KTH/CESIS Working Paper Series in Economics and Institutions of Innovation
The inventor's role: was Schumpeter right?
() and Roger Svensson
Abstract: According to Schumpeter, the creative process of economic
development can be divided into three distinguishable stages of invention,
innovation (commercialization) and imitation. We show why there is a
rationale for the Schumpeterian entrepreneur to also include the inventor
in the innovation process. In addition, we provide a framework where the
theories of Knight’s risk defining entrepreneur and Schumpeter’s innovative
entrepreneur can be bridged. Merging the two enhances the possibilities of
successful commercialization since the inventor may further adapt the
innovation to customer needs, transmit information and reduce uncertainty.
This serves to expand the market opportunities for the entrepreneur. The
empirical analysis is based on a survey covering Swedish patents granted to
individuals and small firms, with a response rate of 80 %. The results show
improved commercialization performance when the patent is licensed or sold
to an entrepreneur, or if the inventor is employed in an entrepreneurial
firm, as compared to commercialization in the inventor’s own firm. Another
important result is that, irrespective of commercialization mode, an active
involvement of the inventor is shown to have a positive impact on
Keywords: Entrepreneur; inventor; innovations; commercialization; (follow links to similar papers)
JEL-Codes: M13; O31; O32; (follow links to similar papers)
32 pages, January 17, 2007
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