Study Of The Challenges That Hinder MSME Development In FYR Macedonia : Country Report for the British Council and Swedish Institute

In addition to this Study, a further six studies were produced. One for each of the countries, under investigation (Albania, Bosnia Herzegovina, Kosovo, Montenegro & Serbia) and a Main Report, which was published in May 2018.The Former Yugoslav Republic of Macedonia (to be referred to as FYR Macedonia from herein) is a landlocked country. It has made considerable progress since 2000 and the end of the Balkan Wars, but would still greatly benefit from raising its rate of economic growth. It has an interesting population profile with a dip in the economically important 25–34 years age range. We undertook a survey of aspiring entrepreneurs across FYR Macedonia. The sample was largely self-selected based on previous telephone surveys where respondents had expressed an interest in entrepreneurship, plus a review of the commercial register and referrals from respondents. The age distribution of aspiring entrepreneurs was under represented in younger age groups but higher in the 25–34 year old group compared with the population. Increased economic growth needs to be achieved against a background of relatively modest inflows of foreign direct investment, and disappointingly flat levels of gross domestic capital formation, contrasting with sustained increases in consumption. There has been significant progress in stabilising the trade balance. FYR Macedonia has a significant informal economy, a sizeable unemployment rate and a worrying loss of skills as qualified people migrate overseas. There have been sustained efforts to improve the skills training systems, but the vocational training system still needs support. Entrepreneurship aspirations are positive. There are few problems with structural issues such as ease of forming a company, although important regulatory simplifications (for example in property registration) are still needed. Five key issues stand out: 1. Access to finance is very challenging and acts as a significant barrier to both innovation and entrepreneurship. There is a particular need for access to affordable seed capital. This is a similar to the challenge being addressed by some of the rural micro-finance programs in Asia. 2. Connection to markets outside FYR Macedonia and the Western Balkans region is challenging for new entrepreneurs. 3. There is a considerable amount of energy and effort already being injected, but significant scope for improving the skills of entrepreneurial teams. 4. There may be a need to raise the entrepreneurial appetite of young people (under 25 years old). 5. FYR Macedonia seems to have incubated a significant number of opportunity-seeking entrepreneurs, rather than involuntary entrepreneurs seeking family incomes, but the support structure is limited. They might benefit from a focused event to bring together industries from across FYR Macedonia.Final Published versio

Study Of The Challenges That Hinder MSME Development In Montenegro : Country Report for the British Council and Swedish Institute

In addition to this Study, a further six studies were produced. One for each of the countries, under investigation (Albania, Bosnia Herzegovina, FYR Macedonia, Kosovo & Serbia) and a Main Report, which was published in May 2018.The European Commission’s Enlargement Package Report (2015), concluded that Montenegro continued to make progress as regards the political and economic criteria, and improved its ability to take on the obligations of EU membership. Good progress was made in improving the legislative framework for the independence of the judiciary and the fight against corruption (rule of law chapters, 23 and 24). However, Montenegro was tasked to make further progress in strengthening the institutional framework and in establishing a solid track record in the fight against corruption and organised crime. In December 2015, Montenegro received an invitation to join NATO, which was a major achievement; it became a member in 2017.  With a gross domestic product (GDP) of US 4.1 billion (constant 2010 value), Montenegro is the smallest economy in the Western Balkans and growth has been variable in recent years. However, Montenegro continues to play a constructive role in regional cooperation, ratifying its border agreements with both, Bosnia & Herzegovina and Kosovo. It terms of economic criteria, Montenegro has made progress in developing a functioning market economy (e.g. investments in infrastructure and tourism support economic activity). It has also strengthened the administration of its financial and labour markets, as well as on improving the business environment.. However, rapidly rising public debt and high fiscal deficits, together with high external imbalances and high unemployment are of concern. The combined effects of large-scale public infrastructure investments and several new expensive social expenditure programmes challenge fiscal sustainability. Montenegro is moderately prepared in its capacity to cope with competitive pressure and market forces within the Union. Some progress was achieved in improving the quality of infrastructure, the energy market and the digitalisation of the economy. SMEs support is modest but developing gradually. Unemployment in Montenegro is high, approaching 18% of the working population. However, this is average for the region, and only Serbia and Albania have lower rates. Montenegro is, however, a major importer of short-term labour to service the needs of the tourism, construction and agricultural sectors, which are the main pillars of its economy. However, substantial efforts are still required to develop human capital and a competitive export-oriented industry. In common with many of its Western Balkan neighbours, Montenegro has a skills shortage, although not to the extent of other countries. This shortage mainly translates into a need to import seasonal workers for the tourist, construction and agricultural sectors. Montenegro has a well-developed and competitive ICT sector compared with other countries in the region, but development remains in its infancy and there is a lot of potential for improvement. Despite this, business faces internal constraints and barriers, linked to skills, competences, finance and human resources. They also had problems with lack of information about foreign markets and how to access them. To contribute to the process of internationalisation, businesses need a better introduction to foreign markets, including information and facilitating access through contacts, legal and technical assistance or promotion. Total inward investment in Montenegro from other countries was US 3.3 billion in 2016. This level is low in absolute terms, particularly compared to other countries in the region (behind Serbia, Bosnia, Macedonia and Albania), but relatively high on a per capita basis. We undertook a survey of aspiring entrepreneurs across Montenegro. The sample was largely self-selected based on previous telephone surveys where respondents had expressed an interest in entrepreneurship, plus a review of the commercial register and referrals from respondents. The age distribution of aspiring entrepreneurs was under represented in younger age groups but higher in the 25–34 year old group compared with the population. Entrepreneurship aspirations are positive. There are very few problems with structural issues such as ease of forming a company. For example, establishing a business in Montenegro can be a time-consuming process. According to the World Bank’s Doing Business Report (2018), Montenegro was ranked 42nd globally for ease of doing business, a clear improvement on its previous ranking of 51st. Results from our survey, indicate five key issues stand out: 1. Access to finance is very challenging and acts as a significant barrier to both innovation and entrepreneurship. There is a particular need for access to affordable seed capital. This is a similar to the challenge being addressed by some of the rural micro-finance programs in Asia. 2. Connection to markets outside Montenegro and the Western Balkans region is challenging for new entrepreneurs. 3. There is a considerable amount of energy and effort already being injected, but significant scope for improving the skills of entrepreneurial teams. 4. The trading channels and payment methods accepted suggest our entrepreneurs are using basic business models, almost entirely face-to-face and strongly cash-based. 5. Three quarters of all businesses in the survey supplied larger organisations, which may be accounted by the very large public-sector base

Shock Therapy and Entrepreneurial Flare #Brexit

Purpose: Much has been written about trade deal opportunities after Brexit (e.g. Minford et al., 2017; Singham and Tylecote, 2018) but much less about envisaged “supply side mechanisms” that would translate a Brexit shock into improved UK competitive performance. Indications as to the supply side mechanisms involved can be found in some pro-Brexit writings and speeches and revolve around cutting regulation and reducing taxation, to spur innovation entrepreneurship. The authors contend that these measures align to a broad set of policy measures associated with Economic Shock Therapy, the Laffer Curve and the associated “Washington Consensus” (Williamson, 2005). The authors are looking to stimulate a conversation around whether these measures are most likely to stimulate entrepreneurial innovation and growth. The authors open by contrasting these concepts to growth equilibrium dynamics drawn from Wicksell, Keynes and Schumpeter – and by implication dynamic Walrasian General Equilibrium – to pose the question, is entrepreneur-led growth best led via slashing regulations and taxes or by focussing on correcting existing market failures? The purpose of this paper is to promote controversy and debate as to which “supply side measures” are most effective in enabling entrepreneurial growth. Design/methodology/approach: The authors briefly review the pro-Brexiteer economic framework and relate this to broader Economic Shock Therapy and Laffer Curve concepts; how these have been applied and how some argue they can become “supply side” enablers in a positive Brexit innovation and entrepreneurship transformation. By drawing upon fundamental economic relationships such as Wicksell’s (1898) “Natural Rate of Interest”, the authors highlight the importance of information asymmetry and regulatory distortion in financial markets, resulting in some entrepreneurs (and associated innovations) failing to receive the capital their project merit. The authors pose the question, whether Shock Therapy, Laffer Curve type tax cuts and any Brexit “bonfire of regulation” will raise entrepreneurial growth and success. Findings: Both Shock Therapy and Laffer Curve inspired tax cuts have a patchy record of success, despite notable achievements in post-1991 Poland. The authors stress entrepreneurs drive innovation and growth, and a key support to them requires correcting “access to finance” market failures. It is questionable if Economic Shocks contribute anything to resolving this fundamental problem. Originality/value: The authors open the supply side debate on anticipated “Brexit Transformation” in the context of long standing (some maybe long forgotten) theoretical understandings, thereby posing the question as to whether potential Brexit-related deregulation, tax cuts and “Economic Shock” therapy are likely to raise entrepreneurial competitive advantage and success rates. Market failure in financial market support for small firm growth and innovation needs are highlighted. Arguably, economic growth and innovation would be better sustained by addressing these failures, than introducing the “unknowns” and risks associated with a substantial Economic Shock.Peer reviewe

‘Before University’ provision : enterprise education through the school curriculum

In this chapter the authors focus on enterprise education students experience before university. We consider the current state of play in English secondary schools, where a national programme situates enterprise as an extra-curricular, competitive activity. We question this narrow and counter-productive approach and provide evidence from a 2017 research project in which we worked with secondary educators and school leaders to explore policy and identify practices which teachers could enact through the curriculum. Our experience highlights that it is fruitful to create a space for debate about enterprise provision before university, and work with schools to develop enterprise in nuanced ways which can enhance subject learning and better reflect how enterprise works in practice.Peer reviewe

Study Of The Challenges That Hinder MSME Development In FYR Macedonia : Country Report for the British Council and Swedish Institute

In addition to this Study, a further six studies were produced. One for each of the countries, under investigation (Albania, Bosnia Herzegovina, Kosovo, Montenegro & Serbia) and a Main Report, which was published in May 2018.The Former Yugoslav Republic of Macedonia (to be referred to as FYR Macedonia from herein) is a landlocked country. It has made considerable progress since 2000 and the end of the Balkan Wars, but would still greatly benefit from raising its rate of economic growth. It has an interesting population profile with a dip in the economically important 25–34 years age range. We undertook a survey of aspiring entrepreneurs across FYR Macedonia. The sample was largely self-selected based on previous telephone surveys where respondents had expressed an interest in entrepreneurship, plus a review of the commercial register and referrals from respondents. The age distribution of aspiring entrepreneurs was under represented in younger age groups but higher in the 25–34 year old group compared with the population. Increased economic growth needs to be achieved against a background of relatively modest inflows of foreign direct investment, and disappointingly flat levels of gross domestic capital formation, contrasting with sustained increases in consumption. There has been significant progress in stabilising the trade balance. FYR Macedonia has a significant informal economy, a sizeable unemployment rate and a worrying loss of skills as qualified people migrate overseas. There have been sustained efforts to improve the skills training systems, but the vocational training system still needs support. Entrepreneurship aspirations are positive. There are few problems with structural issues such as ease of forming a company, although important regulatory simplifications (for example in property registration) are still needed. Five key issues stand out: 1. Access to finance is very challenging and acts as a significant barrier to both innovation and entrepreneurship. There is a particular need for access to affordable seed capital. This is a similar to the challenge being addressed by some of the rural micro-finance programs in Asia. 2. Connection to markets outside FYR Macedonia and the Western Balkans region is challenging for new entrepreneurs. 3. There is a considerable amount of energy and effort already being injected, but significant scope for improving the skills of entrepreneurial teams. 4. There may be a need to raise the entrepreneurial appetite of young people (under 25 years old). 5. FYR Macedonia seems to have incubated a significant number of opportunity-seeking entrepreneurs, rather than involuntary entrepreneurs seeking family incomes, but the support structure is limited. They might benefit from a focused event to bring together industries from across FYR Macedonia.Final Published versio

Mastering Brexits Through The Ages : Entrepreneurial Innovators and Small Firms -The Catalysts for Success

© 2018 Emerald Publishing Limited. This accepted manuscript sample chapter is made available under the Creative Commons Attribution Non-commercial International Licence 4.0 (CC BY-NC 4.0).Brexit is arguably the most significant UK foreign and economic policy event since at least 1945. Opinion is bitterly divided between whether to leave, when to leave, how to leave and even on what Brexit is. Mastering Brexits Through the Ages: Entrepreneurial Innovators and Small Firms - The Catalysts for Success explores these dynamics through the lens of three previous ‘Brexits’ - the end of Roman Britain, the Henrician Reformation, and the Elizabethan age. Using multiple historical epithets, it illuminates insights into innovation needs, smaller firm growth, previous step-change events and related economic understanding. This book paints a broad picture of possible UK post-Brexit landscapes. Echoing an earlier European Treaty (Versailles, 1919), fourteen action points that can contribute to mitigating downside risks and making post-Brexit UK a leading force in the global economy are identified. At all times, dynamic entrepreneurs and small companies are at the centre of the narrative. This book is both a key contribution to understanding implementation risks and to identifying what a ‘winning’ post-Brexit UK economy should look like. Drawing on extensive research, the book identifies a strategic framework and associated practical measures needed to realise a positive outcome. It concurrently analyses the σύστημᾰ (sústēma) or entirety of Brexit through carefully unpicking and demystifying complexities, and anticipating Brexit risks, impacts, implications and unknowns. This is a book for academics, policy makers, advisers and interested bystanders alike.Final Accepted Versio

Anchor Institutions and Regional Innovation Systems for supporting micro and small businesses

This article first appeared in e-O&P Vol 23, No 2, Summer 2016 and is reproduced by kind permission of AMED www.amed.org.uk.The after-shocks of the global financial crisis, the EU Referendum, the growth in popularity of the Regional Innovation System (RIS), and the growing use of the term anchor institutions, have highlighted the crucial and strategic contribution certain types of organisation can make to their local community. Drawing on contemporary literature on the entrepreneurial university and regional innovation systems, I explore some key qualities and problems around universities as anchor institutions, and also the role they can play for Micro and Small Businesses (MSBs). Following recent UK Public Spending and Department of Business Innovation and Skills remit changes, I also highlight the way universities should - and must - take a lead role as an anchor institution within their region, especially in light of the recent Brexit decision. Such a role will include providing a wide range of formal and informal support, knowledge and resources targeted at micro and small businesses (MSBs), complementing usual Small and Medium Enterprise (SME) support (Wilson, 2011). Drawing on my experiences as President of the Institute of Small Business & Entrepreneurship (ISBE), I offer four different ways to enhance collaboration to enable MSBs to make maximum use of “anchor university” support. Findings suggest a need for regional policy makers to embrace an innovation-supportive culture; one that would enable firms and systems to evolve over time, with anticipated outcomes far in excess of those envisaged from recent UK Government spending and business support changes. Such changes will close and replace some robustly evaluated programmes, designed to support small firm growth, with a Government commitment to cut red tape and by increasing the take up of business rate relief for an extra year.Peer reviewedFinal Accepted Versio

Creating Innovative Regions: The role of universities in local growth and productivity

Professor Culkin was a member of the Report's Advisory Board.Our latest report aims to bust a myth – that the main contribution of universities to innovation is through the commercialisation of their research. Universities contribute so much more, particularly in their regions. Institutions like those in the Alliance are rooted in their regional economies. Many grew out of the needs of the industrial revolution and have been a stable presence ever since. They have longstanding networks of graduates in many different occupations and public sector bodies. They align their research activities to regional strengths. They are hubs for innovation activity and are well placed to take on strategic and leadership roles to ensure the economic prosperity and productivity of their regions

Can a High-Tech Breakthrough Approach Deliver Novel Supply and Demand Solutions? A Study of Digital Cinema Rollout.

Digitalization is the process of making digital everything that can be digitised to change a business model and provide new revenue and value-­‐producing opportunities. However, difficulties exist in evaluating the value created by digital technology investments in organisations, industry structures, economies and society, at large. My dissertation illustrates how the distinct characteristics of digital technologies are implicit in an evolution from stable to fragile product innovation; while highlighting the need for a dynamic approach to entrepreneurial innovation within national innovation systems. The foundations for my work are bound up in the digitalization of value networks, and the context for this research is digital cinema – a process that began in 2000. Digital cinema offered a new value proposition to distributors and significant cost reductions for the US studios. With a reliance on a highly developed value chain to protect intellectual property, these studios sought to learn from the disruption digitalization caused to the music industry, by cultivating digital technology as an, incremental innovation, in replacing celluloid with bytes to project content to cinema audiences. Global digital cinema penetration in 2014 stood at 90 per cent of the total screen footprint. The dissertation assesses features of this digital rollout that have been under-­‐ explored; including the role digital technology has assumed in process and product innovation; and, the behavioural responses of both incumbents and new entrants during the diffusion and adoption phase. My dissertation is supported by eight published papers, which highlight the need for domestic policymakers to focus their attention on emerging entrepreneurial innovations; the utilisation of current knowledge and strategies for novel solutions in order to strengthen their respective national innovation systems. Taken together they help explain the creation, diffusion and adoption of digital cinema, explore the new content creation opportunities they support, and explain how three nations in particular have sought to innovate and reorientate themselves in relation to these novel phenomena. The wider implications of the findings of the project build on the innovation literature in examining the diffusion, adoption and knowledge acquisition during the rollout of digital cinema technology. These findings suggest a radically different reading of both disruptive innovations and national innovation systems than has been offered in previous accounts, viewing the digital cinema rollout as a case study of an increasingly mobile sector, in which technological factors retreat in importance behind entrepreneurial innovation as a key driving force in reaching audiences. Finally, in exploring the phenomenon of the digitalization of value networks I have made a significant contribution to knowledge in the design of an innovative mixed method; specifically in the area of field research -­‐ a qualitative data collection method designed for considering, observing, and interacting with individuals in their natural environments. Over time, I have established that digital cinema was capable of delivering novel supply and demand solutions -­‐ starting with a few unrelated scraps of data, through the establishment of personal networks with communities of practice (in the UK, US & Norway) to building rich, and complex quantitative data sets capable of measuring the entire diffusion and adoption phase of the digital cinema rollout, right across Europe

Modified dietary fat intake for treatment of gallstone disease

Madden AM, Trivedi D, Smeeton NC, Culkin A., 'Modified dietary fat intake for treatment of gallstone disease', Cochrane Database of Systematic Reviews 2017, Issue 3. Art. No.: CD012608, DOI: 10.1002/14651858.CD012608. Copyright © 2017 The Cochrane Collaboration. Published by John Wiley & Sons, Ltd.Protocol: To assess the benefits and harms of modifying dietary fat intake in the treatment of gallstone disease.Peer reviewedFinal Published versio