Abstract

AbstractThe complexity of the innovative process reflects the economic difference between the creation of scientific knowledge and the application of this knowledge to the advancement of economic welfare.… The intervening processes are often long, complex, and costly. Much of the cost and time are associated with the stages beyond the generation of the basic technology itself, specifically, with the production and marketing of new products made possible by new technology (National Academy of Sciences 1978, pp. 12‐13).

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