By Steven Casper
During the Nineteen Nineties and early 2000s the power of the USA economic system has been associated with its skill to foster huge numbers of small cutting edge know-how businesses, some of that have grown to dominate new industries, resembling Microsoft, Genentech, or Google. US expertise clusters corresponding to Silicon Valley became super engines of innovation and wealth construction, and the envy of governments all over the world. Creating Silicon Valley in Europe examines trajectories in which new expertise industries emerge and turn into sustainable throughout sorts of economies. Governments around the globe have poured colossal sums of cash into rules designed to foster clusters of comparable start-up organizations of their economies. This ebook employs cautious empirical reviews of the biotechnology and software program industries within the usa and a number of other ecu economies, to check the relative luck of regulations geared toward cultivating the "Silicon Valley model" of organizing and financing businesses in Europe.
Influential study linked to the "varieties of capitalism" literature has argued that international locations with liberal industry orientations, equivalent to the USA and the uk, can extra simply layout rules to domesticate luck in new expertise industries in comparison to international locations linked to prepared economies, reminiscent of Germany and Sweden. The book's empirical findings help the view that nationwide institutional elements strongly situation the luck of latest know-how guidelines. besides the fact that, the examine additionally identifies vital circumstances during which considerably leading edge new expertise enterprises have thrived inside of equipped economies. via reading situations of either luck and failure Creating Silicon Valley in Europe is helping establish constellations of industry and governmental actions that could result in the emergence of sustainable clusters of recent know-how businesses throughout either equipped and liberal industry economies.
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Extra resources for Creating Silicon Valley in Europe: Public Policy Towards New Technology Industries
This severely limits the viability of IPOs for new technology companies, particularly during their formative years when earnings and proﬁts are limited and most investment is poured into R&D. Short of acquisitions, which are unpredictable, VCs lack a systematic method to liquidate successful investments within a short time. VCs must take a longer-term perspective, liquidating poorly performing companies and then waiting over a potentially long period for shareholdings within successful ﬁrms to become liquid through a friendly acquisition or, when the company reaches adequate proﬁtability, eventual public listing.
The construction of ﬂexible labor markets within regional technology clusters is a crucial driver of success within new technology industries. According to this argument, regional technology clusters exist primarily as a conduit by which social networks linking agglomerations of ﬁrms can develop. These networks are maintained primarily through informal ties linking employees across a region’s ﬁrms. Interﬁrm social ties, however, pose an inherent risk to companies as they are a source by which important technical, market, or strategic information can escape.
A complementary strategy aimed at reducing the mobility-based holdup risk is to tie stock options to vesting schedules. Under this strategy, stock option grants are only fully owned by an employee after a given time 25 Varieties of capitalism and innovation in which the individual must remain employed by the ﬁrm (usually 1–3 years). Institutions and Company Organization: The “Varieties of Capitalism” Perspective Institutional scholars within the comparative political economy and organizational studies ﬁelds argue that variations in economywide national institutional frameworks encourage the construction of different organizational patterns within the economy (Crouch and Streeck 1997; Hollingsworth and Boyer 1997; Whitley 1999; Hall and Soskice 2001).
Creating Silicon Valley in Europe: Public Policy Towards New Technology Industries by Steven Casper