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Financing novelty: New tools and practices to induce and control innovation processes

Special issue call for papers from European Journal of Innovation Management

Aims and Scope
Innovation has long been recognized as an engine of competitiveness and growth and as an effective tool to face the crises both at the macro and the micro level. Innovation can be considered as an outcome (new products and new processes or new organizations) but also as a process that involves many activities linked together, namely basic research, industrial research, and development and commercialization. Innovation processes and innovation outcomes arrive in different shapes and stakes. By shapes, we mean the managerial and organisational modalities adopted to obtain innovations; stakes are the costs and benefits for the firms (Bathelt et al., 2017; Pénin et al., 2011). New managerial techniques have significantly impacted the way of performing innovation during the last decades (among others: open innovation, crowdsourcing, frugal approach, etc.). During the same period, the types of innovations expected by firms took forms more radical than before (Christensen and Raynor, 2013).

When dealing with innovation performance, it is crucial to study and assess the quantitative and qualitative evolution of funding dedicated to science systems and industrial R&D (Grilli et al., 2018). Innovation is recognized as a key driver of performance (Chatzoglou and Chatzoudes, 2017), but the lack of sources of finance stands out as a main factor preventing potentially disruptive and radical innovations (e.g. traditional risk-avoidance focus, and inertia caused by systems architecture)(Das et al., 2017). However, the difficulties to succeed in raising funds is regarded as a persistent barrier to scaling up for the large share of young innovative companies (Mazzucato, 2013; Mazzucato and Semieniuk, 2017).

Firms are reforming their control and incentives techniques simultaneously to integrating new financial schemes. Some news techniques appear to finance innovation inside firms (Nucciarelli et al., 2017). Financial innovations are needed to fit the management innovation (Birkinshaw et al., 2008; Mol and Birkinshaw, 2009). Nevertheless, the tools and the different practices used inside firms have not evolved to encompass all the different techniques or to fit the characteristics of truly novel innovation (Birkinshaw and Haas, 2016; Christensen et al., 2008; Gassmann and Schweitzer, 2013). The use of formal tools or traditional financing techniques is difficult at all stages of the innovation process, but becomes particularly relevant in the earlier stages or when handling with intercultural settings (Neukam, 2017).

Many managerial issues are also raised by the evolution of the sources of funding such as governance and control issues. Many scholars have pinpointed the influence of managerial control tools and financial techniques during the R&D process and its outcomes (Grabner and Speckbacher, 2016; Revellino and Mouritsen, 2009, 2015). Those outcomes can be positive or negative (Adler and Chen, 2011; Chapman, 2005). Specific management tools designed to support innovation activities are supportive of more classic innovation outcomes rather than disruptive innovation.

This special issue revisits these questions by taking into account quantitative and qualitative aspects in the evolution of innovation financing. These include the various actors, forms, and tools of financing, and their impact on the dynamics of innovation, especially in times of austerity. Therefore, financing novelty is a question of how novelty is managed and controlled inside of the company and how the required finance can be gathered.

We expect papers focused on the management of financial resources within the innovation process. Papers can cover the following topics:
-    Governance and resource allocation during the innovation process
-    New versus traditional sources of finance
-    Evaluation of public policies in favour of innovation
-    Financial incentives and managerial control techniques during the innovation process
-    Funding for disruptive innovation vs. marginal innovation
-    Gender differences in the perception of barriers to obtain business financing for innovation processes
-    Behavioural accounting and innovation management

Important Dates
First submission deadline: 15th July, 2018
First round of review: November 2018 (a paper fine tuning session is organized at the University of Konstanz in 4-6 October 2018)
Second submission deadline: 1st January, 2019
Second round of review: 1st April, 2019
Final decision: 1st July 2019
The special issue is expected to be published in 2019.
For any further information, please visit the journal website or contact us using the information provided below!

Guest editors
Thierry BURGER-HELMCHEN (burger@unistra.fr) is professor of Management Science at University of Strasbourg, France. He is researcher at BETA-CNRS. His main research areas are innovation management, entrepreneurship and real option theory.

Blandine LAPERCHE (Blandine.laperche@univ-littoral.fr) is professor of economics at University of Littoral Côte d'Opale, France. She is researcher at CLERSE-UMR CNRS8019. Her main research areas are innovation economics and management, intellectual property rights and firm strategy.

Francesco SCHIAVONE (schiavone@uniparthenope.it) is professor of Management at University of Naples Parthenope, Italy. He is also affiliated professor at Paris School of Business, France. His main research areas are innovation management, strategy and healthcare management.

Ulrike STEFANI (ulrike.stefani@uni-konstanz.de) holds the Chair of Accounting at the University of Konstanz, Germany. Her main research area is Behavioural Accounting.

Adler, P.S. and Chen, C.X. (2011), “Combining creativity and control: Understanding individual motivation in large-scale collaborative creativity”, Accounting, Organizations and Society, Vol. 36 No. 2, pp. 63–85.
Bathelt, H., Cohendet, P., Henn, S. and Simon, L. (2017), The Elgar Companion to Innovation and Knowledge Creation, Edward Elgar Publishing Ltd, Northampton, MA.
Birkinshaw, J. and Haas, M. (2016), “Increase Your Return on Failure”, Harvard Business Review, No. 94, pp. 88–93.
Birkinshaw, J., Hamel, G. and Mol, M.J. (2008), “Management Innovation”, Academy of Management Review, Vol. 33 No. 4, pp. 825–845.
Chapman, C.S. (2005), Controlling Strategy: Management, Accounting, and Performance Measurement, OUP Oxford, Oxford ; New York.
Chatzoglou, P. and Chatzoudes, D. (2017), “The role of innovation in building competitive advantages: an empirical investigation”, European Journal of Innovation Management, Vol. 21 No. 1, pp. 44–69.
Christensen, C., Kaufman, S. and Shih, W.. (2008), “Innovation Killers, how financial tools destroy your capacity to do new things”, Harvard Business Review, pp. 98–105.
Christensen, C.M. and Raynor, M.E. (2013), The Innovator’s Solution: Creating and Sustaining Successful Growth, Harvard Business Review Press, Boston, Massachusetts.
Das, P., Verburg, R., Verbraeck, A. and Bonebakker, L. (2017), “Barriers to innovation within large financial services firms: An in-depth study into disruptive and radical innovation projects at a bank”, European Journal of Innovation Management, Vol. 21 No. 1, pp. 96–112.
Gassmann, O. and Schweitzer, F. (2013), Management of the Fuzzy Front End of Innovation, 2014 ed., Springer International Publishing AG, New York.
Grabner, I. and Speckbacher, G. (2016), “The cost of creativity: A control perspective”, Accounting, Organizations and Society, Vol. 48 No. Supplement C, pp. 31–42.
Grilli, L., Mazzucato, M., Meoli, M. and Scellato, G. (2018), “Sowing the seeds of the future: Policies for financing tomorrow’s innovations”, Technological Forecasting and Social Change, Vol. 127 No. Supplement C, pp. 1–7.
Mazzucato, M. (2013), “Financing innovation: creative destruction vs. destructive creation”, Industrial and Corporate Change, Vol. 22 No. 4, pp. 851–867.
Mazzucato, M. and Semieniuk, G. (2017), “Public financing of innovation: new questions”, Oxford Review of Economic Policy, Vol. 33 No. 1, pp. 24–48.
Mol, M.J. and Birkinshaw, J. (2009), “The sources of management innovation: When firms introduce new management practices”, Journal of Business Research, Vol. 62 No. 12, pp. 1269–1280.
Neukam, M.N. (2017), “Managing the fuzzy front-end in multicultural teams”, European Journal of Innovation Management, Vol. 20 No. 4, pp. 578–598.
Nucciarelli, A., Li, F., Fernandes, K.J., Goumagias, N., Cabras, I., Devlin, S., Kudenko, D., et al. (2017), “From value chains to technological platforms: The effects of crowdfunding in the digital game industry”, Journal of Business Research, Vol. 78 No. Supplement C, pp. 341–352.
Pénin, J., Hussler, C. and Burger-Helmchen, T. (2011), “New shapes and new stakes: a portrait of open innovation as a promising phenomenon”, Journal of Innovation Economics, Vol. 7 No. 1, pp. 11–29.
Revellino, S. and Mouritsen, J. (2009), “The Multiplicity of Controls and the Making of Innovation”, European Accounting Review, Vol. 18 No. 2, pp. 341–369.
Revellino, S. and Mouritsen, J. (2015), “Accounting as an engine: The performativity of calculative practices and the dynamics of innovation”, Management Accounting Research, Vol. 28 No. Supplement C, pp. 31–49.