Learning in a Science-Driven Market: The Case of Lasers

Hariolf Grupp

Industrial and Corporate Change, 2000, vol. 9, issue 1, 143-72

Abstract: Innovation literature centres more on technical advance and less on scientific change. In this paper the scientific basis comes under specific scrutiny. The empirical part consists of a case study of the laser market and the particularly interesting laser medicine submarket. A new measurement concept known as "technometrics" measures the quality of innovative products from their technological characteristics. It is found that in a knowledge-driven market in which "inventions are in search of a purpose", two stages of market formation can be discerned: a wasteful science-pushed, and a subsequent demand-led period. Pricing of the innovative products can be explained by a few leading characteristics, but certain providers are able to create stable demand from public knowledge with non-optimal price-performance ratios. Copyright 2000 by Oxford University Press.

Date: 2000
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