Beyond niche thinking: Market selection in science-based ventures

Matching a new technology to an appropriate market is a major challenge for new technology-based firms (NTBF). Such firms are often advised to target niche-markets where the firms and their technologies can establish themselves relatively free of incumbent competition. However, technologies are diverse in nature and do not benefit from identical strategies. In contrast to many Information and Communication Technology (ICT) innovations which build on an established knowledge base for fairly specific applications, technologies based on emerging science are often generic and so have a number of markets and applications open to them, each carrying considerable technological and market uncertainty. Each of these potential markets is part of a complex and evolving ecosystem from which the venture may have to access significant complementary assets in order to create and sustain commercial value. Based on dataset and case study research on UK advanced material university spin-outs (USO), we find that, contrary to conventional wisdom, the more commercially successful ventures were targeting mainstream markets by working closely with large, established competitors during early development. While niche markets promise protection from incumbent firms, science-based innovations, such as new materials, often require the presence, and participation, of established companies in order to create value. © 2012 IEEE.

Roadmapping an emerging energy technology: An ex-ante examination of dimethyl ether development in China

Technology roadmapping has been used to strategise the development of energy technologies. However, there have been limited roadmapping applications that analyse the emergence of a new energy technology that then forms a new industry and propels broad-based low-carbon economic growth. This paper, therefore, attempts to develop a roadmapping framework by integrating the lifecycle analysis tool, in order to strategise the emergence of dimethyl ether, an alternative energy based on advanced engineering technologies such as carbon capture and storage. This paper compares two scenarios of dimethyl ether vs. diesel and finds that the superiority of dimethyl ether will not arise until 2030, when the complementary engineering technologies become available. This proposed framework can also be generalised to other clean energy industries, and we anticipate our paper will spark inspiration for roadmapping and strategising the 'right' technologies for the growth of Chinese energy industries. Copyright © 2012 Inderscience Enterprises Ltd.

Measuring design investment in firms: Conceptual foundations and exploratory UK survey

The importance of design to company and national performance has been widely discussed, with a number of studies investigating the value or impact of design on performance. However, none of these studies has measured design investment as an input against which performance can be compared. As yet, there is no established way in which design investment might be measured. Without such a method, we cannot develop a reliable picture, akin to that for R&D spending, on the impact of design spending on company performance. This paper presents a conceptual framework for the measurement of design investment and applies this framework in a survey of UK firms. The framework describes design as being part of the creation and commercialization of new products and services. The survey highlights some surprising patterns of design spend in the reported sample and demonstrates the viability of the underpinning framework. A revised framework is proposed that situates design investment in the context of R&D. The model has implications for policy makers trying to understand the role and scale of design in the private sector, for managers wishing to optimize their design investments and for academics seeking to measure the value of design. © 2013 Published by Elsevier B.V.

Steering manufacturing firms towards service business model innovation

Increasingly, manufacturing firms are turning to services as a new way of creating and capturing value. Despite its potential benefits, many new product-service providers struggle to deploy service activities effectively, not least because they fail to refect the presence of service activities in their performance management systems. This article reports the results of an in-depth case study, which examines how manufacturers can steer the transition towards services. It shows that manufacturing firms need to emphasize two separate but related dimensions of the market performance of service activities: "service adoption," refecting the proportion of customers who purchase the manufacturer's services; and "service coverage," signaling the range of service elements or the comprehensiveness of the service contract that customers opt for. These two indicators, refecting service market performance, should be supplemented with a "complementarity index" designed to disclose whether the relationship between products and services is reinforcing or substitutive. When combined, these indicators allow manufacturing firms to deploy a service-based business model in an integrated and sustainable manner. © 2013 by The Regents of the University of California. All rights reserved.

Emerging applications of liquid crystals based on nanotechnology

Diverse functionalities of liquid crystals (LCs) offer enormous opportunities for their potential use in advanced mobile and smart displays, as well as novel non-display applications. Here, we present snapshots of the research carried out on emerging applications of LCs ranging from electronics to holography and self-powered systems. In addition, we will show our recent results focused on the development of new LC applications, such as programmable transistors, a transparent and active-type two-dimensional optical array and self-powered display systems based on LCs, and will briefly discuss their novel concepts and basic operating principles. Our research will give insights not only into comprehensively understanding technical and scientific applications of LCs, but also developing new discoveries of other LC-based devices. © 2014 by the authors.

The industrial emergence of commercial inkjet printing

Purpose: The purpose of this paper is to investigate how supply and demand interact during industrial emergence. Design/methodology/approach: The paper builds on previous theorising about co-evolutionary dynamics, exploring the interaction between supply and demand in a study of the industrial emergence of the commercial inkjet cluster in Cambridge, UK. Data are collected through 13 interviews with professionals working in the industry. Findings: The paper shows that as new industries emerge, asynchronies between technology supply and market demand create opportunities for entrepreneurial activity. In attempting to match innovative technologies to particular applications, entrepreneurs adapt to the system conditions and shape the environment to their own advantage. Firms that successfully operate in emerging industries demonstrate the functionality of new technologies, reducing uncertainty and increasing customer receptiveness. Research limitations/implications: The research is geographically bounded to the Cambridge commercial inkjet cluster. Further studies could consider commercial inkjet from a global perspective or test the applicability of the findings in other industries. Practical implications: Technology-based firms are often innovating during periods of industrial emergence. The insights developed in this paper help such firms recognise the emerging context in which they operate and the challenges that need to overcome. Originality/value: As an in depth study of a single industry, this research responds to calls for studies into industrial emergence, providing insights into how supply and demand interact during this phase of the industry lifecycle. © Emerald Group Publishing Limited.

Competitiveness in a globalised world: Michael Porter on the microeconomic foundations of the competitiveness of nations, regions, and firms.

In this paper, we provide the text of an interview with Professor Michael Porter discussing his research and ideas relating to the microeconomic foundations of global competitiveness. The discussion provides a microeconomic perspective on some of the key issues relating to recent research on competitiveness, productivity, clusters, US economic leadership, economic growth and development.

Networks in small manufacturing firms

Fuller-Love, Nerys, and Thomas, Esyllt, 'Networks in small manufacturing firms', Journal of Small Business and Enterprise Development (2005) 11(2) pp.244-253 RAE2008

The impact of investor sentiment on stock returns in emerging markets. The case of Central European markets

This is an accepted manuscript of an article published by Taylor & Francis in Eastern European Economics on July 2015, available online: http://dx.doi.org/10.1080/00128775.2015.1079139