Business innovation is a multidisciplinary area of expertise that bridges the gap between traditional areas of study such as business administration, organizational studies, marketing, design, engineering and entrepreneurship. Business innovation focuses on creating, accelerating and managing new and sustainable business models through innovation (Crossan and Apaydin, 2010; Keeley, Walters, Pikkel, and Quinn, 2013).
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Knowledge valorisation is the transfer of knowledge from one party to another for economic benefit. The concept of valorisation is based on the underlying metaphor of KNOWLEDGE AS A THING. It is the same metaphor that makes it possible to talk about the value of knowledge. If knowledge is like a ‘thing’, then that ‘ thing’ must have a specific value. Value can be defined as the degree of usefulness or desirability of something, especially in comparison with other things, and is by definition subjective. Value is in the eye of the beholder. Any valuation method therefore needs to take into account this subjective nature by deliberately choosing the appropriate ‘standard of value’ (value to whom?) and ‘premise of value’ (value under what circumstances?). There are three ways to determine the value of something of which financial valuation is the most used. In turn financial valuation can be done using a cost approach, a market approach or an income approach. In most cases the income approach is the most appropriate. However, this approach requires a number of assumptions to be made; most of which are impossible to validate. The formulas that are used in the process can be intimidating to non-experts with the danger of disguising the inherent subjective and speculative nature of any valuation of knowledge as a ‘thing’.
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This report investigates prior experiences and impacts of the European Capital of Culture (ECoC) with the aim of informing preparation plans for Leeuwarden and Fryslân to organize the event in 2018. The longterm benefits that the ECoC tend to be both tangible through improvements in facilities, and intangible as self-confidence and pride increase as the result of celebrating the destination, its culture and history.
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