The Innovation Imperative

The Innovation Imperative

National Innovation Strategies in the Global Economy

Edited by Göran Marklund, Nicholas S. Vonortas and Charles W. Wessner

As a result of globalization, strategies for investments in innovation capabilities have gained considerably in importance for businesses, research institutions and policymakers. Public policy has to provide conditions for investments in R & D and innovation that are internationally attractive and effective in stimulating innovation, economic growth and job-creation. This book focuses on the changing roles and challenges of innovation and growth policy, and the strategies and measures that are critical in a globalizing world. It provides guidance for innovation policy strategy formulations and design of innovation policy measures.

Chapter 7: The Role of Innovation Award Programmes in the US and Sweden

Charles W. Wessner

Subjects: economics and finance, economics of innovation, innovation and technology, economics of innovation, innovation policy


Charles W. Wessner 7.1 INTRODUCTION Policy makers in both the US and Sweden recognize that innovation remains the key to international competitiveness in the twenty-first century. Moreover, policy makers in both countries increasingly recognize that equity-financed small firms are an effective means of capitalizing on new ideas and bringing them to the market. Small firms, however, face a variety of obstacles as they seek to bring new products and processes to market. In this context public policies that reduce the structural and financial hurdles facing such innovative small firms can play a useful role in enhancing a nation’s innovative capacity. In the US innovation awards, such as the Small Business Innovation Research (SBIR) programme and the Advanced Technology Program (ATP)1 have proven effective in helping small innovative firms overcome these hurdles while also enhancing networking among US universities, large firms and small innovative companies. Innovation award programmes, such as SBIR and ATP, could also help Sweden realize higher returns to its substantial investments in research and development (R&D). 7.2 THE NEW INNOVATION IMPERATIVE This imperative to innovate more rapidly comes as new entrants from China and India expand their presence in the global economy. While this expansion provides opportunities for businesses around the world to lower costs, develop new ideas and business processes, and develop new markets, it also poses new challenges to countries, such as Sweden and the US, to maintain their competitiveness and preserve their standards of living by accelerating their innovative...

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