International Handbook on Industrial Policy
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International Handbook on Industrial Policy

  • Elgar original reference

Edited by Patrizio Bianchi and Sandrine Labory

This timely and much-needed Handbook reconsiders an old topic from a fresh perspective, raising a number of new, interesting and worthwhile issues in the wake of ten years of globalization. This comprehensive analysis illustrates that old-style industrial policies whereby the government directly intervened in markets, and was often the producer itself, are no longer relevant. Structural changes occurring in economies – summarized in the term ‘globalization’ – are triggering the definition and implementation of new industrial policies. The contributors, leading experts in their field, unite to evaluate this shift of over a decade ago.
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Chapter 13: Science-based Industries and Spin-offs

Marco Giarratana and Salvatore Torrisi

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13 Science-based industries and spin-offs Marco Giarratana and Salvatore Torrisi 1 Introduction Science-based and high-technology industries are a major source of economic growth and competitiveness. An important mechanism through which these industries generate benefits for the economy as a whole is new firm formation. The empirical evidence shows that high-tech industries have larger start-up rates compared with other industries (Shane, 2001). In particular, entry of new firms is more likely to occur in ‘entrepreneurial technological regimes’ characterized by high technological opportunities and low entry barriers. However, in industries characterized by high technological change and uncertainty only a few new firms survive and therefore the likelihood of growth and survival is limited. It is important then to understand what are the growth potentialities of different types of new science and technology-based firms (NSTF). The relevance of these issues for industrial policies is demonstrated by the marked differences between Europe and the USA in terms of science-based entrepreneurship and post-entry growth of new start-ups, including those in high-tech industries (Bartlesman et al., 2003). Scholars and policy makers agree that the European ‘innovation deficit’ is in part due to the limited new firm formation in science-based industries. Several recent empirical works focus especially on the links between university and industry. Compared with the US academic system, European universities have limited technology transfer activities and spawn a much smaller number of spin-offs (Debackere et al., 1999; Henrekson and Rosenberg, 2001; Di Gregorio and Shane, 2003). To track this...

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