Sowing the seeds of the future: Policies for financing tomorrow’s innovations

Страна: N/A

Город: N/A

Дедлайн: 30.04.2016

Даты: 30.04.16 — 30.04.16

Область наук: Экономические;

Е-мейл Оргкомитета: [email protected]

Организаторы: Elsevier


Innovation is essential to long-term growth. Like all production, innovation must be financed, so finance is central to the innovation process. This is why Schumpeter called the banker the “ephor” of the exchange economy (Schumpeter, 1934 [1912], p. 74). For Schumpeter, the money market is the “headquarters of capitalism.” Unfortunately, the centrality of finance to innovation has been lost over the years, despite the increasing complexity characterizing innovations and financial information systems (Kauffman et al., 2014). This special issue aims to bring finance back to the fore of science and technology (S&T) policies. The issue of financing science, technology, and innovation (STI) has been addressed in the past two decades by both the finance literature and the innovation literature. However, the former has been primarily interested with identifying significant financial barriers and constraints on (firms’) investments in R&D and intangible assets. By contrast, the latter has devoted considerable effort on evaluating those specific policy mechanisms implemented for alleviating (firms’) financial constraints and, ultimately, favoring the access of innovative firms to equity markets. However, attempts to look at innovation issues in the finance literature (and corporate finance issues in innovation studies) often adopted a pure Manichean perspective (such as “yes/no” there is crowding-in, “yes/no” there are financial constraints for innovation), without a carefully nuanced analysis of all measure-specific and contextual conditions that may affect outcomes. On the one hand, institutional features are largely neglected. On the other, the evolution of new financing instruments in today’s markets (such as crowdfunding initiatives) and the introduction of policy instruments for financing innovation (such as university proof-of-concept programs) still must be fully addressed. Financial development, intended as new or modified financial products and services, financial market technologies and institutions (Allen, 2012), is indeed at the base of accelerating economic development (Lechman and Marszk, 2015). This special issue aims to increase our understanding of financing STI activities, with special emphasis on the most suitable policy tools and governance mechanisms to alleviate financing barriers of STI activities. In particular, we aim to look at the feedback between innovation and finance at the macro- and micro-levels. Research topics and conceptual debates may include (but are not limited to): Innovation policies for funding large-scale research projects addressing grand challenges Which policies might facilitate financing breakthrough innovations? Which policies may lead to sustainable innovations in grand social challenges in the areas of health, energy and the environment? Are financing issues in these domains simply due to a global lack of funds (a problem of finance quantity) after the recent financial crisis, or are they are more related to the absence of sufficient long-term committed finances (a problem of finance quality)? Designing policies to facilitate finance for innovation How can policy schemes be designed, and which governance is needed for easing financing STI activities, including public-private collaboration schemes in the equity and credit market? How do governments’ innovation policies and other public policies interact in financing STI activities? What are the results of innovative policy tools to finance S&T? Science and higher-education institutions, finance for innovation, university third mission Education, innovation, and economic growth: What is the micro- and macro-evidence? University and innovation: What are the short- and long-term consequences of national budget cuts and constraints after the financial crisis? Which policy mechanisms were most effective in financially supporting technology transfer? Is university venture capital a promising avenue for financing innovative start-ups? Financial markets and innovation What are the macro-perspectives on financial markets, innovation, high-tech entrepreneurship, and economic growth? Is the supply of finances adequate for those firms with potential disruptive technologies and profitable business ideas? Do venture capitalists accept the challenge of financing potential breakthrough innovations? How big is the risk that valuable innovations do not materialize because of shortage of funds in the “death valley” stage of firm’s life cycle? What are the financial markets conditions and incentives for entrepreneurship? What are the specificities of IPOs, and mergers and acquisitions of innovative, high-tech entrepreneurial firms? Innovative financing channels for science What are the opportunities, challenges, and critical factors for crowdfunding initiatives? Are crowdfunding and venture capital complementary or substitutive? Are innovative financing schemes, such as university proof-of-concept programs really effective in easing the commercialization of new technologies? Can we envisage new mechanisms, platforms, and device tools for financing STI activities? The special issue aims at collecting both theoretical and empirical research papers. Research methodologies must be consistent with highest standards and may include qualitative, quantitative, and mixed method approaches. Contributions will span across different approaches/levels of analysis and offer a broad international viewpoint on these issues. The submission website for this journal is located at: To ensure that all manuscripts are correctly identified for inclusion into the special issue please select the “Article Type” as “SI: Financing Innovation” while submitting the manuscript. Please also include a covering letter to indicate that the paper is to be considered for inclusion in the special issue.