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Nikolaos Goumagias

Vice-Chancellor Research Fellow

Department: Newcastle Business School

Dr Nikolaos Goumagias (phonetically: Nĭkôläôs Wŏŏmäyäs) is a Vice-Chancellor Research Fellow at Newcastle Business School of Northumbria University. His research activities fall within the broader scope of Digital Living Multidisciplinary Research Theme (MDRT) of the University, and specifically the Digital Business aspect of that. Nikolaos’ research revolves around decision making, entrepreneurship and business models.

Dr Nikolaos Goumagias obtained his Ph.D. in Applied Informatics (Operational Research) from the University of Macedonia in Greece. His thesis focused on modelling and studying the decision process of optimal taxation and tax evasion. Before that, he studied Accounting and Financial Management (MSc) at Lancaster University, and Economic Sciences (BSc Hons) at Aristotle University of Thessaloniki, majoring at Business Economics.

He was previously positioned as a post-doctoral Research Fellow working on the EPSRC / ESRC funded project called NEMOG (New Economic Models for Digital Games) at Durham University Business School. His research focused on business model systematics, evolution and survivability. Collaboratively with the Centre for Process Innovation (Darlington) and the Association of Interactive Entertainment, UKIE, his research inspired the development of a strategic roadmap toolkit which was successfully used to assess and promote investment opportunities in the digital games sector.

Dr Nikolaos Goumagias is a member of the Academy of Management

Campus Address

Central Campus East 1

+44 (0) 191 227 4414


Ph. D. Applied Informatics (University of Macedonia, Greece)

M. Sc. Accounting and Financial Management (University of Lancaster, UK)

B. Sc. (Hons) Economic Sciences, Minor: Business Economics (Aristotle University of Thessaloniki)

Research Themes and Scholarly Interests

Decision Making, Business Model Classification and Organisational Systematics, Entrepreneurship, Venture Capital Networks, the Internet of Things, Interactive Entertainment Industry. 

Current/Recent Projects

Dr Nikolaos Goumagias current research is focused on the co-evolution of technological start-ups and venture-capital networks within Europe, and globally, emphasising on the evolution of that network between funding rounds of business Unicorns (privately owned start-ups with valuations exceeding $1bn).

Moreover, Dr Goumagias’ research revolves around the socioeconomic impact of the Internet of Things. Within that context, Dr Goumagias studies the evolution and classification of configurations of business models through the interaction with their business environments.

Dr Nikolaos Goumagias teaches Digital Business, Digital Entrepreneurship and has been invited to give lectures on business models by the Universities of York and Trento.

Key Publications

Journal Articles

Goumagias, N.D., Hristu-Varsakelis, D. and Assael, Y.M., 2018. Using deep Q-learning to understand the tax evasion behavior of risk-averse firms. Expert Systems with Applications, 101. pp.258-270.

Nucciarelly, A., Li, F., Fernandes, K., Goumagias, N., Cabras, I., Devlin, S., Kudenko, D. & Cowling, P. 2017. From value chains to technological platforms: The effects of crowdfunding in the digital game industry. Journal of Business Research. 78. p. 341-352

Hodge, V., Sephton, N., Devlin, S., Cowling, P., Goumagias, N., Shao, J., Purvis, K., Cabras, I., Fernandes, K. and Li, F., 2018. How the Business Model of Customisable Card Games Influences Player Engagement. IEEE Transactions on Games.

Cabras, I., Goumagias, N.D., Fernandes, K., Cowling, P., Li, F., Kudenko, D., Devlin, S. and Nucciarelli, A., 2017. Exploring survival rates of companies in the UK video-games industry: An empirical study. Technological Forecasting and Social Change, 117. p.305-314.

Goumagias, N. D., and Hristu-Varsakelis D. 2013. "Tax evasion by risk-averse firms in Greece: a discrete Markov-based optimization model." Optimization 62 (8). p. 1153-1167.

Goumagias, N. D., and Hristu-Varsakelis, D. 2013.  "A Markov-Based Decision Model of Tax Evasion for Risk-Averse Firms in Greece." Optimization Theory, Decision Making, and Operations Research Applications. Springer New York, 2013. p. 211-221.

Goumagias, N. D., Hristu-Varsakelis D., and Saraidaris, A. 2012. "A decision support model for tax revenue collection in Greece." Decision Support Systems 53. p. 76-96.


Conference Papers

Goumagias, N., K. Purvis, I. Cabras, K. J. Fernandes, F. Li, A. Nucciarelli, P. Cowling, S. Devlin, V. Hodge, D. Kudenko. 2016. A conceptual framework of Business Model Emergent Resilience. 32nd EGOS Colloquium, Naples, Italy.

Goumagias, N., K. Purvis, I. Cabras, K. J. Fernandes, F. Li, P. Cowling, S. Devlin, V. Hodge, D. Kudenko. A Strategic Roadmap for Business Model Change of the Video-games Industry. 2016. R&D Management Conference, Cambridge.

Goumagias, N., I. Cabras, K. J. Fernandes, 2015. The UK Video-games Industry in 2009-2014: Companies’ Survival Rates and Population Analysis from an Organisational Ecology Perspective, Annual Regional Studies Association Conference, Piacenza Italy.

Goumagias, N., Cabras, I.,  Fernandes, J. K., Feng, L.,  Nucciarelli, A., Cowling, P., Devlin, S., and Kudenko, D. 2014. A phylogenetic classification of the video-game industry’s business model ecosystem. In Collaborative Systems for Smart Networked Environments, Springer Berlin Heidelberg: p. 285-294.

Devlin, S., P. Cowling, D. Kudenko, N. Goumagias, A. Nucciareli, I. Cabras, K. J. Fernandes, and F. Li. 2014. Game intelligence." Computational Intelligence and Games (CIG), 2014 IEEE Conference. IEEE, 2014.


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