The developed world is struggling with unsustainable promises and unappealing choices, and sustained economic growth represents one of the few ways out. And over the centuries, growth in advanced economies has been strongly linked to innovation. Despite the vast amounts written about innovation over the years, understanding of its drivers remains surprisingly limited. This book, by top Harvard Business School professor Josh Lerner, seeks to
remedy this shortfall. It highlights that while organizational economists have made strides in understanding what combinations of incentives and organization structure can encourage innovative
breakthroughs, many of these insights have not yet received the attention they deserve in the real world, or been developed in ways that can easily be applied in real situations. The author focuses on two models for encouraging innovation, the corporate research laboratory and the start-up. Each model, while proven and successful, also faces significant challenges and ambiguities. A central argument is that there remains considerable potential for hybrids between these two
approaches.This book draws on important research in economics and reviews different approaches to innovation, combining this with a series of case examples to explore the challenges that face start up
firms, large firms, and nations. It is essential reading for anybody faced with the challenge of innovation.
The developed world is struggling with unsustainable promises and unappealing choices, and sustained economic growth represents one of the few ways out. And over the centuries, growth in advanced economies has been strongly linked to innovation. Despite the vast amounts written about innovation over the years, understanding of its drivers remains surprisingly limited. This book, by top Harvard Business School professor Josh Lerner, seeks to
remedy this shortfall. It highlights that while organizational economists have made strides in understanding what combinations of incentives and organization structure can encourage innovative
breakthroughs, many of these insights have not yet received the attention they deserve in the real world, or been developed in ways that can easily be applied in real situations. The author focuses on two models for encouraging innovation, the corporate research laboratory and the start-up. Each model, while proven and successful, also faces significant challenges and ambiguities. A central argument is that there remains considerable potential for hybrids between these two
approaches.This book draws on important research in economics and reviews different approaches to innovation, combining this with a series of case examples to explore the challenges that face start up
firms, large firms, and nations. It is essential reading for anybody faced with the challenge of innovation.
Foreword
1: The Search for Innovation and Growth
Part I: The Traditional Model
2: The Classic School
3: Critics and Change
Part II: The Venture Alternative
4: A New Approach
5: The Perils of Modernity
Part III: The Best of Both Worlds?
6: Postmodern Fusion
7: The Master Architect
8: Improving the Design
Josh Lerner is the Jacob H. Schiff Professor of Investment Banking
at Harvard Business School, with a joint appointment in the Finance
and the Entrepreneurial Management Areas. He co-directs the
National Bureau of Economic Research's Productivity, Research, and
Innovation Program and serves as co-editor of their publication,
Innovation Policy and the Economy. He founded and runs the Private
Capital Research Institute, a non-profit devoted to encouraging
data access
to and research about venture capital and private equity. His
research examines the structure and role of venture capital and
private equity organizations, in books such as The Venture Capital
Cycle,
The Money of Invention, and Boulevard of Broken Dreams, and
policies towards intellectual property protection, and how they
impact firm strategies in high-technology industries, as discussed
in Innovation and Its Discontents and The Comingled Code.
Paul Romer, Professor of Economics, New York University Stern
School of Business; Founder, Aplia--
"In his latest book, Josh Lerner shows that by following a few
basic principles, any organization can innovate more successfully.
You couldn't ask for a better guide to the solid knowledge about
what works, or a better antidote to the misleading parts of
conventional wisdom."
Hal Varian, Chief Economist, Google--
"Which is a better model for innovation: corporate labs or
venture-funded start-ups? Josh Lerner argues convincingly for a
hybrid model that combines the best of both approaches. "The
Architecture of Innovation" offers practical advice for those in
both the public and private sectors who seek to stimulate
innovation."
Scott Anthony, Managing Director, Innosight Asia-Pacific; author,
"The Little Black Book of Innovation"--
"An important contribution whose lucid and thorough analysis
provides practical guidance for leaders trying to transform
innovation "intent" into substantial and sustainable impact."
Pontus Braunerhjelm, Chair, 2010 Global Award for
Entrepreneurship--
"Josh Lerner is a superstar, a contemporary giant of
entrepreneurship scholarship in the domain of VC-backed business
venturing. His empirical research on the interrelationships between
venture capital, innovation, and entrepreneurship has greatly
extended and improved our understanding of one of the engines of
modern economic growth."
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