J. Open Innov. Technol. Mark. Complex., Volume 5, Issue 3 (September 2019) – 36 articles

Due to a variety of barriers to develop innovation, small and medium enterprises (SMEs) find it necessary to collaborate with external sources of knowledge. The current study analyses the collaboration between SMEs and academia over an open innovation setting in Mexico. An absorptive capacity (ACAP) approach has been applied to understanding the process of developing new knowledge for achieving innovation. A two-part questionnaire was developed with the aim of assessing the ACAP of a new joint research unit. Data was collected from a local group of SMEs that collaborated as dyads with academia supported by a government program of innovation in Mexico. The result shows that there was a moderate potential and realized ACAP in the sample; these results are mutually related with both parts of the questionnaire which supports our findings. In conclusion, exploitation of new knowledge is a complex dimension for creating value from collaboration, which makes the outcome difficult to measure using traditional means. It can be argued that exploiting new knowledge for innovation is an iterative process of learning when exploring new sources of knowledge from academia. Full article

Bee venom is a sub-product of the beekeeping activity, and has a wide field of applications in several pivotal markets. Nevertheless, its collection is not an activity disseminated among Portuguese beekeepers, as its production is marginal. There are limited empirical studies on the production and the technical aspects involved in this type of activity. Our study, therefore, contributes to narrowing this knowledge gap, by analyzing and comparing the productivity and profitability of two bee venom collection techniques. The first involves equipment available on the market, and the second involves a new device developed from the aim of the present work. Concerning market knowledge, a questionnaire was given to a sample of beekeepers, to understand and characterize the market’s needs and the level of information about bee venom. Because of the growing market interest in this product, a new collector is proposed, based on a set of intensive frame collectors strategically placed inside the beehives. The improvements obtained were increased production, either in terms of quantity or quality, obtaining a positive profitability. To evaluate the productivity of the proposed equipment, a comparison was performed, in an apiary, between existing state-of-the-art equipment and the proposed intensive collector. In a second stage, the profitability of the new proposed equipment was analyzed, using a comparative method between incomes and costs associated with both solutions. The results obtained showed that the new intensive collector enables a profitable collection of bee venom in Portugal, despite its higher initial investment. Full article

Open innovation has become a popular approach, especially since 2003, as people began purposively managing, evolving and harnessing knowledge flows across organizational boundaries but through increasing connections with systemic knowledge nodes relevant to the innovation process. The creation and appropriation of such knowledge has evolved rapidly with digitalization and the proliferation of broadband networks. Individuals, firms and organizations now connect and coordinate to support innovations openly across innovation systems. This paper proposes an open systems model with institutional underpinnings to not only quicken knowledge flows and expand the networks to a wider range of socioeconomic agents, but also for their inclusive participation in shaping the processes of achieving sustainable development through environmental greening and egalitarian balancing of society. In doing so, using examples, the paper focuses on developments since Schumpeter’s ground-breaking exposition of innovation to explain how individuals, firms, farms and organizations can participate actively in open innovation networks to connect productively with the critical knowledge nodes in society. Full article

This research aims to forecast future economic and environmental growth for the next 16 years (2020–2035) according to the government’s strategic framework by applying the second order autoregressive-structural equation model (second order autoregressive-SEM). The model is validated by various measures, fits with the best model standards, meets all criteria of the goodness of fit, and is absent from any issues of heteroskedasticity, multicollinearity, autocorrelation, and non-normality. The proposed model is very distinct from other alternatives in that it produces the optimal outcome. Its mean absolute percentage error (MAPE) is 1.02% while the root mean square error (RMSE) is 1.51%. A comparison of the above results is carried out to compare the same values from other models, namely the regression linear model (ML model), back propagation neural network (BP model), artificial neural natural model (ANN model), gray model, and the autoregressive integrated moving average model (ARIMA model). The second order autoregressive-SEM is a model that is appropriate for long-term forecasting (2020–2035), and accounts for the specifics of the Thai government strategy set under the Industry 4.0 policy framework. The results of the long-term analysis indicate that the current political policy $(Politi)$ will result in continuous economic growth, where the gross national product (GNP) growth rate will climb up to 6.45% per annum by 2035, while the environment is being negatively affected. The study predicts that CO₂ emissions will rise up to 97.52 Mt CO₂ Eq. (2035). The forecasting model also reflects that the economy factor has an adjustment ability to equilibrium stronger than that of the environment factor; further, it shows that the relationship between the factors is causal. In addition, the political policy $(Politi)$ , economy $(Econ)$ , and environment $(Environ)$ factors are found to have both direct and indirect effects. As to the results, this study illustrates that the Industry 4.0 policy is still inefficient, as the carbon dioxide emissions are projected to be higher than the threshold for environment hazards and disasters which set to the limit of 80 Mt CO₂ Eq. by 2035. The effect of such policy will put the environment at risk, and the government must take immediate action to respond to this urgency. Thus, the second order autoregressive-SEM model remains a significant model embedded with the adjustment ability to equilibrium and the applicability for various contexts in different sectors. This introduced model is a vital tool for assisting the national government to create policy that is effective and sustainable, and lead to positive development of the nation. This second order autoregressive-SEM model can be used as a resource for the management of both public policy and private enterprise. Full article

The article deals with the issue of knowledge spillovers in the European regions. For this purpose, a standard Knowledge Production Function (KPF) approach was extended by the application of spatial econometrics methods. Our analysis started from the construction of the alternative structures of the spatial weight matrices. These matrices were based on technological and institutional proximities, which represent compelling alternatives to geographic proximity regarded as a kind of all-encompassing connectivity measure. The next step in our analysis was the modeling of regional knowledge generation processes. We treated R&D expenditures and human resources in science and technology as the input measures and patent applications to the European Patent Office as the output measure in our basic and extended models. The results show that the scope and direction of knowledge spillovers are sensitive to the type of knowledge (tacit vs. codified) and proximity dimension engaged. These findings contribute to the current debate in the geography of innovation and economics of knowledge literature. Full article

This study aims to develop a Modular Object-Oriented Dynamic Learning Environment (Moodle)-based online learning system and derive a class model to enhance learners’ creative collaboration capabilities. The research method for this is first to analyze the functional elements of the online learning system to enhance creative collaboration among the functions of the Moodle online learning system. Second, a class model is derived to enhance creative collaboration by applying the constructivist teaching–learning principle. Third, we conduct a verification of the effectiveness of the Moodle-based class model that was developed to enhance creative collaboration. The results of the study show that, among the functions of the Moodle online learning system, forms, real-time conferencing, reciprocal evaluation, Wiki, and blogs have the ability to enhance creative collaboration. Second, the class model for promoting creative collaboration based on a mood-based online learning system consists of self-reflections, learner-driven learning, professional learning, practical task, and the role of the processor. Third, after verifying the application effect of the Moodle-based class model for university students, a significant effect is found in the creative collaboration of university students. The results of this study suggest that: First, the Moodle online learning system should be utilized to provide learners with a variety of online learning opportunities to promote creative collaboration. Second, the teaching–learning operation manual needs to be developed later in order for the class model to be effectively implemented at the classroom site to promote creative collaboration based on the Moodle online learning system. Full article

Despite its importance to the performance outcome of an organization, there are very few studies on how feedback mechanism impacts ecosystems of government-funded research institutes (GIs). This study focuses on the effect of the feedback mechanism on the average performance and diversity of a GI ecosystem. Feedback mechanisms consisted of feedback strategy and degree of result sharing. An agent-based model that embeds a genetic algorithm to replicate a real GI ecosystem was used. It was found that relational patterns between average performance and degree of result sharing varied by type of feedback policy. In contrast, convergence time, which refers to the average period of settling the stable state in the perspective of ecosystem diversity, depends on the ratio of result openness rather than the type of feedback policy. This study suggests two plans to improve the GI assessment system by changing the degree of result sharing and feedback type. Full article

Recently, a lot of small- and mid-sized companies have emerged through continuous technological development and start-up successes despite insufficient scales and resources compared to medium companies or conglomerates in fierce market competition. Technological development capability, which is required to acquire, select, or utilize source technology for company competitiveness, becomes the competitive edge and key capability to gain distinctiveness. Accordingly, the objective of this research was to investigate the influential factors on performance by suggesting technological development results and technology commercialization as the outcome of technological development capability and to identify the capability required for successful technological development performance and technology commercialization for companies through previous academic research. Moreover, the study aimed to investigate performance differences according to technology business groups by dividing the groups into high-technology companies, medium-technology companies, and low-technology companies. As a result of the analysis, among the indicators constituting technological development capability, manpower in technological development and technological development-specialized research centers had a positive influence on the product competitiveness of technological development performance. Also, technological development expenses and technology skill levels were verified to have positive impacts on the technology competitiveness of technological development performance. As for technology commercialization performance, the more manpower that is in research and development, the higher the sales amounts by technological development; also, the higher the technology skill levels, the higher the export amounts by technological development. Moreover, technology business groups had differences in performance. This research has significance in focusing on the influence of the technological development capability of companies on technological development performance and technology commercialization performance. Future research is expected to draw new variations different from the analysis results from existing studies by setting variations, investigating complementary relationships among variations in detail, and utilizing statistical techniques that can control mutual relationships among variations. Full article

The objective of this study is to summarize the current general evaluation process that stakeholders use to evaluate single or multiple medical devices to select the optimal medical device. This study constructed a novel evaluation framework to select the optimal medical device by overcoming the limitations of assessments that were previously confined to the medical device cycle and the purpose of the specific assessment. It also presents a general framework for incorporating usability evaluations into the frame to reflect the objectives and characteristics of key stakeholders in the medical device industry. In addition, the results of medical device evaluation are further analyzed using the analytical hierarchy process (AHP). Full article

Small- and medium-sized enterprises (SMEs) in Bangladesh have been growing for the preceding two decades in various ways. Even though these enterprises exert an important effect on the national economy of the country, they face certain challenges and suffer in quite a manner. To reduce the suffering and help deal with these unavoidable challenges, SME foundations in Bangladesh have been working a lot to assist these enterprises. Usually, the challenges are financial, regulatory, or innovation performance-related. Since the enterprises are focused on particular products and their manifestation and production, performing innovatively within these organizations becomes quite a constraint factor. In this paper, a qualitative method was applied with soft systems, where an innovation model was commenced to reduce the challenges and constraints of SMEs in Bangladesh. From the literature, 50 articles were analyzed, a content and thematic analysis was done, and eight main challenges were highlighted and finalized. On the other hand, a focus group discussion among 10 entrepreneurs in Bangladesh was done, where collected data were stored in the NVIVOMac tool, transcribed, and coded, and 55 open codes were identified. These open codes were transferred to 20 axial codes and 8 themes to construct a conceptual innovation model for SMEs in Bangladesh by applying soft systems techniques to connect the themes to each other. Full article

Today’s dynamic and complex environment means that companies are trying to develop entrepreneurial thinking as a competitive advantage. Universities around the world are simultaneously increasing entrepreneurial training across a broad array of majors. However, the entrepreneurial training is not heavily connected to industry needs. This paper focuses on how industry and universities can cooperate to prepare students for corporate entrepreneurial thinking. The research is based on extensive literature, reports, and in-depth interviews with 28 people from various parts of the RTP (Research Triangle Park), including companies, government agencies, and numerous programs at multiple universities. The major finding from this study is that the strength of entrepreneurial education in the regional innovation system reinforces the companies’ open innovation capacity and their performance. To be successful at launching campus-wide entrepreneurship education to increase understanding of corporate entrepreneurship, Corporate Entrepreneurship Education (CEE) must include (1) entrepreneurial leadership; (2) faculty champions; (3) student-focused policies; (4) engagement with the community; and (5) a decentralized, autonomous structure of entrepreneurship programs. Full article

This article proposes a methodology to resolve the advertising method selection problem (AdSP). The use of different advertising methods for the same product can generate different responses in terms of the product’s sales volume. Companies selling products have limited resources for advertising, with challenges such as budget and time constraints. It is necessary that the correct advertising method is selected in order to increase the maximum profit, given these limited resources. In the present study, a mathematical model was developed to represent the AdSP, and optimization software (OS) was utilized to optimally resolve it. However, a larger problem can prevent OS from optimally resolving the problem within a reasonable timeframe. To overcome this challenge, the authors developed a metaheuristic called the improved differential evolution algorithm (IDE), which combines three metaheuristics: (1) The differential evolution algorithm (DE); (2) the iterated local search (ILS); and (3) the adaptive large neighborhood search (ALNS). The performance of IDE reflects the best elements of these three methods. The computational results show that IDE can generate solutions that are similar to the optimal solutions obtained by OS while using 69.25% less computational time than OS. IDE improved the efficiency compared with the three original component methods. Moreover, IDE also found better solutions than those found by the original DE, ILS, and ALNS. Full article

This study aims to identify, from among business strategies presented in Miles and Snow (1978, 2003), those that increase the future performance or growth sustainability of unlisted small and medium-sized enterprises (SMEs) in Korea. (This study applied the scope of SMEs based on Article 2 of the Enforcement Decree of the Tax Exemption Restriction Act in Korea. The Korean tax law sets the scope of SMEs based on independence criteria set by the scale of sales, assets, and affiliation, and subordination. For example, the size standard of a manufacturing industry can be regarded as a small business if the average sales amount is less than 150 billion won or the total amount of assets is less than 500 billion won for three years.) In addition, it analyzes measured variables of business strategy for factors influencing unlisted SMEs’ future performance and growth potential. The objective is to determine a business strategy for unlisted SMEs, which are small, financially challenged, and have shorter lifespans and faster growth rates. The results highlight that investment in research and development (R&D) for new products influences both future performance and growth sustainability. R&D is an important intangible resource of the firm, which increases future risk due to high future uncertainty, but it is also an important factor to increase future performance or value based on resource-based theory. In the accounting field, research and development expenditure also provided evidence of future excess return or performance. This study is meaningful because it identifies the role of research and development in increasing future growth sustainability in SMEs, thus emphasizing change and innovation. Full article

The main purpose of this study was to find out the perceived impacts on the garment and textile industry of Vietnam from the Belt and Road Initiative (the BRI), a global-scale developmental and trade facilitation policy of China. The research applied both desk review and in-depth interviews with 54 leaders and high-ranked officials from public and private sectors in 2017 to identify potential impacts of the BRI on the Vietnam textile and garment industry. In addition, perceived challenges and opportunities of the BRI were also examined. Respondents from both sectors agreed that the initiative could foster textile export and the development of infrastructure. Apart from that, the main challenge is recognized as the poor competitiveness of Vietnamese textile firms on the international commercial playground. Solution insights that were offered through interviews suggested that the competence of domestic apparel brands and establishment of ODM (Original Design Manufacturing) and OBM (Own Brand Manufacturing) business models in Vietnamese textile producers may play the key roles in coping with the new challenges and in grasping opportunities that the initiative has to offer. From the perspective of the state, an improved public administration system is perceived as the key element in supporting the enterprises for upcoming challenges. Full article

The Black Friday event has become a global opportunity for marketing and companies’ strategies aimed at increasing sales. The present study aims to understand consumer behavior through the analysis of user-generated content (UGC) on social media with respect to the Black Friday 2018 offers published by the 23 largest technology companies in Spain. To this end, we analyzed Twitter-based UGC about companies’ offers using a three-step data text mining process. First, a Latent Dirichlet Allocation Model (LDA) was used to divide the sample into topics related to Black Friday. In the next step, sentiment analysis (SA) using Python was carried out to determine the feelings towards the identified topics and offers published by the companies on Twitter. Thirdly and finally, a data-text mining process called textual analysis (TA) was performed to identify insights that could help companies to improve their promotion and marketing strategies as well as to better understand the customer behavior on social media. The results show that consumers had positive perceptions of such topics as exclusive promotions (EP) and smartphones (SM); by contrast, topics such as fraud (FA), insults and noise (IN), and customer support (CS) were negatively perceived by customers. Based on these results, we offer guidelines to practitioners to improve their social media communication. Our results also have theoretical implications that can promote further research in this area. Full article

The platform business model is widely used because it is capable of various open innovation deliverables. However, it has a high probability of failure, caused by a variety of value streams that follow the two-sided market theory (each side has a distinct group of users). Therefore, extensive research on value streams and the attributes of platform business is essential to reduce platform business failure and ensure sustainable growth. By analyzing 21 case studies and conducting 30 in-depth interviews, this study proposes three types of Internet platform business strategies which can serve as a frame of reference to examine the impact of different value streams and open innovation on platform businesses. This study highlights a typology that sheds light on the heterogeneous meaning that corporates associated with creating new platform businesses adhere to and seeks to improve understanding of fundamental differences in platform business creation processes. Full article

Purpose: The advancement of technologies and their adoption affects the socio-economic growth of nations. This research is focused on how this innovation adoption path is linked to economic growth of nations since the previous IT revolution has been combined with existing industries and adding values in terms of applying intelligence through adopting digital technologies. Approach/Design/Methodology: There are two different approaches—process approach and factor approach—in innovation adoption research. Innovation diffusion research, which is one of the process approaches, is related to adoption, diffusion, and impact theories, but there are limitations in explaining the perspective of a nation other than individual and organization on the basis of previous literatures. Therefore, we build the integrative model to verify innovative growth path of nations by applying Diffusion of Innovation Theory (DoI) and Technology (T)-Organization (O)-Environment (E) framework, which can explain factors of affecting innovation. We evaluate eight hypotheses with data collected from 137 to 212 nations using international information index by credible organizations: World Economic Forum (WEF), World Bank, United Nations (UN), and International Communications Union (ITU), based on the integrative model we proposed. The path analysis using Structural Equation Modeling (SEM) is performed, and the result shows that the path from technological innovation capabilities (T), human capital (O), and environment (E) is related directly to economic impact, except for the path from human capital to value chain breadth directly and indirectly. The indirect path through Information and Communication Technology (ICT) access, use, and value chain helps to understand the full impact of digital innovation. Practical implications: By verifying this relationship, we expect to give suggestions in policy perspective and in building strategy towards innovative growth of countries. Our results show that technological innovation capabilities take time to show impact in terms of economic growth than the other factors, which are human capital, and political and regulatory environment of country. The nurture of human capital directly affects to the economic growth of nations relative to other T and E factors. The political and regulatory environment support stable ICT usage, which gives impact to the economic growth of nations. Full article

The aim of the paper is to provide an analysis of news and financial data using their network representation. The formation of network structures from data sources is carried out using two different approaches: by building the so-called market graph in which nodes represent financial assets (e.g., stocks) and the edges between nodes stand for the correlation between the corresponding assets, by constructing a company co-mention network in which any two companies are connected by an edge if a news item mentioning both companies has been published in a certain period of time. Topological changes of the networks over the period 2005–2010 are investigated using the sliding window of six-month duration. We study the stability of the market graph and the company co-mention network over time and establish which of the two networks was more stable during the period. In addition, we examine the impact of the crisis of 2008 on the stability of the market graph as well as the company co-mention network. The networks that are considered in this paper and that are the objects of our study (the market graph and the company co-mention network) have a non-changing set of nodes (companies), and can change over time by adding/removing links between these nodes. Different graph similarity measures are used to evaluate these changes. If a network is stable over time, a measure of similarity between two graphs constructed for two different time windows should be close to zero. If there was a sharp change between the graphs constructed for two adjacent periods, then this should lead to a sharp increase in the value of the similarity measure between these two graphs. This paper uses the graph similarity measures which were proposed relatively recently. In addition, to estimate how the networks evolve over time we exploit QAP (Quadratic Assignment Procedure). While there is a sufficient amount of works studying the dynamics of graphs (including the use of graph similarity metrics), in this paper the company co-mention network dynamics is examined both individually and in comparison with the dynamics of market graphs for the first time. Full article

Enterprise digitalization is a way for companies to make their processes more efficient, to enhance their marketing strategies, and improve their competitive moat within the global competitive landscape. To see how fast Baltic companies are adapting to digitalization trend and, therefore, how good they are at keeping or improving their competitive advantage, we have developed a digital maturity assessment methodology, which was applied to the listed enterprises in Estonia, Latvia, and Lithuania. This methodology allowed us to detect certain digital maturity trends, such as the significant growth of the attention paid towards concepts related to ‘process automation’. Further, it was clear that many companies are concerned with online business, which can be well-seen from the analyzed annual reports. Additionally, we have compared the level and dynamics of the company’s digital maturity to its financial and market performance. We have concluded that, although there is a positive relationship between several financial indicators (e.g., sales growth), it is too early to see the positive effect of digital maturity on a company’s stock performance. Full article

The study aims to identify motivational factors that lead to collective intelligence and understand how these factors relate to each other and to innovation in enterprises. The study used the convenience sampling of corporate employees who use collective intelligence from corporate panel members (n = 1500). Collective intelligence was found to affect work process, operations, and service innovation. When corporate employees work in an environment where collective intelligence (CI) is highly developed, work procedures or efficiency may differ depending on the onset of CI. This raises the importance of CI within an organization and implies the importance of finding means to vitalize CI. This study provides significant implications for corporations utilizing collective intelligence services, such as online communities. Firstly, such corporations vitalize their services by raising the quality of information and knowledge shared in their workplaces; and secondly, contribution motivations that consider the characteristics of knowledge and information contributors require further development. Full article

The purpose of this study is to explore the relationships between three intangible resources and the innovation performance of Chinese high-tech firms, and the moderating effect of internationalization on these relationships. We implement a hierarchical multiple regression analysis using data for 274 Chinese high-tech firms. The results show that all three intangible resources, measured by top management team diversity, research and development intensity, and government subsidies, positively influence Chinese high-tech firm innovation performance. We find the relationships between these intangible resources and the innovation performance of Chinese high-tech firms are significantly positively moderated by internationalization. These findings have important implications, as follows. First, they provide evidence of the strategic value of intangible resources and their effects on innovation performance. Second, our results show that increasing internationalization alone does not guarantee performance improvement. Firms should consider their internal and external environments and the complex relationships among factors when they make decisions about internationalization investments. Prior research does not provide an explanation for how internationalization affects performance, because it primarily focuses on the direct relationship between internationalization and performance. This study overcomes this limitation by examining the indirect effect of internationalization on performance. Full article

The automobile industry is experiencing unprecedented change. Despite its century-old history based mostly in the art of mechanics, increased development of technology and heightened awareness of environmental issues has pushed traditional automobile manufacturers to completely re-examine their strategies. It has also newly invited nontraditional players such as electronic and IT tycoons namely, Samsung, Google, and Apple into the game. The advent of electric cars with cutting edge technology requires active participation and collaboration from diverse industries requiring cross-over joint ventures and M&As. In this light, the recent acquisition of Harman Incorporated for eight billion dollars by Samsung Electronics in 2016 is a significant event that signals great change. As the electronics tycoon expands its boundaries preparing to become an important player in the automobile industry, this study examines how Samsung increases and integrates its knowledge base and innovation capability through the M&A deal with Harman in attempts to enhance its competitiveness in the rapidly evolving automotive market. Full article

In order to comprehend the prospect of a future automobile industry, the development path of the automobile industry is reviewed. It is found that the industry has experienced an incessant conceptual transformation, dominant design, emission control, fuel efficiency, product integrity, modularization, and hybridization. An industrial transformation is also identified, comprised of inter-firm competition, inter-industry competition, and inter-industry collaboration. It is concluded that in the coming age of self-driving, global partnering including IT companies will forge a new path for industrial development. Additionally, the pattern of innovation will involve business model creation rather than simple product/process innovations, such as the PC industry experienced after its stand-alone innovation had been accomplished. Full article

Nowadays, organizations are trying to have, not only a competitive advantage in the market, but also in sustainable development. The purpose of this paper is to investigate the process of measuring organizations’ sustainability using process-oriented indicators. The research seeks to address the following research question: How are process-oriented indicators linked to an organization’s strategy in the context of sustainable development? This research is based on reviewing the literature on organizational performance analysis in the context of sustainable development. The literature review highlights the main elements of organizational performance analysis and linkages to the overall business strategy. There are many ways of how to conduct an in depth assessment of an organization’s performance regarding sustainability. The research shows the elements that are integrated in the process and the organization’s performance analysis. These elements are—objectives, metrics, data measures, indicators and key performance indicators (KPIs). The research shows that growing organizations with a strategic focus on sustainability integrate these elements in the process analysis. Full article

With technology advancement, industrial revolution 4.0, businesses nowadays are in competition in terms of product, service and business model innovation. Meanwhile, the emergent socio-ecological crisis is making it increasingly important to identify the impact of business on environment and the society. To date, much literature has explored how sustainability might be achieved through firms’ internal research and development, and supply chain collaboration. However, issues such as how different stakeholders including customers, partners, government, and universities can be involved, forming innovation ecosystem in a sustainable way is under-explored. This paper aims to provide connection between innovation and sustainability, through literature review and exploratory case studies. A conceptual framework is generated starting from firm/intra-firm level, to supply chain/inter-firm level, and towards ecosystem level. With emerging themes of innovation from sustainability perspective proposed, the framework can be enriched and validated through future empirical studies. Full article

In recent years, the construction industry faced major challenges in ensuring a balance between environmental, economic, and social aspects. There are a lot of different studies on different aspects of the construction industry. Most of the available studies look at the construction supervision process mainly from the constructor’s point of view. However, there is little research on the market surveillance and supervision process performed by the government and its role in ensuring sustainability in a particular area. The aim of this study was to identify the main activities within the construction supervision process to achieve the sustainability of construction. The theoretical framework of the concept of sustainability in construction and in the activities of the supervision process was analyzed on the basis of a literature survey. The research revealed a connection between sustainability elements and the construction supervision activities. The results of the survey identified the most important factors that influence, negatively as well as positively, the achievements of sustainability in the supervision process. The research results are significant in order to create a construction supervision process which would not only ensure the compliance with the set requirements but also help achieve sustainability in the particular area. Research Limitations/Implications: Research is focused on the supervision process of public building construction in Latvia. Full article

The constant increase of municipal solid wastes (MSW) as well as their daily management pose a major challenge to European countries. A significant percentage of MSW originates from household activities. In this study we calculate the costs of setting up and running a zero-waste mortar-producing (ZWMP) process utilizing MSW in Northern Greece. The process is based on a thermal co-processing of properly dried and processed MSW with raw materials (limestone, clay materials, silicates and iron oxides) needed for the production of clinker and consequently of mortar in accordance with the Greek Patent 1003333, which has been proven to be an environmentally friendly process. According to our estimations, the amount of MSW generated in Central Macedonia, Western Macedonia and Eastern Macedonia and Thrace regions, which is conservatively estimated at 1,270,000 t/y for the year 2020 if recycling schemes in Greece are not greatly ameliorated, may sustain six ZWMP plants while offering considerable environmental benefits. This work can be applied to many cities and areas, especially when their population generates MSW at the level of 200,000 t/y, hence requiring one ZWMP plant for processing. Full article

The financial valuation of a drug that is still under development is required for various purposes. The risk-adjusted net present value (r-NPV) method, which recently emerged in the biotech industry, uses the development attrition rate as a discount factor to reflect risk during each development phase. The r-NPV method was developed to overcome the disadvantages of the prevailing discounted cash flow and real options methods and considers drug type, as well as the stage of development in its approach. Using this method, the current study examines technology values in the biopharmaceutical industry and matches the clinical development periods and success rates of these new drugs by analyzing datasets from ClinicalTrials.gov and MedTrack DB. It thus provides support for an empirical valuation model for experts in the field. Notably, there is limited research on the attrition rate and development period of new substance drugs and the research results are not consistently presented. In addition to new substance drugs, further research is necessary to deepen understanding of the attrition rate and development period of biologically-based drugs because of their inherent physical and developmental differences. Similarly, research on performance specifics within drug class models would enable refinement of the model. Full article

Artificial intelligence (AI) has been altering industries as evidenced by Airbnb, Uber and other companies that have embraced its use to implement innovative new business models. Yet we may not fully understand how this emerging and rapidly advancing technology influences business model innovation. While many companies are being made vulnerable to new competitors equipped with AI technology, this study attempts to focus on the proactive side of the use of AI technology to drive business model innovation. Describing AI technology as the catalyst of business model innovation, this study sheds light on contingent factors shaping business model innovation initiated by the emerging technology. This study first provides a brief overview of AI, current issues being tackled in developing AI and explains how it transforms business models. Our case study of two companies that innovated their business models using AI shows its potential impact. We also discuss how executives can create an innovative AI-based culture, which rephrases the process of AI-based business model innovation. Companies that successfully capitalize on AI can create disruptive innovation through their new business models and processes, enabling them to potentially transform the global competitive landscape. Full article

Historically, universities and institutions of higher learning have gone through three academic revolutions, namely, teaching, research, and innovation. Universities and Higher Educational Institutions (HEIs) in the last two decades have come to occupy an important part in the national innovation systems (NIS), which is a complex of ‘all important economic, social, political, organizational, institutional and other factors that influence the development, diffusion and use of innovations’. From a broader perspective, universities, together with public Research and Development (R&D) labs and science agencies, public policies (on industry, research, innovation and higher education, etc.) and business enterprises are now considered as important actors in the NIS of Asia-Pacific economies. The rise of Asia in the global knowledge-based economy from mid-1990s is closely associated with the rise of knowledge institutions of higher learning and scientific research output. Every Asia-Pacific country embraced and introduced policies relating to innovation in varying forms. Consultancy and collaborative links with industry being traditional forms of engagement, new policy and institutional measures in technology transfer and innovation to engage with society and business enterprises are gaining prominence. Policies for incubation, start-ups, and spin-offs, technology transfer offices (TTOs), and science and technology parks have gained tremendous prominence in leading Asia-Pacific universities. Different national innovation systems in the Asia-Pacific region have given rise to varying roles of universities. Whilst universities in Southeast Asian countries and India continue to play a traditional role of teaching and generating human capital, there are countries such as Singapore, China, Taiwan, and Japan, wherein universities are being transformed as entrepreneurial universities. Science and innovation policies in these countries have orchestrated the goal direction of universities as frontiers of innovation. Universities in Australia and New Zealand have so far been quite successful in marketing higher education to neighboring Asian countries. They have in recent years begun to embark on innovation and commercialization of research. The paper focuses on South East Asia and draws some comparison with more dynamic university ecosystems in East Asia. In doing so, the paper brings into focus the emerging innovation landscapes across the region. Full article