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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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Financing Invention during the Second Industrial Revolution: Cleveland, Ohio, 1870–1920

Financing Invention during the Second Industrial Revolution: Cleveland, Ohio, 1870–1920

Chapter:
(p.39) 1 Financing Invention during the Second Industrial Revolution: Cleveland, Ohio, 1870–1920
Source:
Financing Innovation in the United States, 1870 to the Present
Author(s):

Naomi R. Lamoreaux

Margaret Levenstein

Kenneth L. Sokoloff

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262122894.003.0002

This chapter explores financing invention during the late nineteenth and early twentieth centuries, or what is otherwise known as the Second Industrial Revolution. This is seen as a time when a relatively large number of firms were forming among the high-tech sectors of the economy. The chapter tries to answer to question of how venture capital was mobilized in order to develop a better understanding of the difficulties involved in financing cutting-edge ventures and what could possibly be done to overthrow the problems that come with it. By the turn of the century, inventors were seeking more long-term attachments to firms in order for their activities to be financed. Being independent at the time came with increasing challenges, and so many inventors opted for employment positions in the R&D departments of large-scale enterprises. The main contribution of this study, however, is to detail the channels through which capital flowed into these high-tech enterprises in Cleveland.

Keywords:   high-tech sectors, Second Industrial Revolution, venture capital, cutting-edge ventures, high-tech enterprises, financing invention

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