future enterprise digital business innovation paths event_8july2014, brussels_iii. nightingale-draft
TRANSCRIPT
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On Business Innovation Policy
Prof Paul NightingaleSPRU, University of Sussex
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Traditional view
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Evidence
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Alternative
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Traditional view?
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Entrepreneurship constrained by
1. Culture & Market failures 2. Creating barriers to entry3. Growth then easy
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Policy – remove barriers
1. Enterprise culture2. Funding3. Tax breaks4. Reduce red tape5. Schumpeterian Universities£7bn a year
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Evidence
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Market Entry Hard?
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Growth Easy?
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Performance Convergence?
Brutal Selection
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Churn
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Skewed performance distributions
(business models)
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Evidence Excessive entry Low survival & churn Skewed performance
US v EU Not >> entrepre or
innovation Faster growth Faster entry into new
industries, Universities & Scale
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Alternative?
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Theory “Schumpeter”
Confuses invention (an event) with innovation (a long term process)
New, small firms maybe at a disadvantage
Lifecycle technology not same as firms
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Encouraging market entry
Excessive churn Subsidies little effect Demand side constraints Thin markets
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Growth not Entry constrained
Quality not quantity matters High growth very difficult BM innovation to capture
value Raising performance of long
tail
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Policy
Realism in enterprise policy Alignment with market needs Upgrade quality Universities ‘talent not
technology’ Competition policy
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Conclusion
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Conclusions
Realism Better not more
entrepreneurship Skewed performance Innovation & upgrading
(diffusion) Value capture not just value
creation