Risk and Innovation The Role and Importance of Small, High-Tech Companies in the U.S. Economy (1995) / Chapter Skim
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2. INTRODUCTION
2. INTRODUCTION
Pages 8-14
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From page 8... ...
economy is driven by individual inventors working in their basements, by research universities, by large industrial research laboratories, by spin-offs from publicly funded defense-related research, and by small hightech companies. This study examines the last of these commonly discussed causative factors by considering the role of small hightech companies, including high-tech start-ups, in the clevelopment of industries and the economy.
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From page 9... ...
Policymakers, and their economic advisers, focus on the contribution of high-tech companies to the creation of jobs and to national technological prowess. This report focuses on the role of such business organizations in the growth and development of particular industries and of the economy as a whole.
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Implantable and surgical medical devices. Tmplantable and surgical devices are designed for implantation in the human body, such as shoulder prostheses and left ventricular assist devices, or for manipulating human organs and tissues, especially devices used to perform minimally invasive therapy.
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Within the scope of the present study, the purpose of comparing and contrasting these industries was to identify and understand the different roles that small high-tech companies play in selected industries and the economy as a whole, and to extract lessons for small high-tech company success and, by implication, for government policy. DEFINITIONS AND POLICY QUESTIONS Three final introductory notes are useful to define what this report means by "high-tech" and by "small," and to discuss briefly the nature of the public policy challenges addressed in this study.
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From page 12... ...
For example, using typical definitions of small as set by the Small Business Administration (under 500 employeessee the Appendix for discussion of defir~itions) and used In the majority of empirical analyses, a 450-employee, publicly traded, $70 million medical device company that is dominant in its market is consiclered small.
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From page 13... ...
The approach to the policy arguments included here has been in asking the question, How do government policies affect the likelihood of small high-tech company formation and survival? The committee elected to focus on general policy practices and effects rather than specific programs, recognizing that government programs affecting small high-tech businesses are varied and constantly evolving.
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From page 14... ...
The chapter on Opportunities for Small Technology-Oriented Companies examines the ways in which certain characteristics of industries, regions, and technologies affect the attractiveness of business opportunities for small technologically innovative companies. The primary contribution of this chapter is the identification and description of those market and technological characteristics that create a large number of opportunities for small high-tech companies.
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