place in a coherent way addressing technical, commercial and regulatory factors, to minimise risk and
it reduces investment risk Smartgrids: The Vision Europe†s electricity networks in 2020 and beyond will be
•The need to reduce uncertainty and risk to businesses making investment decisions •The progress in technology,
or about the details of investment funding and risk management •It†s not about emission trading markets or
•The perceived risk of adopting new technology will be mitigated and commercial adoption will follow when companies
•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
Prepare to take risks: changing a business †¢model is a continuous process. Integrate an
chemical products, mitigating risks related to the use of chemicals and improving the data manage -ment of the chemicals2
time periods and with generally low-risk investments Creates a socially responsible image for the â€
Global Risks Report 2012 ranked extreme volatil -ity of commodity prices as the fifth most important
risk in terms of potentially negative impacts7. At the same time, Europe is the world region most
Many companies are exposed to risks of raw material supply shortages, price volatility and high material prices.
World Economic Forum Global Risks Report 2012 www. weforum. org/reports/global-risks-2012-seventh-edition
8 European Environment Agency 2010: The European Environment. State and Outlook 2010. Material resources and Waste.
and lower risk by making companies less dependent on imports Eco-innovate! A guide to eco-innovation for SMES and business coaches
What are the risks and opportunities of imple-†¢menting a sustainable supply chain manage
Evaluate risks and opportunities through a †¢risk management approach or an opportunity -based approach Establish a common language
Evaluating risk, especially long-term costs †¢and benefits may be challenging Understanding the environmental impacts â€
-tion, risk reduction, accessibility, convenience and/or usability? How does improved envi -Business case for eco-innovation
What are associated the risks with each †¢source of funding What types of free or subsidised funding or â€
life cycle, in a reduction of environmental risk pollution and other negative impacts of resources use (including energy use) compared
information on the environment and its risks; lack of knowledge (mostly from the management part
and (iii) examining any specific risks linked to the online sale of medicinal products The Commission conducted a public consultation on a common logo for legally
and legal certainty, they present the risk that they undermine the strengths of ADR and ODR, in terms of
contracts, the right of withdrawal, delivery, the passing of risk, etc. but not all (e g
As a result, testing and risk assessments that have already been performed, are repeated unnecessarily. Mutual recognition of those would considerably lighten the burden
potential benefits and risks of new technologies ICT vendors have a responsibility to build awareness as well
creation and risk-taking, for example by reducing the penalties for bankruptcy. At the same time managers have a responsibility to entrench and
ingrained aversion to risk and change. However countries such as Ireland and Sweden show what can
take risks and embark on new ventures. According to Tarek Ghouri director of government practice for Nokia Enterprise
entrepreneurial deficit and ingrained risk aversion compared to the US is a relatively noncontroversial view, accepted by virtually all the studies we have
a willingness to take risks. Empirical research indicates that new firms tend to be the most innovative in their
more innovative countries tend to be risk-averse Martti af Heurlin, deputy director-general of Tekes
and says Europe†s risk-averse business culture does not encourage managers to innovate The more familiar a firm is with changing structures
At the risk of adopting yet another management fad, this suggests that Europe†s managers must take on board
remove much of the risk associated with investing in competing technologies. Europeans fondly recall the
will need to understand better the benefits, risks and Part III Unleashing the enablers of growth
creation and risk-taking. Reducing the complexity of tax compliance, streamlining the approval and registration of ownership changes, and lowering
and thereby helps avoid the risk of confusing the role of ICT with other variables.
SCENIHR Scientific Committee on Emerging and Newly Identified Health Risks 4 Preface This Research Report forms part of our series on global societal trends and their impact on the EU in
Identified Health Risks SCENIHR 2009; Siegrist 2010 While NBIC technologies may be expected to bring along cumulatively substantial societal changes until
European Agency for Safety and Health At work, Foresight of New and Emerging Risks to Occupational
. and Melling, K.,Gender inequalities in the risks of poverty and social exclusion for disadvantaged groups in thirty European countries, Expert Group on Gender, Social Inclusion and
††â€, Risk and Regulatory Policy; Improving the Governance of Risk, OECD, 2010 ††â€, â€oedivided We Stand:
Why Inequality Keeps Risingâ€, Paris; OECD Publishing, 2011. As of August 2012: http://dx. doi. org/10.1787/9789264119536-en
Scientific Committee on Emerging and Newly Identified Health Risks (SCENIHR), Risk Assessment of Products of Nanotechnologies European commission, Directorate-general for Health and Consumers
and Ecological Risk Assessment, Vol. 16, No. 4, 2010, pp. 837-846 Sigle-Rushton, W.,"England and Wales:
middle age and future risk of dementia: a 27 year longitudinal population based study,"BMJ, Vol
R&d, as decisions must survive several organisational layers of resistance, where an aversion to risk
Germany have not been able to overcome the risks inherent in a high degree of specialisation, and
larger share of the target market, risk diversification, or access to vital information about potential inputs or
professional risk evaluators for new technologies and new business; and rapid access to secondary markets
Financial institutions, as well as government bodies, have difficulty assessing the risk-profit trade offs of innovative ventures.
technological feasibility, commercial risk, and managerial capacity of an SME and its proposed innovative project.
rating that would help reduce the uncertainty that limits private sector investments in high risk innovation
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. Overall, the findings of this study point to the synergistic effects of entrepreneurial orientation and extra-cluster ties on innovative performance
proactiveness and risk-taking because we believe they have a unique role in leveraging innovation.
Next, we distinguish the two well known traits of EO€ proactiveness and risk taking†and examine their specific roles in generating innovative gains through ICTS and ECTS
Risk-taking orientation reflects a firm†s â€oetolerance 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
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
risk taking may also be higher in respect to ECTS, given the potentially novel and non-redundant
to take business-related risks and seek opportunity in anticipation of future demand (Covin &
Risk taking is a complementary EO characteristic that reflects the commitment to high-risk investment or the willingness to invest resources into
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
of proactiveness and risk taking in relation to a firm†s ICTS and ECTS. However, prior literature
influences of proactiveness and risk taking on a firm†s network ties (ICTS and ECTS) in the
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
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
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) â€oewithout risk taking †the
This suggests that some level of risk taking is essential for effective use of firms†ICTS and ECTS.
degree of risk taking though investment of time, money, and effort, the rate of innovation will
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
Nevertheless, we suggest that the extent to which risk taking is essential can vary for ICTS
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
hypotheses, depicting how the interplay between ICTS, 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
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, â€oestrongly disagreeâ€, to 5, â€oestrongly agreeâ€.
We derived multi-item variables using factor analysis, testing for their reliability and validity. We confirmed the reliability of
proactiveness and 0. 78 for risk taking†well above the minimum accepted value of 0. 70 (Field
correlation of proactiveness and risk taking with innovative performance respectively (r=0. 30 p<0. 01) and (r=0. 30, p<0. 01
**5. Risk-taking orientation 6. 16 1. 22 4 9 0. 30**0. 29**0. 39**0. 47
variables, proactiveness and risk taking, along with the control variables. As expected, the coefficients of both these EO variables are positive and significant.
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. 13 0. 18 0. 36 0. 17 0. 28
performance, we added to the variables in model 4, 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
x Risk taking (Î=-0. 41, p<0. 01. These results provide full support for our hypothesis 2b which
stated that a firm†s risk-taking orientation has a greater moderating effect on the impact of the
Figure 2 The Moderating Effect of Risk-Taking on the Relationship between ECTS and Innovative
From figure 2 we can better understand the extent to which risk taking moderates the
a range (from low to high) of ECTS for high-and low-risk taking firms.
the other line, underscoring that risk taking substantially moderates the impact of ECTS on innovative performance.
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
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
) 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.
found that risk taking negatively moderates the effect of ICT on innovative performance. Too much resource commitment for within-cluster knowledge sharing may be counterproductive as
willing to take risks and naturally entrepreneurial in mindset. The region could consider ways and means of harnessing this
internationalisation may run the risk of †running before you can walk†for many SMES.
in high and low-risk ventures, and in pretty much all sectors and sub-sectors of the economy (OECD, 2001.
environment and risk prevention on the other The Spanish labour market differs somewhat from that of most European countries.
However, the risk in this restructuring is that it does not address the innovation needs of traditional sectors.
NRC-IRAP operates on a shared-risk model, providing cost-shared financial assistance for research
Chances and Risks of the Merger Between Cohesion and Innovation Policy. †Euro 18 (1, vol. 18, no. 1
in high and low-risk ventures; and in pretty much all sectors and sub-sectors of the economy (OECD, 2001, p. 35.
engage in risk-taking, desire to achieve independence, and self-fulfilment of the entrepreneur. At the
Environment, natural surroundings, water resources and risk prevention (29.7%of total expenditure ï Priority 4:
to take risks and naturally entrepreneurial in their mindset. The region could consider ways and means
prices are pitched should be designed to minimise the risk of †crowding out†private sector providers
) For many SMES, the risks involved in supplying international markets often outweigh the returns, and indeed, previous research
may run the risk of †running before you can walk†for many SMES. Other policies which focus upon
courage to assume risk, and especially about how to be independent. Still about my parents,
innovativeness), the risk-taking propensity by the CEO, and evidence of proactiveness Miller and Friesen, 1982;
where an atmosphere of high risk predominates, fewer opportunities, and with tremendous competitiveness, an entrepreneurial behavior is recommended specially
proactiveness and risk-taking propensity Especially the environment has long been considered one of the critical contingencies in
risk-taking propensity of the firm†s CEO. Innovativeness refers to a firm†s tendency to
) Risk-taking reflects a firm†s willingness to commit more resources to projects in which the expected returns are uncertain.
risk-taking is the tendency to engage in high-risk project and managerial preferences for bold versus cautions actions
through an organization†s exhibition of innovativeness, proactiveness, and risk-taking Covin et al. 2006 44
new products or services, proactiveness and risk-taking propensity (Miller, 1983; Miller and Friesen, 1982),
strong risk-taking propensity by top management under highly uncertain conditions Covin and Slevin, 1989;
Risk-taking involves taking bold actions by venturing into the unknown Rauch et al. 2009), it reflects the tendency to assume relatively high levels of risk
-seeking profitable opportunities in the face of uncertainty and the achievement of long -term profitability
uncertainty are used to encourage greater levels of innovation and risk-taking, which would imply the adoption of an entrepreneurial posture.
-activeness and risk-taking propensity. We applied the exploratory factor analysis to assess dimensionality and validity.
third dimension measure the pro-activeness and the propensity for risk-taking respectively. The higher the score (minimum 1 and maximum 7), the more
the crucial need for product innovation, proactive behavior and risk-taking propensity is more clearly in firms which operate in hostile environments
risk predominates, few opportunities, and with tremendous competitiveness, an entrepreneurial posture of the firm is recommended specially.
and a risk-taking propensity. Considering that networks are both cognitive structures in the minds of individuals and actual structures of relationships that link individuals
assume greater or lesser risk activities 72 In addition, Ripollã s and Blesa (2005; 2006) found a direct causal contribution of the
and a moderate risk-taking approach†(Ripollã s and Blesa, 2005 p. 243. According to these results, the following general hypothesis about the relation
five items related to risk-taking and innovation to distinguish between entrepreneurial and conservative firms. â€oean entrepreneurial firm is one that engages in product-market
high-risk projects for the chance of high return, namely, a strong risk-taking propensity by top management under highly uncertain conditions (Covin and Slevin, 1989
and that assume relevant risks to growth (Covin and Slevin, 1991), in the same way Brown et al.
support a positive relationship between risk-taking and growth rates, confirming that the influence of EO on performance can be somewhat more insecure,
-activeness and risk-taking propensity. We applied the exploratory factor analysis to assess dimensionality and validity.
third dimension measure the pro-activeness and the propensity for risk-taking respectively. The higher the score (minimum 1 and maximum 7), the more
innovation and risk-taking are demanded Secondly, we argue that it is important to know the effectiveness of network usage as a
•Are you able to mitigate the risk of product decisions with the right partners, products, terms and pricing
Big data to monitor risks and identify opportunities Another big trend that is further maturing in 2014 is the application of big data
bottom line, this also limits the risk of the kind of reputation damages that go hand-in-hand with online fraud
combine a high level of technology competence with the ability to accept a high financial risk since new, radical technological developments take long time,
but also raises issues of risks and safety Assessing safety impacts of nanostructured materials is complicated by the fact that
has to consider risk and safety issues seriously, and regulation needs to balance between considering health and safety issues and stimulating innovation
and prioritising encironmental, health and safety (EHS) research that facilitates appropriate risk analysis and risk
public, particularly with respect to real and perceived benefits and risks; to develop and implement standards critical for nanomaterial identification, characterisation and risk assessment;
and to coordinate strategically-guided research on nanotechnology related EHS issues, including a balanced assessment of risks and benefits
NNI is a policy initiative within a wider framework of policy activities to promote nanotechnology in the USA
while technological and market risks are high and future returns not yet known. Public funding as well as a viable venture capital industry is critical to overcome financial barriers
perceived risk potentials are important activities here. Certainty about regulatory issues is also critical for nanotechnology producers to decide about investment and directions of future
market which results from a certain risk aversion and a rather short-term time horizon of the
programmes for risk assessment and risk control can reduce uncertainty about likely future impacts of nanotechnology and thus stimulate investment and demand
radically new technology with potential health risks in need for regulation. Also the nanoelectronics field does not seem to pose new health risks with production contained in
highly controlled environments and output comprising solid electronic components. However recycling of electronic goods is regulated increasingly with electronics waste representing an
take the risk to start own commercial ventures. Secondly, the culture of the people in the
advisers and services (including biotechnology associations), a culture that respects risks, and last but not least a strategic location close London†s large financial market, providing access
new technology with potential health risks in need for regulation. Rules and regulation are hence not mentioned by any of the analyses as a relevant factor
R&d in advanced materials is associated with high costs and risks and long amortisation times for new materials.
and risks of R&d are high while returns from sales of new products may be still out of
reduces at the same time the risk that manufacturing technologies are copied easily by competitors or substituted by competing technologies.
-Brandenburg photonics cluster, run the risk of staying †stuck†in knowledge development and inter-firm collaboration between local smaller firms, without making †the jump†to large scale
discourages openness, creativity, innovation and risk taking (soft institutions. Capabilities in the fields of technology, organisation and marketing are also necessary for innovation to be
acceptance of risk and failure, and cultural attitudes tend to be more egalitarian. In Anglo
and risk and failure are considered part of that European Competitiveness in KETS ZEW and TNO EN 344error!
high information asymmetries over the prospects and risks of KET-related R&d activities. As a consequence, traditional ways of external funding are restricted
technological and market risks, a generally favourable framework for innovation and commercialisation of new technology can be helpful as well.
and risk taking, can be important activities, as well as a favourable financial environment, including tax incentives for R&d and investment in new technologies
Indeed, part of the risk that CIOS face on digital is that other business managers, or wholly new specialist
other CIOS. They show a much stronger appetite for risk and a greater ability to influence the rest of the business
digital world †and those who are not are increasingly at risk. â€oeas more applications and infrastructure get moved to the cloud, IT
%Minimize possible risks 66 %60 %Deliver signiï cant corporate cost efï ciencies 78 %81 %Account for IT issues and
such as in seeking to minimize risks IBM€ s global-local IT transformation Diego Calegari, Spanish South
It takes out risk. It takes out a lot of the variations. It gives us insight into new opportunities
risks, and this is particularly true for digital-ready CIOS. They need to be brave enough to take a bet on emerging technologies.
a bigger risk for the business †and thus gets closer scrutiny Accordingly, digital-ready CIOS need to be willing to embrace this
This involves a willingness to risk failure: understanding that not all digital projects will deliver as hoped.
back from taking risks by these issues. It is in their attitude to risk that typical CIOS often come unstuck
â€oe Like an ipad that even two-year olds can use by pure intuition the success of digital
flamboyant, outgoing, risk-taking types. So companies may need to rethink their hiring processes to seek out a different caliber of
Finance, Risk & Compliance, Nedbank 2002 †2003 General manager Programme Integration Nedbank 1996 †2002
risks Widen your resume Tasks at a personal level Set up the right architectures for growth
risks. While it may make a lot of sense to move email and CRM systems quickly to the cloud, it†s a much more involved decision to know when to
-the risk propensity 260 -the provider†s capacity for technical evaluation -the provider†s insertion on the innovation market
making capability, risk and regulatory management, business process engineering and languages †But needs to continue to enhance the skills base
 Strategic Flood Risk Assessment The enterprise agencies, IDA and EI are part of the Steering/Implementation Committee for
Litigation support, risk assessment, patent writing, IP services legal research services etc Contract Research Outsourcing
Risks Leveraged by infrastructure and processes Data security, IP leakage Target Economies of scale Domain expertise Depth not size
when there is actual acceptance of risk and the commitment of resources occurs A growing number of practitioners and
as innovation entails considerable risk -taking (Blumentritt and Danis 2006 successful implementation requires making significant systemic changes in a
firm to promote risk. A strategy that focuses on innovation will also likely require some degree of flexibility in its
at greater risk of having products and services marginalized by technologically superior competitors With regards to IT, in many respects
 •Identification of possible implementation risks  •Real data for costs and benefits evaluation and decision
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
and offer more incentives for risk taking Entrepreneurial knowledge involves much more than science and technology.
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 choice of priorities, both in the events that can change the
before possible extension, limiting risk Even more than for conventional projects and actions, pilot projects need to be
of the industrial base, uncovering specific risk factors, such as the existence of a number of industries in need of modernisation or the dependence of the regional
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 113 http://ec. europa. eu/enterprise/policies/finance/cip-financial-instruments/index en. htm
-sized firms, the Risk-Sharing Instrument (RSI), was launched at the end of 2011. It was operated by the EIF on behalf of the EIB and provides
risk and consequently improves the financial viability of such TEN-T projects. 117 Policy DG in charge:
to film producers in order to reduce their risk and increase their lending activities in favour of the sector.
particular to vulnerable groups in risk of social exclusion, for the purpose of setting up small commercial operations;
risk finance product range of SME finance initiatives, complementing the products offered by the EIB with
low cost, low risk, and off-the-shelf solutions once the (political) decision on what to buy and at which price has been made even
pooling of risk and resources across countries and different administrations •Difficulties for innovative SMES to become involved in public procurement
and by decreasing the potential innovation costs and financial risks through ERDF co-funding •The recognition of the procurement phase as strategic in public policy
There is a risk of it being hampered by insufficient knowledge limited support of grass roots, social enterprise and social entrepreneurship
risk of poverty and social exclusion, the need for better and more transparent governance, and a more sustainable resource management
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