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Introduction to Innovation and Economic Organization

Introduction to Innovation and Economic Organization. Rögnvaldur J. Sæmundsson ABMS January 16 2007. Overview. Who am I? Defining the problem/topic The innovation process Economic organization Basic structure of the current model. Rögnvaldur J. Sæmundsson.

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Introduction to Innovation and Economic Organization

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  1. Introduction to Innovation and Economic Organization Rögnvaldur J. Sæmundsson ABMS January 16 2007

  2. Overview • Who am I? • Defining the problem/topic • The innovation process • Economic organization • Basic structure of the current model

  3. Rögnvaldur J. Sæmundsson • Electrical Engineering from UI. • Sleep Research Unit at Landspitalinn. • MS in Engineering from UI. • Director of Software Dev at Flaga. • PhD in Technology Man. from CTH. • Associate prof. RU School of Business. • Research on New Technology-Based Firms (NTBFs) and the growth of knowledge. • Teaching entrepreneurship, strategy&innovation, and ABMS.

  4. Defining the problem/topic

  5. Technological innovation

  6. Network of specialized activity

  7. Changes in specialization Source: Soubbotina (2004)

  8. Changes in taste/preferences

  9. Summary of the problem/topic ∆Knowledge ∆Resources Innovation ∆Organization ∆Wants

  10. The innovation process

  11. Definition of innovation • New products or services • New ways of developing, producing, distributing, marketing or selling products or services

  12. Science Technology Products The linear model Research Development Production Marketing

  13. The chain-linked model Source: Kline and Rosenberg 1986

  14. Characteristics of innovation processes • Interaction of markets and technology • Complex costs and benefits • Different degrees of novelty • Uncertain outcomes

  15. Diffusion Market penetration Productivity of R&D $ Time

  16. Innovation in an industry Source: Utterback 1994

  17. Economic organization

  18. Basic objective of organization Coordinate economic activity - Production and distribution - Exchange Enable specialization

  19. Basic governance structures • Markets • Hierarchy (firms) • Hybrids (long-term contracting)

  20. Distinguishing attributes Adapted from Williamson (1991)

  21. Suitability of governance structure Market Hybrid Hierarchy Governance Costs 0 Asset Specificity Adapted from Williamson (1991)

  22. Basic structure of the model

  23. Product market Factor market Firm Firm Individuals Individuals Individuals Individuals Individuals Individuals Basic modules Industry External knowledge generation

  24. Point to remember “This is the course in advanced physics. That means the instructor finds the subject confusing. If he didn’t, the course would be called elementary physics.” Luis Alvarez, Nobel laureate, 1964

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