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When are new firms more innovative than established firms? (Robert H. Smith School of Business Working

By Scott Shane and Riitta Katila


Pressman at the MIT Technology Licensing Office for access to the data on MIT patents and for answering many questions about the data and TLO policies and procedures. Jonathan Eckhardt, Anil Gupta, and Ken G. Smith provided useful comments. WHEN ARE NEW FIRMS MORE INNOVATIVE THAN ESTABLISHED FIRMS? We propose a model in which industry conditions influence the relative advantages of new and established firms as innovators. Using a unique data set of commercialization attempts of inventions simultaneously at risk of commercialization by both new and established firms, we find that industry characteristics- including the number of firms in the industry, the size of the market, the availability of capital for new firms, and manufacturing intensity- influence whether new or established firms are more innovative. Running headline: When are new firms more innovative

Topics: innovation, new firms
Year: 2003
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