At the same time, innovation usually also bears risks and substantial challenges for SMES because of their structural disadvantages based on their
opportunities to spread risk among their small portfolios are limited often (van de Vrande et al 2009).
less bureaucracy, increased willingness to take risks and faster ability to react to changing environments
to their restricted abilities to spread risk, SMES cannot afford to experiment with open innovation
time-to-market and costs and risk, and the acquisition of missing knowledge are among the
processes and policies, and risk avoidance 3. 2. 1. Time. The majority of survey participants
difficulty analyzing project-related risks and the realization of future-related investments. These problems lead to a high level of insecurity and
3. 2. 6. Risk avoidance. Some of the respondents state that they are afraid to realize innovative projects and
risk of innovation failure dramatically. According to existing literature also structural disadvantages (van de Vrande et al.
, sharing costs, sharing risks, faster product introduction, etc. to small firms in low-and medium-tech industries.
Facing the risk of bankruptcy, reinventing the barometer was the only way out. With the help of a few innovation partners and subsidies from IWT
Accell took the commercial risk to buy the B†lite at a predetermined price if Curana and its partners succeeded in producing the product before a particular de adline.
and small innovation port folios such that risks associated with innovation cannot be spread. SMES must rely on their innovation networks to find missing innovation resources.
It is about sharing risks, investing time and money together in new concepts. A company that engages in open innovation,
only about sharing costs and risks, but also about sharing profits equitably 71 6. Developing an open innovation network also requires that partners manage the balance between
costs, sharing risks, faster product introduction, etc. to small firms in low-and medium-tech industries
That implies that some partners may have to be compensated for losses, investments, or risks they take
Furthermore, large firms that license technologies risk knowledge leaks with adverse competitive effects as a consequence
the risk of increased competition in the market with the royalty income it receives from licensing the
which were too big a risk for VCFS 80 in an early investment stage 42
Small firms are usually reluctant to share information with large companies because the risk of
pose a risk for the small engineering company, however, because Philips†was reputed as a reliable
Partners may have to bear considerable risks or investments in dedicated complementary assets. In open business models,
Building strong ties to cope with environmental and relational risks. The biggest challenge in an open
innovation network is the market and technological risk on the one hand and the relational risk on the
Each entrepreneur we met took risks, sometimes considerable, and made investments. Imagining a new product is one thing,
A Breakthrough process to reduce risk and seize opportunity, Harvard Business Press, Boston: MA
H200819 Open innovation in SMES Trends, motives and management challenges Vareska van de Vrande Jeroen P. J. de Jong
R&d costs and associated risks. Because of the fact that firms can get locked in innovation networks, it is important to search for optimal network configurations
In general, PCA reduces the risk that single indicators dominate a cluster solution, and helps to prevent the inclusion of irrelevant (non-discriminative
from complementary resources in order to spread the risks and to compensate for a lack of current R&d capacity (13
portfolios so that risks associated with innovation cannot be spread. SMES need to heavily draw on their networks to
to spread risks) and to reserve structural funds to ï nance innovation. This may have important implications for
risks, to enlarge its social networks, or to reduce costs Hoffman and Schlosser, 2001; Mohr and Spekman, 1994
-tion portfolio approach to manage the risks. This ï nding is in line with former studies about innovation in SMES
portfolios so that risks associated with innovation cannot be spread. SMES need to heavily draw on their networks to
to spread risks) and to reserve structural funds to ï nance innovation. This may have important implications for
risks, to enlarge its social networks, or to reduce costs Hoffman and Schlosser, 2001; Mohr and Spekman, 1994
-tion portfolio approach to manage the risks. This ï nding is in line with former studies about innovation in SMES
, sharing costs, sharing risks, faster product introduction, etc. to small firms in low-and medium-tech industries.
Facing the risk of bankruptcy, reinventing the barometer was the only way out. With the help of a few innovation partners and subsidies from IWT
Accell took the commercial risk to buy the B†lite at a predetermined price if Curana and its partners succeeded in producing the product before a particular de adline.
and small innovation port folios such that risks associated with innovation cannot be spread. SMES must rely on their innovation networks to find missing innovation resources.
It is about sharing risks, investing time and money together in new concepts. A company that engages in open innovation,
only about sharing costs and risks, but also about sharing profits equitably 71 6. Developing an open innovation network also requires that partners manage the balance between
costs, sharing risks, faster product introduction, etc. to small firms in low-and medium-tech industries
That implies that some partners may have to be compensated for losses, investments, or risks they take
Furthermore, large firms that license technologies risk knowledge leaks with adverse competitive effects as a consequence
the risk of increased competition in the market with the royalty income it receives from licensing the
which were too big a risk for VCFS 80 in an early investment stage 42
Small firms are usually reluctant to share information with large companies because the risk of
pose a risk for the small engineering company, however, because Philips†was reputed as a reliable
Partners may have to bear considerable risks or investments in dedicated complementary assets. In open business models,
Building strong ties to cope with environmental and relational risks. The biggest challenge in an open
innovation network is the market and technological risk on the one hand and the relational risk on the
Each entrepreneur we met took risks, sometimes considerable, and made investments. Imagining a new product is one thing,
A Breakthrough process to reduce risk and seize opportunity, Harvard Business Press, Boston: MA
Science and Public Policy August 2011 0302-3427/11/70521-20 US$12. 00 ï Beech tree Publishing 2011 521
as well as opportunities and risks of sectoral policy approaches are dealt special issues with here The Policy Brief will prioritise specificity over broadness.
Otherwise such policies run the risk of wasting scarce re -sources †which is generally undesirable but particularly undesirable in a situation of economic distress
that â€oemany prior discussions in this area overemphasize the risk dimensionâ€, highlighting â€oethe importance entrepreneurs from around the globe place on taking a perspective of proactive opportunity†and the ability to
external finance because of their risk profile, will be particularly hard hit by malfunctioning financial mar -kets. †31 Access to finance may also be hampered by unfavourable regulations related to investment and
the risk of failure may be an important impediment to start and grow companies: â€oeit is important to allow entrepreneurs to fail.
state of high growth and high profitability and have decreased a risk of ending up performing poorly on both
is much more important for them than, for example, the availability of risk capitalâ€. 116 4. 2. 3 Internationalisation
and Special Risk-Sharing Initiatives Get-Up Programme with A*STAR The GET-Up programme, short for â€oegrowing Enterprises through Technology Upgradeâ€, supports long-term
and become more risk averse With the relatively poor ten year returns for VC funds and the availability of other more attractive retail alter
and provide some risk reduction for the investor. As in Europe, VC financ -ing is concentrated heavily on ICT as well as biotech and life sciences.
had no real experience in business to realise their ideas without taking very high personal risks
low distribution of risk, lack of experience with export markets Findings for â€oegazelles†Results for â€oegazelles†indicate particularities of newly founded high-growth enterprises.
risk of government failure. For example, â€oethe evidence from the German CIS sample confirms this risk of
government failure. â€) In fact, subsidised YICS do worse than non-subsidised YICS in terms of new/improved products. †172 Brã¤nnbak/Carsrud argue that because of â€oeperceptual differences†between en
investment and used risk-reward criteria for approvals and if they can squeeze the entire process from appli
as well as opportunities and risks of sectoral policy approaches are dealt special issues with here The Policy Brief will prioritise specificity over broadness.
Otherwise such policies run the risk of wasting scarce re -sources †which is generally undesirable but particularly undesirable in a situation of economic distress
that â€oemany prior discussions in this area overemphasize the risk dimensionâ€, highlighting â€oethe importance entrepreneurs from around the globe place on taking a perspective of proactive opportunity†and the ability to
external finance because of their risk profile, will be particularly hard hit by malfunctioning financial mar -kets. †31 Access to finance may also be hampered by unfavourable regulations related to investment and
the risk of failure may be an important impediment to start and grow companies: â€oeit is important to allow entrepreneurs to fail.
state of high growth and high profitability and have decreased a risk of ending up performing poorly on both
is much more important for them than, for example, the availability of risk capitalâ€. 116 4. 2. 3 Internationalisation
and Special Risk-Sharing Initiatives Get-Up Programme with A*STAR The GET-Up programme, short for â€oegrowing Enterprises through Technology Upgradeâ€, supports long-term
and become more risk averse With the relatively poor ten year returns for VC funds and the availability of other more attractive retail alter
and provide some risk reduction for the investor. As in Europe, VC financ -ing is concentrated heavily on ICT as well as biotech and life sciences.
had no real experience in business to realise their ideas without taking very high personal risks
low distribution of risk, lack of experience with export markets Findings for â€oegazelles†Results for â€oegazelles†indicate particularities of newly founded high-growth enterprises.
risk of government failure. For example, â€oethe evidence from the German CIS sample confirms this risk of
government failure. â€) In fact, subsidised YICS do worse than non-subsidised YICS in terms of new/improved products. †172 Brã¤nnbak/Carsrud argue that because of â€oeperceptual differences†between en
investment and used risk-reward criteria for approvals and if they can squeeze the entire process from appli
pilot projects,'which'may'limit'the'perception'of'risk.''''In'conclusion,'the'adoption'and'upscaling'of'ICTQDRIVEN'social'innovations'is'a'critical'challenge'for'the'present'and'future'European'society.'
there is a risk that the cultural and economic benefits of the digital shift will materialise in other continents and not in Europe
Flood Risk Assessment 125 Section 10: Implementation 130 APPENDICES 138 Regional Planning Guidelines for the Southeast Region 2010-2022
CFRAMS Catchment Flood Risk Assessment and Management Studies CLÃ R Ceantair Laga Ard-Riachtanais. Rural
relating to strategic infrastructure, strategic environmental assessment, potential impacts on habitats, flood risk as -sessment etc.
manage and avoid increasing flood risk. As part of this approach Catchment Flood Risk Assessment and Man
-agements Studies (CFRAM studies) are used to assess the spatial extent and degree of flood hazard and risk
of the rivers in the region and to develop a long term strategy for managing flood risk.
The Section emphasises the need for completion of CFRAM Studies in support of a strategic approach to flood risk management in the
Section 9 sets out how Development Plans should include Strategic Flood Risk Assessments and all future
zoning of land for development in areas at risk of flooding should follow the sequential approach set out in the
The importance of flood risk assessment for all existing Strategic Infrastructure and future projects is
Strategic Flood Risk Assessment The Guidelines put the overall planning system in the Southeast in context.
-ous risk from erosion. Parts of the Wexford coastline are currently experiencing erosion rate of up to 2 metres per
A Catchment Flood Risk Assessment and Manage -ment Study (CFRAMS) has been completed for the Suir by the OPW.
D10 Encouraging effective management of flood risk in the region in accordance with the Assessment and
Management of Flood Risk Regulations, 2010, Guidelines on the Planning System and Flood Risk Management, 2009 and promoting the co-ordination of flood risk management in conjunction with
5 In accordance with the Assessment and Management of Flood Risk Regulations, 2010 and River Suir CFRAMS
might be at risk from the proposed development. While all Natura 2000 sites are of key importance, a number
It identified several groups that it considered to be at an unacceptable incidence of social risk
>Address the requirements of groups with specific needs at high risk of poverty >Provide high-quality public services to all
Respect the changing physical nature of the coastline, for example, the risks of erosion and land instability
Take into account the risk of flooding and protect sea defences Ensure the conservation and enhancement of the landscape and seascape;
species identified by the NPWS as having poor conservation status. Climate change impacts involving flood risk
Flood Risk Assessment Regional Planning Guidelines for the Southeast Region 2010-2022 Section 9: Flood Risk Assessment
126127 127 9. 1 Introduction Flooding is a natural process that can happen at any time in a wide variety of locations
higher risk of flooding of both inland and coastal locations. It is important, therefore, that this issue is addressed
can impact on flood risk. It is also important that the Regional Planning Guidelines highlight the need for developing
and transparent assessment of flood risk at all stages in the planning process and state that regional flood risk ap
-praisal and management policy recommendations are necessary to set a policy framework for Development Plans
Key guiding principles for Flood Risk Assessment are as follows •Avoid risk where possible •Substitute less vulnerable uses where avoidance is not possible
•Mitigate and manage the risk where avoidance and substitution are not possible This chapter sets out the key policy recommendations regarding avoidance and management of flood risk within
the Southeast Region with the objective of promoting 1. The identification of appropriate policy responses for priority areas, including areas that transcend
administrative boundaries and where there appears to be significant flood risk 2. Requirements on foot of the guidelines for co-operation, implementation and co-ordination of more detailed
Regional Flood Risk Appraisal is contained within the Environment Report prepared as part of the Strategic Environmental Assessment of the Regional Planning Guidelines
9. 2 Development within Flood Risk Areas As a topographically diverse area traversed by a number of rivers and with a large coastline the Southeast Region
contains a number of risk areas for flooding. A review of the various local flood studies completed in recent years
general areas known to have flood risk were overlaid on locations identified for growth and locations and towns
The general risk areas are based on the historical flood maps and existing reports and maps
effective management of flood risk coupled with wider environmental, sustainability and economic considerations mean that it is possible to facilitate the continued consolidation of the development of the exist
These guidelines outline measures through which both the flood risk and the continued development of
Within these towns, implementation of the 2009 planning guidelines on flood risk establishes the mechanism to reconcile development and flood risk issues
126 Regional Planning Guidelines for the Southeast Region 2010-2022 Section 9: Flood Risk Assessment
127 127 In the region, the pattern of fluvial risk follows for many areas the flow and catchments of existing rivers.
Of these rivers, the largest cross in many cases two and three local authority areas, as in the case of the Barrow
management of increasing flood risk. Co-operation already exists in the River Suir Catchment Flood Risk As
-sessment and Management Study (CFRAMS) with South Tipperary, Kilkenny and Waterford City and County represented on the committee
Suir Catchment, to examine future pressures that could impact on flood risk and to develop a long-term strat
in the past or believed to be at risk from flooding in the future. The OPW is involved in preparing the catchment
approach and be in the lowest risk sites appropriate for the development, and should include adequate provi
normal coastal processes and is also at risk in the future from increased storm activity and sea level rise.
Local authorities must take account of the issues raised in the Regional Flood Risk Assessment and undertake
Strategic Flood Risk Assessment for future plans in line with the Department†s Guidance on the Planning Sys
risks where possible in preparing future plans Regional Planning Guidelines for the Southeast Region 2010-2022
Flood Risk Assessment 128129 129 PPO 9. 1 It is an objective of the Regional Planning Guidelines that in the preparation and review
•Review existing Development Plans and Local Area Plans to ensure that the issue of Flood Risk
•where lands are zoned already for housing or other vulnerable development in the flood risk
which ensure that flood risk areas targeted for development following the sequential approach are planned, designed and constructed to reduce
and manage flood risk and be adaptable to changes in climate •Include policies to ensure that flood risk
and impact are considered as a key element in the assessment of future waste and mineral planning strategies and developments
Flood Risk Assessment •Include policies for the inclusion of Sustainable Drainage systems (Suds) in future
developments in accordance with the 2009 Department Guidelines on Planning and Flood Risk Management 9. 4 Infrastructure and Flood Risk
In a flooding event, whether widespread or localised, damage to key infrastructure (e g. power stations or signifi
in at-risk situations. For this reason, it is advised that key infrastructure suppliers should assess current elements
and stress test future projects against flood risk, where this has not been undertaken previously. The completion
of CFRAMS for the region will assist these stakeholders in examining flood risk within their own specific areas of
9. 5 Regional Flood Risk Policy The Regional Flood Risk Appraisal is set out in Appendix 3 of the Strategic Environmental Assessment (SEA) En
-vironmental Report in respect of the RPGS. The recommendations of the Appraisal contain best practice advice
relating to dealing with flood risk. Planning Authorities should implement the following policies with regard to flood
PPO 9. 2 Flood risk should be managed pro-actively at all stages in the planning process by avoiding
development in flood risk areas where possible and by reducing the causes of flooding to and from
PPO 9. 3 New development should be avoided in areas at risk from flooding. Alongside this, the Re
-gional Flood Risk Appraisal recognises the need for continuing investment and development within the urban centres of flood vulnerable designated growth towns and waterford City and for this to take
PPO 9. 4 Development Plans and Local Area Plans should include a Strategic Flood Risk Assessment
and all future zoning of land for development in areas at risk of flooding should follow the sequential
against flood risk, where this has not been undertaken previously 128 Regional Planning Guidelines for the Southeast Region 2010-2022
Flood Risk Assessment 129 129 9. 6 Delivery Actions, Indicators and Monitoring Actions to deliver the Regional Planning Guidelines with respect to flood risk assessment are listed below.
The delivery of these actions will be used as an indicator of the scale of implementation of the Regional Planning
-tegic Flood Risk Assessment for the Southeast Region the following indicators will be used PPO 9. 7 Local authorities should pursue the following actions/indicators required for Regional
Flood Risk Appraisal in their area 1. 100%completion, in co-operation with all local authorities in the Southeast, of CFRAM
Development Plans shall include Strategic Flood Risk Assessments and all future zoning of land for develop
-ment in areas at risk of flooding should follow the sequential approach set out in the 2009 Department Guide
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.
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
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
5. To promote climate change adaptation and risk prevention and management 6. To protect the environment
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
5. To promote climate change adaptation and risk prevention and management 6. To protect the environment
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
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
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
either in national or international markets, and accessing risk capital All these barriers can be overcome
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
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