By Steven Casper
* Examines the dynamics inside new expertise industries resembling software program and biotech, and the assets of aggressive good fortune inside of them
* provides new considering how governments can steer business improvement in new economic system industries
* beneficial properties stories of ways entrepreneurial technoology businesses are prepared, together with corporations in Silicon Valley
* Comparative reports from the U.S., united kingdom, and Germany
Through the Nineteen Nineties and early 2000s the power of the us economic system has been associated with its skill to foster huge numbers of small leading edge know-how businesses, some of that have grown to dominate new industries, reminiscent of Microsoft, Genentech, or Google. US expertise clusters corresponding to Silicon Valley became super engines of innovation and wealth production, and the envy of governments worldwide. growing Silicon Valley in Europe examines trajectories during which new expertise industries emerge and develop into sustainable throughout sorts of economies. Governments around the globe have poured substantial sums of cash into regulations designed to foster clusters of comparable start-up enterprises of their economies. This booklet employs cautious empirical reviews of the biotechnology and software program industries within the usa and a number of other ecu economies, to check the relative luck of guidelines aimed toward cultivating the "Silicon Valley version" of organizing and financing businesses in Europe.
Influential study linked to the "varieties of capitalism" literature has argued that nations with liberal marketplace orientations, reminiscent of the USA and the uk, can extra simply layout rules to domesticate good fortune in new know-how industries in comparison to international locations linked to equipped economies, equivalent to Germany and Sweden. The book's empirical findings aid the view that nationwide institutional elements strongly situation the good fortune of recent expertise rules. despite the fact that, the examine additionally identifies very important situations during which significantly leading edge new expertise businesses have thrived inside prepared economies. via studying case of either luck and failure growing Silicon Valley in Europe is helping establish constellations of marketplace and governmental actions which could result in the emergence of sustainable clusters of latest know-how enterprises throughout either geared up and liberal industry economies.
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Extra info for Creating Silicon Valley in Europe: public policy towards new technology industries
Public Policy The varieties of capitalism approach generates strongly divergent predictions surrounding the predicted success of new technology industries across CMEs and LMEs. Given a willing government, how might public policy impact these outcomes? Varieties of capitalism research has been relatively silent on the issue of public policy, in particular toward innovation. Given the strong interest of governments across the world in importing elements of the Silicon Valley model, it is important to conceptualize how public policies might interact with institutional conﬁgurations across different types of economies to impact the governance of new technology ﬁrms.
This is beneﬁcial to the extent that it allows companies to obtain intellectual property surrounding key inventions. Codiﬁed intellectual property can often be leveraged as a development milestone used to obtain ﬁnancing or transferred to other ﬁrms through partnerships. Within some organizations, however, there is a risk that key employees responsible for inventions may decide not to codify such knowledge and transfer it to the owners of ﬁrms. Such knowledge may be used as leverage to demand more salary or, more commonly, as the founding idea for a new ﬁrm.
This limits the ﬂexibility of start-ups, implying that new technology start-ups within CMEs will have less ﬂexibility in reacting to technological volatility than competitors located within LMEs. Alternatively, new technology ﬁrms within CMEs might need to react to changes in technology differently, by, for example, attempting to retrain skilled employees rather than engaging in hire-and-ﬁre. Or, given limited labor markets for mid-career professionals, start-ups within CMEs might attempt to recruit primarily junior level technical personnel and managers, who presumably face lower career risks of failure than more senior hires.