who are the innovators Flashcards
1
Q
characteristics of large firms
A
dominate formal R&D expenditures
major holders of patents
dominate specific sectors (food,chemicals, aerospace)
2
Q
characteristics of small firms
A
innovation is at lower level
small firm R&D is underestimated
3
Q
advantage of being small firm for innovation
A
more entrepreneurial and willing to take risks faster communication react to market faster simple organisation structure government support scheme
4
Q
disadvantages of being small firm for innovation
A
lack of managerial training lack of finance lack of high level tech skills cant deal with regulatory environment little control over key tech providers
5
Q
advantage of large firm for innovation
A
professional management market power external communications ability to attract skilled technical workers economies of scale and scope in R&D
6
Q
disadvantages of large firm for innovation
A
risk aversion
bureaucratic
locked in to established practices
shareholder pressure for short term profits
7
Q
what do large firms develop
A
fundamental tech
8
Q
what do small firms do with the fundamental tech
A
adapt them for customer needs
9
Q
where do small firms mainly survive
A
niche markets
