is available from government programmes or SME business support agencies in your country?
or adopting it) and which results, throughout its life cycle, in a reduction of environmental risk,
lack of information on the environment and its risks; lack of knowledge (mostly from the management part) regarding the environment, eco-innovation, lifecycle approach,
they present the risk that they undermine the strengths of ADR and ODR, in terms of accessibility, flexibility, low costs and speed.
This could introduce a significant imbalance for businesses in terms of security requirements and additional costs. It is also doubtful
and thereby providing them with a false sense of security, data subjects should be educated on how they can protect their personal data. 5. 2. 2 Self-regulation Data protection requirements should be included in (national) e-commerce trustmark schemes. 6. Electronic signatures and e-Identificationsecure, reliable,
(or another trusted party) would help to reduce cybercrime and fraud. E-Identification-based schemes would allow effective age verification,
Business leaders in particular must ensure awareness among managers of the potential benefits and risks of new technologies;
Europe's policymakers must follow through on their pledge to foster an entrepreneurial culture by encouraging new firm creation and risk-taking,
particularly for organisations with an ingrained aversion to risk and change. However, countries such as Ireland and Sweden show what can be achieved
The ICT enablers index takes into account affordability of Internet access, telecoms market competition, security of the Internet infrastructure, government support for ICT development,
take risks and embark on new ventures. According to Tarek Ghouri, director of government practice for Nokia Enterprise Solutions, the technology is available today to create compelling solutions that grow productivity;
and ingrained risk aversion compared to the US is a relatively noncontroversial view, accepted by virtually all the studies we have reviewed for this report,
and a willingness to take risks. Empirical research indicates that new firms tend to be the most innovative in their markets,
even Europe's more innovative countries tend to be risk-averse. Martti af Heurlin, deputy director-general of Tekes, Finland's National Technology Agency, says that
and says Europe's risk-averse business culture does not encourage managers to innovate. The more familiar a firm is with changing structures and processes,
At the risk of adopting yet another management fad, this suggests that Europe's managers must take on board the lessons of change management
Security, standards and intellectual property In each of the areas discussed above, most European countries compare unfavourably with the US.
The first is security. A large and growing proportion of Europe's business transactions are conducted now through digital channels.
enforced standards of network security as well as trust in payment systems, digital identities and digital contracts is vital to encourage more business leaders to offer ICT-enabled services,
Elie Simon, president EMEA of Sun microsystems, believes regulators must seek to develop unified security standards to protect Europe's network infrastructure.
At the regional level, the European commission and major systems vendors are trying to coordinate cybersecurity efforts.
This includes schemes to build awareness among firms of security threats and of options for dealing with them.
When it comes to security threats such as viruses, SMES are thought to be particularly vulnerable as they tend to have fewer resources available to handle problems
Common standards remove much of the risk associated with investing in competing technologies. Europeans fondly recall the development of the GSM standard,
and thus no less of a threat to innovative activity in this field. At the time of writing, the revised European commission directive appeared to weaken the applicability of patents to software.
risks and Part III Unleashing the enablers of growth 24 The Economist Intelligence Unit 2004 Reaping the benefits of ICT Europe's productivity challenge commercial impact of new technology.
Taking practical measures to encourage new firm creation and risk-taking. Reducing the complexity of tax compliance,
But it is up to business leaders to take advantage of this more supportive environment to encourage risk-taking and innovation in their organisations.
and exploit technology's potential to the full. 3. Redouble the assault on barriers to competition. We've highlighted the benefits that telecoms market liberalisation has brought to European businesses and consumers in the form of reduced costs and better services.
(and thereby helps avoid the risk of confusing the role of ICT with other variables).
A qualitative indicator of the security of the Internet infrastructure. An indicator of the government's role (government encouragement and financing for ICT,
At the same time, it would ensure the security of the infrastructure, helping to improve the daily lives of ordinary citizens.
competitiveness and security of supply, necessitating a coherent and consistent set of policies and measures to achieve them.
assuring and improving security and quality of supply, consistent with the demands of the digital age with resilience to hazards and uncertainties;
Security of supply: limited primary resources of traditional energy sources, flexible storage; need for higher reliability and quality;
strengthening European security of supply through enhanced transfer capabilities; Distributed generation (DG) and renewable energy sources (RES:
They are required to undertake necessary investments to guarantee high levels of power quality and system security,
and by the need to ensure economic development, greater competitiveness, job creation and high quality security of supply (both short and long term) in the EU. Advanced electricity service and solution providers:
it reduces investment risk; Smartgrids: The Vision Europe's electricity networks in 2020 and beyond will be:
Assuring and improving security and quality of supply, consistent with the demands of the digital age;
The need to reduce uncertainty and risk to businesses making investment decisions; The progress in technology,
It's not a vision for specific infrastructure projects or about the details of investment funding and risk management;
It's not about emission trading markets or addressing security of primary fuel; It's not about detailed research proposals,
Security and Quality of Supply: Modern society depends critically on a secure supply of energy.
Furthermore, the ageing infrastructure of Europe's electricity transmission and distribution networks is increasingly threatening security, reliability and quality of supply.
and the security of electricity supplies is under threat. Environmental issues have moved to the fore
SECURITY OF SUPPLY ENVIRONMENT 14 E u R O P E A n T E C H N O L O G Y
I D S User specified quality, security and reliability of supply for the digital age Flexible, optimal and strategic grid expansion, maintenance and operation Flexible DSM and customer-driven
Thus security, safety, environment, power quality and cost of supply are all being examined in new ways
This will have the potential to exploit fully the use of both large, transmission connected generators and smaller distributed power sources throughout Europe.
Wide area monitoring and protection (WAM & WAP) systems will be applied to manage the congestions in the transmission systems in a way that improves the security and reliability of grid operation.
and high levels of power security, quality, reliability and availability; transmission grids with minimum negative side-effects on the environment and the society;
Improvements of security standards in the context of critical infrastructures; Integration of both central and distributed generation;
The perceived risk of adopting new technology will be mitigated and commercial adoption will follow when companies know it works. 31 VISION AND STRATEGY I ELECTRICITY NETWORKS OF THE FUTURE As in other ETPS,
By definition it brings risks by and these have to be managed; The risk profile varies significantly across the innovation chain and its stages;
New grid technology cannot be fully proven in the laboratory or on a simulator; Pilot operation, in a controlled situation on a real grid is a prerequisite for adoption;
index (United nations) ESPAS European Strategy and Policy Analysis System EUISS EU Institute for Security Studies HDI Human Development Index (United nations) ICT information
and communication technology ISP internet service provider MOOC Massive open online courses (MOOCS) NBIC nanotechnology, biotechnology, information technology and cognitive science SCENIHR Scientific Committee on Emerging and Newly Identified Health Risks 4
carried out by the EU Institute for Security Studies (EUISS 2012), aimed at assessing‘the long-term, international and domestic,
Scientific Committee on Emerging and Newly Identified Health Risks SCENIHR 2009; Siegrist 2010. While NBIC technologies may be expected to bring along cumulatively substantial societal changes until 2030,
and empowering others (Hacker et al. 2009). As new technologies are presumed to represent an S-shaped adoption curve,
but also as potential threats to human dignity and autonomy (Heersmink 2011; Hildebrandt 2012; Wright 2011.
trust and security although the level of prioritisation of these values may vary along socio-demographic lines (Dutton, Dutta and Law, 2011;
using it both as a tool for interaction with citizens and as a pool of data for surveillance purposes.
Google transparency reports However, it has to be kept in mind that data mining is not only a tool for the surveillance of citizens and the limitation of freedom of speech.
(low/medium/high) Growing surveillance and data mining create tensions between citizens and governments Technological progress and growing degree of interconnectedness,
growing security concerns connected to cyberspace Government data requests revealed by ISPS, composite indicators such as Opennet Initiative data, anecdotal evidence, sentiment analysis outputs+Short to medium term Social acceptance, social conflicts, wildcards such as
internet/surveillance policies of foreign states High Spread of rational secular value systems will develop independently from interconnectedness+High 33 Bibliography African Development Bank, Africa in 50 Years'Time:
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particularly their risk-taking drive and level of perseverance qualities identified as essential for an entrepreneur.
or the willingness and ability to take the risk of joining an innovative start-up as an employee. 12 Figure 10 details a conceptual model for the factors influencing
A positive attitude towards entrepreneurship and risk as an enabler for selecting an entrepreneurial career with relevance throughout the process.
and financial risks of creating or joining a new venture. Challenges for promoting entrepreneurship Attitude:
and seems to be more prevalent in Europe than in other regions. 14 Studies have found evidence that the recent economic turbulence has resulted in entrepreneurs taking less risk overall.
Impact Attitude Perceived reward/status of entrepreneurship Perceived risk Personality type Determination 1 Skills Markets/business intelligence Management skills Social skills Creativity
and essential skills and attitudes, including creativity, initiative, tenacity, teamwork, understanding of risk and a sense of responsibility. 18 Cultural/Social framework:
in Europe by encouraging young Europeans to take more risks in innovation and entrepreneurship, and encouraging governments, businesses, society and individuals to support
and reward such risk-taking through policy frameworks and access to mentors, finance and markets.
Part of it is linked to higher levels of risk aversion following the financial crisis as investors struggle with an increased regulatory burden. 39 This drop in private investment has seen the role of government agencies in venture capital raised from institutional investors increase from pre-crisis
bonds or other securities and capital markets are particularly important in Western and Northern europe. Figure 14:
Chairman, Europe, Microsoft Corporation Benefit for large corporates Benefit for entrepreneurs Risk to one or both partners Company shares in high-potential entrepreneurial ventures Access
and competencies of both organizations. 51 An overview of the benefits and risks of collaboration for entrepreneurs and large corporates is shown in Table 3. 26 Enhancing Europe's Competitiveness The analysis is based on the six dimensions
if required Clear alignment of intellectual property rights II III V IV Develop collaboration and exploit results Set and
and a threat to one's own organization should be overcome. The degree and scope of openness are crucial:
or without a considerable time allocation for R&d inherits major risk for entrepreneurs. 53 Scouting for partners Developing transparency on available partners Any firm may find an enormous number of potential market
not months otherwise the opportunity to accelerate processes is turned into a risk. Fridolin Stary, Senior vice-president, Research and development, Wacker Chemie Fostering Innovation-driven Entrepreneurship in Europe 31 Dimension Practice/example Developing collaboration and exploiting results Being adaptable to the needs
The inherent risk of innovation, quoted by 22%of small firms The direct cost of innovation,
Moreover, connecting actors to improve access to capital is of key importance to enable progress towards a more transparent, single European market for risk finance.
Investments in pan-European fund structures support the above-mentioned development towards a European single market for risk finance.
We need to create an entrepreneur-friendly culture that encourages young people to take risks
or contain the risk of collisions. Able to innovate cooperatively, both amid and driven by contextual changes,
They would be able to minimize the three critical types of risk in any new venture:
market risk, technology risk and team risk. What does this mean for how organizations operate?
To master risk and reap the benefits of new sources of growth in an increasingly volatile and uncertain environment,
O'neill, M. 2013), Mini-bonds come with no small risks, Investorschronicle. co. uk, based on research from Capita Registrars. 48. http://www. tekes. fi/en/tekes/.
The district is responsible for support supervision, surveillance, management of outbreaks, development of training materials, social mobilization and advocacy.
education and disease surveillance. 156 IJEDICT Potential benefits provided by ICT in healthcare Some of the benefits that would be provided by adoption of ICT services in the healthcare immunization system are:
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
A combination of high extra-cluster ties and risk taking exert a positive impact on innovative performance.
Surprisingly we find that risk taking negatively moderates the influence of intra-cluster ties on innovative performance.
and risk-taking because we believe they have a unique role in leveraging innovation. Furthermore, we differentiate among a network based on internal and external cluster ties
and risk taking and examine their specific roles in generating innovative gains through ICTS and ECTS.
Risk-taking orientation reflects a firm s tolerance of uncertainty and capture a firm s willingness to involve in
while risk taking affects innovation directly, as well as by reinforcing the positive innovation effect of a firm s ties.
such ties carry major risks. The firm s partner may not be reciprocative in information exchanges,
In spite of these risks, a firm that nurtures its ties through the necessary investments in relationship building and knowledge sharing might stand to benefit more from its linkages than a firm that makes little investments in its ECTS.
While both ICTS and ECTS carry risks, the risks associated with the latter are likely to be higher due to the relatively higher differences in business practices,
norms and such like between the partners. On the other hand, the pay offs to 6 risk taking may also be higher in respect to ECTS,
given the potentially novel and non-redundant information that such ties bring about. Our paper contributes to the literature on SMES
defined as the extent to which top managers are inclined to take business-related risks and seek opportunity in anticipation of future demand (Covin & Slevin,
Risk taking is a complementary EO characteristic that reflects the commitment to high-risk investment or the willingness to invest resources into unpredictable opportunities,
Studies affirm that a successful entrepreneur makes calculated risks for potentially rewarding future benefits (Low & Abrahanson, 1997.
In short, proactiveness and risk taking are two important 9 features that shape how a firm acquire
and risk taking in relation to a firm s ICTS and ECTS. However, prior literature does emphasize how a firm s absorptive capacity (Larrañeta, Zahra,
and risk taking on a firm s network ties (ICTS and ECTS) in the specific context of an emerging-economy,
While proactiveness and risk-taking orientation both contribute to innovation and enhanced firm performance, we suggest they do so in distinct ways.
risk taking ensures that the firm makes the necessary commitments in order to derive value from its network ties.
How Does Risk Taking Moderate the Effect ICTS and ECTS on Innovative performance? Establishing network ties do not necessarily mean that a firm is fully tapping into the resources available to it through such ties.
However, such commitments carry an inherent risk. In the first place partners may renege on their promises so the firm may stand to loose the resources it has committed.
Another significant risk is associated the uncertainty with innovation (Zahra & Covin, 1995; Zahra, Nielsen, & Bogner, 1999.
As regards an acceptable level of risk, psychologists posit that this level may be chosen as a compromise between the desire for success
and the desire to avoid risk (Mandel, 2003). Too low a risk tolerance will prevent a firm from making progress (Naldi, Nordqvist, Sjoberg, & Wiklund, 2007.
As observed by Ward (1997, p. 323) without risk taking the prospects for business growth wane.
This suggests that some level of risk taking is essential for effective use of firms ICTS and ECTS.
When ICTS and ECTS are supported by an adequate degree of risk taking though investment of time, money,
and effort, the rate of innovation will increase. The interplay between risk taking on the one hand and ICTS and ECTS on the other can contribute to innovation, right from the discovery of an opportunity or the conception of an idea to its planning and implementation.
Nevertheless we suggest that the extent to which risk taking is essential can vary for ICTS and ECTS.
Within a cluster there is certain degree of mutual interdependence, implying that 11 firms need to honor their commitments
Greater trust and the threat of sanction can make risk taking less salient for ICTS compared to for ECTS.
A firm's risk-taking orientation positively moderates the positive impact of its network ties (both ICTS and ECTS) on innovative performance.
A firm's risk-taking orientation has a greater moderating effect on the impact of its ECTS,
ECTS, proactiveness and risk taking affects innovation. Figure 1 Innovative performance and the interplay between ICTS, ECTS,
Proactiveness and Risk-Taking METHODS Proactiveness Intra-cluster ties Extra-cluster ties Innovation Risk taking H1a H1b H1a H1b H2b H2a
Proactiveness and Risk Taking We followed the approach of Covin and Slevin (1989) to measure proactiveness and risk taking.
Respondents were asked about their firms proactive-orientation and risk-taking behavior on a scale of 1,
strongly disagree, to 5, strongly agree. We derived multi-item variables using factor analysis, testing for their reliability and validity.
and 0. 78 for risk taking well above the minimum accepted value of 0. 70 (Field, 2013).
and risk taking with innovative performance respectively (r=0. 30, p<0. 01) and (r=0. 30, p<0. 01)).
. Risk-taking orientation 6. 16 1. 22 4 9 0. 30**0. 29**0. 39**0. 47**6. Age of owner
In model 1, we include the two EO variables, proactiveness and risk taking, along with the control variables.
*Firm Size-0. 78 0. 35***0. 21**-0. 14-0. 17+Risk taking 0. 19*0. 17+0. 19*0
-0. 16 0. 31*ECTB H1b 0. 30**0. 13 Two-way interactions ICT x Risk taking H2a-0. 41**ECT
x Risk taking H2b 0. 22*R2 0. 17 0. 22 0. 38 0. 22 0. 34 Adjusted R2 0
the interaction terms ICT x Risk taking and ECT x Risk taking (model 5). We find a positive and significant coefficient for ECT x Risk taking (ß
However in contrast to our assumption in this hypothesis we find a negative and significant coefficient for the variable ICT x Risk taking (ß=-0. 41, p<0. 01.
Figure 2 The Moderating Effect of Risk-Taking on the Relationship between ECTS and Innovative Performance 18 From figure 2 we can better understand the extent to which risk taking moderates the effect of ECTS on innovative performance.
It shows the predicted innovative performance across a range (from low to high) of ECTS for high-and low-risk taking firms.
and the dotted and solid lines respectively represent firms with high and low risk taking. Both lines have a positive slope indicating the positive effect of ECTS on innovative performance.
underscoring that risk taking substantially moderates the impact of ECTS on innovative performance. This suggests that firms that are greater risk takers benefit the most from increasing the number of their ECTS.
The EO literature identifies proactiveness and risk taking as two key EO characteristics (Lee et al.
We argued that the EO traits of risk taking and proactiveness interact differently with a firm s ICTS and ECTS.
Risk taking on the other hand positively moderates the impact of ICTS and ECTS. We empirically tested our conjectures on a sample of 120 SMES in a creative-industry manufacturing cluster in an emerging economy, Indonesia.
prepared to meet future challenges and exploit future opportunities, and therefore may engage actively in search of new ideas outside of their cluster, though ECTS.
We found that risk taking strengthens the relationship between ECTS and innovative performance. For SMES in particular, external knowledge is a key source of innovation (Jacob & Szirmai, 2007;
) In this context, firms that take calculated risk are able to invest resources in their ECTS such that they are able to draw potentially valuable external resources.
We however found that risk taking negatively moderates the effect of ICT on innovative performance.
The Effects of Self-Construal Priming on Consumer Risk-Taking. Journal of Consumer Research, 30 (1), 30-40.
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