Firm Strategies for Risk Management in Innovation

Genus, Audley; Coles, Anne‐Marie

doi:10.1142/s1363919606001429

Cited by 22 publications

(13 citation statements)

References 40 publications

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“…Lindblom and Woodhouse, 1993; Das and Teng, 2004;Genus and Coles, 2006;Borgelt and Falk, 2007;Bowers and Khorakian, 2014;Weerawardena and Mort, 2006;Jablonowski, 2001;Miller, 1992;Lam and Kawamoto, 1997 Williamson (1975;1985). Alchian et al, 1978;Grossman and Hart, 1986;North and Weingast, 1989;Hart and Moore, 1990;Shleifer and Vishny, 1997;Rogerson, 1998.…”

Section: Entrepreneurial Risk Managementmentioning

confidence: 99%

Do entrepreneurial knowledge and innovative attitude overcome “imperfections” in the innovation process? Insights from SMEs in the UK and Italy

Usai

Scuotto

Murray

et al. 2018

JKM

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On the basis that entrepreneurial knowledge spurs innovation and, in turn, generates a competitive advantage, the research seeks to explore the key "imperfections" of innovation process due to the dynamic, current technological progress in the knowledge intensive sector. The "imperfections" identified in risk management, asymmetric information in the knowledge management process, and holdup problems, can all disrupt collaborative partnerships and limit opportunities for innovation. Design/methodology/approach By offering a case study analysis on two small to medium enterprises one operating in the United Kingdom and the other one in Italy, the study explores three key imperfections: risk management, asymmetric information in the knowledge management process, and holdup problems which occur in the innovation process. Finding The entrepreneurs face these imperfections by adopting an open innovation model. Notwithstanding both entrepreneurs had to deal with all "imperfections", their skills attributes, attitude, and aptitude allow them to grow their business and continually develop new products. Therefore, the imperfections do not limit the innovative capacity of an entrepreneur but rather enhance their challengeable attitude. In this regard, the case studies induce a further analysis on entrepreneurial knowledge intertwined with entrepreneurial risk management and networking skills. Research limitations/implications The empirical significance of two cases does not allow theorization. However, the research offers interesting results which can be strengthened by a comparative case study with other countries or deep investigated by a quantitative approach. Originality/value By leveraging entrepreneurial knowledge the imperfections noted in the innovation process can be overcome. Entrepreneurial knowledge is recognised as the main asset of an enterprise if it is combined with external talent or human resources. Entrepreneurs aim to develop innovative approaches and ideas through establishing both formal and informal collaborative partnerships relationships which are employed thanks to the entrepreneurs' networking skills, knowledge, and abilities.

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Section: Entrepreneurial Risk Managementmentioning

confidence: 99%

Do entrepreneurial knowledge and innovative attitude overcome “imperfections” in the innovation process? Insights from SMEs in the UK and Italy

Usai

Scuotto

Murray

et al. 2018

JKM

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“…Innovation can expose the firm to additional risk from both internal (e.g., financial and human resource) and external (e.g., external environment) factors. Innovation leading to higher returns has a positive impact on the firm, whereas innovation leading to poor investment decisions can have a detrimental impact on firm profitability (Genus and Coles 2006). The negative impact of the potential risk can be a significant obstacle to innovation within firms (Borgelt and Falk 2007).…”

Section: Introductionmentioning

confidence: 99%

Barriers to Innovation among Spanish Manufacturing SMEs

Guijarro¹,

Garcı́a

Auken

2009

Journal of Small Business Management

530

342

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Innovation is widely recognized as a key factor in the competitiveness of nations and firms. Small firms that do not embrace innovation within their core business strategy run the risk of becoming uncompetitive because of obsolete products and processes. Innovative firms are a perquisite for a dynamic and competitive economy.This paper reports on the results of a study that examined barriers to firm innovation among a sample of 294 managers of small and medium-sized enterprises (SMEs) in Spain. The study examined the relation between (1) product, process, and management innovation and (2) 15 obstacles to innovation, which can limit a firm's ability to remain competitive and profitable. Findings of the study show that barriers have a differential impact on the various types of innovation; product, process, and management innovation are affected differently by the different barriers. The most significant barriers are associated with costs, whereas the least significant are associated with manager/employee resistance. Additionally, the results demonstrate that the costs associated with innovation have proportionately greater impact on small than on larger firms.The findings can be used in the development of public policy aimed at supporting and encouraging the innovation among SMEs in Spain. Government policies that encourage and support innovation among all firms, especially small firms, can help countries remain competitive in a global market. Public policy that encourages innovation can enable firms to remain competitive and survive, both of which have

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“…The need to focus on highly defined customer needs, innovation opportunities and threat of competition can provide a strategic tension for the small firm (Toften and Hammervoll 2010;Fergusson 1988;Ford et al 2014;Debruyne and Reibstein 2005;Dalgic 2011;Hezar et al 2006;Bantel 1997;Delaney,1995;Jain2005). Hamlin et al (2012) consider firm survival, suggesting that strategic search for new niches needs to be on-going (see also Genus andColes 2006, McGrath, 1995). For Hunt (2013) and Corrocher and Guerzoni (2015), small firms survive as specialist innovators supplying parts, complementary knowledge and design modifications to established and emerging sectors.…”

Section: Balancing Innovation and Opportunitymentioning

confidence: 99%

Is small really beautiful? A review of the concept of niches in innovation

Coles

Piterou

Sentić³

2017

Technology Analysis & Strategic Management

Self Cite

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Is small really beautiful? A review of the concept of niches in innovation This article reviews the concept of innovation niches through three categories: strategic niche management (SNM), specialised markets and niches formed as a technology declines. In the literature, innovation niches generate interest from both innovation and marketing perspectives. This review focuses predominately on the former from which the niche types have been adopted and analysed. Mostly, contributions since 1980 have been included, representing the period of academic interest in innovative small firms, while both temporal and locational filters were applied to the study. It is noted that SNM has been proposed as a means to protect potentially useful innovations from full market competition, while specialist niches supply technologies to few customers in more stable environments. Incumbent technologies at the stage of decline may also retreat to niches where they can still remain competitive. Finally, it is suggested that further research on innovation niches would extend our understanding of technology dynamics.

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Firm Strategies for Risk Management in Innovation

Cited by 22 publications

References 40 publications

Do entrepreneurial knowledge and innovative attitude overcome “imperfections” in the innovation process? Insights from SMEs in the UK and Italy

Do entrepreneurial knowledge and innovative attitude overcome “imperfections” in the innovation process? Insights from SMEs in the UK and Italy

Barriers to Innovation among Spanish Manufacturing SMEs

Is small really beautiful? A review of the concept of niches in innovation

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