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AbstractDespite the increased interest in innovation ecosystems, few studies have assessed the extent to which the proclaimed benefits from participating in such ecosystems also occur, and under which circumstances they do occur. Uniting the literature on organizational interdependence and social exchange theory, we assess the behavioral and output additionality obtained by innovation ecosystem participants. In doing so, we build upon a sample of 473 innovative Finnish companies, of which 312 participated in an innovation ecosystem. We find a significantly positive relationship between organizational interdependence and output additionality, and find that this relationship is mediated by behavioral additionality. Furthermore, we find that the relationship between behavioral additionality and output additionality is particularly strong when firms appoint members from the innovation ecosystem to their board of directors, pointing to the importance of internalizing the ecosystem. We discuss implications for academia and practice.

Technovation Vol.33 Nr.4 - 5, 154 - 162 ; Government venture capital (GVC) funds have been a common policy initiative in European countries to overcome funding gaps in the promotion of early-stage ventures. In this work, we focus on the performance of such government funds. We compare the importance for the firm's development of post-investment, valueadded activities by GVC firms and independent venture capital (IVC) firms.We use a unique data set based on the results of a survey addressed to young high-techVC-backed firms from seven European countries. The survey gauged the importance of the contribution by the first lead investor in a variety of activity areas, as assessed by the investee companies. Attention was paid to potential adverse effects of the post-investment engagement of investors.Using a composite indicator of the value added, we find no statistically significant difference between the two types of investors. However, the profiles of value added differ across investor types, and, in particular, the contributions of IVC funds prove to be significantly higher than those of GVC funds in a number of areas, including the development of the business idea, professionalisation and exit orientation.

This paper compares the post-investment value-added activities performed by governmental venture capital (GVC) and independent venture capital (IVC) for their portfolio companies, and controls for the selection effect that the different investment profiles of these investors might have on the forms of value added. The study uses a unique data set based on a survey addressed to new VC-backed, technology-based firms from seven European countries. The study focused on the importance of the contribution by the first lead investor in a variety of activity areas, as assessed by the investee companies. The study also pays attention to potential adverse effects of the post-investment engagement of the investors on the firm. Using a composite indicator of the extent of the value added, we find no statistically significant difference between the two types of investors. However, the type of value added differs across investor type and, in particular, IVC's contribution proves to be significantly higher than that of GVCs in a number of areas, including the development of the business idea, professionalisation and exit orientation.

This paper aims to provide new insights into the analysis of National Innovation Systems (NIS). Whereas the common approach is to analyze specific parts or a defined set of actors and their interactions, this paper attempts to take a more systemic approach by analyzing results of 13 surveys directed to different sets of actors related to the Finnish NIS. The focus is on the overall complexity of the system, the demand- and user-based dimensions of innovative activities and policies, internationalisation of innovative activities, public support for high growth companies, regional innovation policies, and educational policies. The results are mostly descriptive and the emphasis is on the most important findings of the surveys. In addition to the main findings, the paper includes all questionnaires and a description of the complete data set.

VTT Technology 113 ; Research and technology organisations (RTOs) are key players in the national innovation systems of many industrialised countries and they act as an increasingly recognized knowledge pool in boosting innovation and economic development in the European Union. RTOs receive basic funding for their strategic long-term research and the development of scientific competence from government. They also receive state funds for joint research funded by national agencies and EU Framework Programmes, and obtain contract research income from private and public customers. All funding sources are under pressure due to changes in the national and global economic and innovation landscape and growing performance, effectiveness, and impact pressure on research, technology, and innovation (RTI). In this context, the aim of this study is to investigate the roles, legitimacy, and socio-economic impacts of VTT Technical Research Centre of Finland. This study has the following objectives: (1) To give a European and global perspective on the roles, rationale, and trends of RTOs, in order to out our analysis of VTT in perspective; (2) in the context of the Finnish innovation system, to explore the roles through which VTT enhances innovation performance and generates socio-economic and ecological impact; (3) to outline a toolbox of methodologies for exploring VTT's impact; (4) to carry out a quantitative analysis of innovations in the SFINNO database concerning VTT's contribution; (5) to carry out a case-study analysis of seven individual innovations involving a VTT contribution; and (6) to assess and make recommendations for topics and methodologies in VTT's impact studies in the future. VTT's roles and impact are considered in the context of major global socio-economic and technological challenges, and special attention has been paid to VTT's internationalisation and its roles in enhancing the innovation performance of small- and medium-sized companies. ; Research and technology organisations (RTOs) are key players in the national innovation systems of many industrialised countries and they act as an increasingly recognized knowledge pool in boosting innovation and economic development in the European Union. RTOs receive basic funding for their strategic long-term research and the development of scientific competence from government. They also receive state funds for joint research funded by national agencies and EU Framework Programmes, and obtain contract research income from private and public customers. All funding sources are under pressure due to changes in the national and global economic and innovation landscape and growing performance, effectiveness, and impact pressure on research, technology, and innovation (RTI). In this context, the aim of this study is to investigate the roles, legitimacy, and socio-economic impacts of VTT Technical Research Centre of Finland. This study has the following objectives: (1) To give a European and global perspective on the roles, rationale, and trends of RTOs, in order to out our analysis of VTT in perspective; (2) in the context of the Finnish innovation system, to explore the roles through which VTT enhances innovation performance and generates socio-economic and ecological impact; (3) to outline a toolbox of methodologies for exploring VTT's impact; (4) to carry out a quantitative analysis of innovations in the SFINNO database concerning VTT's contribution; (5) to carry out a case-study analysis of seven individual innovations involving a VTT contribution; and (6) to assess and make recommendations for topics and methodologies in VTT's impact studies in the future. VTT's roles and impact are considered in the context of major global socio-economic and technological challenges, and special attention has been paid to VTT's internationalisation and its roles in enhancing the innovation performance of small- and medium-sized companies.