Assessing the Value of Regional Innovation Networks

Abstract

This paper investigates how regional innovation networks can assist the development of innovations to commercialization. We argue that the inventors and innovating firms who engage in these regional innovation networks are more likely to have advanced toward a commercialized product than if they did not engage with the network. Building upon regional cluster and innovation network theories, we plan to develop an evaluative model in order to examine how the dynamics among factors have punctuated innovation and regional economic growth. The benefits to be gained from this project are insights into innovation investment, policy, and business strategies. We will focus on the innovation network in the State of Maryland as it exhibits a combination of academia, government, and industry factors in a regional cluster. The key research questions to be addressed are: what regional innovation networks factors contribute to sector innovation and commercialization, defined as the first stage of diffusion, which regional factors are the best predictors of innovation success, and what is the definition of success.