Valleys of Death and Darwinian Seas: Financing the Invention to Innovation Transition in the United States
AbstractThe basic science and technology research enterprise of the United States--sources of funding, performing institutions, researcher incentives and motivations--is reasonably well understood by academics and policy makers alike. Similarly corporate motivations, governance, finance, strategy, and competitive advantage have been much studied and are relatively well understood. But the process by which a technical idea of possible commercial value is converted into one or more commercially successful products--the transition from invention to innovation--is highly complex, poorly documented, and little studied. In this paper we discuss the process by which basic research is converted into successful commercial innovations. Following Arrow (1962) and Zeckhauser (1996), we explore the hypothesis that asymmetries of information and motivation, as well as institutional "gaps," may systematically deter private investment into early stage technology development. We describe the role of governments--federal and state (or provincial)--in promoting the commercial transition from an invention to an innovation. We conclude by suggesting some lessons that may be learned from the experience of the Advanced Technology Program (ATP) of the United States Department of Commerce, among the few Federal programs specifically intended to meet this need. Copyright 2003 by Kluwer Academic Publishers
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Springer in its journal Journal of Technology Transfer.
Volume (Year): 28 (2003)
Issue (Month): 3-4 (August)
Contact details of provider:
Web page: http://www.springerlink.com/link.asp?id=104998
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Einar Rasmussen & Paul Benneworth & Magnus Gulbrandsen, 2013. "Scoping paper: Developing University Innovation Capacity: How can innovation policy effectively harness universities’ capability to promote high-growth technology businesses?," Working Papers on Innovation Studies 20131007, Centre for Technology, Innovation and Culture, University of Oslo.
- Itzhak Goldberg & John Gabriel Goddard & Smita Kuriakose & Jean-Louis Racine, 2011. "Igniting Innovation : Rethinking the Role of Government in Emerging Europe and Central Asia," World Bank Publications, The World Bank, number 2358, March.
- Melaina, Marc W., 2007. "Turn of the century refueling: A review of innovations in early gasoline refueling methods and analogies for hydrogen," Energy Policy, Elsevier, vol. 35(10), pages 4919-4934, October.
- G. Page West III & Charles E. Bamford & Jesse W. Marsden, 2008. "Contrasting Entrepreneurial Economic Developments in Less-Developed Latin American Markets: Applications and Extensions of Resource-Based Theory," Discussion Paper Series 2008-03, McColl School of Business, Queens University of Charlotte.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Guenther Eichhorn) or (Christopher F. Baum).
If references are entirely missing, you can add them using this form.