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Schumpeterian incumbents and industry evolution

Chapter in book
Authors Guido Buenstorf
Published in Pyka, A., and Cantner, U. (eds.), Foundations of Economic Change - A Schumpeterian View on Behaviour, Interaction and Aggregate Outcomes
Pages 283-297
Publisher Springer
Place of publication New York
Publication year 2018
Published at Department of Economy and Society, Innovation and Entrepreneurship (IIE)
Pages 283-297
Language en
Keywords Incumbents, Innovation, Diversification, Spin-offs, Acquisitions, Basic research.
Subject categories Economics


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.

Page Manager: Webmaster|Last update: 9/11/2012

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