Efficient Transfer of Public Scientific R&D to Private Firms
The development and commercialization of modern technologies, especially biotechnology, has been knowledge intensive. No private firm has adequate scientific manpower or the laboratory tools to undertake fundamental activities in the early phases of development. Perforce they must be developed and incubated in specialized research institutions and transferred to private firms through appropriate organizational mechanisms. The dependence on such agents is also due to high costs of R&D and significant risks (both technological as well as appropriability) associated with such technological developments. These technologies are also such that a formal transfer of blueprints (or the disclosure at the patent filing stage) is generally inadequate to make efficient use of the results of R&D. The transfer of informal knowledge,1 made possible only through close interaction with scientists, has become a compulsion.
One of the fundamental debates is about the role of the public...
KeywordsVenture Capital Public Institution Private Firm Institutional Mechanism Informal Knowledge
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