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首页> 外文期刊>Economics of innovation and new technology >FROM DIRECT SUPPORT OF BUSINESS SECTOR R&D/INNOVATION TO TARGETING VENTURE CAPITAL/PRIVATE EQUITY: A CATCHING-UP INNOVATION AND TECHNOLOGY POLICY LIFE CYCLE PERSPECTIVE
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FROM DIRECT SUPPORT OF BUSINESS SECTOR R&D/INNOVATION TO TARGETING VENTURE CAPITAL/PRIVATE EQUITY: A CATCHING-UP INNOVATION AND TECHNOLOGY POLICY LIFE CYCLE PERSPECTIVE

机译:从直接支持商业部门的研发/创新到确定风险资本/私人股权:追赶创新和技术政策生命周期

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The paper presents a generic, three-phase innovation and technology policy (ITP) model which, in a number of contexts, could lead to the successful rise of venture capital (VC) or related equity-based support and finance systems for innovative SMEs both in high- and non-high-tech sectors. There has been increasing recognition that such systems could facilitate country attempts at latching into the ICT revolution, catching-up and deepening of R&D/Innovation; and for facilitating the transition to a knowledge/learning economy. Whereas the model is inspired by the successful Israeli experience during the 1969-2000 period, the other examples referred to in the paper suggest that it is adaptable to other contexts as well. A critical analytical point is whether, in the wake of direct government support of business sector (BS) R&D/Innovation (Phase 1), conditions will emerge for the successful emergence of VC or related industries in Phase 3 (and, whenever necessary, for the successful policy targeting of such industries). These are termed Phase 2 conditions; and the paper refers to three Phase 2 profiles: the Israeli profile; the Chilean profile; and a third 'strategic' profile, which seems to have been adopted by Korea. The analysis strongly suggests that a multiphase ITP model could be an important analytical tool both for policy analysis and for policy making. Over and beyond its emphasis on the dynamic links between direct Government support of BS R&D/innovation and subsequent policies directed to VC, the paper also shows that policy could be subject to increasing rather than to decreasing returns.
机译:本文提出了一个通用的,分为三个阶段的创新和技术政策(ITP)模型,在许多情况下,该模型可能会导致风险投资(VC)或有关基于股权的创新型中小企业支持和财务系统的成功兴起。在高科技和非高科技领域。越来越多的人认识到,这样的系统可以促进国家努力进行信通技术革命,追赶和加深研发/创新;并促进向知识/学习型经济的过渡。尽管该模型的灵感来自以色列在1969-2000年期间的成功经验,但本文提及的其他示例表明,该模型也适用于其他情况。一个关键的分析点是,在政府对企业部门的研发/创新(第一阶段)的直接支持之后,是否将为第三阶段的风险投资或相关行业的成功兴起创造条件(必要时,为此类行业的成功政策目标)。这些称为第二阶段条件;该文件提到了第二阶段的三个概况:以色列概况;智利简介;第三个“战略”形象似乎已被韩国采用。该分析强烈表明,多阶段ITP模型对于政策分析和政策制定都可能是重要的分析工具。除了强调政府对BS研发/创新的直接支持与针对风险投资的后续政策之间的动态联系之外,该论文还表明,该政策可能会增加而不是减少回报。

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