The Economics of Innovation

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1 Prof. Dr. 1

2 1.The Arrival of Innovation Names game slides adopted from Manuel Trajtenberg, The Eitan Berglass School of Economics, Tel Aviv University; / / / 2

3 1.The Arrival of Innovation The importance of mobility A key source of spillover is labor mobility Knowledge is one of the main sources of competitive advantage Part of this knowledge is: not codified in formal documents protected by IPR resides in the people working in the organization Mobility is both a threat and an opportunity to firms: Vl Valuable knowledge ld that complements and strengthens the firm s resources can be acquired by hiring people from the outside Trade secrets leak and tacit knowledge is lost when people p leave, eroding the firm s competitive advantage 3

4 1.The Arrival of Innovation Empirical relevance Saxenian on Silicon Valley Almeida and Kogut on top inventors Song, Almeida and Wu on inventors Kaiser, Kongsted and Rønde many more! 4

5 1.The Arrival of Innovation Mansfield s study Question: how rapidly are innovations imitated? Study of 100 US firms from 13 major manufacturing industries Asked: how long did it take for competitors to learn about the innovation? Asked CEOs 5

6 1.The Arrival of Innovation Mansfield s study 6

7 1.The Arrival of Innovation Mansfield s study 7

8 1.The Arrival of Innovation Mansfield s study Implications: Explains why so many products are imitated shortly after introduction Mansfield/Schwartz/Wagner: 60% of patented innovations imitated within four years Incentives key for innovation Interindustry differences small does not explain differences in ease of imitation International a dimension of leakages ages Speculation: labor mobility drives the results! Other issues: reverse engineering g 8

9 1.The Arrival of Innovation 9

10 1.The Arrival of Innovation Saxenian s study Highly influential book on the emergence of innovation clusters Ethnography of engineers in Silicon Valley and Route 128 Success of Silicon Valley compared to R128 due to more robust exchange of ideas among firms Compelling and puzzling comparison of two of America'sbest-known regions of innovation in electronics Similar histories but different futures Silicon Valley is flourishing, Route 128 has stagnated din recent years. Saxenian argues that while Silicon Valley developed a system of collaboration and learning among small specialist companies Route 128, dominated by a few large corporations, was slow to adjust to changes in markets and technologies 10

11 1.The Arrival of Innovation Saxenian s study Saxenian puts forth the argument that the higher externalities/relatively smaller networked firms in the Silicon Valley higher rates of local innovation and productivity More on Silicon Valley follows! 11

12 1.The Arrival of Innovation Almeida and Kogut s study Shows that the mobility of inventors is important for patenting Also shows that employment of or collaboration with university research personnel is important Tracks inventors in semiconductors Use patent data and citations Top 12 US patenting regions (95% of highly cited patents) Two periods, 1980 and 1985 Checked forward citations Focus on 25% most cited patents Test if patents and their citations are geographically matched Set of control patents (à la Jaffe et al. 1993) 12

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15 42 claims in total! t 15

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23 1.The Arrival of Innovation Almeida and Kogut s study 23

24 1.The Arrival of Innovation Almeida and Kogut s study 24

25 1.The Arrival of Innovation Almeida and Kogut s study 25

26 1.The Arrival of Innovation Almeida and Kogut s study 26

27 1.The Arrival of Innovation Almeida and Kogut s study To the mobile engineers of the Silicon Valley, the transfer of their knowledge and abilities is made through a partially visible network Results offer the speculation that externalities are the outcome of actions of skilled labor in spatially defined markets Externalities are not created uniformly across all regions Externalities are not natural by-products of particular technologies Externalities are created through the existence of broader social institutions that support a viable flow of ideas within the spatial confines of regional economies 27

28 1. The Arrival of Innovation Manuel Trajtenberg s Names game paper: Trajtenberg, M., G. Shiff and R. Melamed (2006), The "Names Game": Harnessing Inventors' Patent Data for Economic Research; 28

29 1. The Arrival of Innovation International Mobility of Patent Inventors number of cross-country moves per year

30 From 1. The Arrival of Innovation Flows of Inventors across countries To US Japan Germany UK Canada Other Total US Japan Germany UK Canada Other Total

31 1. The Arrival of Innovation Net international flows of inventors 31

32 1. The Arrival of Innovation Flows of inventors across US states NY NJ CA PA MA CT TX IL OH Other Total NY , NJ , CA , PA , MA , CT TX , IL , OH , Other ,227 Total ,319 68,011 32

33 1. The Arrival of Innovation Net flows of inventors across states, Move in Move out Net flow NY ,997 NJ CA PA MA CT TX IL OH

34 1. The Arrival of Innovation Agglomeration: Silicon Valley inventors 44,805 inventors related to Silicon Valley, involved in 160,000 patents. 3.6 patents per inventor (US mean of 2.7) corporate movers: 45% (all inventors: 33%) state movers: 16% (US inventors: 7%) country movers: 3.7% (all inventors: 1.9%) (all percentages out of inventors with > 1 patent) 34

35 1. The Arrival of Innovation Further facts about globalization of S&T Larger teams of researchers per unit of S&T output (papers, patents, etc.) More international and institutional cooperation and diversity More geographic dispersion i of researchers Large fraction of foreign PhD students 35

36 1. The Arrival of Innovation 36

37 1. The Arrival of Innovation Size of R&D Teams: Average Number of Inventors per Patent Grant Year 37

38 1. The Arrival of Innovation Institutional collaborations: Mean number of universities per scientific paper

39 1. The Arrival of Innovation Percentage of US scientific papers joint by foreign co-authors 39

40 1. The Arrival of Innovation International Diversity of Teams of Patent Inventors (1 Herfindahl index on countries of inventors) Grant Year

41 1. The Arrival of Innovation International mobility of Ph.D. Students: foreign Students as % of total PhD enrollment

42 1. The Arrival of Innovation bl S&E doctoral degrees earned by foreign students 2001 (NSF) 42

43 1. The Arrival of Innovation References: Almeida, P. and B. Kogut (1999), Localization of Knowledge and the Mobility of Engineers in Regional Networks, Management Science 45(7), Jaffe, A., R. Henderson and M. Trajtenberg (1993), Geographic Localization of Knowledge Spillovers as Evidenced by Patent Citations, Quarterly Journal of Economics 108, Mansfield, E. (1985), How Rapidly Does New Industrial Technology Leak Out?, The Journal of Industrial Economics 34(2), Saxenian, A. (1994), Regional Advantage: Culture and Competition in Silicon Valley and Route 128, Harvard University Press. 43

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