Introduction to innovation and economic organization
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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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Introduction to innovation and economic organization

Introduction to Innovation and Economic Organization

Rögnvaldur J. Sæmundsson

ABMS

January 16

2007


Overview

Overview

  • Who am I?

  • Defining the problem/topic

  • The innovation process

  • Economic organization

  • Basic structure of the current model


R gnvaldur j s mundsson

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.


Introduction to innovation and economic organization

Defining the problem/topic


Technological innovation

Technological innovation


Network of specialized activity

Network of specialized activity


Changes in specialization

Changes in specialization

Source: Soubbotina (2004)


Changes in taste preferences

Changes in taste/preferences


Summary of the problem topic

Summary of the problem/topic

∆Knowledge

∆Resources

Innovation

∆Organization

∆Wants


Introduction to innovation and economic organization

The innovation process


Definition of innovation

Definition of innovation

  • New products or services

  • New ways of developing, producing, distributing, marketing or selling products or services


The linear model

Science

Technology

Products

The linear model

Research

Development

Production

Marketing


The chain linked model

The chain-linked model

Source: Kline and Rosenberg 1986


Characteristics of innovation processes

Characteristics of innovation processes

  • Interaction of markets and technology

  • Complex costs and benefits

  • Different degrees of novelty

  • Uncertain outcomes


Diffusion

Diffusion

Market penetration

Productivity of R&D $

Time


Innovation in an industry

Innovation in an industry

Source: Utterback 1994


Introduction to innovation and economic organization

Economic organization


Basic objective of organization

Basic objective of organization

Coordinate economic activity

- Production and distribution

- Exchange

Enable specialization


Basic governance structures

Basic governance structures

  • Markets

  • Hierarchy (firms)

  • Hybrids (long-term contracting)


Distinguishing attributes

Distinguishing attributes

Adapted from Williamson (1991)


Suitability of governance structure

Suitability of governance structure

Market

Hybrid

Hierarchy

Governance Costs

0

Asset Specificity

Adapted from Williamson (1991)


Introduction to innovation and economic organization

Basic structure of the model


Basic modules

Product

market

Factor

market

Firm

Firm

Individuals

Individuals

Individuals

Individuals

Individuals

Individuals

Basic modules

Industry

External

knowledge

generation


Point to remember

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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