Essays On Public Funding For Private Innovation

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Essays on Public Funding for Private Innovation

Author : Jason Rathje
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (111 download)

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Book Synopsis Essays on Public Funding for Private Innovation by : Jason Rathje

Download or read book Essays on Public Funding for Private Innovation written by Jason Rathje and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite the significant annual expenditure of public (government) research and development (R& D) funding allocated to private, for-profit firms, research is unclear as to if whether or not public funding is positively associated with firm performance. To partially address this gap, in three essays I examine the most common funding tie between public organizations and private firms in the U.S. - public-private R& D relationships. In the first two essays, I conceptualize public-private R& D relationships as institutional hybrids and argue and show that relative to technologies developed without a public-sector partner, the institutional conflict underlying public-private R& D relationships is positively related to the creation of valuable and destabilizing technologies. To provide support for my institutional hybrids' hypotheses, I employ a novel machine learning-matching method to examine all patented technologies in the U.S. between the years 1982-2012. In the final essay, I focus on technology ventures (i.e., start-ups) that form a contractual R& D relationship with a public-consumer (e.g., NASA, DoD) and show that these start-ups produce technologies faster and survive longer than their non-contracted peers. However, due to the stabilizing dependencies inherent in public-consumer relationships, these ventures also experience slower growth. I conclude with management and policy implications.

Entrepreneurial State

Author : Mariana Mazzucato
Publisher : Anthem Press
ISBN 13 : 1783085215
Total Pages : 284 pages
Book Rating : 4.7/5 (83 download)

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Book Synopsis Entrepreneurial State by : Mariana Mazzucato

Download or read book Entrepreneurial State written by Mariana Mazzucato and published by Anthem Press. This book was released on 2015 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: List of Tables and Figures; List of Acronyms; Acknowledgements; Introduction: Thinking Big Again; Chapter 1: From Crisis Ideology to the Division of Innovative Labour; Chapter 2: Technology, Innovation and Growth; Chapter 3: Risk-Taking State: From 'De-risking' to 'Bring It On!'; Chapter 4: The US Entrepreneurial State; Chapter 5: The State behind the iPhone; Chapter 6: Pushing vs. Nudging the Green Industrial Revolution; Chapter 7: Wind and Solar Power: Government Success Stories and Technology in Crisis; Chapter 8: Risks and Rewards: From Rotten Apples to Symbiotic Ecosystems; Chapter 9: So.

Empirical Essays on Finance and Innovation

Author : Rejo Joby Peter
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (136 download)

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Book Synopsis Empirical Essays on Finance and Innovation by : Rejo Joby Peter

Download or read book Empirical Essays on Finance and Innovation written by Rejo Joby Peter and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three empirical studies in finance and innovation. I study various financial factors affecting innovation such as stock market manipulation and public to private transaction. I also investigate the effect of ownership structure on these public to private transactions. The first study finds that the End-of-day price manipulation is associated with short-termism of the firms orientation, long-term harm to a firms equity values, and commensurate with reduced incentives for employees to innovate. Insider trading, by contrast, enables innovators to achieve exacerbated profits from innovation. Using a sample of suspected manipulation events for all stocks from nine countries over the years 2003-2010, I find evidence consistent with these real impacts of market manipulation on innovation. These findings are not attributable to bad firms innovating less and manipulating more, since the average firm subjected to manipulation in the sample is more innovative during the pre-manipulation period. The second study investigates the effect of going private buyout transactions on the investments in innovation using an international sample of buyout transactions from 36 countries over 1997 to 2011. Patent counts and citations are used to proxy for quantity, quality and economic importance of innovation. The data indicate that the effect of buyouts on innovation is quite sizable in terms of quantity and quality, as both patent counts and citations drop following a buyout. I also find that the number of radical patents (i.e. more scientific) drop as well. When we split the sample into institutional and management buyouts the negative association is only confirmed for institutional buyouts. We find that the negative effect of buyouts on innovation is aggravated in post-2006 period, suggesting that the nature of deals has worsened for innovation over time. The data also show that buyouts have a negative effect on innovation efficiency. The third study considers ownership structure of target firms that are subject to going private buyout transactions, which are often highly leveraged and give rise to potential agency conflicts among existing shareholders. In this study, I examine ownership structure prior to going private transactions in 33 countries around the world from 2002 to 2014.The data indicate strong and consistent evidence that pre-going private ownership is characterized by higher institutional and corporate ownership. Family ownership lowers the probability of a public to private transaction. Stronger creditor rights increase the probability of going private particularly for whole company and institutional buyouts.

Essays on Innovation

Author : Bikramaditya Datta
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Essays on Innovation by : Bikramaditya Datta

Download or read book Essays on Innovation written by Bikramaditya Datta and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The possibility of the entrepreneur diverting investor funds to his private uses, creates a moral hazard problem which leads to delayed investment and over-experimentation. An entrepreneur who is overconfident regarding his ability, under-experiments and over invests compared to an entrepreneur who has accurate beliefs regarding his ability. Such overconfidence on behalf of the entrepreneur creates inefficiencies when projects are self financed, but reduces inefficiencies due to moral hazard in case of funding by investors.

Venture Meets Mission

Author : Arun Gupta
Publisher : Stanford University Press
ISBN 13 : 1503637271
Total Pages : 302 pages
Book Rating : 4.5/5 (36 download)

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Book Synopsis Venture Meets Mission by : Arun Gupta

Download or read book Venture Meets Mission written by Arun Gupta and published by Stanford University Press. This book was released on 2024-01-09 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: The world is facing dramatic geopolitical, environmental, and technological shifts. Venture Meets Mission argues that if Business, Government, and Society come together, rebuild trust, and collaborate, we have a generational opportunity to address societal challenges—climate change, cybersecurity, disease outbreaks, food insecurity, and education. The book explains, with hope and passion, how our existing entrepreneurial ecosystem, with the ideals of democracy, can be the foundation for a new mission-driven capitalism. The good news is the components of this problem-solving ecosystem already exist. The authors explain what is required to join people, purpose, and profit together for world-changing impact—starting with rebuilding trust among Business, Government, and Society. The authors draw on their leadership experience with Silicon Valley innovation, venture capital, and work at the highest levels of the federal government. The book tells engaging stories of successful entrepreneurs, with diverse perspectives and intersectional experiences, who combine mission and venture to solve critical societal problems. This book seeks to inspire a generation of students, young professionals, and entrepreneurial executives to pursue mission-driven ventures that can make the world a better place. Venture Meets Mission also explains why and how forward-thinking government officials and policymakers can harness private sector entrepreneurship and innovation to solve society's problems.

Accelerating Green Innovation

Author : Michael Migendt
Publisher : Springer
ISBN 13 : 3658172517
Total Pages : 158 pages
Book Rating : 4.6/5 (581 download)

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Book Synopsis Accelerating Green Innovation by : Michael Migendt

Download or read book Accelerating Green Innovation written by Michael Migendt and published by Springer. This book was released on 2017-02-03 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: Michael Migendt explains the role of alternative investments in supporting the growth of a sustainable economy and recognizes levers that policy makers, managers and entrepreneurs could use for further accelerating green innovation through finance. He focuses on specific examples of alternative investments into green industries, companies, projects, and infrastructure, covering the developments along the innovation chain. Especially the acceleration of green technologies and the in this context occurring interrelations between the three areas of finance, innovation, and policy are key to this work.

Essays in Innovation and Entrepreneurial Finance

Author : Paul P. Momtaz
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (138 download)

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Book Synopsis Essays in Innovation and Entrepreneurial Finance by : Paul P. Momtaz

Download or read book Essays in Innovation and Entrepreneurial Finance written by Paul P. Momtaz and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three chapters.In Chapter 1 of the dissertation, I contribute to the inconclusive literature on labor empow- erment and corporate innovation. The paper exploits a law that creates Labor-Controlled Firms (LCFs) for identification in a regression discontinuity design using administrative data that link employers, inventors, and patents in Germany. The law mandates that firms with more than 500 or 2,000 employees have a minority (33%) or parity (50%) share of labor-elected directors on their boards, respectively. Local average treatment effects on the number of patents and the forward citation-weighted number of patents per LCF are significantly positive at both the minority and parity cutoffs, although forward citations per patent are significantly negative at the parity cutoff. The results suggest that labor control causes innovative productivity to increase at the expense of a relative shift from exploratory toward exploitative search. Auxiliary tests support this conclu- sion. Labor control insures employed inventors against adverse labor market shocks, increasing firm-related specialization through longer employment spells while reducing the intensive margin of innovative labor supply. Moreover, inventors' marginal income per patent is insensitive to the quality of the patent when the employer is labor-controlled, suggesting a lack of financial incen- tives for exploratory search in LCFs. In Chapter 2, we estimates that shares in Private Investments in Public Equity (PIPEs) offered a discount of 3% for each year during which these shares could not be resold. The discount can be substantially larger in offerings in which marketability is a greater concern. Our estimates make use of the duration of the resale restriction and information about the effects of a regulatory change. In 2008, the SEC amended Rule 144 to shorten the default statutory holding period. Our estimates are smaller than previous estimates and robust to various controls and endogeneity concerns. In Chapter 3, we offer evidence from acquisition decisions that suggests that antitakeover pro- visions (ATPs) may increase firm value when internal corporate governance is sufficiently strong. We document that, in Germany, firms with stronger ATPs, and particularly supermajority provi- sions, are better acquirers. Managers of high-ATP firms create value in acquisitions by making governance-improving deals. They are more likely to engage in acquisitions that reduce their own entrenchment level and less likely to invest in declining industries. The empirical evidence is consistent with a short-termist interpretation. Takeover threats can induce myopic investment decisions, which ATPs can mitigate. They also lead managers to engage more often in value- creating long-term and innovative investing, and increase their sensitivity to investment opportu- nities. Our findings contribute to a growing literature challenging conventional wisdom that the agency-increasing effect of ATPs empirically dominates the myopia-eliminating effect, suggesting that a more contextual view of the value implications of ATPs is necessary.

Essays in Innovation and Entrepreneurship

Author : Daria Anosova
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Essays in Innovation and Entrepreneurship by : Daria Anosova

Download or read book Essays in Innovation and Entrepreneurship written by Daria Anosova and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this thesis, I study sources of innovation and the choices established firms, researchers/entrepreneurs, and venture capitalist make when pursuing innovation. There are three main sources of innovation. First, an innovation can be produced by researchers working inside a large firm. Second, it can result from a collaboration among established firms, researchers, and entrepreneurial start-ups. Finally, an innovation can be created by a start-up. In the latter case, the successful start-up can be either acquired by an established firm or continue to be a stand-alone company. In most cases such a start-up needs to raise outside funding, which is often provided by a venture capital fund. Chapter 1 considers the choices firms and researchers/entrepreneurs make when deciding to pursue innovation together. In this chapter I use an incomplete contracting framework to model the choice between three innovation strategies: an acquisition, an employment contract, and an alliance. Each of these options comes with different contracting frictions that lead to distortions in the agents' innovation effort levels. The agents choose the innovation strategy that maximizes their joint surplus by minimizing the effect of these distortions. In particular, the agents are trading off the hold-up costs characterizing acquisitions, wage restrictions in employment contracts, and possible IP rights conflicts in alliances. My theoretical model generates predictions about the organizational structures used to innovate, and can explain (1) why talent acquisitions were popular among tech companies in 2010--14, (2) why large pharmaceutical companies switched from conducting research internally to pursuing acquisitions, alliances, and licensing agreements, and (3) why some companies engage in alliances, while others don't. Chapter 2 considers start-ups and their origins. I find that people who work in VC-backed start-ups are more likely to become founders of VC-backed start-ups than employees of public companies or private companies not financed by venture capital. I also show that founders come from more successful VC-backed companies. Finally, workers leave their current employment to start new companies: after an IPO or after a failure of a VC-backed company to raise another round of funding. Chapter 3 considers one of the important decisions made by venture capitalists and other partnerships. In this chapter I model the choice of the optimal number of partners. As more partners join, the profits of the partnership grow due to synergy. However, each partner's share of the profits shrinks leading to moral hazard. In addition, as the founder needs to find more partners, it becomes harder to find good candidates and the type of the marginal partner decreases. The model suggests that higher benefits from starting a fund, faster decreasing type of a marginal partner and higher type of the founder can potentially explain why VC funds are smaller than professional service firms.

Public/Private Partnerships

Author : Albert N. Link
Publisher : Springer Science & Business Media
ISBN 13 : 038729774X
Total Pages : 157 pages
Book Rating : 4.3/5 (872 download)

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Book Synopsis Public/Private Partnerships by : Albert N. Link

Download or read book Public/Private Partnerships written by Albert N. Link and published by Springer Science & Business Media. This book was released on 2006-01-04 with total page 157 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research and development (R and D) leads to innovation, and innovation leads to technological change. Technological change, in turn, is the primary driver of economic growth. Public/private partnerships -- cooperative relationships among industry, government, and/or universities -- leverage the efficiency of R and D and are thus a critical aspect of a nation’s innovation system. This text is intended for upper-level undergraduate and MBA courses such as Economics and Technology, Economics of Innovation, and Economics of Science and Technology, among others. The first chapter introduces the concept of public/private research partnerships along with other concepts fundamental to an understanding of innovation and technology policy. The framework chapters (2-5) set forth an argument for the public’s role – government’s role – in innovation in general and in public/private partnership in particular. The remaining chapters (6-14) describe a number of public/private partnerships and, to the extent possible, evaluate their social impact.

The Rate and Direction of Inventive Activity Revisited

Author : Josh Lerner
Publisher : University of Chicago Press
ISBN 13 : 0226473066
Total Pages : 715 pages
Book Rating : 4.2/5 (264 download)

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Book Synopsis The Rate and Direction of Inventive Activity Revisited by : Josh Lerner

Download or read book The Rate and Direction of Inventive Activity Revisited written by Josh Lerner and published by University of Chicago Press. This book was released on 2012-03-02 with total page 715 pages. Available in PDF, EPUB and Kindle. Book excerpt: While the importance of innovation to economic development is widely understood, the conditions conducive to it remain the focus of much attention. This volume offers new theoretical and empirical contributions to fundamental questions relating to the economics of innovation and technological change while revisiting the findings of a classic book. Central to the development of new technologies are institutional environments, and among the topics discussed here are the roles played by universities and other nonprofit research institutions and the ways in which the allocation of funds between the public and private sectors affects innovation. Other essays examine the practice of open research and how the diffusion of information technology influences the economics of knowledge accumulation. Analytically sophisticated and broad in scope, this book addresses a key topic at a time when economic growth is all the more topical.

Innovation and the State

Author : Cristie Ford
Publisher : Cambridge University Press
ISBN 13 : 1107037077
Total Pages : 373 pages
Book Rating : 4.1/5 (7 download)

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Book Synopsis Innovation and the State by : Cristie Ford

Download or read book Innovation and the State written by Cristie Ford and published by Cambridge University Press. This book was released on 2017-12-07 with total page 373 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Innovation and the State, Cristie Ford examines the problem of innovation and its relationship to flexible regulation.

Essays on Market Intervention and Regulation

Author : David Rietzke
Publisher :
ISBN 13 :
Total Pages : 118 pages
Book Rating : 4.:/5 (881 download)

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Book Synopsis Essays on Market Intervention and Regulation by : David Rietzke

Download or read book Essays on Market Intervention and Regulation written by David Rietzke and published by . This book was released on 2014 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation is a theoretical exploration of commonly used policy tools meant to improve market performance. The first chapter examines the use of prizes and grants as instruments for encouraging research and development. The second chapter investigates the welfare impact of price caps in oligopoly markets with endogenous entry. The third chapter studies the relationship between deposit insurance and bank risk taking, when a banker is motivated by reciprocity. The first chapter explores the use of grants and prizes as tools for encouraging research activity and innovation. Grants and prizes are commonly used by public and private research funders, and encourage R & D activity in different ways. Grants encourage innovation by subsidizing research inputs, while prizes reward research output. A common rationale for prizes is moral hazard; if a funder cannot observe all relevant research inputs then prizes create a strong incentive for R & D activity. In this chapter, it is shown that grants are a more efficient means of funding when a researcher's ability is unknown to the funder (adverse selection). When both adverse selection and moral hazard problems exist, a grant may emerge as an optimal funding mechanism, provided the moral hazard problem is relatively weak. In settings where the moral hazard problem is sufficiently strong, a grant emerges as part of an optimal funding mechanism, in conjunction with a prize. These results are useful for understanding different funding mechanisms used by both public and private entities. The second chapter, which is based on joint work with Stan Reynolds, examines the impact of price caps in oligopoly markets with endogenous entry. In the case of deterministic demand, reducing a price cap yields increased total output, consumer welfare, and total welfare. This result falls in line with classic results on price caps in monopoly markets, and with results for oligopoly markets with a fixed number of firms. These comparative static results for price caps need not hold when demand is stochastic and the number of firms is fixed, but recent results in the literature show that a welfare improving price cap does exist. We show that a welfare-improving cap need not exist in the case where demand is stochastic and entry is endogenous. In addition, we provide restrictions on the demand function such that a welfare-improving price cap exists under endogenous entry and stochastic demand. The third chapter, which is based on a joint project with Martin Dufwenberg, investigates the relationship between deposit insurance, risk taking, and insolvency. Empirical evidence suggests that the introduction of deposit insurance increases risk taking by banks and results in a greater chance of insolvency. The common rationale for this connection is that deposit insurance decreases the incentive for customers to monitor their banks, and invites excessive risk taking. In this chapter, it is argued that this classic explanation is somewhat puzzling. If customers can monitor their bank's behavior, certainly the insurance provider (FDIC) has this same ability. If this is the case, appropriate mechanisms could limit the moral hazard problem. We put forth an alternative explanation, and demonstrate that deposit insurance invites excessive risk taking when a banker is motivated by reciprocity.

Essays on Innovation, R&D Policy and Industrial Clusters

Author : David Horan
Publisher :
ISBN 13 :
Total Pages : 79 pages
Book Rating : 4.:/5 (811 download)

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Book Synopsis Essays on Innovation, R&D Policy and Industrial Clusters by : David Horan

Download or read book Essays on Innovation, R&D Policy and Industrial Clusters written by David Horan and published by . This book was released on 2012 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first chapter studies how government should allocate R&D subsidies when firms interact through their R&D decisions. In practice, public agencies often distribute funding on a case-by-case (CbC) basis ignoring indirect effects that may arise due to firm interaction. The paper finds that when complementary knowledge spillovers occur among firms receiving support to research on independent products, knowledge spillovers induce complementary R&D interactions and CbC funding is socially excessive. By contrast, when no knowledge spillovers occur among firms receiving support to research on substitute products, product market rivalry induces substitutive R&D interactions and CbC funding is socially insufficient. An adjusted CbC rule is then proposed which corrects the inefficiency in CbC funding arising from a general pattern of bilateral influences. The second chapter presents a model of the agglomeration of an oligopolistic industry to study the effect of cluster size on firm performance and firms' incentives to cluster. The model captures a distinctive feature of agglomeration among firms which produce close substitutes: the interaction of agglomeration externalities and negative pecuniary externalities. The paper finds that i) the performance of cluster firms exhibits a rise-and-fall pattern with respect to cluster size; ii) neither complete agglomeration nor complete dispersion of firms is socially desirable; and iii) firms'unilateral incentives drive them to agglomerate completely. This suggests that the private incentives to agglomerate of competing firms may be socially excessive. The paper also compares the performance of cluster and isolated firms, which is relavent for situations where geography or government constrains firms'location decisions. The third chapter develops a model to study how government should subsidize investment, e.g. R&D, when firms are located in clusters and agglomeration externalities are present, e.g. local knowledge spillovers. The analysis focuses on industry spatial patterns characterized by a single core and peripheral cluster. The paper finds that asymmetries between core and peripheral cluster sizes create differential subsidy effects: i) the additionality effect of a subsidy on cluster firm investment is relatively stronger for a peripheral firm subsidy (expansion effect); and ii) the crowding-out effect of a subsidy on non-cluster firm investment is relatively stronger for a core firm subsidy (sitting-duck effect). We find the sitting-duck effect dominates the expansion effect. The main policy implication is that if government is justified in funding both core and peripheral firms then alongside core firm subsidies, government must provide adequate funding to peripheral firms to counteract the sitting-duck effect. The paper also finds that case-by-case subsidization is biased towards favouring firms in the core cluster.

Knowledge, Innovation and Internationalisation

Author : Piergiuseppe Morone
Publisher : Routledge
ISBN 13 : 1135927200
Total Pages : 319 pages
Book Rating : 4.1/5 (359 download)

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Book Synopsis Knowledge, Innovation and Internationalisation by : Piergiuseppe Morone

Download or read book Knowledge, Innovation and Internationalisation written by Piergiuseppe Morone and published by Routledge. This book was released on 2013-04-17 with total page 319 pages. Available in PDF, EPUB and Kindle. Book excerpt: As firms increasingly rely on knowledge as a key factor for innovation, the ability to innovate is increasingly perceived as a key asset for being competitive in international markets. This new volume argues that innovation, knowledge and internationalisation should be viewed as tightly related concepts. It provides a stimulating and comprehensive framework for understanding key tendencies in modern economics, as well as an overview of the state of the art in the three fields covered. The first section explores in detail the relationship between knowledge and the innovative capability of firms, focussing on key topics such as social capital, intentional knowledge diffusion and unintentional knowledge spillovers. Section two examines the drivers and the impact of innovation strategies, assessing the role of technological advantage, networking and R & D investments in innovation, as well as the impact on innovation on the labour market. The third and final section examines the ongoing internationalisation process faced by ‘global’ economies. The topics explored in each section are tightly linked, ensuring that a strong thematic thread runs through the collection.

Technological innovation and federal funding of private sector r and d

Author : John E. Gibson
Publisher :
ISBN 13 :
Total Pages : 158 pages
Book Rating : 4.X/5 (4 download)

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Book Synopsis Technological innovation and federal funding of private sector r and d by : John E. Gibson

Download or read book Technological innovation and federal funding of private sector r and d written by John E. Gibson and published by . This book was released on 1978 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Economics of Open Innovation

Author : Mathias Kube
Publisher :
ISBN 13 : 9783830081647
Total Pages : 196 pages
Book Rating : 4.0/5 (816 download)

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Book Synopsis The Economics of Open Innovation by : Mathias Kube

Download or read book The Economics of Open Innovation written by Mathias Kube and published by . This book was released on 2014 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Innovation for Value and Mission

Author : Peet van Biljon
Publisher : Walter de Gruyter GmbH & Co KG
ISBN 13 : 3110711060
Total Pages : 368 pages
Book Rating : 4.1/5 (17 download)

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Book Synopsis Innovation for Value and Mission by : Peet van Biljon

Download or read book Innovation for Value and Mission written by Peet van Biljon and published by Walter de Gruyter GmbH & Co KG. This book was released on 2022-09-20 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: Innovation. No other concept is so widely celebrated, yet so secretly dreaded. The reason: innovation requires managing through uncertainty. This is hard for any organization whether private or public, small or large. This book provides a roadmap for those who want to understand and manage innovation in all its aspects. It explains both the "how" and the "why" of innovation – its economic and policy context as well as the techniques by which it can be orchestrated, along with the management systems needed to govern it. Innovation is uniquely presented through both a private-sector (value-creating) and public-sector (mission-fulfilling) lens. Topics covered in context include modern innovation and creativity techniques such as design thinking and the Lean Startup, the organizational challenges of innovation, as well as innovation project- and portfolio management techniques. Business-model innovation and open innovation complete the picture from the manager’s perspective. The private and public financing of R&D, startups, and corporate innovation are presented – contrasting the private and public worlds while explaining how they complement each other. Government innovation policy is discussed in its historical and contemporary context, and the innovation policy toolset is introduced. Continual innovation is vital for companies and countries to prosper. Readers will learn why innovation must follow technological breakthroughs to raise productivity and economic growth, and how innovation – when done right – can benefit larger society. An explanation for unequal growth – that some companies, regions, and countries are not seeing the full productivity gains promised by modern technology – is explored in the context of technology diffusion. No previous experience in innovation management, economics or public policy is assumed, and the book moves fast to equip the reader with practical tools and techniques. Innovation for Value and Mission is suitable for an introductory graduate level course, or as a desk reference for experienced practitioners and policymakers. Because it connects multiple topic areas and contains ample additional references, the book is also a great resource for those with expertise in one particular area of innovation who desire to branch out into other areas.