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Investment Policy and Innovation Management: An Exploratory Analysis

In: Innovative Behaviour in Space and Time

Author

Listed:
  • Kingsley E. Haynes
  • Fred Y. Phillips
  • Nitin S. Pandit
  • Carlos R. Arieira

Abstract

An innovation cannot be recognized, adopted or spatially diffused until it is made ‘public’. The most common way an innovation is made ‘public’ is by bringing it to the market. This process of innovation is increasingly made possible within a context of continuous research and development (R&D). A new idea or invention is designed, tested, costed out and prototyped, benchmarked, examined for scaled up production and evaluated in terms of market acceptability before it is finally offered to the public. Such a procedure requires financial investment at an early stage of the product development cycle. This investment is made in an atmosphere of significant uncertainty and it is the purpose of each stage of the development process to systematically reduce this uncertainty as much as possible.

Suggested Citation

  • Kingsley E. Haynes & Fred Y. Phillips & Nitin S. Pandit & Carlos R. Arieira, 1997. "Investment Policy and Innovation Management: An Exploratory Analysis," Advances in Spatial Science, in: Cristoforo S. Bertuglia & Silvana Lombardo & Peter Nijkamp (ed.), Innovative Behaviour in Space and Time, chapter 13, pages 253-275, Springer.
    • Handle: RePEc:spr:adspcp:978-3-642-60720-2_13
    DOI: 10.1007/978-3-642-60720-2_13
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