Biomedical Engineering Reference
In-Depth Information
factors could contribute to economic growth (Lundvall, 2007).
Instead of only measuring GDP, it was suggested that all of the
components of an economy should be taken into consideration in
determining economic development (Lundvall, 2007). One of the
main elements identified as being significant for the development of
the innovation system is the role of learning and feedback within the
system (Lundvall, 2010). Consequently, the combinations between
different elements of the system could either promote the kinds of
interactions that stimulated learning or instead act as barriers to
innovation (Lundvall, 2010).
One of the chief outcomes of the NIS approach is that it challenges
the model of innovation as a linear process (Miozzo and Walsh, 2006).
In particular, one of the limitations of the linear theory has always
been that it cannot explain why some perfectly sound ideas are never
commercialized (Mowery and Rosenberg, 1998). Viewing innovation
as a more complex interplay of a number of highly interdependent
factors provides a more robust explanation of the factors leading to
successful commercialization. The NIS framework is now a widely
adopted policy platform in most industrialized countries. Building
policy designed to enhance the prospects for innovation (albeit mostly
limited to science and technology-based innovation (Lundvall, 2007))
has become a mainstay of much government policy in the last 30 years.
This national innovation systems model that is now recognized as
the touchstone of much science, technology and economic policy in
the developed world has a number of components, each one of
which varies from national context to national context. While the
components might appear to be very similar, there are also often
historical reasons for why some systems develop in particular ways.
In what follows, some of the key components of innovation systems
and some examples of how they relate more specifically to the
biotechnology industry and the stem cell sciences are discussed.
3.2.1 Funding
The amount of money provided from both public and private sources
for research and development is a significant factor for all innovation
