Are the risks of New Technology-Based Firms (NTBFs) insurable?

Document Type : Original Article

Author

Assistant professor of Business management. Faculty of Management and Accounting Allameh Tabataba’i University, Tehran, Iran

10.22034/jstp.2021.13878

Abstract

In addition to the important role of the development of NTBFs in the sustainable development of the country, these businesses have always been exposed to risks that threaten both the life and success of these companies. For this reason, the protection of these businesses has been considered by policymakers and legislators, and in the law to protect these companies, the insurance industry is obliged to support it. In this study, an attempt has been made with the assumption that the main reason for this failure is the lack of correct and comprehensive identification of risks, the risks faced by Iranian NTBFs, and to provide practical solutions to manage these risks. The present research is applied in terms of purpose and survey in terms of implementation method. The statistical population of the study is the managers of licensed and active companies and the stratified sampling method has been used by randomly selecting the members of the classes. Categories were considered the areas of activity of companies. The analysis of this study was based on 175 interviews with managers of NTBFs in 25 provinces in 2016. The result of the interviews was the identification of 23 risks. The results showed that although most of the risks faced by NTBFs are not insurable, to cover some of these risks, the capacities of the insurance industry can be used. For this reason, while explaining the identified risks, it was discussed in cases where there was an insurance solution for each of these risks.
 

Keywords


[1] Hobday, M. (1998). Product Complexity, Innovation and Industrial Organization. Research Policy, 689–710.
[2] Naghizadeh, M., Manteghi, M., & Naghizadeh, R. (2015). Convergence Among Science and Technology Capabilities of Different Players in Aviation Complex Product Systems Journal of Technology Development Management, 3(3), 27-54.  {in Persian}
[3] Mohammadi, M., Hoseini, A., Hamidi, M., Mahmoudi, B., & Sadabadi, A. (2014). Selection of Appropriate Model of Technology Transfer in Firms with Complex Products and Systems (CoPS), (Case Studies: Tuga Company. Journal of Technology Development Management, 2(4), 55-84. {in Persian}
[4] Safdari Ranjbar, M., Rahmanseresht, H., Manteghi, M., & Ghazinoori, S. S. (2016). Factors Driving Latecomer Firms Technological Capability Acquiring and Building in Manufacturing Complex Product Systems: The Case of Oil Turbo Compressor Company (OTC). Journal of  innovation management, 5(3), 1-26. {in Persian}
[5] Safdari Ranjbar, M., Gheidar Kheljani, J., Tahmasbi S., & Tavakoli, GH. (2016). Key Capabilities Required for Innovation and Development of Defense Complex Products and Systems. Journal of Technology Development Management, 4(2), 133-158. {in Persian}
[6] Miller, R., Hobday, M., Demers, T. L., & Olleros, X. (1995). Innovation in Complex Systems Industries: the Case of Flight Simulation. Industrial and Corporate Change, 363-400.
[7] Kiamehr, M. (2017). Paths of Technological Capability Building in Complex Capital Goods: The Case of Hydro Electricity Generation Systems in Iran. Technological Forecasting & Social Change, 215-230
[8]  Manteghi, A., Manteghi,  M., & Tabatabaiya,n S. H. (2014). System Integration; A Key Capability in the Field of Complex Systems and Products (CoPS). 4th International Conference and 8th National Conference on Technology Management. {in Persian}
[9] Naghizadeh, M., Manteghi, M., Ranga, M., & Naghizadeh, R. (2016). Managing Integration in Complex Product Systems: The Experience of the IR-150 Aircraft Design Program. Technological Forecasting & Social Change.
[10] Choung, j.-Y., & Hwang, H. (2007). Developing the Complex Systems in Korea: The Case of TDX and CDMA Telecom System. International Journal of Technological Learning Innovation and Development, 204-225.
[11] Chen, j., Tong, l., & Ngai, e. w. (2007). Inter-organizational Knowledge Management in Complex Products and Systems: Challenges and an Exploratory Framework. Journal of Technology Management in China, 134-144.
[12]            Igel, B., & Wei, Z. (2002). A Framework to Analyse the Competence to Innovate Complex Product Systems in the Stored Program Control Switchboard Industry. Int. J. Entrepreneurship and Innovation Management.
[13] Kargar Shahamat, B. (2017). Explaining the Pattern of Innovation Network in Pharmaceutical Sector of Iran, Tehran: Allameh Tabatabaei Uneversity. {in Persian}
[14]  Ceglie, G., & Dini, M. (1999). SME Cluster and Network Development in Developing Countries: The Experience of UNIDO. Unido.
[15]  Asadifard, R. (2019). The Policies for Stimulating Networks in Science and Technology Development.  Journal of  Science & Technology Policy, 11(2), 333-346. {In Persian}.
[16] J.Tidd & .J. Besant, (2015). Innovation Management: Integrating Technological Change, Market, and Organizational Change, Rasa Cultural Services Institute. {in Persian}
[17] Levén, P., Holmström, J., & Mathiassen, L. (2014). Managing Research and Innovation Networks: Evidence From a Government Sponsored Cross-industry Program. Research Policy.
[18] Gil, N. (2007). On The Value of Project Safeguards: Embedding Real Options in Complex Products and Systems. Research Policy, 980-999.
[19]  Zülch, G., Jonsson, U., & Fischer, J.(2002). Hierarchical Simulation of Complex Production Systems by Coupling of Models. International Journal of Production Economics, 39-51.
[20]  Elyasi, M., & Shafiee, M. (2014). Innovation Networks in Complex Product Systems (CoPS), Journal of Industrial Technology Development, 12(23), 31-40. {in Persian}
[21] Hobday, M., Davies, A., & Prencipe, A. (2005). Systems Integration: A Core Capability of the Modern Corporation. Industrial and Corporate Change, 1109-1143.
[22] Barlow, J. (2000). Innovation and Learning in Complex Offshore Construction Projects. Research Policy, 973-989.
[23] Gann, D. M., & Salter, A. J. (2000). Innovation in Project-based, Service-enhanced Firms: The Construction of Complex Products and Systems. Research Policy, 955–972.
[24] Dodgson, M. (1992). The Future for Technological Collaboration. Futures, 459-470.
[25] Teece, D. (1992). Competition, Cooperation, and Innovation: Organizational Arrangements for Regimes of Rapid Technological Progress. Journal of Economic Behavior & Organization, 1-25.
[26] Ansari, R . (2012). Technology Collaboration: Key Concepts and Success Factors. Journal of Parks and Growth Centers, 65-71. {in Persian}
[27] Fritsch, M., & Lukas, R. (2001). Who Cooperates on R&D?Research Policy, 297-312.
[28] Katila, R., & Mang, P. Y. (2003). Exploiting Technological Opportunities: The Timing of Collaborations. Research Policy, 317-332.
[29] Hax, A. , & Majluf , N. (1996). Concept and Process; A Pragmatic Approach. Prentice Hall.
[30] Nummela, N. (2003). Looking Through a Prism—multiple Perspectives to Commitment to International R&D Collaboration. The Journal of High Technology Management Research, 135-148.
[31] Chiesa, V. (2001). R&D Strategy & Organization: Managing Technical Change in Dynamic Contexts. Imperial College Press.
[32] Chiesa, V., & Manzini, R. (1998). Organizing for Technological Collaborations: A Managerial Perspective. R&D management, 199-212.
[33] Hadavand, M. (2006). Technology Transfer Contracts.  Tadbir, {in Persian}
[34] Arabi, S. A. (2006).  Technology transfer Methods.  Tadbir, 61-64. {in Persian}
[35] Arasti, M. , Modarres Yazdi, M. ,  Delavari, M. (2008). Presenting a Comprehensive Model for Selecting the Appropriate Method of Technology Transfer. Sharif Scientific and Research Journal. 145-153. {in Persian}
[36] Tahmasebi, S. Fartoukzadeh, H. & Boushehri, A (2016). The Role of Technology Management Capability in the Process of Developing New Defense Products (Experimental Findings). Scientific-Extension Quarterly of Standard and Quality Management. 135-162. {in Persian}
[37] Birko , S., Dove , E., & Özdemir , V. (2015). Evaluation of Nine Consensus Indices in Delphi Foresight Research and Their Dependency on Delphi Survey Characteristics: A Simulation Study and Debate on Delphi Design and Interpretation. PLoS One.