NON CLASSIFIE UNCLASSIFIED Organisation for Economic Co-operation and Development Organisation de Coopã ration et de DÃ veloppement Economiques
IN THE GLOBAL ECONOMY: STRATEGIES AND POLICIES Workshop 1 ENHANCING THE COMPETITIVENESS OF SMES THROUGH INNOVATION
SME INNOVATION IN A GLOBAL ECONOMY...3 Introduction...4 Globalisation Challenges...4 Globalisation...4 The Emergence of Knowledge as the Source of Comparative Advantage...
The Foreign Direct Investment Strategy...18 Policy implications: Broadening Government Support and Coping with the Diversity of Needs...
The Needs of Technology Developers †Looking Beyond Seed Capital...21 The Added Value of R&d for Lead Technology Users...
SME INNOVATION IN A GLOBAL ECONOMY â This paper serves as the background document for the Workshop on â€oeenhancing the Competitiveness of SMES
countries, but also greater incentives and opportunities to access the various markets and knowledge sources needed to build lasting competitive advantage through continuous innovation
and include not only R&d based new products and services, but also improved designs and processes and the
--New information and communication technologies facilitate global reach and help reduce the disadvantage of scale economies which small firms face in all aspects of business
--Flexible specialisation has proven to be a particularly successful model of industrial organisation: through close co-operation with other firms SMES can take advantage of knowledge externalities
the total SME population, the most important goals are to promote the development of the private venture capital
industry and associated services, and to adjust accordingly the management and objectives of public R&d
nonfinancial innovation advice such as consulting services recruitment of university graduates and skilled personnel; awareness of new ideas and technologies;
products to the needs of customers. This explains why economists have reopened the debate on whether
some market and systemic failures disproportionately affect small firms, and why governments have generally increased the priority attached to policies directed towards SMES while focusing them more on
These policies must take into account the challenges and opportunities that new technologies and globalisation raise for small firms.
2. This paper first identifies the challenges and opportunities that globalisation raises for SMES as
3. Both scale economies and research and development have become more important instruments for competitiveness in the global economy.
Since SMES seem to be at a disadvantage for both these factors, many experts predicted the demise of SME competitiveness as globalisation increased.
broad range of economic activities in a disparate set of industries across different countries 4. This section briefly explains
what triggered the wave of globalisation reshaping the economy at the end of the 20th century.
of production, such as land, labour and capital, towards knowledge-based economic activities. The ability of SMES in the OECD to create,
been the shift in economic activity away from a local or national sphere toward a much more international
The measures of transnational economic activity which prove there has been a strongly positive trend toward greater global activity include:
investment, international capital flows, and inter-country labour mobility. But in order to answer how these 1. During the last five years, SMES were responsible for more than 80%of the jobs created (European SME co
machines and electronic communication superhighways, The Economist recently proclaimed â€oethe Death of Distance†on its front page. 2 While the telecommunications revolution has brought the cost of
vastly expanded the ability of many to participate in global communications and to use transmitted
7. Confronted with lower cost competition in foreign locations, producers in the high-cost countries
into knowledge-based economic activities 8. While some firms fell victim to the first strategy, many of the firms from OECD countries that
Substituting capital and technology for labour, along with shifting production to lower-cost locations has resulted in waves of corporate downsizing throughout Europe and North america.
This alternative involves shifting economic activity out of traditional industries, where the high-cost countries of the OECD have lost their comparative advantage, and into
high levels of employment †knowledge based economic activity. Emerging comparative advantage that is 2 â€oethe Death of Distance, †The Economist, 30,september 1995
3 â€oethe Downsizing of America, †New york times, 3 march, 1996, p. 1 WK1 6 compatible with high wage levels is based on innovative activity.
The global demand for innovative products in knowledge-based industries is high and growing rapidly;
By contrast, the rest of the economy experienced fairly steady growth at around 3%over this period. 5 Innovative activity of in the United states has jumped, as evidenced
while demand for skilled workers has exploded. 6 11. Given the shift in comparative advantage towards more knowledge based economic activity
many scholars have predicted the demise of SMES. But in fact, the share of economic activity accounted for by SMES has risen in most OECD countries.
While some SMES, like their larger counterparts, have fallen victim to globalisation, still others have deployed strategies to maintain
competitiveness in a globalizing economy. This background paper discusses some of the strategies open to SMES as they try to become more productive and shift more knowledge-based activities
products and adapting existing products to the needs of customers. Small firms account for a disproportionate share of new product innovation given their low R&d expenditures (Acs and Audretsch
Investment in innovative activities seems to be on the rise in SMES. The National Science Foundation (1999) shows that total expenditures for industrial R&d by SMES has increased by almost
â€oethe Valley of Money†s Delights, †The Economist, 29,march 1997, special section, p. 1 5 Kortum and Lerner 1997, p. 1
and introduce new products and services. Rothwell (1989 suggests that small firms can have an innovative advantage due to differences in management structures
Innovative activity also flourishes in environments free of bureaucratic constraints (Link and Bozeman, 1991. A number of SMES have benefited in fact from the exodus of researchers thwarted
enterprises make their impressive contributions to innovation because of several advantages they possess compared to large-sized corporations.
up much excitement over such small fish, nor can they accommodate small ventures easily into their
SMES operate in medium to low technology environments and innovate without using formal R&d inputs
This is consistent with economic theories of innovation and technical change where inputs to the innovative process are understood to be heterogeneous
and not limited to formal R&d investments 20. In a more systematic approach to understanding innovation in SMES, the European community
that the pattern of innovation in SMES is mostly non-R&d investment based. Only as firm size increases
does the importance of R&d investment in innovation increase too. For SMES, non-R&d inputs are more
1) capital equipment or input-embodied innovation, and (2) design innovation. In capital equipment based innovation firms acquire new process technologies or intermediate
which opens large opportunities to improve products Traditional accounts of R&d largely under-evaluate the subtleties of innovative design which require a
growth firms and research oriented consultancies which include engineering services, technology consultants, and (2) R&d boutiques.
services, high tech8, R&d services. 50%are technical service companies (ICT, R&d Both from manufacturing and
services, but less from the high tech sectors Low tech manufacturing industry; rarely from services
industries AGE Younger companies than average (33%are less than 5 years against 24%for all
participants in FP 59%were created over 10 years ago 64%of were created more than 10 years ago
SMES are thus a large and very heterogeneous group of firms whose investments in and use of
the majority of SMES manage the transition to a global, knowledge based economy Competitiveness Strategies
which may or may not involve own investments in R&d â'The information technology strategy, which makes innovative uses of information technology
large enterprises in order to improve their ability to access and absorb innovations â'The cluster strategy, in which SMES locate in close proximity with competitors in order to
â'The foreign direct investment strategy, in which SMES exploit firm-specific ownership advantages abroad
input is inherently different than the more traditional inputs of labour, capital and land because the value of
new economic knowledge include a high degree of human capital, a skilled labour force, and the strong
For example, if the unit of observation is countries, the relationship between R&d investments and patenting is very strong.
also tend to undertake high investments in R&d. By contrast little patent activity is associated with
therefore able to appropriate some of the returns accruing to investments in new knowledge made
given industry†s underlying technological conditions, scale economies, and demand. Where scale economies are important,
the revolving door model is more common. While start-ups and new entrants may not be deterred by the presence of high scale economies,
a process of firm selection ensures that only those firms that grow will be able to survive beyond more than a few years
mechanism-the extent of scale economies-may ultimately be forced to exit out of the industry.
untapped in the economy The Information technology Strategy 37. A second strategy SMES can use to improve their competitiveness in global markets involves the
and the microprocessor, help mitigate economies of scale and the gains traditionally associated with large-scale production.
reach scale economies. This notion has received considerable attention in the popular press. Management consultant Tom Peters claims that,
in certain activities--from plant watering to specialised legal services--better than a giant corporation.
10 Tom Peters,"New Products, New Markets, New Competition, New Thinking,"The Economist, 4 march, 1989
manufacturers and final customers. But to properly take advantage of such internet-based financial and accounting systems, SMES typically need to modify
â€oein the physical world, scale economy and standardisation plays a major role. The digital world enables individual product customization†The
customers will directly interact only with the intermediary, which provides the appearance of having a
Some enterprises, especially small and medium-sized firms, choose to pursue increasingly specialised markets or innovative niches,
you have to find customers for your speciality all over the world in order to recoup your R&d investment
"11 "The Little Guys Are Making It Big Overseas,"Business week, 27 february 1989, pp. 67-69
Foreign direct investment plays a central role in these companies. And their five -year revenue growth was 16.2,
They investment abroad in plant, equipment, and technology, and they investment in people. Even when a high initial investment may not be justified in terms of short-term returns, the small
and medium-sized enterprises consider it important to undertake such global investments because of the demonstration effect--to show potential customers and business partners that they are committed to the
local economy. The Mittelstand companies also espouse a strategy whereby they insist on the same high
standards in the host market as they do in the home market, particularly in servicing their production
through the creation of strong and reliable service networks. It is through such an aggressive strategy of
expansion of production in foreign markets that these German Mittelstand companies have been able to overcome the inherent size disadvantage.
Nevertheless, the small-and medium-sized enterprises of Germany have not been able to overcome the risks inherent in a high degree of specialisation, and
careful devotion to consumer needs, that makes a strategy of foreign direct investment so central to the
order to provide services, such as training, to customers. While such services could be contracted out, the
asset specificity of the product, combined with its high technological sophistication, virtually bundles the service component with the manufactured product
when the technology dominates the enterprise and scientists and engineers are the driving force in the enterprise,
customer satisfaction tends to suffer and demand shifts elsewhere. Conversely, when the marketing department is the driving force behind the
enterprise, technological sophistication is affected. While customers may be satisfied in a static sense, the enterprise is not engaging in dynamic product development,
which leaves it vulnerable to competition from more technologically advanced companies. Customers eventually reward technological leaders that can
provide them with unanticipated product innovations and improvements. In this sense, balancing conflicting customer demands is a delicate strategy that only a very flexible enterprise,
which has both technological competencies and sensitivity to consumer needs, can accomplish. Ideally in SMES scientists
and engineers should have a deep understanding of what their customers actually need, but this can only be
nurtured through close and frequent contact with the customers. Such direct and repeated contact between
customers and the engineering department is particularly important, so that the latter do not underestimate the problems of applying technology to commercial needs.
Indeed, non-marketing employees in the German Mittelstand engage in direct contact with customers at twice the frequency as in the largest
German corporations. This is typical of the importance placed in German SMES on having customer interaction with engineering, manufacturing,
and financial employees in order to make sure innovative activities truly meet customer needs WK1 15 The Network and Flexible Production Strategies
and cooperate with other firms be they other SMES, large enterprises, or a combination of both.
relations and venture capital firms †provide technical, financial, and networking services which the region†s enterprises often cannot afford individually.
These networks defy sectoral barriers individuals move easily from semiconductor to disk drive firms or from computer to network
makers. They move from established firms to start-ups (or vice versa) and even to market research or consulting firms,
established, and new enterprises are decentralised conceived†This and fluid environment also promotes the diffusion of intangible technological capabilities and understandings. †13
region, and (2) the degree of monopoly versus local competition 49. One model suggests that a concentration of firms within a particular industry in a geographic
identical types of activities, the costs of communication and transactions are minimised, and there is a
externalities, ultimately innovative, activity and economic growth. 14 50. There is also theoretic debate about the effect of competition on innovative activity.
The Marshall-Arrow-Romer model predicts that local monopoly should be superior to local competition
13 Saxenian (1990, pp. 97-98 14 For an extension of this see Vernon (1994) and Vernon et al.
because it maximises the ability of firms to appropriate economic value accruing from their investments in
competition is more conducive to the generation of knowledge externalities than is local monopoly. 15 Not
only does a large number of firms result in greater competition for new ideas, but it also facilitates the
entry of new, specialised firms since complementary inputs and services are more likely to be available in
a diversified competitive environment, than in one dominated by large, vertically integrated producers 51. Evidence seems to indicate that diversity
and local competition did positively influence industry growth rates in US cities from 1956-1987 (Glaeser et al.
economic activities, but who share a common science base, is more conducive to innovation than a more
In addition, the results of this study indicate that local competition for new ideas within a city is more conducive to innovative activity than is local monopoly.
demands. But doing so requires skilled labour, and high investments in human capital â'Continual innovation.
Both the nature of the products, as well as production and organisation methods, are continually being improved â'Clustering.
Groups of enterprises working in the same product are seedbeds for the exchange of new ideas.
Formal and informal links between enterprises, including subcontracting relationships, facilitate economic specialisation of firms as well as superior access to
Knowledge created within an enterprise spills over for use by other enterprises 53. There is considerable evidence supporting the hypothesis that flexible production systems
actually outperform those based on mass production. One of the most striking examples of superior economic performance is provided by Emil Roaming,
than large enterprises. In these specialised industrial districts an agglomeration of producers within an industry work in close physical proximity.
The narrow division of labour common to large enterprises has been replaced by an organisational structure in which employees perform a wide variety of different tasks
customers, manufacturers, and capital good suppliers in Italy has created an environment that pushes innovation forward.
Manufacturers make sophisticated and ever changing demands, which push suppliers to provide a continuous stream of incremental innovations.
The same is true of the close relations between manufacturers and customers, the latter providing rapid feedback on technical solutions.
These links have been supported by national and local government policies as well as by a rich network of private economic
with other enterprises afforded by geographic proximity, in order to better access new ideas and knowledge. This strategy may be especially important in young industries or industries where strategic
and cyberspace, where the cost of communications has plummeted. But there is an important distinction to be made between knowledge and information.
While the marginal cost of transmitting information across geographic space has been reduced drastically with the telecommunications revolution, the marginal cost
of transmitting knowledge, and especially tacit knowledge, actually rises with distance 58. Von Hipple (1994) demonstrates that high context, uncertain knowledge,
nature, and knowledge developed for a particular application can have economic value in very different applications.
An emerging economics literature demonstrates that knowledge spillovers are indeed geographically constrained. Data constraints can be overcome to study the extent of knowledge spillovers
experienced high levels of investment into process technologies, particularly in manufacturing automation NC, CAD-CAM,
The Foreign Direct Investment Strategy 62. There is considerable evidence that the transnational economic activities of SMES have been
increasing over time. Not only has the absolute value of foreign direct investment activities by small and
medium-sized enterprises increased over time, but so has their share of the total foreign direct investment
at least in several countries including Italy, The netherlands and Japan 63. The effectiveness of a foreign direct investment strategy for enhancing SME competitiveness is
shaped by three fundamental sets of factors. The first is that the enterprise must have an endowment of
capabilities in foreign markets that are superior to those of firms located in other countries.
Such firm -specific assets, which can be called ownership advantages, are principally are intangible assets like proprietary knowledge or a position of market leadership or human capital.
The second factor is that the benefits accruing to the SME for exploiting its firm-specific ownership advantages must exceed those it
market opportunities. These benefits from the extending the enterprise†s activities abroad must exceed the
management contracts, franchises, technical services agreements, turnkey projects, and subcontracts Finally, the third set of factors are those
In particular, SMES are disadvantaged clearly by scale economies and other size related ownership-specific advantages. Similarly, they may have more difficulty obtaining inputs on favoured
exposed to different consumer demands, networking with foreign collaborators, and above all accessing novel sources of knowledge, clearly makes FDI an important element of the panoply of strategies open to
SMES who want to remain innovative in a global economy Policy implications: Broadening Government Support and Coping with the Diversity of Needs
More specifically, regulatory policy, competition antitrust policy, and the public ownership of business are on the decline.
Examples of this new policy approach include measures to encourage R&d investment venture capital creation, and the rapid establishment of start-up firms.
In many OECD countries improvements can be made to the financial sector in order to create the large and liquid risk capital markets
As for SME specific measures, a great emphasis is placed now on promoting investments in innovation.
available for access to or investment in innovation and new firm creation. Perhaps best known is the Small
venture capital. Thus the government has a strong impact on innovative SMES. Significantly, the SBIR and
most public programmes fund early stage research, a stage which is ignored generally by private venture
academia to entrepreneurship; and demonstration effects which encourage entrepreneurship. A similar commitment to increased funding for SME research can be found across the OECD, at regional, national
and supranational levels of government 69. However, lead technology developers make up less than 5%of the total SME population (See
policies in order to broaden the population of small and medium size enterprises who can benefit from
organisations that perform development or engineering activities for larger enterprises. In most national technology programmes, technical consultants are permitted frequently not to participate as contractors, so
The Needs of Technology Developers †Looking Beyond Seed Capital 73. Several studies have shown that public funding in the form of R&d grants plays a decisive role
cheap sources of seed capital and the sums received can total several Million euros in their start up stage
Muldur (1999) further explored the profile of these enterprises and found that 41%of these SMES were
knowledge intensive services non-high tech manufacturers Source: Clarysse and Duchã ne, 2000 75. The SMES participating in the Fourth Framework Programme are not representative of the total
Governments should encourage such a trend by improving the conditions for private capital investments to
Public R&d grants were the only viable source of seed capital in Europe during most of the
First, the amount of European seed capital from non -government sources has been rising constantly. Although these sources of seed capital are much more
expensive than a public R&d grant or loan (EVCA figures show that seed capital funds earned in 1998
about 36%on their invested capital per annum), they are obtained easily and can be spent with great
flexibility (within the limits of a business plan. Furthermore, venture capitalists speak the language of the entrepreneur, in contrast with the bureaucrats disbursing public funds
1. Closer collaboration with the Venture capital industry. In those countries such as Belgium France, and Germany where venture capital markets are booming,
there should be better collaboration between the R&d granting institutions and the private or semipublic VC
in The netherlands) are indeed cooperating with the local venture capital industry, and they do so for two main reasons.
first in order to develop a technology or prototype, and only later resort to private capital sources for business development needs.
Second, public agencies employ a large numbers of engineers (or have a network of technical experts) who are trained to perform technological
organisation (business plans vs. audit reports) is mutually beneficial. Furthermore this WK1 24 collaboration simplifies the administrative burden of the technology developer by allowing
for the exchange of audit reports, business plan evaluations, firm cross-references, and experience 2. Grants for business plan development and for nontechnical activities.
Since R&d grants are project based and often oriented towards the development of new technologies, SMES often
technology based firms are need especially in of business support †such as business plan development, venture coaching--rather than simply public financing (Chiesa & Piccaluga
2000). ) Public bodies might provide support for such nontechnical aspects of the innovation process, as SENTER
and Enterprise Ireland have begun to do 3. Pure equity financing. Some countries go one step further in their strategy adjustment
companies,(Enterprise Ireland. Equity finance mechanism can complement classic public R&d grants and business development grants
Financial institutions, as well as government bodies, have difficulty assessing the risk-profit trade offs of innovative ventures.
Uncertainties about the technical feasibility, the time period of development, the total financing needed, and the probability of commercialisation and possible market size, make financial
institutions hesitate before funding venture projects To overcome the information gap between entrepreneurs and financing bodies †and thus increase the
rating that would help reduce the uncertainty that limits private sector investments in high risk innovation
DTI Enterprise Ireland (°1998 Yearly Budget 3, 75 billion 5de FP 1998-2002 156 million
investments of leading technology users (i e. they do not substitute the existing R&d budgets 82.
look for new technical opportunities, and explore new production methods. Public financial support is WK1 27 necessary since these firms do not have the cash flow or capital to initiate R&d activities,
but are able to continue and even increase such activities once they are running 86.
and R&d support is that enterprises under-invest in R&d because they cannot fully capture the rents of their efforts.
and provide a greater financial incentive for private investments in R&d. The problem is that technology followers do not under-invest in R&d,
-investment in R&d. Instead, public support should be used to â€oelegitimise†the role of innovation agents
describes the types of consultancy services innovation agencies can offer, using Business Links as an
Types of services, including consultancy that are offered by Business Links 19,4 6, 3 2, 5
Venture capital Finance & accounting Exports Sales & marketing General business advice Information technology Grant advice Direct access
evaluate the costs or demands of the service provider as a relatively neutral third party. SMES
the main vehicle by which one meets new SME-customers â'Organisation of workshops. Workshops about specific technologies or organisational changes
group of SME who are already regular customers â'Distribution of business information. All sorts of information dissemination is possible
such as scanning or consulting services â'They need help recruiting university graduates and other skilled personnel
positioned to provide these services. First, these bodies often operate at a national or regional level and
innovation services are most effective when decentralised and local. Second, these institutions are bureaucratic and technical,
and multidimensional, services should be offered by organisations that combine business and technical WK1 30 skills.
emergence of private capital sources reduced the necessity of public grants for this group. Since R&d
if no seed capital is available, its development should be stimulated 98. The second group, the leading technology users, has benefited the most from the recent SME
engineering knowledge available (from public research institutes, customers, suppliers) and their own day -today business activities.
the regional innovation centres offer services of varying quality; governments are unsure how long or even whether they should be subsidised;
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