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The most innovative SMEs are implementing open innovation strategies, as it is the case in biotechnology (Gassmann and Keupp 2007).
Therefore, considering the residual importance of self-financing in innovative SMEs, many studies have focused on the role of external sources of innovation funding.
European countries have particular reason, therefore, to help their most innovative SMEs through the crisis.
Also, it can improve service quality through incentives, provides the risk management skills honed in the private sector and the scope for the use of innovative SMEs.
It is young, innovative SMEs that are most threatened by the credit crunch and recession and most need government support, argues Reinhilde Veugelers of Bruegel, a think-tank in Brussels, since their products are new and not yet widely accepted.
Witty argues convincingly for more assessment in the Research Excellence Framework (REF) as well as reformulated Higher Education Innovation Fund HEIFF) programme so it clearly incentives working with innovative SMEs.
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The project hereinafter referred to as NANOAPPARATUS is being implemented by Process Innovation Nucleus S.R.L. (PIN) – an innovative SME (Small and Medium-sized Enterprises) from Romania.
Put differently, WICaNeM provides the opportunity for attendees to meet large international companies and innovative SME providing vast opportunities to companies wanting to develop their business on an international platform, as well as researchers who want to prepare EU-programs.
This can only be achieved through combining state of the art research with state of the art tool development: a perfect meeting place, and play ground, for academic groups and innovative SME's.
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.
Scholars have attributed these difficulties of external funding of innovative family SMEs to two major problems: (1) information asymmetries and (2) the absence of express and implied warranties.
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