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Financing Innovation in the United States, 1870 to the Present$
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Naomi R Lamoreaux and Kenneth L Sokoloff

Print publication date: 2007

Print ISBN-13: 9780262122894

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262122894.001.0001

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PRINTED FROM MIT PRESS SCHOLARSHIP ONLINE (www.mitpress.universitypressscholarship.com). (c) Copyright The MIT Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in MITSO for personal use.date: 28 July 2021

Introduction: The Organization and Finance of Innovation in American History

Introduction: The Organization and Finance of Innovation in American History

Chapter:
(p.1) Introduction: The Organization and Finance of Innovation in American History
Source:
Financing Innovation in the United States, 1870 to the Present
Author(s):

Naomi R. Lamoreaux

Kenneth L. Sokoloff

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262122894.003.0001

This chapter explores and studies innovation over American economic history. The U.S. economy itself is seen to have a relatively continuous track record of rates of technological change; however this achievement cannot necessarily be credited to entrepreneurs’ ongoing ability to secure financing for their ventures. The chapter also gives a brief history of R&D projects and how they have affected innovation and invention. Complementarities are noted in R&D and the commercialization of new technologies, however, the rise of venture capital made large firms more focused with regards to extensive in-house R&D as their access to capital and how they could spread their investments across different projects. Through the construction of the R&D in the past, it is seen that the methods through which resources are mobilized for technological advance has varied over time and across industries. In a way, it is concluded, there might be no single globally superior method in which invention can be organized.

Keywords:   technological change, commercialization, in-house R&D, technological advance, venture capital

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