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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

The Organizing and Financing of Innovative Companies in the Evolution of the U.S. Automobile Industry

The Organizing and Financing of Innovative Companies in the Evolution of the U.S. Automobile Industry

Chapter:
(p.85) 2 The Organizing and Financing of Innovative Companies in the Evolution of the U.S. Automobile Industry
Source:
Financing Innovation in the United States, 1870 to the Present
Author(s):

Steven Klepper

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262122894.003.0003

This chapter reviews the evolution of the automobile industry and how current automobile firms first entered into the industry. Four notable successful firms were the Olds Motor Works, Cadillac Motor Car Co., Ford Motor Co., and the Buick Motor Co. These four are studied to see what actions they took to become successful and how their proximity from one another affected their success. These automobile firms, combined with a powerful spin-off process resulted in an extraordinary agglomeration of activity around the area of Detroit. Several patterns emerge from looking at the histories of spin-offs, such as strategic disagreements and control changes. However these spin-offs greatly influenced the industry and can be considered to be the prominent innovators of it. Today, virtually no new firms enter the automobile industry, and so the lack of spin-offs has created stagnation in terms of technological advancement.

Keywords:   automobile industry, Olds Motor Works, Cadillac Motor Car Co, Ford Motor Co, Buick Motor Co, spin-off process, agglomeration of activity, spin-offs

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