New products are the result of a commercialization process which begins with invention, proceeds with development, and concludes with market introduction. This process requires diverse types of knowledge and expertise. In order for an innovation to be commercialized, university and industrial R&D, the inputs identified in the previous chapter, must be combined with a body of practical, technical knowledge as well as a working knowledge concerning consumer demand and the marketplace. This conceptualization suggests that innovation will be advanced by four types of institutions and resources: university R&D, industrial R&D, agglomerations and clusters of firms in related industries, and networks of business-service firms. Taken together, these complementary institutions provide resources and knowledge inputs to the innovation process, generate positive externalities and spill-overs which lower the cost of developing new innovations, and reduce the risks associated with innovation. Once combined, these resources form a technological infrastructure conceptualized as an integrated and spatially-concentrated network of institutions that provide inputs to the innovation process.
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- Technological Infrastructure
Maryann P. Feldman
- Springer Netherlands