Finance Capital, Market, and Policy

Ludovit Garzik ()
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Ludovit Garzik: Austrian Council for Research and Technology Development, Innovationorbit

Chapter 3 in Successful Innovation Systems, 2022, pp 27-37 from Springer

Abstract: Abstract Capital, understood as nonhuman capital, is a diverse resource with a wide range of subgroups including venture capital, bank loans, research funding, “family, friends and fools,” and more. Money is an enabler, but a bad motivator. Founders believe in their ideas and their potential impact on society. The big difference between a startup with seed capital funding and an established company’s project budget is the perceived ownership of the money. The spirit of innovation is diametrically opposed to the many uncertainties of products and markets. Ecosystems that focus on a conservative view of the market will face growing disadvantages due to changing relationships between markets and demand. Demand is one of the most underestimated drivers for success in many regional innovation systems. The strategy for that is a consequence of policy, and is often our main window into the policies themselves.

Date: 2022
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DOI: 10.1007/978-3-030-80639-2_3

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