Risk & Innovation Small Companies in Six Industries: Background Papers Prepared for the NAE Risk and Innovation Study (1996) / Chapter Skim
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1 Introduction
1 Introduction
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Also, beyond their function in the workshop, these papers provide a useful perspective for thinking about small, high-technology company success and, by implication, for conduchng policy analyses. Simon Glynn is a research associate in the National Academy of Engineering's Program Office.
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The markets for individual types of devices range from relatively modest to hundreds of millions of dollars, and participating companies include a large number of start-ups and small, specialized suppliers. The phrase "~mplantable and surgical" refers to medical devices designed for implantation In the human body such as shoulder prostheses and leR ventricular assist devices, or for manipulating human organs and tissues, especially devices used to peridot minimally invasive therapy.
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outdoor sporting goods industry is nested within the larger industIy of general sporting goods. Outdoor sporting goods, as defined for this study, include products related to the use of national parks and wilderness areas such as backpacks, climbing ropes, kayaks, and tents, and also sports such as in-line skating and mountain biking.
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Health care reform efforts also play an important role by increasing the uncertainty with regard to device markets. Health care corporations rather than individual physicians increasingly form the base for these firms, and third-party payers are becoming more restrictive in terms of what expenditures they will allow.
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As Saccocio observes in his paper, larger companies have been very important for early innovation in advanced display technologies as well as for spinning off new companies. Similarly, large-scale corporate research programs have been extremely important in developing new computer and software technologies that enable these technology-intensive sectors ofthe economy, even though the larger companies themselves may not have exploited these technologies.
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For example, in electronics, academic research is often the source of radical new designs and concepts that enable the development of "breakthrough" technologies. As DarticiDants at the MAE workshop on advanced displays and visual systems stressed, in the absence of continuing large corporate research programs, the intellectual capital and technology in universities is imperative for small comparues or advanced displays.
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, creating liquidity by acquisition. ~ contrast, poor liquidity creates barriers to exit for entrepreneurs in environmental testing labs and outdoor spordng goods.
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means that majority of new companies wiD fail, and these failures are inherent In small company innovation.
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Economy. Washington, D.C.: National Academy Press.
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