Synopsis: Security:

share risk and more intelligent ways to combine funding between instruments. Innovation should be core to fi nancial institutions, with

and Europe running the danger of becoming more risk-averse at exactly the moment when we need to be more innovative, more experimental, more daring.

security and justice, can be sustained in an era of ageing populations, global warming and much greater diversity

low risk investments. Thus people, entrepreneurs and companies with ambitious and creative ideas fi nd

international movement of people creates real risks of cybersecurity. Other new technologies †from biotech

to nanotech †create real and perceived risks and ethical concerns. Without socially acceptable solutions and

safeguards, the innovative possibilities and societal benefi ts of these technologies will not be realised We are not calling upon government to solve all of these

and Risks Social Exclusion Future of Young Climate Change Sustainability Changing Demographics Ageing Population Sustainable Cities

The risk is that the EU falls behind the USA and Asia in critical next generation digital infrastructure.

Risk and uncertainty are inherent in innovation. We argue that the current fi nance system is not fi t for the

new partnerships to share risk, better harnessing the knowledge and skills of entrepreneurs and companies

and where needed on a transnational basis. Current risk capital markets are opaque, leading to limited access and

to reduce their risk profi les to investors and accelerate deal fl ow Creating a pan

and fi nancial coverage products to hedge risks or investments. This project is under construction

government takes on the risks associated with new knowledge creation for society (Arrow Nelson). ) This type of focus is still very strong

weaknesses, opportunities and threats of the Catalan economy taking into account the different sectors and technological capabilities.

strengths, weaknesses, opportunities and threats -Analysis of the leading sectors and capacities in crosscutting enabling technologies

food security, sustainable agriculture, forestry, marine and maritime research and the bioeconomy; secure, clean and efficient energy;

5. To promote climate change adaptation and risk prevention and management 6. To protect the environment

threats to the Catalan economy based on SWOT analyses carried out previously in Catalonia and on which there is broad agreement amongst stakeholders in the

economy and the analysis of its strengths, weaknesses, opportunities and threats (see the document â€oeanalysis of the Catalan economy:

because they share risks and can undertake larger projects than a company would be willing to embark on alone,

Public administrations provide economic support, under the principle of shared risk, to actions aimed at increasing the market value of technologies identified as marketable.

investment in new companies through financial instruments that reduce the risk to which entrepreneurs and investors are exposed

inherent risks (technological, operational and market) that they face, it is difficult for them to gain

weaknesses, opportunities and threats of the Catalan economy taking into account the different sectors and technological capabilities.

strengths, weaknesses, opportunities and threats -Analysis of the leading sectors and capacities in crosscutting enabling technologies

food security, sustainable agriculture, forestry, marine and maritime research and the bioeconomy; secure, clean and efficient energy;

5. To promote climate change adaptation and risk prevention and management 6. To protect the environment

threats to the Catalan economy based on SWOT analyses carried out previously in Catalonia and on which there is broad agreement amongst stakeholders in the

economy and the analysis of its strengths, weaknesses, opportunities and threats (see the document â€oeanalysis of the Catalan economy:

because they share risks and can undertake larger projects than a company would be willing to embark on alone,

Public administrations provide economic support, under the principle of shared risk, to actions aimed at increasing the market value of technologies identified as marketable.

investment in new companies through financial instruments that reduce the risk to which entrepreneurs and investors are exposed

inherent risks (technological, operational and market) that they face, it is difficult for them to gain

ï Why we in the Canary islands miss opportunities to exploit for a knowledge-based economy, the availability of good

Threats •Natural offshore Platform •Excellent weather conditions for field tests •Excellent Wind and Wave resources for R+D+i and

and offer more incentives for risk taking Entrepreneurial knowledge involves much more than science and technology.

on embeddedness, a regional development strategy may risk increasing vulnerability to changing economic conditions. Therefore, it is crucial that the second principle of

Production and automation technology, Cleantech, and Security. These fields present the regional strength in regional publicly funded R&d and industrial activity.

The key to successful differentiation is to exploit related variety, suggesting that a regional economy can build its competitive advantage by

linear view of innovation, run the risk of autarky, and take a narrow view on the role of policy in

stimulation of entrepreneurship/management of risk and uncertainty; market formation mobilisation of resources; and legitimation.

involved in the RIS process), the design of the RIS3 architecture needs to anticipate the risk of

but it does mean that the costs and risks associated with entrepreneurial search are shared and therefore do not become too prohibitive for

Prioritisation always entails risks for those who have to select those few domains that, as a result

assets, are the best guarantees to avoid both the risk of capture by interest groups and the risk of

Strategies that stop before this step run the risk of remaining unimplemented and/or not credible.

Developing a RIS3 involves a degree of risk-taking, since there is always some uncertainty in the

extension, limiting risk Even more than for conventional projects and actions, pilot projects need to be monitored and

devoted also to the width and strength of the industrial base, uncovering specific risk factors

This implies, for instance, verifying that the vulnerability and capacity of adaptation of the regional innovation system have been

either in national or international markets, and accessing risk capital All these barriers can be overcome

multilingual services, online safety and security, intelligent energy networks and smart energy services). ) To best harness EU funding from these various financial instruments, one of the key

security, etc b) have a sectoral focus targeting ICT industrial and technological leadership in R&d&i fields

EU level debt instruments (guarantees/risk sharing: CIP-SMEG, RSFF, LGTT •Risk Sharing Finance Facility (RSFF.

The Risk-Sharing Finance Facility (RSFF) aims to improve access to debt financing for promoters of research and innovation investments by

sharing the underlying risks between the EU and the EIB. Together, the European Commission and the EIB are providing up to EUR 2 billion (up to EUR 1 billion each) to

support loans or guarantees supporting the priorities of the Seventh Framework Programme for RTD (FP7.

and leases to SMES and smaller mid-sized firms, the Risk-Sharing Instrument (RSI), was launched at the end of 2011.

Instrument for TEN-T projects partially covers this revenue risk and consequently improves the financial viability of such TEN-T projects. 117 Policy DG in charge:

in order to reduce their risk and increase their lending activities in favour of the sector. It amounts to EUR 8 million

i e. loans of up to EUR 25,000, in particular to vulnerable groups in risk of social exclusion, for the purpose of setting up small commercial operations;

The European Investment Fund provides financial intermediaries an integrated risk finance product range of SME finance initiatives, complementing the products offered by the EIB with

hardly any mechanisms to allow the pooling of risk and resources across countries and different administrations

decreasing the potential innovation costs and financial risks through ERDF co-funding •The recognition of the procurement phase as strategic in public policy cycles, by

There is a risk of it being hampered by insufficient knowledge, limited support of grass roots, social enterprise and social entrepreneurship activities, poor diffusion and little scale

challenges such as demographic ageing, increased demand for healthcare services, risk of poverty and social exclusion, the need for better and more transparent governance, and a more

risk management and strategic planning with a view to obtaining a better access to the private

security, software, gaming, social networking, digital media, digital content, e-learning; Creative and cultural enterprise Innovative Processes for

B Data Analytics, Management, Security & Privacy I Sustainable Food Production & Processing C Digital Platforms, Content & Applications J Marine Renewable Energy

security, software, gaming, social networking, digital media, digital content, e-learning; Creative and cultural enterprise Innovative Processes for

B Data Analytics, Management, Security & Privacy I Sustainable Food Production & Processing C Digital Platforms, Content & Applications J Marine Renewable Energy

Ioan Cuzaâ€, a Regional Oncology Research Institute and a County Clinic and Emergency Hospital with RD activities

T. Popa†and the Clinic County and Emergency Hospita †Sf Spiridon†According to the ARUP study, the region has perspectives for specialization of the economic

programming, mecatronics, security, e-health, ITC for transport, new media, irrespectively networks of the future, internet services, software and visualization, media network and 3d

GPS, ERP data systems, cloud computing, intelligent wireless networks, cybernetic security safe software systems, mobile applications design, etc

Security Socioeconomic Space Textiles Agro-Food ICT Intelligent sys Health Energy Pharmaceuticals Environment Security Space

Materials Biotechnologies Transport Socioeconomic 13 Panels 90 Micro-visions 29 domains +Exploratory Online consultation Argumentative

•Analysis, management and security of big data •Future internet •Software development technologies, instruments, and methods

Security, and Heritage and cultural identity Process: http://www. poscce. research. ro/ro/node/node/nid/2438

•Security & Space •National heritage & identity, cohesion and cross-cultural linkages Smart specialization fields

•ICT, Security & Space •Energy, Environment & Climate changes •Eco-nano-technologies & Advanced Materials

ICT, Security & Space Focus on changes related to Smart Specialization so far Micro-vision fiches after refining (see the Annex for the full process:

Security; Intelligent Systems; Socioeconomics Space medicine Science; Transport ICT Rationale: ICT prioritized for information security & space security because of new info regarding the

sectoral strategies (not available at the time of the first version; RO is external border of UE

Energy & Environment Energy, Environment & Climate change Rationale: Environment focus on Climate Change the Danubius Center will be operational by 2018

Oceansâ€, â€oecultural Heritageâ€, â€oeagriculture, Food security and Climate Changeâ€, â€oea Healthy Diet for a Healthy Lifeâ€, â€oeantimicrobial Resistanceâ€, â€oewater Challenges for a Changing Worldâ€) and 5 JTIS

Security Health Environment Materials ICT Energy Biotechnology Agrofood •Governance of RDI strategy •National level

-sciences and nanotechnologies, automotive, security and new production technologies "•Measuring the progress •23

Security Intelligent Systems; Socioeconomics; Space medicine Science; Transport -Prioritization and version Dec. 2013 Public debate -National R&d institutes

and take calculated risks 2. THEORETICAL FRAMEWORK The theoretical literature that deals with the issue of R&d and innovation underlines the critical role

risk of poverty or social excl. (no. of persons EU target 75 3 20 20 20 10 40 20,000, 000

and risks of a lead customer, while improving the quality of its services and productivity

exploit comparative advantages of other parts of the country. Moreover, when they venture outside the

Foreign ownership in the region†s key sectors brings with it both opportunities and risks.

main risk is that foreign firms are likely to be †footlooseâ€, that is they are more likely close plants and

A second risk is owned that foreign firms †crowd out†the local industry. This may happen by

always the risk of creating an additional level of bureaucracy, if these measures are linked not to a

and risk management in agriculture by:(i) better integrating primary producers into the food chain through support for quality schemes, promotion in local markets, horizontal and vertical cooperation

and (ii) assisting farmers with risk management and financing investments in preventive and restoration actions 170.

Threats ï¿Lack of applications and local content, but also an insufficient level of digital literacy and understanding of benefits

problems, the risk to deepen the digital gap becomes even bigger thus amplifying differences between Romania and the other European union states

ensuring necessary preconditions for information, education and security Starting from the fundamental pillars of the strategy we developed a set of

security (pre -conditions -the degree of digital alphabetization of the population -%of employees with experience in using

•e-Emergencies 60 •e-Fraud 40 •e-Associative 50 30 •e-Participation 50

-democracy and the elimination of a risk of a â€oetechnology gapâ€. This includes, not only access in terms of equipment and affordable connection, but also the considerable

Web services in EU) to enjoy high levels of security and confidence, a balanced regulatory framework with well defined rights, the strengthening of multi-territory

•Improve information security •Reassessment of host status for data •Increased competitiveness and development of economic operators through

•Emergency Ordinance no. 19/2009 regarding certain measures pertaining to public procurement •GD. 925/2006 for the approval of the application of provisions relating to the

•Emergency Ordinance no. 143/2008 amending and supplementing Government Emergency Ordinance no. 34/2006 concerning the award of

public procurement, the public works concession contracts and services concession contracts During this parliamentary session (starting February 2010), there were several

subsequent amendments, Draft Law on the approval of Government Emergency Ordinance nr. 109/2009 to amend Law 571/2003 on Fiscal Code, Draft Law to

approve Government Emergency Ordinance nr. 113/2009 Payment Services Legislative proposal establishing a single framework of declarations regarding the

electronic terrorism, preventing and minimizing the effects of natural and technological disasters, nuclear complex simulation, making

 risk  that  the  definition  of  standards  in  technical

 risks  of  nuclear  power  the  use  of  renewable

 risk  to  be  too  low  for  coming  needs

 surveillance  of  frequency  voltage  and  reactive  power  in

 security  and  quality  of  supply  (ii  enabling  the

 http://www. dreamsworld. it/emanuele/2007- †07- †01/hacking- â€

 security  and  discussions  on  data  privacy  On  the

 risk  having  far- †reaching  con- †sequences  for

 exploit  active  demand  in  CIRED  Ed  21st  International

The objective of this paper is to analyse these risks and assess the starting point of

specialisation, there is also a significant number of risks to consider Table 2: Opportunities and risks regarding main elements of smart specialization

ELEMENTS OPPORTUNITIES RISKS Prioritization Election of priorities through specialisation patterns To prioritize can help creating critical

mass to achieve excellence Prioritizing the demands of the businesses facilitates the alignment of the regional capabilities with the

As mentioned in the research questions section, these opportunities and risks, as well as the real difficulties and problems encountered by policymakers when

the risk aversion of authorities on the choosing process of priorities 8 RIS3 seems to have prioritized sectors with a very clear share in total economy

the scope of these potential threats within the real strategic definition exercises Therefore, the Spanish experience has shown the following

as well as the risk aversive preferences of regional authorities, guides a wider selection of specialisation choices

Food security STRENGTHS AND OPPORTUNITIES Water Energy Hydrã gen Energy efficiency SMART SPECIALIZATION PRIORITIES IN ARAGÃ N

Food security STRENGTHS AND OPPORTUNITIES Water Energy Hydrã gen Energy efficiency SMART SPECIALIZATION PRIORITIES IN ARAGÃ N

ï There is no evidence that the strategy includes a clear reflection/proposal on how to exploit

Social Dynamics, Innovative Society and Security ï¿IT Services The next steps ï¿We are moving forward in the process with the help of a

activities like aeronautics, information and communication technologies, security, biotechnology and logistics The industrial policy of the Regional Government has established four main priorities in the support of emerging

IT SECURITY Advanced software Engineering Advanced Production technology Agro-food biotechnology Source: ADE Figure 2. Clusters in the Industrial Plan of Castilla y Leã n

Opportunities, and Threats) for the R&d and Information Society situation in Castilla y Leã n that

and Threats (SWOT) compiles and integrates quantitative and qualitative analytical conclusions in the Strategy†s creation

THREATS •Prolonged effects of the financial crisis and difficulty in entering financial markets •Limitations of companies to funding

because of the financial crisis and risk of system failure due to budget reasons SWOT ANALYSIS SA 015

security Citizens •Positive indicators: number of homes with computers and devices and Internet access, high use of ecommerce, high

THREATS Territory •Low profitability in the area for operators for telecommunication infrastructure in the rural environment

areas, such as mobile applications and technology, cyber security, Big data, Internet of the Future, Cloud computing, all of which are crosscutting technologies for any economic

Threats  •†Extension  of  effects  of  the  crisis

 security  Building the evidence base for RIS3 (II SWOT Analysis Knowledge Digital Society

Threats  •†Low  prokitability  for  operators  in  rural

whether small ï rms are better off exploit -ing their comparative advantage in inventing by becoming â€oetech

and risk taking are crucial in the discovery of valuable technological solutions (e g.,, Ahuja and

from the buyers, who are exposed consequently to the risk of â€oehold up†(Shane, 2002. The risk of moral hazard and hold up reduces

potential buyers'propensity to acquire external inventions. From the point of view of a technology specialist, this results in a further

Zephyr and Securities Data Corporation databases as well as com -pany web sites and specialized websites) we discovered that collect

Business & Industry, Factiva, Zephyr and the Securities Data Corpora -tion (SDC) databases as well as from company web sites.

Industry, Factiva, Zephyr and the Securities Data Corporation (SDC databases as well as company websites and specialized websites) to

small ï rms may be less able to exploit economies of scale and scope, or be more ï nancially constrained (e g

there is a high risk of the results not being statistically signiï cant (e g.,, Wooldridge, 2002. Nevertheless

incumbents under competitive threat. New spin-off ventures enable the commercialisation of knowledge that would otherwise remain un-commercialised in large firms, universities and

emerging and potential business creators are lacking entrepreneurship skills such as in risk assessment, strategic thinking, networking, and motivating.

players within this type of business model rather than treating it solely as a threat. Many

Entrepreneurs take risks by offering new solutions in the market in the face of uncertainty about

to fit †at the risk of failure. The entrepreneur innovates by experimenting â The entrepreneur as a resource shifter.

†combining in new ways, discovering opportunities, taking risks, shifting resources and creating breakthrough innovations â€

since the mere competitive threat of new and small firms, or contestability of their markets, may force incumbents to upgrade

as one of the key ways to exploit untapped knowledge, alongside the more traditional patent and licensing routes and the publishing and teaching activities of universities.

security, bankruptcy legislation, competition policy, product market regulation, labour market regulation, finance markets and intellectual property protection.

Knight, F. 1921), Risk, Uncertainty and Profit, Chicago University Press, Chicago Jensen, M.,B. Johnson, E. Lorenz and B. Lundvall (2007), â€oeforms of Knowledge and Modes of

when information asymmetries and risk are very high, often preventing traditional bank financing and even access to private venture capital funds.

compã titivitã has become an occasion to break out of isolation and share the risk of R&d and innovation

together, whilst cushioning the financial risk for people willing to invest in technology-based start-ups

economic risk Cost of financial SMES, ENTREPRENEURSHIP AND INNOVATION Â OECD 2010 105 2. UNITED STATES

in order to cope with risk management. Each funding operation is covered by the following guarantees against default: 20%â€

80%of their risk as well as the option of buying out the government†s share within five years.

identify criteria for risk sharing support investments in R&d New financial services for R&d investments in technology-based

the high costs and risks involved in the internationalisation process (OECD, 2008b. As a result, public policy has a key role to play,

ensure that the risks and costs of international networking are minimised for participating SMES through, for instance, the provision of loans

which often run the risk of being trapped in a one -way relationship with the parent company.

exploit new products and services, and higher education institutions can play an important supporting function through the transfer of knowledge.

and risks and costs associated with international networking by setting up legal services or guarantee schemes, or by

at work such as managing people, computing, collaborating, dealing with risk and uncertainty or developing a new product or service (Tether et al.

firms, such as risk assessment and warranting, strategic thinking, self-confidence, the ability to make the best of personal networks, motivating others to achieve a common goal, co-operation for success

â risk assessment and warranting Attitudes. An entrepreneur uses initiative, a positive approach in the face of positive or adverse chan

â take imaginative and informed approaches to problem solving involving calculated risks 3) Responsible citizens â have knowledge and understanding of the nature of work and social and economic

Careful analysis of the growing literature reveals a perceived risk that the term social entrepreneurship could become very inclusive and,

and distribute medicines to populations at risk One World Health also creates interesting opportunities for industry, government and

key decision-making characteristics of innovativeness, proactiveness and risk-taking. †(p. 76 Mair and Marti 2004 â€oethe innovative use of resources to explore

Second, these resource combinations are intended primarily to explore and exploit opportunities to create social value by stimulating social change

degree of risk in creating and disseminating social value; and 5) is/are unusually resourceful in being

of innovativeness, proactiveness and risk management behaviour. This behaviour is constrained by the desire to achieve the social mission

and exploit opportunities in order to enhance social wealth by creating new ventures or managing existing organisations in an innovative manner. †(p. 118

business management and human resources and some specific skills related to risk assessment and warranting, strategic thinking and the ability to make the most out of

biodiversity, and strengthening energy security. It requires further â€oedecoupling†of environmental impacts from economic growth, and greening of consumption and

and whose social vulnerability map includes situations of high deprivation for youth and adults. The Cafu Foundation has a Library

potentially innovative proposals, even considering the risks of alienation and manipulation When questioning how social innovation is produced,

people are insured for social risks mainly by the state and they have a certain security and

knowledge of what the future will Hold in turn in the neoliberal or Anglo-saxon model the sense of social safety is limited,

massive purchasing power, dependency on the public purse also carries risks for the sustainability of the socially innovative sectors.

on the risks and costs of making small, uncollateralized loans (Karani 2007. This is particularly true since stringent credit regulations have been put in place following the

Talk of finance takes us inevitably to the issue of risk and hence regulation and regulatory frameworks.

Potts 2009) and thus risk e g. Gibbons and Littler 1979; Bhatta 2003. Dodgson et al. 2005), for example, have

innovation risks. Risk management can be facilitated though innovation-friendly legal frameworks, shared ownership and alternative ways to finance start-ups

Regulatory frameworks, the availability of different organizational forms and attitudes to risk and reward will all shape the opportunities for social innovation to take place

dominated by approaches to risk management that privilege the tried and tested over the innovative. Historically the third sector innovated in welfare,

and their willingness to take risks will influence opportunities for innovation Innovation: The European Journal of Social science Research 447

education, reduce the risk of people falling into poverty and cut carbon emissions to 80

reduce the risk of people falling into poverty and cut carbon emissions to 80%of 1990 levels (http://ec. europa. eu

†Revisiting the Issue of Risks in Innovation in the Public sector. †The Innovation Journal:

//www. innovation. cc/scholarly-style/bhatta-risks. pdf Borzaga, C, . and R. Bodini. 2012. â€oewhat to make of Social Innovation?

mechanisms for ensuring trust and security (Kippert & Swiercz, 2007; Garrison & Posey, 2006), easy-to-use

Computer security Checklist for Non-Security Technology Professionals, Journal of International Technology and Information management, 15 (3), 87-91

In ICT, how will we manage the security and privacy of personal data with global digital content doubling every eighteen

security. This will also lead to many â€oezero†initiatives like zero emails, zero time business incubation, zero-design-to-shelf (retail) to name a few

for energy security at a country level, this has triggered a global dash to find the energy sources

transportation, buildings, security, governance, education and healthcare Source: Frost & Sullivan Social Innovation to answer Society†s Challenges

the dominant issues of safety and security However, the global energy future will not be entirely dominated by fuel

•Cyber security Renewables Energy Storageefficiency Electric Vehicles Stabilisation & Balancing NEDO Mizuho Cyber Defence Hitachi

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