It is generally acknowledged that SMEs differ from large firms with respect to investing in information systems. Bharati and Chaudhury (2009) review some of the differences. Firstly, SMEs experience dis-economies of scale and limited autonomy, which constrain growth and business activities. Second, SMEs have low risk propensity. Managers are often owners with a stake in the financial success, and are therefore more risk averse than managers of large firms. Third, SMEs are centralized and have low formalism levels. Typically, decisions are taken by owners and a few top managers. Management practices are often ad hoc and informal. Fourth, SMEs experience cultural insularity and have identity-based trust relationships. Because of their small size, are SMEs usually limited to trade with partners in a small geographical area. Strong ties with a local network may close out impulses from other sources.