Schumpeterian incumbents and industry evolution

Guido Buenstorf

Journal of Evolutionary Economics, 2016, vol. 26, issue 4, No 8, 823-836

Abstract: Abstract This essay explores the role of established firms in the evolution of innovative industries. Both direct and indirect contributions are discussed. Besides innovation in their own industries, established firms are often among the pioneering entrants into related markets. They enable spin-off entrepreneurship and provide exit options for startups through acquisition. Furthermore, established firms help shape and directly support public research activities. The multiple roles of established firms, their interaction with new entrants in the innovation process, and the dynamics on industry evolution in an increasingly globalized world are not sufficiently well understood.

Keywords: Incumbents; Innovation; Diversification; Spin-offs; Acquisitions; Basic research (search for similar items in EconPapers)
JEL-codes: L11 L26 O31 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (11)

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DOI: 10.1007/s00191-015-0423-7

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