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Innovation Policy in a Knowledge-Based Economy

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Innovation Policy in a Knowledge-Based Economy Innovation Policy in a Knowledge-Based Economy June 2000 A MERIT STUDY COMMISSIONED BY THE EUROPEAN COMMISSION ENTERPRISE DIRECTORATE GENERAL Publication no. EUR 17023 of the Commission of the European Communities, Luxembourg © ECSC-EC-EAEC Brussels-Luxembourg, 2000 Legal Notice Neither the European Commission, nor any person acting on behalf of the Commission, is responsible for the use which might be made of the information in this report. The views expressed in this report are those of the authors and do not necessarily reflect the policies of the European Commission. ii Innovation Policy in a Knowledge-Based Economy June 2000 Robin Cowan and Gert van de Paal A MERIT STUDY COMMISSIONED BY THE EUROPEAN COMMISSION ENTERPRISE DIRECTORATE GENERAL iii Expert Group Project supervision Co-ordination and report editing Prof. dr. R. Cowan drs G. van de Paal Maastricht Economic Research Maastricht Economic Research Institute on Innovation and Technology Institute on Innovation and Technology (MERIT) (MERIT) P.O. Box 616 P.O. Box 616 6200 MD Maastricht 6200 MD Maastricht The Netherlands The Netherlands Expert group members Dr. D. Archibugi Prof. dr. P. Sanchez Consiglio Nazionale delle Ricerche (CNR) Autonomous University of Madrid Via De Lollis 12 Julian Hernandez 8 00185 Rome E-28043 Madrid Italy Spain Prof. dr. P.A. David Prof. dr. K. Smith All Souls College Studies in technology, innovation and Oxford OX1 4 AL economic policy (STEP) Group UK Storgaten 1 N-0155 Oslo Norway Dr. J.-N. Durvy Prof. dr. L. Soete Enterprise Directorate General Maastricht Economic Research Innovation Policy Unit Institute on Innovation and Technology Head of Unit (MERIT) European Commission P.O. Box 616 Mail: EUFO 2/174 6200 MD Maastricht Rue Alcide de Gasperi The Netherlands L-2920 Luxembourg Prof. dr. D. Foray Mr. J.R. Tíscar Institut pour le Management de la Enterprise Directorate General Recherche et de l’Innovation (IMRI) Innovation Policy Unit Université Dauphine European Commission F-75775 Paris Cedex 16 Mail: EUFO 2/165 France Rue Alcide de Gasperi L-2920 Luxembourg Dr. G. Licht Zentrum für Europäische Wirtschaftsforschung (ZEW) P.O. Box 103443 D-68034 Mannheim Germany iv Table of Contents Executive Summary...............................................................................................................1 The System-Based Approach towards Innovation and the Importance of Knowledge ......................1 New Insights: The Essential Features of the New Knowledge-Driven Economy..............................2 Consequences for Innovation Policy ...............................................................................................3 Policy Priorities for the Knowledge-Driven Economy.....................................................................5 Policy Directions............................................................................................................................6 Introduction ........................................................................................................................... 8 Chapter I. Innovation Policy and the Knowledge-Based Economy ......................................... 9 I.1 Innovation Policy and the Perspective Taken in this Report .......................................................9 I.2 The Knowledge-Based Economy: What Does it Mean? .............................................................9 I.3 What Has Changed, so that We Can Now Claim to Live in a “Knowledge-Driven Economy”? 11 I.4 Impact of the Knowledge-Driven Economy on Innovation.......................................................13 I.5 Europe’s Present Situation in Historical Context......................................................................15 I.6 New Priorities for Innovation Policy in a Knowledge-Driven Economy ...................................17 I.7 Filters and Constraints.............................................................................................................19 Chapter II. Recent Changes in our Understanding of the Innovation Process and the Role of Knowledge........................................................................................................................... 20 II.1 National Innovation Systems and the Centrality of Knowledge...............................................20 II.2 Developments in the Economics of Knowledge......................................................................21 II.3 Four Main Themes.................................................................................................................32 Chapter III. Selected Themes: Innovation in a Global Context, Innovation in Services and the Role of Intellectual Property Rights ..................................................................................... 33 III.1.1 Innovation in a Global Context...........................................................................................33 III.2.1 Innovation in the Service Sector .........................................................................................45 III.3.1 Intellectual Property Rights................................................................................................58 Chapter IV. Tying the Knots: Conclusions, Priorities and Policy Considerations.................. 70 IV.1 Impact of the Knowledge Economy on Innovation................................................................70 v IV.2 Policy Implications...............................................................................................................71 IV.3 What Do Firms Say?.............................................................................................................74 IV.4 Policy Priorities ....................................................................................................................76 IV.5 European Innovation Policy Making: Filters, Constraints and Scope .....................................77 IV.6 General Policy Considerations ..............................................................................................78 IV.7 Specific Policy Considerations..............................................................................................80 Glossary of Terms ........................................................................................................................86 Abbreviations and Acronyms........................................................................................................88 References....................................................................................................................................89 Technical specifications of the contract.........................................................................................96 vi List of Tables/Exhibits Figure II.1 Composition of innovation expenditures by industry Figure II.2 Early-stage venture capital investments in the EU and the US, 1995-1998 Figure III.1 Share of “technology intensive” exports as a percentage of total world exports in 1970 and 1995 Figure III.2 Importance of foreign firms in various countries Figure III.3 Patenting activity attributable to European-owned research outside the home country, by host region and nationality Figure III.4 Number of new strategic technological partnerships per year by EU firms, 1980-1994 Figure III.5 Share of innovating firms in selected German service industries Figure III.6 Innovation expenditures as a percentage of sales Figure III.7 Structure of innovation expenditures in German services, 1997 Figure III.8 Sources of information for innovation in services Figure III.9 Impact of innovation on the skill structure. Evidence for Italian service industries, 1993-1995 Figure III.10 Relative importance of secrecy and lead-time for earning competitive advantages from product innovations Figure III.11 Relative importance of secrecy and lead-time for earning competitive advantages from process innovations Figure III.12 Importance of patents for competitive advantage by firm size Figure IV.1 Relations between the knowledge economy, innovation systems and innovation policy Figure IV.2 Hampering factors for innovation projects not even started Table III.1 Use of different technology for services sector innovations, 1996 Table III.2 Skill structure in innovative and non-innovative firms Table III.3 Standardised patent propensity rates for European and American firms Table III.4 Mean imitation lags in months for the firm’s most significant product and process innovations Table IV.1 Linking problems and policy themes vii EXECUTIVE SUMMARY This report is based upon a Commission supported innovation policy study entitled “Innovation Policy in a Knowledge-Based Economy”. It is the result of a series of expert group meetings, co-ordinated by MERIT. The focus is on innovation theory and policy approaches in a knowledge-based economy, with particular emphasis on policies geared towards improving innovation in and technology diffusion among small and medium-sized enterprises (SMEs). The process of European integration has resulted in significant, successful rationalisation of industry, removing duplication, and taking advantage of economies of scale that arose with the Single European Market. However, many policies have led firms to focus their attention on the single market, and the question arises as to whether a sort of cocooning has taken place — do European firms tend to be too inward looking? The new European challenge, thus is two-fold. One aspect is to open up the field of vision of European firms to view the entire
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