The Limits of Capital: Transcending the Public Financer – Private Producer Split in R&D (STE-WP-40)
Despite a strong tendency in the privatization literature to prefer private sector solutions to public sector ones, in the case of R&D a near consensus has emerged that supports public R&D funding for private production as a solution to a host of market failures. This article explores theoretical justifications for a more expansive role for […]
Innovation Policy for Development: an Overview STE-WP-34
This paper provides a framework for thinking about innovation policies for development. In such context innovation should be construed as a very broad notion that includes product and in process innovations of various sorts, generated by rank and file workers as much as by R&D labs. The economic rationale for government support of R&D needs […]
Microeconomic Insights from Israel’s Venture Capital Emergence: Towards a Theory of Evolutionary Targeting of Infant Industries STE-33-2006
The development of Venture Capital in Israel during 1993-2000 is an example of policy-led industry emergence. The Israeli targeted policy adapted to trigger Venture Capital emergence is an example of successful infant industry policy. This policy stands on its own as a separate class, due to its non-conventional configuration and high impact. This paper both […]
The Dye Famine and its Aftermath: Knowledge Diffusion and Entry STE-WP-32
What Affects Technion Faculty Members’ Decision to Found a Start-Up Firm? Effects of the Business Opportunity and the Entrepreneur’s (faculty)
While research has recognized the importance of the entrepreneurial opportunity evaluation (EOE) stage in affecting overall entrepreneurship activity, only venture capitalists (VCs) perspectives were explored. No research has attempted to understand the crucial and complementary role of entrepreneurs points of view. In an effort to fill this gap, the current study focuses on the entrepreneur […]
From Ivory Tower to Industrial Promotion:The Case of Yale University and the Biotechnology Cluster in New Haven, Connecticut, STE-WP-28
In 2001 Ernst & Young ranked the state of Connecticut seventh in the nation with respect to the number of biotech firms operating within its borders relative to its population (Ernst & Young, 2001). In 1993 there were only six such companies in the state. What led to this increase? This case study describes the […]
Start-up funding inefficiencies due to VC’s Limited horizon, STE-WP-29
We study the conflict of interests between limited partners (LPs) and a general partner (GP) in a VC fund with a limited life-span. LPs commit money for investment in risky projects, while the GP selects projects and provides unobservable monitoring effort for each project. We assume that midway into the project, the GP privately observes […]
Evolutionary Innovation and High Tech Policy: What can we Learn from Israel’s Targeting of Venture Capital STE-WP-25
The paper analyzes Israel’s Innovation and High Tech Policy from a Systems-Evolutionary (S/E) and Life Cycle Perspectives with a focusing on the targeting of the Venture Capital Industry during the 1990s. Other related research strongly suggested that the emergence of Venture Capital (VC) during that decade was a central vector in the re-configuration of Israel’s […]
Public vs. Private Technological Incubator Programs: Privatizing the Technological Incubators in Israel STE-WP-26
The Public Technological Incubator Program (PTIP) was initiated in the early nineties by the Office of the Chief Scientist (OCS) in the Ministry of Industry and Trade in Israel in the wake of a large influx of immigrants from the former USSR, many of whom were scientists and engineers. Since the year 2000, private technological […]
Monopolies in Competition:The Balance between Innovativeness and Competition in the Israeli Competition Law STE-WP-27
Law plays an important role in the formation of incentives for the creation as well as the diffusion of intellectual property. Intellectual property laws and competition law are of special importance. Intellectual property laws determine when an inventor is entitled to receive an exclusive right to use his invention. The grant of such a right […]
