Synopsis: Security: Security concepts: Risk: Risk:

but may introduce the risk of increased susceptibility to cyber intrusions by malicious agents 26.

particularly as the complexity and inter-actions of several market players significantly increase the risk for large-scale failures.

the differences between providers and the risk behind each option. Ensuring that small business owners are able to make these informed choices will involve a coordinated approach from the industry,

awareness and perceived risk are reported rarely as a problem and the most common obstacle (though no more common here than elsewhere) appears to be a lack of demand †no interest from customers.

, rising risk-aversion among providers of finance, and a general resurgence in enterprise activity have provided a supportive environment for the incubation of a new system of financing businesses:

Generally speaking, lack of awareness, security risks, a lack of demand and a shortage of cost-effective solutions tend to prevent SMES from engaging in e-commerce, according to ACCA members (Figure 6). As with other aspects of the digital agenda however,

security risks tend to be the primary obstacle, showing that these may not be perceived only the risk borne out by the fear of the unknown,

but potentially a genuine problem that needs to be understood and addressed by the industry and other stakeholders.

and that is the real risk of overestimating the reach of the European digital market. Considering that some 30%of Europeans have used never the internet (European commission 2010a

efforts need to be made to manage the risk of excluding and penalising a significant proportion of enterprises through wider adoption of any of the digital solutions discussed in this report.

On the other hand, lack of demand, risk, cost effectiveness, lack of advice and availability of reliable internet access are †second generation†problems more common in sectors that are more familiar (though still not very much so) with the technology.

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, stor-•age, management etc. over relatively short time periods and with generally low-risk investments.

The price volatility for commodities, notably metals, food and non-food agricultural items, was higher in the 2000s than in any decade of the 20th century 6. 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 metals 8. 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 imple-•menting a sustainable supply chain management approach?

Evaluate risks and opportunities through a •risk management approach or an opportunity-based 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,

reputation, price, cost reduction, risk reduction, accessibility, convenience and/or usability? How does improved envi-Business case for eco-innovation Feedback from market research

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?

the European Investment Bank (EIB) could consider widening the scope of applications, in particular by broadening and deepening risk-sharing operations,

the EIB could consider widening the scope of applications, in particular by broadening and deepening risk-sharing operations,

Figure 8. EIB€ s funding instruments 2 Risk capital1 CIP resources (SME) 2 RSFF (SME/Midcap) 3 Entrepreneur, friends, Family business

Mezzanine), funded risk-sharing facilities with banks (investors) Investment lloans4  Investment lloans  RDI financing  Midcaps/Large corporates/public sector

TOWARDS EUROPE 2020 Box 2. The EIB Risk-sharing Finance Facility An example of funding available for innovative firms during the development phase is the EIB€ s risk-sharing finance

o Establishing an integrated venture capital market in Europe o Expanding the permanent risk-sharing products of EIB o Developing tax incentives to support investments in R&d and innovation,

the European Investment Bank (EIB) could consider widening the scope of applications, in particular by A NEW APPROACH TO INNOVATION POLICY IN THE EUROPEAN UNION 35 broadening and deepening risk-sharing operations,

This fragmentation and the complexities of the system, coupled with the costs and the risk of costly litigation, leave European SMES with the impression of having large parts of Europe in

There is a serious risk that solutions advocated for other technologies (such as drugs or chemical compounds) would not work for CRTS,

The risk of opportunistic behaviours by competitors speaks in favour of ensuring intellectual property protection for firms willing to delocalise R&d

At the same time, risk for consumers is reduced due to acceptance of a commonly recognised standard. The overall impact 70 STANDARDS AND STANDARDISATION POLICY IN EUROPE on competition is positive whenever the standard fosters aggressive downstream competition

Without proper information exchange, there is a risk of multiple patent calls and the formation of several smaller (and thus less efficient) licensing programmes.

it creates a high risk of severe delay of time-to-market of standard as licensing terms must be created

it also brings a high antitrust risk, even if group discussions are allowed formally not; and it does not help to foster mutual trust,

SSOS and patent pools by minimizing the risk of strategic behaviour. In this respect, the European commission should work on future policy documents (such as the horizontal guidelines) that:

Literature PL Patent Literature R&d Research and development R&d&i Research, Development and Innovation RSFF Risk Sharing Finance Facility UPLS Uniform Patent Litigation System

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

and ii) SMES. b) What are the advantages and possible risks of internationalization of innovation activities, particularly of R&d?

G#2v 12632 Risk G#3v 12633 Risk 0#4#risk Risk G#3v 12634 Risk management

0#4#risk management Risk management G#2v 12635 Threat G#3v 12636 Cyberthreat 0#4#cyberthreat Cyberthreat

G#3v 12637 External threat 0#4#external threat External threat G#3v 12638 Internal threat 0#4#internal threat Internal threat

EIB gives additional support for priority projects, with higher risk profile than normally in a form of Structured finance.

â senior loans and guarantees incorporating pre-completion and early operational risk â subordinated loans

cover the revenue risk. By improving the risk profile of the senior debt, LGTT facilitates the difficult â€oeramp-up†period of the projects

The projects of common interest in the field of transport can benefit from the LGTT

take construction and ramp-up risk, it has a strong experience in arranging project finance and it doesn†t have immediate cash yield requirements during construction

certain standards and for fixed price and carries the risks. The private sector may construct the asset in less time and for less

and the risks are enormous, because the relevance of an international airport for a State is

In Berlin Brandenburg airport the investments and risks were transferred to a Special Purpose Vehicle (SPV), Berlin-Brandenburg International Partner (BBIP

and carried the risks 23/38 Best practices in transport infrastructure financing 1/23/2013 The Baltic Institute of Finland/BSRP Transport Cluster

partner and bare most of the costs and risks EU supports the construction works at the cross-border sections with approximately

and clarify the sharing of risks and costs Roads 34/38 Best practices in transport infrastructure financing 1/23/2013

used to the extent that this form of contract involves the transfer of risk and where the total cost of the project is lower than in traditional

construction and financing is shared so the risks won†t be too high for any participant

With more than 120 million people in the EU at risk of poverty or social exclusion, EU leaders have pledged to bring at least 20 million people out of

When the Mextal company marketing Viedome sees a risk, every effort is made to try to eliminate it by adjusting the business in organisational, economic and social terms

calculated risks, but within a professional and strategic context. The TEM case is somewhat different given its small, informal and purposively democratic, transparent and bottom-up nature

and managed risk-taking is also important. This has been underpinned by the company developing a unique and successful

and risks need to be taken. This highlights one of the differences between Europe and the US where there is arguably a greater risk-accepting culture.

For example Gansky (2010) talks of â€oescrew-it, let†s do it†experimentation in the US,

risk-averse culture in Europe Whether or not the sharing economy becomes a business, remains purely voluntary or some mix in

for health risks such as diabetes or heart attack, or online enabled calorie-tracking solutions. When it comes to

data aggregation, medical situation awareness and analysis (risk classification, root cause analysis and risk triggers

assistance toward prevention care or prediction of diseases for better disease risk control. As a result, the

x Home monitoring will become more widely available for people considered at risk. This requires better

specific group of high risk patients that are diagnosed with type 2 diabetes mellitus. Naturally the implications of

6. 1. 8. Increasing integration into labour market of people from groups at risk of social exclusion

market amongst groups at risk of social exclusion. These measures include particularly: the provision of training;

1. 8. Increasing integration into the labour market of people from groups at risk of social

financial institutions, guarantees, capital risk funds, co-investment, etc..It is also important to promote channels of access to finance

-risk technological projects. With regard to mobilising private resources for innovation Catalonia 2020 Strategy 31 action focuses on promoting private sponsorship for projects, whilst proposals for

In order to anticipate any situations of risk, the Government maintains permanent contacts with the business world

the social economy is vital for fostering the integration of groups most at risk of social

the main risks, and an important aspect to consider, when talking about citizen engagement is the danger of engaging only those people who are engaged already in an issue

stage exposes the facilitator to the risk of a circularity of bad interpretations. This is why the

Technological innovation and adoption †characterised by uncertainty, search, exploration, ï nancial risk experiment, and discovery †take place in an established social and cultural environment.

thus reducing the risks involved in R&d and improving the chances of a satisfactory return on investment in ICT for the private health subsector

a museum at risk even when simple digitisation activities are implemented or even when a museum's web portal provides

would be full of uncertainties and risks, it also knew that it could count on the considerable

people out of risk of poverty or exclusion In order to meet these targets, the EU Commission proposed a series of seven

increasingâ risk. Â Â EUÂ initiativesâ haveâ toâ reflectâ theseâ conditionsâ andâ offerâ greaterâ flexibility.

but not the risk of failing. But creativity needs the freedom to explore, investigate, and fail in search of breaking new

and are willing to take the risks necessary to get a business off the ground.

ideas and are willing to take the risks necessary to get a business off the ground.

if there was a risk of failure, starting-up a business should be avoided, compared to only 28%in the US.

when there is a risk of failure Based on all of the above, there is a clear need to endow European citizens with an

Figure 11 †Risk perception:""One should not start a business if there is a risk of failing

"Source: European commission (2012. Entrepreneurship in the EU and beyond; Deloitte analysis However, it must be remembered that not all European citizens are born natural entrepreneurs

general more risk averse 23 Pillar 3 †Attract, develop and retain high-end digital skills and talent

investors are reluctant to invest in start-ups and innovative firms because of the high risks and

what keep people from starting up a company is the fear of risk and the

techniques that minimise time, money and risk; and Create a strong culture of innovation and improve innovation management

the risk of an adverse event is reduced, quality is improved, and the unnecessary duplication of tests

associated risks and threats cannot be denied. For example the catchphrase â€oebig data†refers to the ever increasing

aware of existing security risks and support companies in the use of secure information and communications tech

-ties and risks of future developments in digitisation will be funded as part of the innovation and technology

There is a risk of this content becoming unreadable and therefore being lost in the long term due to changes in technology

-sibility in the networked world to avert risks and criminal -ity. We acknowledge this responsibility for public IT secu

and create jobs for youth at risk, gangs, and indigenous groups. Heidi has a Master of arts in Communication, Culture,

and an openness to taking risks. It is also essential that new initiatives have a

dynamic and willing to take risks to exploit existing business opportunities and create new ones.

being unemployed, being one†s own boss), and risk-reward relationships (what is at stake), among other factors.

Promoting these kinds of activities requires openness to uncertainty and risk. To date, most activities have

the main risks, and an important aspect to consider, when talking about citizen engagement is the danger of engaging only those people who are engaged already in an issue

stage exposes the facilitator to the risk of a circularity of bad interpretations. This is why the

as well as averting the risks of misuses that inevitably accompany any step of human evolution I am thankful to the authors for this startling journey into a nascent field,

Smart Cities project risks being dominated by US companies such as IBM, Google and Ciscos, partly because of the lack of

A major risk for the Future Internet is the realisation of the †Big Brother†scenario, with big industrial

there is a risk that the innovation ecosystem will become more closed, favouring incumbents and dominant players, thereby in time constraining

at least 20 million fewer people in or at risk of poverty and social exclusion Social innovation can be a tool to help achieve these targets

•20%of surface water is at serious risk from pollution; 60%of European cities over

One issue that social innovation seeks to address is the risk that each administration will develop its

including the willingness to take risks and find creative ways of using underused assets ï Social enterprises are driven not solely by the need to maximise profit for shareholders and

capital risk funds, local development funds) to support regional and local development and to foster

goods and services to persons in risk of poverty or exclusion. They are involved also often in civil

guarantees, thereby sharing the providers'potential risk of loss, or by providing funding to increase microcredit lending

sufficient revenue from loans to pay staff, costs and cover risk, the model becomes genuinely

ï experimentation and risk taking and ï involvement of stakeholders 88 BEPA definition: Social innovations are innovations that are social in both their ends and their means

However, when looking at long-term risk and the de -velopment of prevention and risk reduction, the human factor in social innovation

could be a strong lever. The European Commission†s contribution to the World Hu -manitarian Summit in 2016 will concentrate more on social innovation;

to the new social risks with new and more effective approaches and shrinking budgets The crisis has enhanced that process.

and manage social performance was the best guarantee against the risks to see exploitation of poor people for the sake of profit and system drifts

-tion, controlled risk taking, and an agile and personalised response to new constituent challenges. This will help unleash the potential of an innovative public sector that can

sharing the providers†potential risk of loss, or by providing funding to increase mi -crocredit lending

•developing offers that meet newly emerging risks, beyond fixed social and participation rights and entitlements

However, there is a risk that inequalities among citizens/individuals will increase in terms of revenue, especially in Europe and the

-stitutions and an increasing aversion to risk. This could translate into a crisis of polit

Yet, innovation may be slowed down by a culture of risk aversion y The interaction of the widening skills gap, digital divide and unequal benefits of

be to break the trend of rising poverty risks, increasing income inequality and long -term unemployment without relying on economic growth as a panacea.

%as well as to have at least 20 million fewer people in or at risk of poverty and social exclusion by 2020.

-aries with equity, debt, and risk-sharing instruments y Improve their visibility (mapping of social enterprises, database of labels

of risks that an individual can face during his life course. Developing new responses to

offering senior loans, subordinated loans, risk-sharing loans and equity participation to microcredit providers 85p A r T I I †M A i N d E V E L O P m E N t S i N e U P O

exercise on crowdfunding in late 2013 to explore the benefits and risks of this newly

concerning the rules applicable to crowdfunding, potential risks, such as the risk of fraud or misleading advertising,

or investment risks related to financial-return crowdfunding as well as the high cost of cross-border operation for crowdfunding platforms that host

campaigns offering financial returns The European commission adopted a Communication Unleashing the potential of Crowd -funding in the European Union179 on 27 march 2014.

terms of improving transparency and reducing the risks of fraud. The Commission will also hold regulatory workshops with Member States to discuss any obstacles related

and the motivation of young people at risk of ESL. Emphasis will be on prevention and intervention

or too wary of the risks? Far from it; but certainly more could be done to scale up

shouldering the burden of risk. Indeed, with competitions, it is the participants who are expected to foot the financial risk.

In the social economy, however, there are arguments for sharing, rather than shifting the risk. This can be achieved through a stage-gate process, where

participants increase the level of investment as they pass through the various stages. This is how NESTA€ s Big Green Challenge was organised

mitigate the risks of flooding and provide local residents with cheap, renewable energy. Through hydro, wind and

shares, and seek subordinated loans from sources ready to share early risk without demanding a counterbalancing share in the project†s equity

and risks are reduced. They sometimes have an advantage over venture capital funding in that they can tap investors

reliable risk) or whether they will be used to finance innovation (see also method 368 151) Venture philanthropy uses many of the tools of venture funding to

and risk-taking social ventures. It plays an important role in diversifying capital markets for nonprofits and social

and impact †by increasing capacity, reducing risk, or by facilitating adaptation to changing markets and environments.

brings a number of benefits such as distribution of risk and financing But it can only work

capacities, the diffusion of risk, and increasing efficiency and standards A recent example is Age UK, resulting from the merger Of age Concern

& Jerry†s franchises to help train at-risk youth. †Stanford Social Innovation Review. †Summer, 2003

and Sure Start providing intensive support for children to reduce risk factors. Where these succeed they create a political constituency for

Innovation in the public sector always risks being a marginal add-on †small -scale in terms of funds, commitment of people and political capital.

of risk. The challenge is to manage risk, not eliminate it. Risk can be managed across a portfolio of projects that span the high return/high risk

1 148 THE OPEN BOOK OF SOCIAL INNOVATION end, as well as medium and low return agendas.

A balanced view of risk is vital †some innovations spread too slowly but others spread too fast

without adequate evaluation and assessment, particularly when they win the backing of leaders. A commitment to evaluation and evidence, and

staged development of new approaches, helps reduce risk 318) Formation and training to integrate innovation into personal

development, training, and culture. Some need to become specialists in spotting, developing and growing ideas.

generally, innovation, including a licence to take appropriate risks should be part of personal development plans

innovation rather than a barrier to healthy risk-taking 1 SUPPORT IN THE PUBLIC SECTOR 155

351) Socialising risk. New forms of social insurance for long term care †for example, to create incentives for providers to develop innovative

social impact elements of an investment †and reducing risk 359) Local bonds, including Tax Increment Financing (TIF) and Business

366) Layered investments combining tranches with different rates of risk /return and different sources of capital (philanthropic, public, private

can handle high levels of risk, and do need not the certainty of returns of the

they face limited access to risk and growth capital, and to highly specialist technical knowledge,

One of the risks of Future Internet is that big industrial players (mainly US-based) will reinforce their dominant position by implementing platform lock in strategies,

computing, data storage and service provision according to the cloud paradigm there is a risk of closing the innovation ecosystem in favour of incumbents or dominant players,

It implies innovating with partners by sharing risk and sharing rewards. Chesbrough (2003 and Forrester (2004) define the main divergences between the principles of closed and open innovation (see

risks of conflict and mutual resentment y The rising incidence of chronic diseases such as arthritis, depression, and

Change rarely happens without some brave people willing to take risks and take a stand.

anyone who does promote innovations risks upsetting powerful vested interests It†s all too easy to conclude that the apparently promising new idea depends too

Innovation is therefore easier where the risks are contained; where there is evi -dent failure; where users have choice

where the risks are contained; where there is evident failure; where users have choice; and where expectations are

so too does funding directed to genuinely risk-taking ideas, exper -iments, and trials. Yet we are not aware of a single government that has developed

The risk of claims resulting from such infringement rests solely with you. If you wish to reuse a

put at risk. Where governments make registration easy, more entrepreneurs start businesses in the formal sector, creating more good jobs and

hazardous construction that puts public safety at risk Where compliance is simple, straightforward and inexpensive, everyone is better off

consider when assessing risk. And they permit borrowers to establish a good credit history that will

significant accounting policies, trends, risks, uncertainties and other factors influencing the reporting Yes 1. 5

tools to facilitate trade†including single windows, risk -based inspections and electronic data interchange systems.

A major risk for the Future Internet is the realisation of the â€oebig Brother†scenario, showing that big industrial players (mainly US based) will reinforce their dominant

-Top (OTT) and largest network operators, there is a risk that the innovation ecosystem will become more

a commercial venture with global production processes, with the risk of subcontracting critical tasks to global sweatshop factories

Help streamline the design Makers can reduce risk by basing designs on open-source hardware and taking advantage of a proven design that

possible to produce narratives of nuclear risk as numbers, measurement data per se cannot be a useful resource for nuclear risk knowledge pro

-duction. Volunteer Geiger counter users and social media users among others are necessary to produce specific type of nuclear risk knowledge

To date, Safecast volunteers have mapped radiation levels of over 11 million data points, providing a comprehensive and accurate dataset that

As a pro-data organisation, Safecast generates nuclear risk knowledge by harnessing measurement data in multiple ways.

take risks in the pursuit of changing the traditional way that information flows. †To this end, Ushahidi builds technological tools for democratising

A major risk for the Future Internet is the realisation of the â€oebig Brother†scenario, showing that big industrial players (mainly US based) will reinforce their dominant

-Top (OTT) and largest network operators, there is a risk that the innovation ecosystem will become more

a commercial venture with global production processes, with the risk of subcontracting critical tasks to global sweatshop factories

Help streamline the design Makers can reduce risk by basing designs on open-source hardware and taking advantage of a proven design that

possible to produce narratives of nuclear risk as numbers, measurement data per se cannot be a useful resource for nuclear risk knowledge pro

-duction. Volunteer Geiger counter users and social media users among others are necessary to produce specific type of nuclear risk knowledge

To date, Safecast volunteers have mapped radiation levels of over 11 million data points, providing a comprehensive and accurate dataset that

As a pro-data organisation, Safecast generates nuclear risk knowledge by harnessing measurement data in multiple ways.

take risks in the pursuit of changing the traditional way that information flows. †To this end, Ushahidi builds technological tools for democratising

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