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David B. Audretsch, Erik E. Lehmann and Albert N. Link
Within the span of a generation, innovation and entrepreneurship have emerged as two of the most vital forces in the economy and, even more broadly, in society (Link, 2017). It was not always that way. During the second industrial paradigm, or the era of mass production, particularly following World War II, innovation was barely on the radar screen of economics, management, and other social sciences. Rather, what mattered for economic performance was articulated concisely by the management scholar, Alfred Chandler (1990), in the title of his seminal analysis of firm competitiveness and productivity – Scale and Scope. Economic success lies in largescale production, which enabled companies to attain the highest levels of efficiency and productivity while reducing average cost to a minimum. The primacy of physical capital as the driving force underlying economic performance was mirrored at the macroeconomic level through the Solow (1956) model. Economic policy reflected the capital-driven economy with its focus on instruments to stimulate investment in physical capital. Innovation played at best a marginal role, which was considerably more than could be said for entrepreneurship. In an economy where scale and scope dictated competitiveness and efficiency, new and small firms were typically viewed as a burden on the economy, and they were characterized as constituting “sub optimal capacity,” meaning that they lacked sufficient scale to be efficient.
Albert N. Link
This paper presents descriptive findings from 12 case studies of Small Business Innovation Research (SBIR) award recipients in southeastern states. The focus of the case studies was to determine, to the extent possible, if the Fast Track Initiative encourages more rapid commercialization of research results through the acquisition of private investment capital, and if Fast Track projects progress more rapidly than standard SBIR awards.
John T. Scott
This paper provides case studies for 14 research and development projects funded in 13 New England companies by the Department of Defense Small Business Innovation Research (SBIR) program. The performance of the six Fast Track projects, each conducted by a different company, is compared with the performance of eight non-Fast Track projects.
John T. Scott
The purpose of this article is to propose a mechanism – the hurdle-lowering auction – for leveraging the public funds invested in public/private partnerships to promote technology. The article addresses financial engineering – the optimal amount and design of public funding of privately performed investments in technology and innovation carried out by public/private partnerships. Public/private partnerships are joint research ventures combining public and private resources to invest in the research and development of technology and innovations. Thus, financial engineering concerns the design of mechanisms for public funding of public/private partnerships that generate the maximum leverage of the public funds on the private investment and performance. By maximum leverage of public funding, is meant maximum effectiveness of the funds in ensuring the use of the least amount of public funds to get the desired results and ensuring the necessary incentives to get those results given the appropriate amount of public funding.
Albert N. Link and John T. Scott
Albert N. Link and John T. Scott
This chapter summarizes the theory and practice of public- sector R & D economic analysis with specific reference to the National Institute of Standards and Technology’s (NIST’s) efforts to document the impact that their in- house R & D has had on society. Motivating this research is the general expectation and challenge for public institutions to be accountable for their use of public resources. Economic impact analysis is one way that public institutions can quantify the social contribution of their activity. Impact analysis can also provide important lessons to management about the effectiveness of previous resource allocation decisions, and it can provide guidelines for future strategic planning
Serena Rovai and Nicola Bellini
This chapter focuses on the profile of the new generation of Chinese creative entrepreneurs in the fashion and luxury industry and investigates, in an exploratory way, the mix of endogenous factors that support their growth in the specific context of the city of Beijing. Based on a review of the elements characterising the present stage of development of this industry and on the results of interviews of two emerging brands within a concept store hosting them, the authors argue that in the struggle to affirm the positive value of Chinese creativity, this new breed of entrepreneurs is developing a syncretic mix of Chinese, Asian and Western elements rather than proposing a nationalistic rediscovery of Chineseness. A Beijing effect is also visible, giving evidence of the relationship between art and fashion. Finally, their growth and success appears in tune with the government’s domestic and international policy.
Michael Keane, Ying Chen and Wen Wen
China’s cultural and creative industries were, and to some extent remain, predicated on material culture, illustrated by the rollout of hundreds of cultural parks and creative clusters. The emphasis within the 13th Five-year Plan is for a digitally connected China. Associated with this is the concept of collaborative innovation. In this chapter the authors question if collaborative innovation will deliver the scale of benefits that the industrial economy has achieved. Certainly, the emphasis on collaboration, efficiency and knowledge is a different blueprint than the industrial clusters of the previous decade, most of which ended up as real estate projects. The chapter looks at so-called incubators, makerspaces and innovation hubs in Hangzhou and Shenzhen. Noting the presence there of commercial digital companies such as Alibaba and Tencent, the authors look at the potential of these spaces to generate digital disruption, and ultimately innovation.