Networking as a Route for Corporate Foresight in SMEs
AbstractPurpose. In this paper, I argue that corporate foresight can play the important role not only for large multinational companies, but also for small and medium sized enterprises (SMEs). Rohrbeck et al (2010) proposed that effective corporate foresight can be organized without a process model but with certain capabilities and activities. In this paper it is hypothesized that the latter approach could be suitable for SMEs. Furthermore, it is hypothesized that organizational future orientation of an SME can be also enhanced by engaging in networks with other stakeholders. Therefore, the paper aims to explore the different routes to enhance corporate foresight capabilities in SMEs. The fundamental research question addressed in this paper is: what are the key corporate foresight capabilities and how can these capabilities be built in small and medium sized enterprises (SMEs) to enhance strategic thinking and future orientation in these companies? More specific objectives are: (1) To establish what the key capabilities within the corporate foresight practices are; (2) To establish what kind of value contributions can be expected from corporate foresight; (3) Based on research results, to propose a benchmarking framework of CF capabilities with a distinction between different routes SMEs can take for achieving higher value associated with CF. (4)To propose how the variables in the networking route could be measured. The analysis in this paper is comprised of three main parts. The first part is to formally establish the need for corporate foresight capabilities in the Lithuanian high technology SMEs. The second part, which is the crux of this paper, is to propose the benchmarking framework for corporate foresight in SMEs, following three different routes: structural approach, cultural approach, networking approach. The third part provides conclusions and discussion.
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Bibliographic InfoPaper provided by Universidade Nova de Lisboa, IET/CESNOVA-Research on Enterprise and Work Innovation, Faculty of Science and Technology in its series IET Working Papers Series with number 10/2010.
Length: 31 pages
Date of creation: Oct 2010
Date of revision:
Corporate foresight; networking; SMEs; weak signals; weak tie networks; strong tie networks; Lithuania;
Find related papers by JEL classification:
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- D85 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Network Formation
- L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation
- M10 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - General
- O52 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Europe
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-08-02 (All new papers)
- NEP-CSE-2011-08-02 (Economics of Strategic Management)
- NEP-ENT-2011-08-02 (Entrepreneurship)
- NEP-PPM-2011-08-02 (Project, Program & Portfolio Management)
- NEP-SBM-2011-08-02 (Small Business Management)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Mockaitis, Audra I. & Vaiginiene, Erika & Giedraitis, Vincent, 2006.
"The internationalization efforts of lithuanian manufacturing firms--strategy or luck?,"
Research in International Business and Finance, Elsevier,
Elsevier, vol. 20(1), pages 111-126, March.
- Audra I.Mockaitis & Erika Vaiginiene & Vincent Giedraitis, 2005. "The Internationalization Efforts of Lithuanian Manufacturing Firms - Strategy of Luck?," Industrial Organization, EconWPA 0502001, EconWPA.
- Audra I.Mockaitis & Erika Vaiginene & Vincent Giedraitis, 2005. "The Internationalization Efforts Of Lithuanian Manufacturing Firms - Strategy Or Luck?," Industrial Organization, EconWPA 0501007, EconWPA.
- Charles HARVIE & Dionisius NARJOKO & Sothea OUM, 2010. "Firm Characteristic Determinants of SME Participation in Production Networks," Working Papers, Economic Research Institute for ASEAN and East Asia (ERIA) DP-2010-11, Economic Research Institute for ASEAN and East Asia (ERIA).
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