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Contracting for Innovation

In: Innovation and Growth What Do We Know?

Author

Listed:
  • Nick Argyres

    (Olin Business School, Washington University in St. Louis, USA)

Abstract

In order to compete successfully, companies are finding that it is increasingly important to capitalize on innovations generated outside the organization. Creating and capturing value from outside innovations is often difficult, however, because it involves the challenge of managing potentially hazardous contractual relationships with outside organizations, whether they be universities, firms, research institutes, etc. In this chapter, I discuss three approaches to managing these relationships: contract design, relational governance and tournaments. I discuss the relative importance of these three approaches, interactions between them, and situations in which they might substitute for, or complement, one another.

Suggested Citation

  • Nick Argyres, 2013. "Contracting for Innovation," World Scientific Book Chapters, in: Anjan Thakor (ed.), Innovation and Growth What Do We Know?, chapter 7, pages 159-173, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814343558_0007
    as

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