one of the measures which can boost economic growth and drive forward the Internal Market of the 21st century.
grow substantially, even in the current economic crisis. It plays an important role in B2b exchanges as 27%of European enterprises purchase online and 13%sell online.
on economic activities. However, it is not possible to directly measure the share of employment, GDP,
Rightsboosting creativity and innovation to provide economic growth, high quality jobs and first class products and services in Europe, COM (2011) 287 24.05.2011;
136 Moore/Clayton, The Impact of Incentives on Notice and Takedown, Seventh Workshop on the Economics of
Boosting creativity and innovation to provide economic growth, high quality jobs and first class products and services in Europe, COM (2011) 287 final, 24.05.2011, available at
252 Copenhagen Economics, Main developments in the postal sector 2008-2010,29. 11.2010, pp. 85-91
of Economics and Public Administration Volume 14 Issue 1 (19 2014 38 OPEN INNOVATION †THE GOOD, THE BAD, THE
The USV Annals of Economics and Public Administration Volume 14, Issue 1 (19), 2014 39
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source of innovation and economic growth. Many organisations are aware of this, conceptually but the threshold to move into this in practise is quite
economic policy coordination (1) across the EU will help Member States to address these problems and boost growth and job creation in the future
economic policy agenda focusing on three priori -ties: smart, sustainable, and inclusive growth. This new EU strategy is about delivering growth that is
2. The self-rationale of the economic system The economic system aim at achieving wealth In doing this, the economic system can assess
how to avoid for example inequality or negative environmental impacts 3. The self-rationale of the knowledge system
The knowledge system creates and distributes knowledge. The knowledge system can poten -tially influence the other societal systems by
influence the economic system directly through economic policy, but in many cases, the political system can do this even more efficiently through
innovation policy. Thus, the innovation system con -stitutes an important interface where the politi -cal, economic,
mentioned, the economic system, that is, business and firms, act in accordance with a rationale of profit, and is
1.)†Financial/Economic system'(1 2.)†Environmental challenges'(2 3.)†Feed and heal the world challenges'(3
they still convey very important economic value as well as social value developing knowledge, educat -ing employees and tackling public health challenges
new economic values and effectively new demand and supply curves. An entrepreneur, he claimed succeeds by combining new or existing technolo
†The Economics of Two-sided Marketsâ€. Journal of Economic Perspectives, Vol. 23, Nr 3, pp. 125†143
from the centre of the world economic activities Chile enhanced its longstanding commitment to trade liberalisation with the signing of 57 free
and economic growth. With strong prudential and corporate reporting framework, Australia coped well with the financial turmoil, leading to a very low
global economic crisis (16 Particularly, Chile achieved such growth despite the magnitude 8. 8 earthquake that struck the nation on
disruption in Chile†s economic activity (17. Although Chile†s economic rebound was owed partly to the
economic growth by about 0. 5%and 0. 75†1%of its GDP in 2008†09 and 2009†10, including
=11) Access Economics (November 2008) The impact of the global financial crisis on social services in Australia
The economic downturn hit young people especially hard, limiting their opportunities to success. High unemployment, job insecurity, strong competition
A traditional conception of an economic system encompasses organisations and institutions that 97 specify †property relations†regulating production
the connection between economics and the ordinary business of life...Knowledge will come only if eco
is and the economic system as it actually exists†(15 Co-creation thinking bridges †human experience and
Economic systems of Foraging Agricultural, and Industrial Societies. Cambridge Cambridge university Press 5) Curley, M.,Salmelin, B. 2013.
†Saving Economics from the Economists. †Harvard Business Review 90 (12): 36 Contact Dr Venkat Ramaswamy
-novation and economic growth. Organisations that embrace this new industrial paradigm will prosper Yet, despite our awareness of the core assertion of
economic growth. As the digital world witnesses both declining transaction costs and the emergence of the so called †grown up digital†demographic as
The economics of organisation the transaction cost approach. American Journal of Sociology 87 (3: 548†577
Economics & Statistics, 84 (2), pp. 298-309 8. Cefis E. and Marsili O. 2006.
explore the relationship between R&d and innovation, International Review of Applied Economics, 24 (1), pp. 95-102
Theory and Evidence, Small Business Economics 6, pp. 327-347 54. O†dwyer M.,Gilmore A. and Carson D. 2009.
Firm size and types of innovation, Economics of Innovation & New Technology, 18 3), pp. 205-223
Networks, Firm Size and Innovation, Small Business Economics, 22 (2), pp. 141-153 63. Rufat-Latre J.,Muller A. and Jones D. 2010.
Technology per se has no economic value; indeed, the economic value of technology is realized when companies develop and commercialize it through a particular business model.
In all our interviews managers emphasized that business models play a primary role in SMES in low-and medium-tech
The economic value of a technology only emerges when it is commercialized in some way 14 It is the business model that determines the economic value of a new
technology by indicating how customer value will be created and how the company can capture value from that technology.
The current economic crisis has weakened their financial health, especially in industries that are globalizing rapidly. These
The role of the business model creating economic value from technological inventions is one of the central themes in Chesbrough, H. W. 2003), Open innovation;
Injunctions, †The Journal of Law and Economics. Vol. XLIV, no. 2, 2001,573-603) for an analysis of how
becoming increasingly important for industry R&d and thus for economic growth 13 3. 1 Type of industry
Economics of Innovation and New Technology 4 (1), 41 -59 Atuahene-Gima, K.,1996. Differential Potency of Factors Affecting Innovation
Economics 9, 33-44 Hair, J. F.,Anderson, R. E.,Tatham, R. L.,Black, W c.,1998.
H200721 21-12-2007 The Role of Export-Driven New Ventures in Economic growth A Cross-country Analysis
H200701 3-1-2007 Entrepreneurial diversity and economic growth H200627 21-12-2006 Motivation Based Policies for an Entrepreneurial EU Economy
H200626 19-12-2006 Export Orientation among New Ventures and Economic growth H200625 18-12-2006 Institutionele voorwaarden voor zelfstandig ondernemerschap
Economics of Innovation and New Technology 4 (1), 41†59 Arora, A.,Fosfuri, A.,Gambardella, A.,2001.
Business Economics 9, 33†44 Greiner, L. E.,1972. Evolution and revolution as organizations grow
Economics of Innovation and New Technology 4 (1), 41†59 Arora, A.,Fosfuri, A.,Gambardella, A.,2001.
Business Economics 9, 33†44 Greiner, L. E.,1972. Evolution and revolution as organizations grow
Technology per se has no economic value; indeed, the economic value of technology is realized when companies develop and commercialize it through a particular business model.
In all our interviews managers emphasized that business models play a primary role in SMES in low-and medium-tech
The economic value of a technology only emerges when it is commercialized in some way 14 It is the business model that determines the economic value of a new
technology by indicating how customer value will be created and how the company can capture value from that technology.
The current economic crisis has weakened their financial health, especially in industries that are globalizing rapidly. These
The role of the business model creating economic value from technological inventions is one of the central themes in Chesbrough, H. W. 2003), Open innovation;
Injunctions, †The Journal of Law and Economics. Vol. XLIV, no. 2, 2001,573-603) for an analysis of how
Andrea Bonaccorsi is professor of economics and man -agement at the University of Pisa, Italy.
Economics 2 0. 2 6 1. 3 Biology 4 0. 6 Chemistry 4 0. 6
sciences (economics) may combine their domain expertise with advanced computer science This interpretation is confirmed by Table 6, which
U s. economic growth in the Information age. Brookings Papers on Economic activity, 1, 125†211 Kargon, R, S Leslie and E Schoenberger 1992.
Far beyond big science: Science regions and the organization of research and development. In Big science.
Economic policy, 18 (36), 9†72 Norberg, A l 2005. Computers and Commerce. A Study of Tech
New Sources of Economic growth. Washington DC: Brookings Institution Van Ark, P m O†Mahony and M P Timmer 2008.
Journal of Economics, 122 (4), 1351†1408 Watson, T Jr 1990. Father, Son & Co.:
Economics, Erasmus University Rotterdam, Netherlands Disclaimer Neither the European commission nor any person acting on behalf of the Commission is responsible for the
economic theories. Most relevant here are the theories of market failure and state failure. Market failures with respect to policies in support of high
-rillasâ€. 1 These enterprises are seen as important drivers of economic growth, employment and social well -being.
economic growth and job creation) to support all SMES"a little bit, "or to concentrate efforts on those with the highest growth potential
13 Deardorff's Glossary of International Economics, â€oepolicyâ€, accessed 2 may 2010 Policies for high-growth innovative SMES v1. 6
ï Philipp Koellinger, Assistant professor in Economics at Erasmus University Rotterdam. He is asso -ciate editor of the Small Business Economics journal and has research interests and a sound publi
-cation track record in the fields of entrepreneurship and innovation These experts had agreed to review drafts of this policy brief
-frastructure and economic stability (â€oeframeworkâ€. 14 This framework is conducive to the analysis of barriers to
ï Economic stability and growth are conducive to future revenues and thus foster companies†invest -ment into growth. 16
Economic stability Right timing Resources Knowledge/skills Technological: e g R&d, IPR protection Business-related: e g management skills
Economic stability Right timing The arrow â€oeright timing†only indicates that the right time matters; it does not suggest a flow from resources to markets and incentives
The current economic crisis hit the US, home to many big young global leaders worse than many European countries which are home to hidden champions
On the importance of a theoretical foundation for economic policy If policy makers seek to promote high growth of innovative SMES,
principal insights of theories of economic policy. Otherwise such policies run the risk of wasting scarce re
Autio (2007a) concludes that â€oein order to promote economic growth, therefore, what really is needed are new
In terms of economic theory, coaching is a private good so that public support for facilitating coaching cannot necessarily be grounded on market failure.
114 In light of the economic crisis, Singaporean business associations started the Financial Facili -tator Programme (FFP) in January 2009, vigorously supported by the SPRING Singapore programme which
Is it more efficient (in terms of economic growth and job creation) to support all SMES"a little bit, "or to concentrate efforts on those with the highest growth
â€oegetting economic growth and jobs creation from entrepreneurs is not a numbers game. It is about encouraging the formation of high quality, high growth
and enhancing economic growth. †145 141 For example, the case study about Korea in this Policy Brief (see section 5. 1) mentions that the Korean government
-sion during the economic crisis, it has one of the world†s highest shares of R&d in GDP,
-tiveness Index of 2010, is heavily suffering from the economic crisis and the 2011 Earthquake, and
In order to mitigate the negative effects of the economic crisis and to increase employment, the government recently introduced several new programmes and activities
2009 may indicate a decline caused by the worldwide economic crisis Exhibit 5-4: Development of the venture business in Korea 1998-2008
/ï Korea Institute for Industrial Economics and Trade (KIET: http://www. kiet. re. kr/kiet/eng/index eng. jsp
-ery from the word-wide economic crisis to the numerous opportunities SMES have been pro -vided with, there are no evaluation studies available that could substantiate the impacts of the
In light of the economic crisis, Singaporean business associations started the Financial Facilitator Pro -gramme (FFP) in January 2009.
Updates to Government's Response to the Economic downturn in Asia/Pacific (IDC#AP633103S, December 2009
Toward a Radiant Japan identifies SMES as an engine for future high economic growth Key characteristics of SME policies in Japan
post-Lehman economic downturn has led the government to focus on legislating remedial measures to sup -port struggling SMES (e g.,
statements, the MOIT â€oefocuses on the promotion of economic growth in Israel†and the OCS â€oeoversees all
Balancing SME policies with economic policies at large The question of balancing policies for general and high-growth SMES may have to be asked even broader
Economic stability Economic stability and growth European monetary policy (No difference between general SME poli -cies and high-growth SME policies
Right timing Right timing (No specific issue for EU.)Swift reaction to high-growth SMES€ needs
Economics Ahmad, Nadim; Gonnard, Eric (2007: High growth enterprises and gazelles. Statistics Directorate, OECD Paper prepared for the International Consortium on Entrepreneurship (ICE) Meeting 22-23 february
Working papers series in economics and social sciences 2011/05. Febru -ary. Available at http://repec. imdea. org/pdf/imdea-wp2011-05. pdf
Research Institute of Industrial Economics Stockholm, IFN Working Paper No. 733. Available at http://www. ifn. se/Wfiles/wp/wp733. pdf
Economics and politics research briefing. 14 september Ministry of Employment and the Economy (2011: Growth Enterprise Review 2011.
-ness Economics, 2010, vol. 35, issue 2, pp. 203-226 Reinstaller A. coord. HÃ lzl, W.,Janger J.,Stadler,
Business Economics, Volume 33, Number 2, pp. 141-149 Simon, Hermann (2009: Hidden Champions of the Twenty-first Century:
Firm Formation and Economic growth. March. Available at http://www. kauffman. org/uploadedfiles/high-growth-firms-study. pdf
Small Business Economics, Vol. 32, pp. 351†374 Yim, Hyung Rok (2007: Quality shock vs. market shock:
Deardorff's Glossary of International Economics, search term â€oepolicyâ€, URL: http://www -personal. umich. edu/alandear/glossary, last accessed 2 may 2010
Philipp Koellinger, Economics of Innovation: www. economics-of-innovation. com, last accessed May 2011 Platinn.
Plateforme innovation: http://www. platinn. ch/eng, last accessed May 2011 PRO INNO Europe, Tactics:
3 Small Business Economics 4 Journal of Small Business Management 1 Cato 2 Journal of Public Policy and Management
Small Business Economics 2010 Parker et al What happens to gazelles? The importance of dynamic management strategy
Economics, Erasmus University Rotterdam, Netherlands Disclaimer Neither the European commission nor any person acting on behalf of the Commission is responsible for the
economic theories. Most relevant here are the theories of market failure and state failure. Market failures with respect to policies in support of high
-rillasâ€. 1 These enterprises are seen as important drivers of economic growth, employment and social well -being.
economic growth and job creation) to support all SMES"a little bit, "or to concentrate efforts on those with the highest growth potential
13 Deardorff's Glossary of International Economics, â€oepolicyâ€, accessed 2 may 2010 Policies for high-growth innovative SMES v1. 6
ï Philipp Koellinger, Assistant professor in Economics at Erasmus University Rotterdam. He is asso -ciate editor of the Small Business Economics journal and has research interests and a sound publi
-cation track record in the fields of entrepreneurship and innovation These experts had agreed to review drafts of this policy brief
-frastructure and economic stability (â€oeframeworkâ€. 14 This framework is conducive to the analysis of barriers to
ï Economic stability and growth are conducive to future revenues and thus foster companies†invest -ment into growth. 16
Economic stability Right timing Resources Knowledge/skills Technological: e g R&d, IPR protection Business-related: e g management skills
Economic stability Right timing The arrow â€oeright timing†only indicates that the right time matters; it does not suggest a flow from resources to markets and incentives
The current economic crisis hit the US, home to many big young global leaders worse than many European countries which are home to hidden champions
On the importance of a theoretical foundation for economic policy If policy makers seek to promote high growth of innovative SMES,
principal insights of theories of economic policy. Otherwise such policies run the risk of wasting scarce re
Autio (2007a) concludes that â€oein order to promote economic growth, therefore, what really is needed are new
In terms of economic theory, coaching is a private good so that public support for facilitating coaching cannot necessarily be grounded on market failure.
114 In light of the economic crisis, Singaporean business associations started the Financial Facili -tator Programme (FFP) in January 2009, vigorously supported by the SPRING Singapore programme which
Is it more efficient (in terms of economic growth and job creation) to support all SMES"a little bit, "or to concentrate efforts on those with the highest growth
â€oegetting economic growth and jobs creation from entrepreneurs is not a numbers game. It is about encouraging the formation of high quality, high growth
and enhancing economic growth. †145 141 For example, the case study about Korea in this Policy Brief (see section 5. 1) mentions that the Korean government
-sion during the economic crisis, it has one of the world†s highest shares of R&d in GDP,
-tiveness Index of 2010, is heavily suffering from the economic crisis and the 2011 Earthquake, and
In order to mitigate the negative effects of the economic crisis and to increase employment, the government recently introduced several new programmes and activities
2009 may indicate a decline caused by the worldwide economic crisis Exhibit 5-4: Development of the venture business in Korea 1998-2008
/ï Korea Institute for Industrial Economics and Trade (KIET: http://www. kiet. re. kr/kiet/eng/index eng. jsp
-ery from the word-wide economic crisis to the numerous opportunities SMES have been pro -vided with, there are no evaluation studies available that could substantiate the impacts of the
In light of the economic crisis, Singaporean business associations started the Financial Facilitator Pro -gramme (FFP) in January 2009.
Updates to Government's Response to the Economic downturn in Asia/Pacific (IDC#AP633103S, December 2009
Toward a Radiant Japan identifies SMES as an engine for future high economic growth Key characteristics of SME policies in Japan
post-Lehman economic downturn has led the government to focus on legislating remedial measures to sup -port struggling SMES (e g.,
statements, the MOIT â€oefocuses on the promotion of economic growth in Israel†and the OCS â€oeoversees all
Balancing SME policies with economic policies at large The question of balancing policies for general and high-growth SMES may have to be asked even broader
Economic stability Economic stability and growth European monetary policy (No difference between general SME poli -cies and high-growth SME policies
Right timing Right timing (No specific issue for EU.)Swift reaction to high-growth SMES€ needs
Economics Ahmad, Nadim; Gonnard, Eric (2007: High growth enterprises and gazelles. Statistics Directorate, OECD Paper prepared for the International Consortium on Entrepreneurship (ICE) Meeting 22-23 february
Working papers series in economics and social sciences 2011/05. Febru -ary. Available at http://repec. imdea. org/pdf/imdea-wp2011-05. pdf
Research Institute of Industrial Economics Stockholm, IFN Working Paper No. 733. Available at http://www. ifn. se/Wfiles/wp/wp733. pdf
Economics and politics research briefing. 14 september Ministry of Employment and the Economy (2011: Growth Enterprise Review 2011.
-ness Economics, 2010, vol. 35, issue 2, pp. 203-226 Reinstaller A. coord. HÃ lzl, W.,Janger J.,Stadler,
Business Economics, Volume 33, Number 2, pp. 141-149 Simon, Hermann (2009: Hidden Champions of the Twenty-first Century:
Firm Formation and Economic growth. March. Available at http://www. kauffman. org/uploadedfiles/high-growth-firms-study. pdf
Small Business Economics, Vol. 32, pp. 351†374 Yim, Hyung Rok (2007: Quality shock vs. market shock:
Deardorff's Glossary of International Economics, search term â€oepolicyâ€, URL: http://www -personal. umich. edu/alandear/glossary, last accessed 2 may 2010
Philipp Koellinger, Economics of Innovation: www. economics-of-innovation. com, last accessed May 2011 Platinn.
Plateforme innovation: http://www. platinn. ch/eng, last accessed May 2011 PRO INNO Europe, Tactics:
3 Small Business Economics 4 Journal of Small Business Management 1 Cato 2 Journal of Public Policy and Management
Small Business Economics 2010 Parker et al What happens to gazelles? The importance of dynamic management strategy
technologies for economic growth, job creation and the quality of life of European citizens, as part of the Europe 2020 strategy.
of social and economic policies as well as a productive and competitive economy and the availability of rewarding
cities and Hub towns to achieve the goals of economic growth in the regions and provide for major
and support higher levels of economic activity and improved quality of life There is a distinctive settlement pattern in the South†East Region
economic activity in rural areas will be based on the region†s extensive and attractive coastline, river valleys and
and value adding potential of economic growth and to achieve more sustainable patterns of settlement with the Gateway and Hubs as key areas for growth
-opment challenge is shifting from one of managing growth to stimulating economic activity in a positive and
Within the context of the current economic downturn, a national and regional spatial development strategy like
Economic activity in indigenous companies is dispersed more widely across the region. The competitiveness of this sector will depend on local infrastructure, broadband and telecommunications and access improvements
A combination of strong locally based economic activity, with high added value inward investment, will be key to
There is obvious potential for sustainable economic growth in this area given that the Southeast Region has 434 kms. of coastline, the most attractive climate in Ireland for outdoor activities and an abundance of existing
of value-added shore based economic activity. This would contribute substantially to the economic development of the region
development within the Rosslare-Dublin corridor has significant potential for generating economic activity in the Southeast Region
The recent period from 2008 to 2010 has been dominated by the global economic downturn. It has had a
circumstances and effects of the economic downturn and is planning for recovery and sustainable economic growth for the region.
This strategy will focus on policies to help the region move out of the economic downturn. Existing policy initia
Certain conditions must apply to support increased economic activity and regional competitiveness if more spatially balanced patterns of development are to evolve
•The potential for development of economic activity must be driven by advantages derived from exchange of
A critical mass of economic activity and opportunities will be facilitated by Development of Waterford Regional Airport Improved public transport services and facilities as recommended by the Waterford City Public transport
The potential of larger towns and District Towns to support sustainable economic activity will need to be supported
The retail sector contributes significantly to the growth in employment and to the economic growth of the
the entire country) is to shift economic growth toward export oriented sectors and activities The outline demonstrates the suite of assets that provide a platform for growth;
economic activity. For Park & Ride to operate successfully, facilities should be located •adjacent to railway stations
in terms of value-added shore based economic activity. This would contribute substantially to the economic development of the region.
economic activity. The regional airport has potential for expansion and an increased role in access to Ireland
economic activity in a positive and sustainable manner Within the context of the current economic downturn, a national and regional spatial development
strategy like the NSS has even greater relevance because it provides the framework for co-ordinat
commerce that will be an extra boost to the economic growth of the region PPO 6. 6 It is an objective of the Regional Authority to support the extension of the Bord Gá
-tion and investment in low-carbon technology are consistent with global economic growth 6. 3. 2 National Obligations
>Sustain economic growth and employment >Provide levels of income support to those relying on social welfare sufficient to sustain dignity and avoid
agricultural, social and economic policies, as well as in any other policies with possible direct or indirect impact on landscape
local economic activity and wider regional benefits A key step in the implementation of the Regional Planning Guidelines will,
economic activity in a positive and sustainable manner Within the context of the current economic downturn, a national and regional spatial development
strategy like the NSS has even greater relevance because it provides the framework for co-ordinat
Management, School of business, Economics and Law, University of Gothenburg The panel would like to thank all those who participated in the online consultation from July to
Andreas Pyka, Professor in Innovation Economics, University of Stuttgart-Hohenheim; President of the Lisbon Civic Forum
Summary of OECD Roundtable on responding to the economic crisis: Fostering industry restructuring and renewal, Paris 1 april
and economic policy is necessary to move further to develop European regulation in such a way as to stimulate innovation and entrepreneurship
School of business, Economics and Law, University of Gothenburg 30 Mandate of the panel Context DG Enterprise and Industry of the European commission is currently developing ideas for the future
economic system which continues to generate novelty and select amongst alternatives Verspagen 2005: 496 The Schumpeterian approach is in contrast to
Indeed, economics generally tackles issues of technology, labour and growth in relation to an explanation of individual behavior and price mechanisms
-Schumpeterian Economics, Hanusch and Pyka (2007: 1161) stress that modern neo -Schumpeterian scholars have developed these
the economic system) through innovations new knowledge, new organizations competences and market creation. If change is
parts of the economic system (Mckelvey and Holmã n 2006. Such tensions spring, for example, from diff erential rates of change
8 Nelson goes on to argue that †standard equilibrium theory in economics cannot cope with it and its economic consequencesâ€
POLICY RESPONSES TO THE ECONOMIC CRISIS: Investing in innovation for long term growth. June 2009. Report proceeded by the Innovation Strategy Portal www. oecd. org/innovation/strategy/portal
from traditional economics arguments of market failure, direct cost-benefi t analysis and industrial organization (Metcalfe 1995
European union, especially how the economics of innovation approach provides new insights upon governance of public policy
to Neo-Schumpeterian Economics. Chelthenham, U k.:Edward Elgar Publishers Arrow, K. J. 1962. Economic Welfare and the Allocation of Resources for Invention, In Richard Nelson (ed
Technical Change and Economic theory. London and New york Pinter Publisher Georghiou, L. 2006. †Eff ective Innovation Policies for Europe †the Missing Demand-side. †Report for the
Elgar Companion to Neo-Schumpeterian Economics. Chelthenham, U k Edward Elgar Publishers Kuhlman, S. 2001. †Governance of innovation policy in Europe †three scenarios†Research Policy, Vol 30
Perspectives†in P. Stoneman (ed). Handbook of the Economics of Innovation and Technological Change. Oxford:
The Sources of Economic growth. Harvard university Press Nelson, R. 1977. The moon and the ghetto. New york:
†The Simple Economics of Basic Scientifi c Researchâ€. The Journal of Political economy Vol. 67
Cambridge Journal of Economics. Vol. 33, No 4 Salter, Ammon J. and Ben R. Martin,(2001:
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