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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

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.





Changes in specialization
Changes in specialization

Source: Soubbotina (2004)



Summary of the problem topic
Summary of the problem/topic

∆Knowledge

∆Resources

Innovation

∆Organization

∆Wants



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



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)



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