By Naomi R Lamoreaux, Kenneth L Sokoloff
Even if technological switch is essential for financial progress, the interplay of finance and technological innovation isn't studied. This pioneering quantity examines the ways that innovation is funded within the usa. In case experiences and theoretical discussions, top economists and financial historians learn how inventors and technologically inventive marketers have raised cash for his or her initiatives at various levels of U.S. fiscal improvement, starting with the post-Civil warfare interval of the second one business Revolution. Their discussions element to interesting insights approximately how the character of the expertise may perhaps impression its financing and, conversely, how the provision of money impacts technological advances. those stories convey that over the lengthy historical past of yank technological development, inventors and innovators have proven substantial flexibility find how one can finance their paintings. they've got moved to towns to discover teams of neighborhood traders; they've got labored for giant companies which can faucet the securities marketplace for money; they've got seemed to the government for study and improvement investment; and so they were financed through the enterprise capital undefined. The stories make it transparent that tools of investment innovation—whether it really is within the automobile or info technology—have very important implications for either the path of technological switch and the aggressive dynamism of the economic climate. Contributors: Ashish Arora, Marco Ceccagnoli, Wesley M. Cohen, Michael R. Darby, Lance E. Davis, Kira R. Fabrizio, Margaret Graham, Steven Klepper, Naomi R. Lamoreaux, Joshua Lerner, Margaret Levenstein, David C. Mowery, Larry Neal, Tom Nicholas, Mary O’Sullivan, Kenneth L. Sokoloff, Steven Usselman, Lynne G. Zucker
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Additional info for Financing Innovation in the United States, 1870 to Present
But like Nicholas, they show that investors are nonetheless quite discriminating in what they are willing to ﬁnance. Among the variables that increase the probability of going public in any given year are the quality of the ﬁrm’s science base (as gauged by the publication and patenting records of scientists associated with the company) and how many rounds of venture capital the ﬁrm had already obtained. The same factors also predict the amount that can be raised through an IPO, though here the quality of the ﬁrm’s science base plays an even stronger role.
Wise, George. 1985. Willis R. S. Industrial Research. New York: Columbia University Press. Zeckhauser, Richard. 1996. ’’ Proceedings of the National Academy of Sciences 93, 12743–12748. 1 Financing Invention during the Second Industrial Revolution: Cleveland, Ohio, 1870–1920 Naomi R. Lamoreaux, Margaret Levenstein, and Kenneth L. Sokoloff Technological change was so rapid and transformative during the late nineteenth and early twentieth centuries that the period is commonly known as the Second Industrial Revolution.
Baltimore: Johns Hopkins University Press. , and John Kenley Smith Jr. 1988. Science and Corporate Strategy: Du Pont R&D, 1902–1980. Cambridge: Cambridge University Press. Hughes, Thomas Parke. 1971. Elmer Sperry: Inventor and Engineer. Baltimore: Johns Hopkins University Press. Hughes, Thomas Parke. 1983. Networks of Power: Electriﬁcation in Western Society, 1880–1930. Baltimore: Johns Hopkins University Press. Hughes, Thomas Parke. 1989. American Genesis: A Century of Invention and Technological Enthusiasm, 1870–1970.