Companies increasingly embrace open business-to-business innovation. In this context, knowledge-intensive business services (KIBS) play a crucial role as they can provide services and know-how to companies. As comparisons of digital innovation in Latin American companies are scarce, a more in-depth study is required of the role that KIBS plays in their digital innovation. This study therefore investigates the impact of KIBS and the implementation of innovations, including digital ones, on the sales of companies. Utilizing a Partial Least Squares Structural Equation Modelling (PLS-SEM), we scrutinize data from 959 companies in Peru. The findings reveal that internally implemented innovations do not have a statistically significant direct effect on sales. However, outsourcing KIBS emerges as a positive mediator in this relationship. Specifically, we find that companies that subcontract those services are more likely to implement innovations and to achieve a positive impact on their sales in the short-term. Despite the opportunities that digital innovation brings, its direct effect on companies' sales still needs to be improved, especially for manufacturing companies.

In the world of start-ups, the so-called unicorns have gained special importance and there are many questions about the real attractiveness of these companies when they go public. This research aims to show the effect of an initial public offering of shares (IPO) on the value of unicorn companies. To do so, a four-factor CAPM model was built using data on unicorn and non-unicorn companies to show whether differences exist between both groups. The results indicate that unicorns are punished by the stock market in comparison to non-unicorn companies, which is indicative that private agents may misvalue unicorns and/or unicorns may lose some of their distinctive features once they go public.

The appropriability of innovation benefits is essential to promote business development. Formal mechanisms protect this appropriability, such as patents or intellectual property (IP) rights. But not all countries respect IP rights and this phenomenon has increased in a complex way. There has been an academic interest in studying the trends regarding IP criminal activities. This study aims to identify the authors, universities and regions that publish the most in IP crime research worldwide. Using the Web of Science database, we analysed 589 articles published between 1991 and 2020 on the topic. The results indicate that approximately 75% of scientific production on IP Crime was written in the last decade, which is of great concern nowadays. The most influential authors come from the USA. This economy has stood out making progress in the establishment of formal mechanisms for the appropriation of innovation as a way to encourage more firms and innovators to develop new productive activities. Different developed economies, in Europe and Asia, also showed that academics study how markets advance through the protection of IP rights, but their studies have different focuses.

Purpose This paper aims to study whether Peruvian manufacturing firms that implement innovation have positive performance and whether R&D activities moderate these relationships. Design/methodology/approach Using a data set of Peruvian manufacturing firms from the 2018 National Survey of Innovation, a LOGIT model analysis was applied to 774 companies. In addition, the authors fitted different models into subsamples to explore the moderating effects of R&D on manufacturing firms. Finally, the regression models were computed using R software. Findings The results indicate that product, service and marketing innovation are associated positively with an increase in market share, while process and organizational innovations are associated positively with productivity. Moreover, companies with R&D are more productivity-oriented than companies without R&D. Research limitations/implications This study contributes to the literature on innovation management by supporting the assumption that innovation results in increased productivity and expands market demand. In addition, findings highlight that R&D is essential for boosting firms’ productivity. Practical implications Managers should consider an appropriate combination of the innovation portfolio and R&D investments to make progress and increase performance in the company. In addition, policymakers should consider that investments to promote the development of R&D activities in manufacturing companies will likely lead to médium- or long-term returns. Social implications The correct use of indicators to measure these relationships could help the policymaker to design and measure policy instruments more efficiently. Originality/value These results provide a deeper understanding of how the effects of innovations implemented by manufacturing firms, especially service and process innovation, improve their performance.

Ibero-American researchers show an increasing number of studies on entrepreneurship and innovation research. This article analyzes the journals and universities that published research on the discipline developed by Ibero-American authors between 1986 and 2015. The work uses the Web of Science database and provides several bibliometric indicators. The results show that the most outstanding researchers of the region come mainly from Spain and Portugal. In particular, Spanish researchers are the most productive and influential authors in the region. A small group of researchers from Chile, Argentina, and Mexico are also very influential. Latin American researchers must deepen their international academic networks.

En los últimos años ha surgido un fenómeno de empresas que presentan una prominente valoración privada, y que, dado su rareza, son llamadas unicornios. En el caso de América Latina, si bien existe literatura relacionada a emprendimientos dinámicos, son pocas las investigaciones que han desarrollado un estudio de empresas unicornios para la región. El presente trabajo busca, mediante el estudio de casos recientes de unicornios en la región, identificar características comunes. Para ello se consideró como muestra los 11 unicornios vigentes en América Latina entre 2021 e inicios del 2022, los cuales fueron clasificados por categoría, modelo de negocio, valoración, entre otros elementos. Los resultados sugieren que entre las características distintivas de las empresas unicornio de la región, en general, están formadas por emprendedores con experiencia previa en la creación de negocios, con éxitos y fracasos como ejemplos. Asimismo, estos emprendedores cuentan con estudios de pregrado en la propia región, y con posgrados en prestigiosas universidades fuera de la región. Estos negocios poseen también modelos de negocio que confían en el uso de tecnologías de vanguardia. Así, las categorías más repetidas entre los unicornios de América Latina son las de servicios de software, fintech y comercio electrónico. A su vez, sus modelos de negocio los empujan hacia los mercados globales. Con este trabajo se espera contribuir en el entendimiento de los unicornios y cuáles son las tendencias empresariales que pueden tener un mayor impacto en los mercados, para así servir como guía para potenciales políticas públicas que fomenten estas iniciativas.

In recent years, a phenomenon of companies with a prominent private valuation has emerged, which, given their rarity, are called unicorns. In the case of Latin America, although there is literature related to dynamic ventures, there is little research that has developed a study of unicorns for the region. This paper seeks, through the study of recent cases of unicorns in the region, to identify common characteristics. For this purpose, the 11 unicorns in force in Latin America between 2021 and the beginning of 2022 were considered as a sample, which were classified by category, business model, valuation, among other elements. The results suggest that among the distinctive characteristics of unicorn companies in the region, in general, they are formed by entrepreneurs with previous experience in business creation, with successes and failures as examples. In addition, these entrepreneurs have undergraduate studies in the region itself, and postgraduate degrees from prestigious universities outside the region. These businesses also have business models that rely on the use of cutting-edge technologies. Thus, the most repeated categories among Latin American unicorns are software services, fintech and e-commerce. In turn, their business models push them towards global markets. This paper hopes to contribute to the understanding of unicorns and the business trends that can have a greater impact on markets, in order to serve as a guide for potential public policies that encourage these initiatives.

This study aims to highlight cases of women-led business (WLB) that achieved high-growth in the short term, contradicting the traditional approach of female entrepreneurship associated with precariousness. This paper uses a multiple case study, exploring examples of WLBs in Chile and Peru. The results show some entrepreneurial behavior patterns among WLBs, such as experience in the field, growth-oriented strategy, service innovation, accelerated expansion, high-quality products, and a particular attitude toward entrepreneurship. This study shed additional light on how some WLBs are not linked to subsistence or low-impact, as well as how public policies must support high-growth WLBs.

En los últimos años ha surgido un fenómeno de empresas que presentan una prominente valoración privada, y que, dado su rareza, son llamadas unicornios. En el caso de América Latina, si bien existe literatura relacionada a emprendimientos dinámicos, son pocas las investigaciones que han desarrollado un estudio de empresas unicornios para la región. El presente trabajo busca, mediante el estudio de casos recientes de unicornios en la región, identificar características comunes. Para ello se consideró como muestra los 11 unicornios vigentes en América Latina entre 2021 e inicios del 2022, los cuales fueron clasificados por categoría, modelo de negocio, valoración, entre otros elementos. Los resultados sugieren que entre las características distintivas de las empresas unicornio de la región, en general, están formadas por emprendedores con experiencia previa en la creación de negocios, con éxitos y fracasos como ejemplos. Asimismo, estos emprendedores cuentan con estudios de pregrado en la propia región, y con posgrados en prestigiosas universidades fuera de la región. Estos negocios poseen también modelos de negocio que confían en el uso de tecnologías de vanguardia. Así, las categorías más repetidas entre los unicornios de América Latina son las de servicios de software, fintech y comercio electrónico. A su vez, sus modelos de negocio los empujan hacia los mercados globales. Con este trabajo se espera contribuir en el entendimiento de los unicornios y cuáles son las tendencias empresariales que pueden tener un mayor impacto en los mercados, para así servir como guía para potenciales políticas públicas que fomenten estas iniciativas. ENGLISH ABSTRACT In recent years, a phenomenon of companies with a prominent private valuation has emerged, which, given their rarity, are called unicorns. In the case of Latin America, although there is literature related to dynamic ventures, there is little research that has developed a study of unicorns for the region. This paper seeks, through the study of recent cases of unicorns in the region, to identify common characteristics. For this purpose, the 11 unicorns in force in Latin America between 2021 and the beginning of 2022 were considered as a sample, which were classified by category, business model, valuation, among other elements. The results suggest that among the distinctive characteristics of unicorn companies in the region, in general, they are formed by entrepreneurs with previous experience in business creation, with successes and failures as examples. In addition, these entrepreneurs have undergraduate studies in the region itself, and postgraduate degrees from prestigious universities outside the region. These businesses also have business models that rely on the use of cutting-edge technologies. Thus, the most repeated categories among Latin American unicorns are software services, fintech and e-commerce. In turn, their business models push them towards global markets. This paper hopes to contribute to the understanding of unicorns and the business trends that can have a greater impact on markets, in order to serve as a guide for potential public policies that encourage these initiatives.

This chapter studies how entrepreneurship research has evolved at the Latin American level. Using the database available in the Web of Science Core Collection, a period-by-period bibliometric analysis is carried out to identify possible changes in research trends over time. On the one hand, the results show that in the period 2000–2006, research focuses mainly on rural development, community development and financial resources. On the other hand, in the period 2007–2013, the research priority is related to international entrepreneurship, private capital raising and studies based on the Global Entrepreneurship Monitor (GEM). Finally, during the period between 2014 and 2020, research focused mainly on self-employment, family businesses, promotion of angel investor networks, venture capital, and female entrepreneurship. The results of this study may be of interest to academics, researchers, and policymakers to understand the evolution of this topic in recent decades and to promote entrepreneurship and innovation in the region.

Este estudio se enfoca en caracterizar casos de negocios liderados por mujeres (NLM), que han alcanzado un alto crecimiento en el corto plazo, contradiciendo la aproximación tradicional del emprendimiento femenino asociado con la precariedad. El artículo utiliza un estudio de casos múltiples, explorando ejemplos de NLM en Chile y Perú. Los resultados muestran algunos patrones en el comportamiento emprendedor de los NLM, tales como la experiencia, estrategia de crecimiento, innovación, expansión acelerada, alta calidad, y actitud hacia el emprendimiento. Este estudio esclarece que los NLM no necesariamente están vinculados a la subsistencia y cómo las políticas públicas deben apoyar los NLM de alto crecimiento.

The lodging industry increasingly relies on digital technology and innovations in various operations in order to develop a competitive strategy and improve their operational activities during the pandemic. Nowadays, digital transformation is a key element for business sustainability. This paper presents an industry case study involving four hotels or lodging companies operating in Chile which have successfully incorporated technology and new communication channels with their clients, carrying out a digital transformation that is key to the competitiveness and survival of their businesses. The results show that the impact of digitalization on sales and visibility of companies in the sector is huge; second, the effects of digital innovation on the management of key processes, both in the back office and in the front office, is very important; third, the incorporation of technology as a standard factor in order to be competitive in the industry is a key element; finally, the problems or obstacles that lodging companies must face in the process of implementing new information technologies. Without digital innovation, this sector would not have been able to survive in times of pandemic.

Purpose This study aims to explore the institutional complexities associated with the design and implementation of a natural resource fund for innovation. Design/methodology/approach This study examines the case of Chile's Innovation Fund for Competitiveness by means of a historical approach building on interviews with key informants. Findings The proper functioning of a natural resource fund for innovation requires efficient institutional and operational structures, as well as strong coordination with innovation system actors. In particular, the case of Chile highlights the challenges inherent in adopting a regional approach when implementing this type of strategy, due to the institutional voids that hamper the role of regional governments in emerging countries. Originality/value Natural resource funds for innovation constitute a strategic mechanism for developing the innovative capabilities necessary to enhance the competitiveness of resource-rich emerging countries. This is one of the first studies addressing the institutional challenges involved in setting up this kind of fund in practice, focusing on one of the most relevant and longstanding examples from Latin America.

Many countries promote business development through their Economic Development Agencies (EDAs). These EDAs encounter numerous agency problems when selecting projects in their programs. Knowing how to distinguish between projects with and without real growth opportunities is the key. The objective of this study is to analyze the characteristics of projects with high growth potential in Chile. A sample of 317 firms supported by CORFO between 2012 and 2017 was analyzed. A first logistic regression model evaluates the probability of a firm surviving. A second model evaluates the probability of sustained growth. The results show that growing firms' are larger, with patent ownership and in international trade. Likewise, firms that raise private capital would be more likely to produce better results. This work aims to contribute to the definition of public production support programs.

The Journal of Applied Mathematical Modelling (AMM) is a leading international journal in the field of mathematics and engineering focused on research related to mathematical modelling of engineering and environmental processes, manufacturing, and industrial systems, whose first issue was published in 1976. Motivated by the 40th anniversary in 2016, this study aims to develop a bibliometric overview of the publications published in the journal from 1976 to 2016. The objective of this work is to identify the leading variables and trends which have influenced the journal most during these years. In doing so, the study uses the Web of Science Core Collection database to analyze the data. This work also develops a graphical mapping of the bibliometric material by using the visualization of similarities (VOS) viewer software. These graphs represent bibliographic coupling, citation and co-citation analysis, co-authorship and co-occurrence of keywords. The results show the diversity of the published documents and significant growth of the journal through time. (C) 2020 Elsevier Inc. All rights reserved.

Bibliometrics is a scientific discipline that studies quantitatively the bibliographic material of a particular topic. This study analyzes management research published by Latin American countries between 1990 and 2019. The work uses the Web of Science database and provides several country-level bibliometric indicators including the total number of publications and citations, and the h-index. The results indicate that Brazil, Chile and Mexico have constantly led the region's scientific publications. The temporal evolution shows a significant increase on the number of publications during the last years that seems to continue in the future. The results also show that operations research and finance are the most significant topics in the region.

Since the pioneering work of David J. Teece (“Profiting from technological innovation: Implications for integration, collaboration, licensing and public policy”, Research Policy 15, 1986), the concept of “appropriability regime” – defined as the level of threat stemming from potential imitators in the firm’s environment– has been useful in describing specific sectoral patterns at the aggregate level. However, there have been few attempts to formally prove the impact of different regimes on knowledge management strategies at the firm-level. Using firm-level longitudinal data from software and hardware sectors in Spain, we show that differences in appropriability regimes condition the profitability of open innovation strategies, and also induce specific patterns in firms’ knowledge management strategies. More specifically, we show that the appearance of diminishing returns from an open innovation strategy is more accelerated in firms immersed in weaker regimes (i.e. firms facing more threats from potential imitators). We also show that this is due to the fact that such firms must resort to more complex (and costly) practices that go far beyond the legal protection of intellectual property, internalizing other management practices related to productive capacity and the commercialization of innovations.

In the last few decades, the number of academic articles focused on digital business has grown exponentially. The aim of this study is to present the evolution of academic research in digital business between 1990 and 2015. The analysis concentrates on identifying the most productive and influential journals in this field of research, as well as the leading authors. The results show a strong increase in digital business research during that period due to the development of an important number of specialized information systems journals, but also with publications in several disciplines of the management field. The latter reflects the multidisciplinary nature of this field of research, including not only studies with a focus on management information systems, but also on strategy, marketing, operations and more.