Bureaucrats or Markets in Innovation Policy?

PublikationBok
Christian Sandström, Financing of Innovations, Innovation, Innovationspolitik, Karl Wennberg, Nils Karlson
Bureaucrats or Markets in Innovation
Ladda ner

Sammanfattning

How can innovation best be promoted? Based on a major interdisciplinary research program with a special focus on Sweden, paired with international research, this book shows that targeted interventions and firm subsidies do not have the intended effects but instead creates policy failures, government waste and rent-seeking. Instead, innovation policy should focus on supplying the right competencies and on improving the institutions of the market economy and the general conditions for enterprise.

Markets rather than bureaucrats are decisive for innovation, industrial development and growth.

Sandström, C., Wennberg, K. & Karlson, N. (2019). Bureaucrats or Markets in Innovation Policy? Stockholm: Ratio.


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Dynamics of founding team diversity and venture outcomes: A simulation approach
Artikel (med peer review)Publikation
Sundriyal, V. K., Lévesque, M., Wennberg, K., & Norgren, A.
Publiceringsår

2024

Publicerat i

Strategic Entrepreneurship Journal

Sammanfattning

Research summary

Entrepreneurship research overlooks the dynamics of changing diversity in founding teams. Our simulations calibrated from existing studies suggest that founding teams that change diversity exhibit greater discounted performance for their ventures due to being less diverse and thus their ventures surviving longer, compared to teams that maintain their diversity. Moreover, discounted performance is higher for teams changing diversity due to other teams’ performance than due to their own poor performance. Simulating without membership changes the interdependence between team diversity, venture performance, and team disruption, we find that while team diversity is overall performance-enhancing, this association differs across contexts and its impact varies as ventures mature. Founding team diversity should thus be seen as a continuum where moderate diversity can best serve teams in turbulent environments.

Managerial summary

We simulated the behavior of founding teams over time to show that compared to teams that do not change their diversity, those who do experience greater discounted performance for their business ventures. This improvement stems from the increased longevity, and thus greater accumulated performance, for teams that switch since they are more rather than less homogeneous. Our investigation also indicates that ventures led by teams that change diversity because they aspire to outperform other teams, tend to exhibit greater discounted performance than those that change diversity to outperform themselves. When we investigate the interconnectedness of teams’ diversity, ventures’ performance, and disruption, albeit without allowing for any changes in team diversity, we find that while diversity usually helps, teams moderately diversified tend to perform best in turbulent times.

Is Hydrogen a green bubble? A review of Samuel Furfari’s book The Hydrogen Illusion
Artikel (utan peer review)Publikation
Sandström, C., & Eskilson, E.
Publiceringsår

2024

Publicerat i

Journal of Evolutionary Economics

Sammanfattning

The Hydrogen Illusion (2022) is a self-published book by Samuel Furfari, a retired chemical engineer who worked for 36 years in energy policy at the European Commission. Hydrogen has been brought to the forefront of environmental policy in recent years as the EU and other Western economies are allocating billions of euros and dollars towards hydrogen production. Furfari argues that this is a mistake, and that hydrogen has little potential as an energy form, primarily as it requires so much energy in order to be produced. While at times technical and difficult to follow, The Hydrogen Illusion is a valuable contribution to the ongoing debate about how Western economies can combine economic and environmental development.

Seven reasons why mission-oriented innovation policies seldom work in practice
Artikel (med peer review)Publikation
Henrekson, M., Sandström, C., & Stenkula, M.
Publiceringsår

2024

Publicerat i

Economic Affairs

Sammanfattning

Large-scale government programmes and centrally directed industrial policies to address well-defined societal goals – mission-oriented innovation policies (hereafter referred to as ‘missions’) – are now prominent on many governments’ agendas. This new-found enthusiasm that a ‘visible hand’ should – or perhaps even must – drive the economy forward has, until recently, escaped significant critical scrutiny. There is a dearth of academic studies examining how, when and why such missions often risk failure.

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