Assessing the Value of Regional Innovation Networks
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Assessing the Value of Regional Innovation Networks Mary G. Schoonmaker & Elias G. Carayannis
Received: 20 May 2009 / Accepted: 20 December 2009 / Published online: 13 February 2010 # Springer Science+Business Media, LCC 2010
Abstract This paper investigates how regional innovation networks can assist the development of innovations to commercialization. We argue that the inventors and innovating firms who engage in these regional innovation networks are more likely to have advanced toward a commercialized product than if they did not engage with the network. Building upon regional cluster and innovation network theories, we plan to develop an evaluative model in order to examine how the dynamics among factors have punctuated innovation and regional economic growth. The benefits to be gained from this project are insights into innovation investment, policy, and business strategies. We will focus on the innovation network in the State of Maryland as it exhibits a combination of academia, government, and industry factors in a regional cluster. The key research questions to be addressed are: what regional innovation networks factors contribute to sector innovation and commercialization, defined as the first stage of diffusion, which regional factors are the best predictors of innovation success, and what is the definition of success. Keywords Biotechnology . Information and communication technologies . Regional innovation networks . Technology transfer and commercialization . Intangible assets . Risk capital
Background Regions depend on innovation as a source of economic sustainability and growth. Innovations must be commercialized to contribute to the local economy. As such, regions need to create processes that foster innovation and shepherd the early stages of an innovation’s diffusion. In this context, we will research empirically how “value”, defined as increased sector revenues and jobs, is created through regional innovation networks. Regional innovation networks are best characterized by M. G. Schoonmaker : E. G. Carayannis (*) The George Washington University, School of Business, Washington, DC, USA e-mail: [email protected]
J Knowl Econ (2010) 1:48–66
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collaboration among academia, government, and industry for the purposes of fostering and accelerating innovation. The focus and purpose of these networks is to drive economic development through increased commercialized innovation, derived from internal or external research and development (R&D), financial resources, and other support programs. Typically, regional clusters/innovation networks represent competitive environments and market concentration. Different types of regional innovation networks have been deployed. Ranging from technology parks, learning cities, regional systems, and national ecosystems, each of these types of networks includes regional actors and a sponsoring mechanism that drives the innovation processes toward success, which is defined as has been above, increased revenues and jobs. In addition to the diversity of styles of regional
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