Increasing Knowledge Focus - a Means for Entrepreneurs to Remain on a Growth Path: Essays on the Role and Nature of Knowledge Management in Finnish SMEs (summary section only)

This study explores the role and nature of knowledge management (KM) in small and medium-sized companies (SMEs). Even though the role of knowledge as a competitive advantage is commonly recognized in the SME sector, almost no attention has been paid to the managing and developing of knowledge in SMEs. This thesis consists of three different sub-studies that were reported in four individual essays. The results of the questionnaire study indicate that nearly all companies that responded to the questionnaire (N = 108) found intangible assets, i.e. knowledge resources to be their main source of competitive advantage. However, only less than a third of the companies actively deal with knowledge management. The results also indicate a significant correlation between activity in knowledge management and sustainable organic growth of the company. The interview study (N = 10) explored the context and motives of the SMEs for managing their intangible assets, and the concrete practices of knowledge management. It turned out that KM facilitated change management, clarification of the vision and new strategy formulation. All the interviewed companies were aiming at improved innovation process, new ways of doing business and attaining an increased “knowledge focus” in their business. Nearly all also aspired to grow significantly. Thus, KM provides a strategy for these SMEs to guarantee their survival and sustainability in the turbulent markets. The action research was a process to assess and develop intangible resources in three companies. The experienced benefits were the clarification of future focus and strategy, creation of a common language to discuss strategic issues within the company, as well as improved balance of different categories of intangible assets. After the process all the case companies had developed in the chosen key areas. Thus, by systematic knowledge management the implementation of new strategic orientation (knowledge focusing) was facilitated. The findings can be summarized in two main points. First, knowledge management seems to serve the purpose of change, renewal and new strategic orientation in the SMEs. It also seems to be closely related to organic growth and innovation. All of these factors can be considered dimensions of entrepreneurship. Second, the conscious development of intangible assets can increase the balance of different categories of intangible assets and the overall knowledge focusing of business. In the case companies, this in turn facilitated the path to the improved overall performance.

Appropriate Institutions and Economic Growth - one size fits no-one

Modern-day economics is increasingly biased towards believing that institutions matter for growth, an argument that has been further enforced by the recent economic crisis. There is also a wide consensus on what these growth-promoting institutions should look like, and countries are periodically ranked depending on how their institutional structure compares with the best-practice institutions, mostly in place in the developing world. In this paper, it is argued that ”non-desirable” or “second-best” institutions can be beneficial for fostering investment and thus providing a starting point for sustained growth, and that what matters is the appropriateness of institutions to the economy’s distance to the frontier or current phase of development. Anecdotal evidence from Japan and South-Korea is used as a motivation for studying the subject and a model is presented to describe this phenomenon. In the model, the rigidity or non-rigidity of the institutions is described by entrepreneurial selection. It is assumed that entrepreneurs are the ones taking part in the imitation and innovation of technologies, and that decisions on whether or not their projects are refinanced comes from capitalists. The capitalists in turn have no entrepreneurial skills and act merely as financers of projects. The model has two periods, and two kinds of entrepreneurs: those with high skills and those with low skills. The society’s choice of whether an imitation or innovation – based strategy is chosen is modeled as the trade-off between refinancing a low-skill entrepreneur or investing in the selection of the entrepreneurs resulting in a larger fraction of high-skill entrepreneurs with the ability to innovate but less total investment. Finally, a real-world example from India is presented as an initial attempt to test the theory. The data from the example is not included in this paper. It is noted that the model may be lacking explanatory power due to difficulties in testing the predictions, but that this should not be seen as a reason to disregard the theory – the solution might lie in developing better tools, not better just better theories. The conclusion presented is that institutions do matter. There is no one-size-fits-all-solution when it comes to institutional arrangements in different countries, and developing countries should be given space to develop their own institutional structures that cater to their specific needs.

An Examination of How Entrepreneurs Can Improve Their Position in Relation to Investors

Previous research has been inconclusive regarding the impact of those who invest in entrepreneurs. Consider for a moment how potentially important they are to entrepreneurs. They for example decide who deserves funding, how much time they contribute to their portfolio firms, how they grant entrepreneurs access to their networks, and help entrepreneurs acquire additional funding. In sum, investors potentially have a great impact on the success of entrepreneurs. It is therefore important that we better understand the environment, relationships and context in which parties operate. This thesis contains five articles that explore investors’ and entrepreneurs’ relationships from various viewpoints, in theoretical frameworks, and use a variety of data and research methods. The first article is a literature review that summarises what we know of venture capital, business angel and corporate venture capital funding. The second article studies the entrepreneurs’ investor selection process, its consequences, and identifies key factors that influence the process. Earlier, the common approach has been to concentrate research on the investors’ selection policy, not the entrepreneurs’. The data and conclusions are based on multiple case studies. The article analyses how entrepreneurs can ensure that they get the best possible investor, when it is possible for an entrepreneur to select an investor, and what are the consequences of investor selection. The third article employs power constructs (dependency, power balance/imbalance, power sources) and analyses their applicability in the investor-entrepreneur relationship. Power constructs are extensively studied and utilised in the management and organisation literature. In entrepreneur investor relationships, power aspects are rarely analysed. However, having the ability to “get others to do things they would not otherwise do” is a very common factor in the investor-entrepreneur relationship. Therefore, employing and analysing the applicability of power constructs in this setting is well founded. The article is based on a single case study but suggests that power constructs could be applicable and consequently provide additional insights into the investor-entrepreneur relationship. The fourth article studies the role of advisors in the venture capital investment process and analyses implications for research and practice, particularly from the entrepreneurs’ perspective. The common entrepreneurial finance literature describes the entrepreneur-investor relationship as linear and bilateral. However, it was discovered that advisors may influence the relationship. In this article, the role of advisors, operating procedures and advisors’ impact on different parties is analysed. The fifth article concentrates on investors’ certification effect. The article measures and demonstrates that venture capital investment is likely to increase the credibility (in terms of media attention) of early stage firms, those that most often need additional credibility. Understanding investor certification can affect how entrepreneurs evaluate investment offers and how investors can make their offers appear more lucrative.

Ühis- ning erijooni Soome ja Eesti Kaitseliitude puhkpillimuusikas aastatel 1925-1934.

This study focuses on the similarities and differences between the Estonian Defence League and the Finnish Civil Guard brass bands during the period 1925-1934. By 1934 this paramilitary volunteer state defence organisation had reached stability in its development, such that social, cultural and patriotic education of the people - with the help of brass band music among other means- had acquired a significant role, in addition to prioritised military and sports activities. The study begins with introductory paragraphs I and II, which describes the founding of the organisations, their participation in the Wars of Independence and their subsequent peace time activities as well as their representation in the media at the time. The thesis also briefly introduces military music in Finland and Estonia, as well as describes the influence of military music on the Defence League brass bands. The period under review includes the global economic crisis, which undoubtedly concerned the Defence League/Civil Guard and the Lapua and War of Independence movements, which greatly affected the apolitical principles of the organisations. The main emphasis of the thesis is the Defence League/Civil Guard brass band`s musical activities in two counties - Etelä-Pohjanmaa and Pärnumaa, while also including a general overview of the Estonian Defence League brass bands´ activities. One of the most important benefits of the thesis is its introduction of the brass band repertoire in use at the time, which was played by both professional and as well as amateur orchestras the latter of which also included the brass bands of the Defence League/Civil Guard and the Fire Services. Brass band music held a secondary, yet significant position in the Defence League/Civil Guard, where the orchestra as a musical grouping was obliged to perform not only at inner-organisational and national celebrations but also at any event requiring brass band music, such as song festivals, singing days, and other local cultural events. The professional preparation of the band conductors at the beginning of the period under review was not well specialised, but the training of the Defence League/Civil Defence brass band conductors was carried out regularly in both republic according to the opportunities and dedicated training programmes available. The musicians of the Defence League/Civil Defence brass bands were at the same time members of the military organisations as well as amateur musicians, which placed upon them extra demands - they were under close public supervision in all situations. Based on the principle of chronology it appeared that both Finnish and Estonian respective organisations´ brass bands used the gradually improving economic situation for purchasing musical instruments, obtaining repertoire and training musicians/conductors. Despite the fact that brass band music in the Defence League/Civil Guard was considered an amateur activity and a hobby, the more far-reaching objective of the organisation was to resemble the Defence Forces´ orchestras as closely as possible in all aspects. The Defence League/Civil Guard brass band music definitely had a significant influence on forming, developing and enriching music life in both republics. The reviewed nine-year period introduced the musical activities of the Defence League/Civil Guard against the background of the everyday life of the organisation and the need for brass band music and its continuity in the voluntary state defence institutions of both republics.

Reduced Rate Ultra Low Delay Audio Coder using Multistage Vector Quantization

Communication applications are usually delay restricted, especially for the instance of musicians playing over the Internet. This requires a one-way delay of maximum 25 msec and also a high audio quality is desired at feasible bit rates. The ultra low delay (ULD) audio coding structure is well suited to this application and we investigate further the application of multistage vector quantization (MSVQ) to reach a bit rate range below 64 Kb/s, in a scalable manner. Results at 32 Kb/s and 64 Kb/s show that the trained codebook MSVQ performs best, better than KLT normalization followed by a simulated Gaussian MSVQ or simulated Gaussian MSVQ alone. The results also show that there is only a weak dependence on the training data, and that we indeed converge to the perceptual quality of our previous ULD coder at 64 Kb/s.

How Does Effectual Logic Impact Survival of High-tech Startups in an Emerging Economy? - Evidence from 99tests.com Case Study

During the early stages of operation, high-tech startups need to overcome the liability of newness and manage high degree of uncertainty. Several high-tech startups fail due to inability to deal with skeptical customers, underdeveloped markets and limited resources in selling an offering that has no precedent. This paper leverages the principles of effectuation (a logic of entrepreneurial decision making under uncertainty) to explain the journey from creation to survival of high-tech startups in an emerging economy. Based on the 99tests.com case study, this paper suggests that early stage high-tech startups in emerging economies can increase their probability of survival by adopting the principles of effectuation.

Innovation and growth of engineering SMEs in Bangalore: Why do only some innovate and only some grow faster?

This paper probes two research questions by ascertaining the factors which distinguish (i) innovative SMEs from those which are not, and (ii) SMEs which experienced a higher sales growth from those which experienced a lower sales growth, with reference to 197 engineering industry SMEs in Bangalore city. The differentiating factors between innovative and non-innovative SMEs brought out that SMEs must have ``own resources and capabilities'' in the form of internal strength and definite internal strategy if they have to innovate successfully. Younger and smaller firms which are ``entrepreneurial'' in nature and which are innovative contributed to higher sales growth of SMEs compared to older and larger firms which are ``salary-substitute firms'' in nature and which are not innovative. (C) 2015 Elsevier B.V. All rights reserved.

Perceptual thresholds for detecting modifications applied to the acoustical properties of a violin

This study is the first step in the psychoacoustic exploration of perceptual differences between the sounds of different violins. A method was used which enabled the same performance to be replayed on different "virtual violins," so that the relationships between acoustical characteristics of violins and perceived qualities could be explored. Recordings of real performances were made using a bridge-mounted force transducer, giving an accurate representation of the signal from the violin string. These were then played through filters corresponding to the admittance curves of different violins. Initially, limits of listener performance in detecting changes in acoustical characteristics were characterized. These consisted of shifts in frequency or increases in amplitude of single modes or frequency bands that have been proposed previously to be significant in the perception of violin sound quality. Thresholds were significantly lower for musically trained than for nontrained subjects but were not significantly affected by the violin used as a baseline. Thresholds for the musicians typically ranged from 3 to 6 dB for amplitude changes and 1.5%-20% for frequency changes. interpretation of the results using excitation patterns showed that thresholds for the best subjects were quite well predicted by a multichannel model based on optimal processing. (c) 2007 Acoustical Society of America.

Emprendedorismo guiado por la espiritualidad

Resumen: Las prácticas de liderazgo empresarial propias de la corriente teórica principal en economía, suelen producir un impacto negativo en la naturaleza, en las generaciones futuras y en la sociedad . Las convicciones espirituales pueden ayudar a los líderes de negocios a alcanzar sus objetivos en forma ecológica, pro-social y con respeto por las generaciones futuras. El artículo presenta casos de emprendedorismo guiado por la espiritualidad en Estados Unidos, Europa y la India y discute los cambios que se requieren para que las organizaciones se transformen en entidades sustentables.

Los gitanos en la España del siglo XV y su vinculación a Hungría

Rara vez el público relaciona la llegada de los gitanos a los reinos de España con el siglo XV. Para muchos lo gitano es la esencia más española, de cuya tradición beben escritores y músicos. Esto no es así, los “egipcianos” llegaron hace seis siglos en calidad de penitentes refugiados que huían del turco, lo que en historia no es mucho tiempo atrás. Llegaron a la península cruzando Europa, entrando a ésta por el Reino de Hungría, siguiendo las rutas de peregrinación como forma de subsistencia. Su inadaptación al modelo de vasallo de la Monarquía absoluta trajo su persecución. Los vientos de la reforma y del erasmismo tampoco les favorecieron.

La música en las fiestas del centenario patrio de 1910

Resumen: La conmemoración de los cien años de la Revolución de Mayo halló un país emergente en todo aspecto, inclusive en el cultural. De este modo, todos los músicos, nativos o argentinos por adopción, y aun extranjeros de paso o venidos para la ocasión, quisieron estar presentes con su actuación. No sólo por amor a un país que recién parecía tomar conciencia de su cultura, sino, al menos, para no desperdiciar una ocasión única de hacerse ver y notar. Es así que se produjeron una gran cantidad de eventos musicales, dignos de ser estudiados y recordados en el presente, en que se celebra un nuevo centenario, de modo de poder establecer las diferencias que se manifiestan entre uno y otro.

Vigencia y sentido de las prácticas musicales tradicionales en la actualidad : el caso de la baguala y la vidalita andina en San Blas de Los Sauces, Provincia de La Rioja

Resumen: El propósito de este artículo es reflexionar críticamente desde una perspectiva intercultural acerca de la vigencia y el sentido de los géneros musicales tradicionales en la actualidad en la provincia de La Rioja. Centramos el estudio en los géneros más antiguos: la ‘baguala’ y la ‘vidalita andina’, en la localidad de San Blas de los Sauces. Para ello, analizamos los cambios y permanencias en las estructuras de ambas y el desarrollo de la dimensión discursiva, tomando como referencia principal la tesis doctoral de Isabel Aretz (1978). Los géneros son abordados como fenómenos estéticos situados en un contexto histórico y social. En dicho marco, se analizan sus modos de producción y recepción a partir de observaciones de corte etnográfico, así como de entrevistas a músicos, vidaleros, vecinos, funcionarios del Estado y referentes culturales.

¿Cómo gestionan las empresas emprendoras los recursos humanos? El caso de REDUR

[ES] En este trabajo se analiza la dirección de los recursos humanos en una empresa familiar y emprendedora, REDUR. En concreto, analizamos las características y los principales problemas en esta área a lo largo de la vida de la empresa. Actualmente REDUR se encuentra en su etapa de crecimiento. El estudio realizado nos ha permitido saber que la gestión de recursos humanos va adquiriendo un carácter más formal y que la formación y la contratación son las prácticas más importantes. Precisamente, en lo que se refiere a estas prácticas, destaca la utilización de la grafología, como técnica para seleccionar al personal, y la importancia de la socialización. Esto se puede deber a que las empresas en crecimiento priorizan el ajuste persona-organización.

Avances de la legislación sobre Responsabilidad Social Empresaria en Argentina

[ES] El objetivo del presente trabajo es reflejar las acciones legislativas que se han emprendido desde el estado argentino en sus diferentes jurisdicciones en materia de responsabilidad social empresaria. A partir del mismo se pretende fijar posición desde la perspectiva de los autores sobre su escenario futuro.

Orientación estratégica, innovación y resultados en PYMES de nueva creación: el rol del marketing

[ES] A pesar del importante papel de las PYMES de nueva creación en el desarrollo económico, no tenemos constancia de trabajos que hayan abordado de manera simultánea el estudio de la relación entre tres orientaciones estratégicas clave como son la orientación emprendedora (OE), la orientación al mercado (OM) y la orientación al aprendizaje (OA) con la innovación y con el éxito de las PYMES de nueva creación. Los trabajos existentes en la actualidad son de carácter parcial, ya que se limitan a estudiar los efectos de sólo algunas de estas tres orientaciones estratégicas en los resultados de dichas empresas (Li y Atuahene-Gima, 2001; Renko et al., 2009).