Innovation policy - The role of innovation policy
3 important questions on Innovation policy - The role of innovation policy
What is the policy focus to stimulate radical innovation?
- Create and stimulate novelties-overcome system failures
- Various instruments;
- R&D
- Platforms
- Linkage building
- Innovation subsidies
- Consumer awareness raising
Different components of innovation are interdependent
- To sell egg: need to have system built and operational
- For funding: guaranteed retail purchases needed
- no construction; no purchases from retail
- No promise of purchase of retail: no funding
- Vicious cycle : who comes with the money
What other role of public policy (besides R&D/networking support) :state guarantees?
- Vencometic as SME can invest, but cannot bear all risks
- Innovation subsidies are insufficient
- Banks do not lend for uncertain innovations
- But state support also has its limits
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