What Drives Innovation?

Tom  Nicholas

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Article | Antitrust Law Journal | September 2011

What Drives Innovation?

by Tom Nicholas

Abstract

The idea that innovation drives economic growth is incontrovertible, but the factors that, in turn, drive innovation are not fully understood. This paper surveys the recent literature, focusing on three main drivers: intellectual property rights institutions, the supply-side of technical change, and the financing of innovation. Research in these areas reveals that laws and economic environments can create powerful incentives and disincentives for innovation. The mechanisms through which these effects influence competition and technological development can inform policy towards antitrust enforcement.

Keywords: Innovation and Invention; Economic Growth;

Format: Print

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Citation:

Nicholas, Tom. "What Drives Innovation?" Antitrust Law Journal 77, no. 3 (September 2011).

About the Author

Tom Nicholas

William J. Abernathy Professor of Business Administration

Entrepreneurial Management

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Article | Annual Review of Economics | 2019

History, Micro Data, and Endogenous Growth

Ufuk Akcigit and Tom Nicholas

The study of economic growth is concerned with long-run changes, and therefore, historical data should be especially influential in informing the development of new theories. In this review, we draw on the recent literature to highlight areas in which study of history has played a particularly prominent role in improving our understanding of growth dynamics. Research at the intersection of historical data, theory, and empirics has the potential to reframe how we think about economic growth in much the same way that historical perspectives helped to shape the first generation of endogenous growth theories.

Keywords: economic development; Growth; history; innovation; Economic Growth; History; Data and Data Sets; Innovation and Invention;

Citation:
Akcigit, Ufuk, and Tom Nicholas. "History, Micro Data, and Endogenous Growth." Annual Review of Economics 11 (2019): 615–633. View Details

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Book | 2019

VC: An American History

Tom Nicholas

An exploration of venture financing in America, from its origins in the whaling industry to the rise of Silicon Valley, that shows how venture capital (VC) created an epicenter for the development of high-tech innovation. The VC industry arose from the United States’ long-running orientation toward entrepreneurship and a faith in low-probability but substantial financial payoffs. Whether the investment opportunity is a whaling voyage setting sail from New Bedford or the newest startup in Silicon Valley, VC is not just a model of finance that has proven difficult to replicate in other countries, it is a state of mind exemplified by an appetite for risk-taking, a bold spirit of adventure, and an unbridled quest for improbable wealth through investment in innovation.

Keywords: innovation; Venture Capital; Innovation and Invention; Entrepreneurship; History; United States;

Citation:
Nicholas, Tom. VC: An American History. Cambridge, MA: Harvard University Press, 2019. View Details

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Case | HBS Case Collection | June 2009 (Revised April 2019)

Crosley

Tom Nicholas and David Chen

In October 1941, a top secret envoy from the U.S. military was sent to Crosley Corporation in Cincinnati, Ohio to request their assistance to construct a weapon that would drastically strengthen the defenses of U.S. troops: the proximity fuze. Such a fuze would allow enemy aircraft to be shot down with a rate of accuracy well above that of previous weaponry. The task would be a challenging one, as conventional wisdom held that it took at least four years for a weapon to go from concept to production, whereas the proximity fuze was needed on a shorter time frame. Moreover, the production process would be complex, requiring hundreds of components produced by dozens of manufacturers, all of which Crosley would have to assemble to produce the finished product. Would Crosley accept the assignment?

Keywords: Technology; History; Production; National Security; Organizational Structure; Corporate Strategy; Research and Development; Product Development; Business and Government Relations; Creativity; Innovation and Invention; Ohio;

Citation:
Nicholas, Tom, and David Chen. "Crosley." Harvard Business School Case 809-160, June 2009. (Revised April 2019.) View Details

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What Drives Innovation?

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