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Innovation, Technology, and Knowledge Management Elias G. Carayannis Elpida T. Samara Yannis L. Bakouros Innovation and Entrepreneurship Theory, Policy and Practice Innovation, Technology, and Knowledge Management Series Editor Elias G. Carayannis George Washington University Washington, DC, USA More information about this series at h ttp://www.springer.com/series/8124 Elias G. Carayannis (cid:129) Elpida T. Samara Yannis L. Bakouros Innovation and Entrepreneurship Theory, Policy and Practice Elias G. Carayannis Elpida T. Samara Department of Information Systems Department of Mechanical Engineering and Technology Management University of Western Macedonia School of Business Kozani , Greece George Washington University Washington , DC , USA Yannis L. Bakouros Department of Mechanical Engineering University of Western Macedonia Kozani , Greece ISSN 2197-5698 ISSN 2197-5701 (electronic) ISBN 978-3-319-11241-1 ISBN 978-3-319-11242-8 (eBook) DOI 10.1007/978-3-319-11242-8 Springer Cham Heidelberg New York Dordrecht London Library of Congress Control Number: 2014950887 © Springer International Publishing Switzerland 2015 T his work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifi cally the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfi lms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. 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While the advice and information in this book are believed to be true and accurate at the date of publication, neither the authors nor the editors nor the publisher can accept any legal responsibility for any errors or omissions that may be made. The publisher makes no warranty, express or implied, with respect to the material contained herein. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com) Series Foreword The Springer book series Innovation , Technology , a nd Knowledge Management was launched in March 2008 as a forum and intellectual, scholarly “podium” for global/local, transdisciplinary, transsectoral, public–private, and leading/“bleeding” edge ideas, theories, and perspectives on these topics. The book series is accompanied by the Springer J ournal of the Knowledge Economy , which was launched in 2009 with the same editorial leadership. T he series showcases provocative views that diverge from the current “conven- tional wisdom” that are properly grounded in theory and practice, and that consider the concepts of r obust competitiveness ,1 s ustainable entrepreneurship , 2 and d emo- cratic capitalism , 3 central to its philosophy and objectives. More specifi cally, the aim of this series is to highlight emerging research and practice at the dynamic intersection of these fi elds, where individuals, organizations, industries, regions, and nations are harnessing creativity and invention to achieve and sustain growth. 1 We defi ne sustainable entrepreneurship as the creation of viable, profi table, and scalable fi rms. Such fi rms engender the formation of self-replicating and mutually enhancing innovation networks and knowledge clusters (innovation ecosystems), leading toward robust competitiveness (E.G. Carayannis, International Journal of Innovation and Regional Development 1(3), 235–254, 2009). 2 We understand robust competitiveness to be a state of economic being and becoming that avails systematic and defensible “unfair advantages” to the entities that are part of the economy. Such competitiveness is built on mutually complementary and reinforcing low-, medium-, and high- technology and public and private sector entities (government agencies, private fi rms, universities, and nongovernmental organizations) (E.G. Carayannis, International Journal of Innovation and Regional Development 1(3), 235–254, 2009). 3 The concepts of robust competitiveness and sustainable entrepreneurship are pillars of a regime that we call “ democratic capitalism” (as opposed to “popular or casino capitalism”), in which real opportunities for education and economic prosperity are available to all, especially—but not only—younger people. These are the direct derivatives of a collection of topdown policies as well as bottom-up initiatives (including strong research and development policies and funding, but going beyond these to include the development of innovation networks and knowledge clusters across regions and sectors) (E.G. Carayannis and A. Kaloudis, Japan Economic Currents, p. 6–10 January 2009). v vi Series Foreword Books that are part of the series explore the impact of innovation at the “macro” (economies, markets), “meso” (industries, fi rms), and “micro” levels (teams, individuals), drawing from such related disciplines as fi nance, organizational psychol- ogy, research and development, science policy, information systems, and strategy, with the underlying theme that for innovation to be useful it must involve the sharing and application of knowledge. S ome of the key anchoring concepts of the series are outlined in the fi gure below and the defi nitions that follow (all defi nitions are from E.G. Carayannis and D.F.J. Campbell, I nternational Journal of Technology Management, 46, 3–4, 2009). Global Systemic Mode 3 Quadruple Democracy Democratic macro level helix of capitalism knowledge Structural and organizational Knowledge Innovation Entrepreneurial Academic meso level clusters networks university firm Global/local Sustainable entrepreneurship Individual Creative Entrepreneur/ micro level milieus employee matrix Local Conceptual profi le of the series I nnovation , T echnology, and K nowledge Management (cid:129) The “Mode 3” Systems Approach for Knowledge Creation, Diffusion, and Use: “Mode 3” is a multilateral, multinodal, multimodal, and multilevel systems approach to the conceptualization, design, and management of real and virtual, “knowledge-stock” and “knowledge-fl ow,” modalities that catalyze, accelerate, and support the creation, diffusion, sharing, absorption, and use of cospecialized knowledge assets. “Mode 3” is based on a system-theoretic perspective of socioeconomic, political, technological, and cultural trends and conditions that shape the coevolution of knowledge with the “knowledge-based and knowledge-driven, global/local economy and society.” (cid:129) Q uadruple Helix: Quadruple helix, in this context, means to add to the triple helix of government, university, and industry a “fourth helix” that we identify as the “media-based and culture-based public.” This fourth helix associates with “media,” “creative industries,” “culture,” “values,” “life styles,” “art,” and perhaps also the notion of the “creative class.” Series Foreword vii (cid:129) I nnovation Networks: Innovation networks are real and virtual infrastructures and infratechnologies that serve to nurture creativity, trigger invention, and catalyze innovation in a public and/or private domain context (for instance, government–university–industry public–private research and technology development coopetitive partnerships). (cid:129) Knowledge Clusters: Knowledge clusters are agglomerations of cospecialized, mutually complementary, and reinforcing knowledge assets in the form of “knowledge stocks” and “knowledge fl ows” that exhibit self-organizing, learning- driven, dynamically adaptive competences, and trends in the context of an open systems perspective. (cid:129) Twenty-First Century Innovation Ecosystem: A twenty-fi rst century innovation ecosystem is a multilevel, multimodal, multinodal, and multiagent system of systems. The constituent systems consist of innovation metanetworks (networks of innovation networks and knowledge clusters) and knowledge metaclusters (clusters of innovation networks and knowledge clusters) as building blocks and orga- nized in a self-referential or chaotic fractal knowledge and innovation architecture,4 which in turn constitute agglomerations of human, social, intellectual, and fi nancial capital stocks and fl ows as well as cultural and technological artifacts and modalities, continually coevolving, cospecializing, and cooperating. These innovation networks and knowledge clusters also form, reform, and dissolve within diverse institutional, political, technological, and socioeconomic domains, including government, university, industry, and nongovernmental organizations and involving information and communication technologies, biotechnologies, advanced materials, nanotechnologies, and next-generation energy technologies. Who is this book series published for ? The book series addresses a diversity of audiences in different settings: 1. A cademic communities : Academic communities worldwide represent a core group of readers. This follows from the theoretical/conceptual interest of the book series to infl uence academic discourses in the fi elds of knowledge, also carried by the claim of a certain saturation of academia with the current concepts and the postulate of a window of opportunity for new or at least additional concepts. Thus, it represents a key challenge for the series to exercise a certain impact on discourses in academia. In principle, all academic communities that are interested in knowledge (knowledge and innovation) could be tackled by the book series. The interdisciplinary (transdisciplinary) nature of the book series underscores that the scope of the book series is not limited a priori to a specifi c basket of disciplines. From a radical viewpoint, one could create the hypothesis that there is no discipline where knowledge is of no importance. 2. D ecision makers — private /a cademic entrepreneurs and public ( governmental , subgovernmental) actors: Two different groups of decision makers are being addressed simultaneously: (1) private entrepreneurs (fi rms, commercial fi rms, 4 E.G. Carayannis, Strategic Management of Technological Learning, CRC Press, 2000. viii Series Foreword academic fi rms) and academic entrepreneurs (universities), interested in optimizing knowledge management and in developing heterogeneously composed knowledge-based research networks; and (2) public (governmental, subgovernmental) actors that are interested in optimizing and further developing their policies and policy strategies that target knowledge and innovation. One purpose of public knowledge and innovation policy is to enhance the performance and competitiveness of advanced economies. 3. Decision makers in general : Decision makers are systematically being supplied with crucial information, for how to optimize knowledge-referring and knowledge-e nhancing decision-making. The nature of this “crucial information” is conceptual as well as empirical (case-study-based). Empirical information highlights practical examples and points toward practical solutions (perhaps remedies); conceptual information offers the advantage of further driving and further-carrying tools of understanding. Different groups of addressed decision makers could be decision makers in private fi rms and multinational corporations, responsible for the knowledge portfolio of companies; knowledge and knowledge management consultants; globalization experts, focusing on the interna- tionalization of research and development, science and technology, and innovation; experts in university/business research networks; and political scientists, economists, and business professionals. 4. Interested global readership : Finally, the Springer book series addresses a whole global readership, composed of members who are generally interested in knowledge and innovation. The global readership could partially coincide with the communities as described above (“academic communities,” “decision makers”), but could also refer to other constituencies and groups. Elias G. Carayannis Pref ace A s today’s global economic landscape is changing rapidly, the ability of businesses to introduce new innovative products to the market faster than their competitors is perhaps their most distinct competitive advantage. This becomes obvious by the signifi cant market share that the innovative companies gain while increasing profi t- ability. Extensive research in this fi eld has shown that companies that are constantly innovating normally double their profi ts compared to others. The term innovation refers to a process that comprises three stages: the concep- tion of a new idea, its evaluation, and, fi nally, its practical implementation. Thus, innovation is an important element of modern entrepreneurship. Innovation management, namely, how a new idea is created, how and by what criteria it is assessed, or how it is fi nanced, is a very tedious and demanding process, and a component element of effective entrepreneurship. In this context, innovation management techniques and models of increasing sophistication are being developed internationally; these, in turn, serve as a basis for the development of many methodologies of measuring innovation at the individual, national, European, and international level. It is important to mention that according to the conclusions of the European Commission, based on the European Innovation Scoreboard (EIS), Greece is last in the list of the EU-15 area countries and one of the last in the EU-27. T he weakest points of the innovation system of Greece are identifi ed in the produc- tion of new products, risk capital, patenting, broadband penetration, lifelong training, investment in research on the part of fi rms, high-tech exports, and fi nally employment in medium-high-technology manufacturing. This has resulted in low innovativeness and competitiveness of the Greek economy. Furthermore, it is noteworthy that both the infl ow of foreign capital in Greece and the Greek direct investments abroad represent a very small proportion of the total output and input of the eurozone. T he important role of innovation in fi rm profi tability and overall sustainable economic growth, coupled with the disappointingly low yield of the Greek Economy in this fi eld, have made the design of an effective innovation policy in Greece imperative. It is obvious that such a policy can be based on young scientists and e ntrepreneurs who will have a suffi ciently high level of knowledge in innovation and entrepreneurship. ix