In this paper, we empirically explore whether gender diversity in European firms, measured at different organisational levels, contributes to enhancing their performance in terms of innovation and productivity. Particularly we propose a structural econometric framework that allows us to simultaneously account for gender diversity at the workforce and ownership level throughout different phases of the innovation process, from the decision to engage in R&D to productivity. Our results reveal that gender diversity is strongly related to firms' performance, besides the traditional factors envisaged by the literature. However, some differences emerge according to the firms' organisational levels. Indeed, workforce gender diversity seems to be relevant to all phases of the innovation process. By contrast, the positive influence of ownership gender diversity seems more narrowed as limited to the innovation development/implementation phase; moreover, increasing women's participation beyond a certain threshold is negatively associated with firms' productivity.

Analysis of international public-sector contributions to Food and Drug Administration (FDA)-approved drugs and vaccines allows for a more thorough examination of the global biomedical innovation ecosystem by institution of origin. Using new and existing methods, we have identified 364 FDA-approved drugs and vaccines approved from 1973 to 2016 discovered in whole or in part by Public Sector Research Institutions (PSRIs) worldwide. We identified product-specific intellectual property contributions to FDA-approved small molecule and biologic drugs and vaccines from the FDA Orange Book, our peer network, published studies, and three new sources: reports of medical product manufacturers' payments to physicians and teaching hospitals under The Sunshine Act of 2010, a paper by Kneller and 64 royalty monetization transactions by academic institutions and/or their faculty that one of us (AS) maintains. We include a total of 293 drugs discovered either wholly by a US PSRI or jointly by a U.S. and a non-U.S. PSRI. 119 FDA-approved drugs and vaccines were discovered by PSRIs outside the U.S. Of these, 71 were solely discovered outside the US, while 48 also involved intellectual property contributions by US PSRIs. In the context of the global public sector landscape, the US dominates drug discovery, accounting for two-thirds of these drugs and many of the important, innovative vaccines introduced over the past 30 years. Contributions by Canada, UK, Germany, Belgium, Japan, and others each amount to 5.4% or less of the total.

Pharmaceutical firms are extremely selective in deciding which patented drug candidates are taken up into clinical development, given the high costs and risks involved. We argue that the scientific base of drug candidates, and who was responsible for that scientific research, are key antecedents of take-up into clinical trials and whether the patent owner ('internal take-up') or another firm ('external take-up') leads the clinical development effort. We hypothesize that patented drug candidates that refer to scientific research are more likely to be taken up in development, and that in-house conducted scientific research is predominantly associated with internal take-up due to the ease of knowledge transfer within the firm. Examining 18,360 drug candidates patented by 136 pharmaceutical firms we find support for these hypotheses. In addition, drug candidates referring to in-house scientific research exhibit a higher probability of eventual drug development success. Our findings underline the importance of a 'rational drug design' approach that explicitly builds on scientific research. The benefits of internal scientific research in clinical development highlight the potential downside of pervasive organizational specialization in the life sciences in either scientific research or clinical development.

The dynamics of basic and applied research at university and industry have steadily changed since the Eighties, with the private sector reducing its investments in science and universities experiencing significant remodelling in the governance of their funding. While studies have focussed on documenting these changes in industry, less attention has been paid to observe the trajectories of basic and applied research in universities. This work contributes to fill this gap by looking at the evolution of publicly funded research that has been patented by universities between 1978 and 2015. First, we adopt a critical perspective of the basic versus applied dichotomy and identify patents according to three typologies of research: basic, mission-oriented, and applied research. Second, we describe the evolution of these three typologies in universities compared to industry. Our results show that over the years, patents from academic research that was publicly funded have become more oriented towards pure basic research, with mission-oriented basic research and pure applied research decreasing from the late 1990s. These results complement and extend the literature on basic and applied research dynamics in the private sector. By introducing mission-oriented research as a type of basic research with consideration of use, the work problematises the basic and applied research dichotomy and provides insights into the evolution of academic research focus, offering a more complex picture of how university research contributes to industry and broader social value creation.

This paper focuses on institutional influences on innovation efficiency across countries. Whereas various causes and effects of technological change have been examined, empirical investigations of the efficiency involved in innovation production are relatively few. Using data on a large sample of nations over 2018-2020 and considering corruption, regulatory quality, and state fragility as alternative institutional dimensions, our results show that greater corruption facilitates ("greases") efficiency in the production of innovations. This is also the case with improvements in regulatory quality, while greater state fragility increases inefficiency. These findings for the overall sample are somewhat different for the OECD and non-OECD subsamples, although the greasing effect of corruption remains throughout. A robustness check with patent protection and government size as alternative institutional dimensions is also conducted.

While previous entrepreneurship research has only seldom drawn on organizational ambidexterity, the analysis of the important contemporary tensions among entrepreneurship, innovation management and strategic management issues may be facilitated by more closely analysing organizational ambidexterity in entrepreneurial settings. In this paper, we follow this thinking and more closely analyse an often applied form of corporate entrepreneurship: automation. Such automation is transferring work that was formerly conducted by humans to machines and may thus result in new tensions between corporate entrepreneurship, innovation management and the management of organizational stakeholders such as employees. The present paper investigates whether increased automation lowers the stability of firms' relationships with their employees. In addition, we expect that this relationship is moderated by organizational ambidexterity, as employees may have perceived ambidexterity as a signal that their firm will not overly invest in exploitation only, but maintain a balance between exploitation and exploration. Drawing on stakeholder theory, previous insights into corporate entrepreneurship and a survey of German Mittelstand firms, our findings show that highly ambidextrous firms are indeed more vulnerable to automation, leading to lower employee relational stability. Our findings thus suggest that in highly ambidextrous firms, novel tensions around automation-related corporate entrepreneurship will be detrimental to the stability of the firm's relations with one of its key stakeholder groups: employees.

Around the world today, universities are expected to play a unique role as creators of regional growth and innovation. While there appears to be a consensus that the role of universities has been expanded, critiques show that the contribution of universities to their regions is still not well defined. There have been some developments in the literature on the concept of modern universities such as the triple helix, entrepreneurial university and engaged university. However, those concepts focus on enforcing universities' roles in a single domain such as entrepreneurship, innovation, or civic engagement. Little is known about how universities can facilitate regional growth that goes beyond knowledge transfer activities such as spin-off creation, licensing, and patenting. This paper contributes to a more comprehensive understanding of universities' role in regional growth through the theoretical lens of ambidexterity. Using ambidexterity, universities with a regional focus were distinguished from those engaged in research commercialization and traditional third-mission roles. Through two case studies, this study found that teaching, research, and engagement should not be separated, since they can serve both economic and social missions. As a result, a new model of multidextrous universities is proposed where universities meet both economic and social missions through teaching, research, and engagement. Contrary to previous contributions which presented universities as ambidextrous organizations where tension appears only between research commercialization and research publication or between teaching and research, this study suggests that universities need to overcome tensions and incorporate a sense of place in all activities to successfully contribute to regional growth.

Given that technology transfer provides an important boost for promoting national economic development, technology transfer policy (TTP) has attracted more and more attention from academia and industry. The government issued many policies. However, the implementation effect of TTP still needs to be clarified. This study is carried out from the progressive level of "text content-influence path-implementation effect.'' It aims to adopt a systematic analysis method to analyze policy tools and policy implementation stages, then builds a conceptual framework of the influence path of TTP. Then the relationship between variables in the qualitative model was clarified, and the system dynamics (SD) model was used to build a quantitative model with four feedback loops. Finally, taking Liaoning, China as an example, the system simulation and sensitivity analysis of the main parameters are implemented in Vensim PLE. Different policy tools have different roles in the TTP impact stages of research, transfer, and industrialization. Based on the data of 2013-1019, the SD model constructed in this paper can be used to predict the implementation effect of TTP during 2020-2015. Simulation and sensitivity analysis results provide practical enlightenment for government departments to improve the implementation effect of the existing TTP. This study also provides other researchers with a systematic understanding for improving the implementation effect of TTP with a "text content-influence path-implementation effect" conduction chain and provides new insights for further research on TTP.

Start-up firms in high-tech sectors normally engage in networking to overcome their lack of resources, knowledge, and competence constraints. A newly established firm's network can provide a source of social capital, which may enhance its growth prospects. In this study, 241 new technology-based firms (NTBFs) in Sweden are studied during their early formative years to investigate how entrepreneurial networks and the geographical proximity to actors in these networks affect the early performance of these firms in terms of growth. Three underlying factors are identified in the analysis: geographical proximity and professional and consultative networks. This study finds that professional networks have a positive and significant effect on NTBFs' growth, which indicate that utilizing these networks benefit the growth of both young and growing firms. NTBFs in initial stages can acquire business opportunities by constructing professional networks. In addition, several formal links positively affect growth, such as regional business partners, incubator networks, and links to universities.

In the last decades the term sustainability has become indispensable for society, governments and companies. Its correct implementation is of utmost importance, and therefore public institutions continuously promote the actions of sustainable development. During the pandemic, universities adapted to online teaching, using different platforms or even social media. The intensity of social media use has had positive and negative impacts. Several studies have linked the use of social media to sustainable development. Therefore, this study analyses the intensity of social media use in public universities and the relationship between the three dimensions of sustainability. To achieve the objectives set out, a sample of 447 users was used, and the data was analysed based on PLS-SEM (Partial Least Squares Structural Equation Modeling). Variance-based SEM is a methodological option to carry out analyses that measure the simultaneous behaviour of dependence relationships. The results have shown that the intensity of the use of social media and the economic sustainability of universities is weak, even if it is positive. Furthermore, there is a strong and positive relationship between the three dimensions of sustainability at the university level. This study contributes to the academic literature on the subject and highlights the critical role of higher education institutions in promoting sustainability.

We use the prolonged Greek crisis as a case study to understand how a lasting economic shock affects the innovation strategies of firms in economies with moderate innovation activities. Adopting the 3-stage CDM model, we explore the link between R&D, innovation, and productivity for different size groups of Greek manufacturing firms during the prolonged crisis. At the first stage, we find that the continuation of the crisis is harmful for the R&D engagement of smaller firms while it increased the willingness for R&D activities among the larger ones. At the second stage, among smaller firms the knowledge production remains unaffected by R&D investments, while among larger firms the R&D decision is positively correlated with the probability of producing innovation, albeit the relationship is weakened as the crisis continues. At the third stage, innovation output benefits only larger firms in terms of labor productivity, while the innovation-productivity nexus is insignificant for smaller firms during the lasting crisis.

The scope, complexity and the "volume" of knowledge accumulated render producing an overview of the core themes of science, technology and innovation policies difficult. Reviews of this policy domain mostly either refer to general issues without deep immersion into details or focus on specific narrower aspects. The paper uses semantic analysis to identify major themes of science, technology and innovation policies over the last three decades and to trace their evolution towards current policy setting. We use semantic tools for processing and analysing documents produced by one of the major and highly reputable international expert bodies, the OECD Working Party on Technology and Innovation Policy. We show that selected themes remain in the mainstream even though being affected by regular policy adjustments and refinements and which disappear or appear with new challenges and expected solutions. Other themes appear niche or exotic themes which are under discussion for some time only.

In this paper, we combine evidence from eight Indian pharmaceutical firms with extant literature and global best practices to conceptualize an integrative framework addressing the open innovation paradox (OIP), i.e., the tension between intellectual protection and openness. Firms in developing countries face additional challenges in the adoption of open innovation, such as the prevalence of open science norms, weak technology transfer systems, and mistrust between universities and industry; therefore, they employ open innovation selectively for pharmaceutical research. Prior research has examined the strategies to resolve OIP in the context of developed countries; the integrative framework proposed in this paper describes strategies for resolving the OIP in the context of developing countries. This framework illuminates the coping processes of the case firms and provides guidelines to uplift and accelerate the adoption of open innovation strategies in developing countries' pharmaceutical sectors, and thus provides value to both theory and praxis.

Traditional intermediaries have the ability and the incentive to intertemporarily smooth outcomes. Fintechs, such as peer-to-peer (P2P) lending platforms and equity crowdfunding (ECF) platforms, enable riskier projects without regard to intertemporal smoothing. U.S. data from May 2016 to June 2020 show that COVID-19 had an adverse impact on bank consumer lending. However, counter to our expectations, ECF and P2P are much more stable, timely, and resilient in the COVID-19 crisis compared to bank consumer lending. Moreover, the data indicate that P2P lending is a leading indicator for bank consumer lending and that bank consumer lending substitutes ECF. The policy response-CARES Act-caused: (1) a significant increase in ECF volumes, (2) a substantial rebound to bank consumer lending, and iii) at best, neutralized an already-stabilized level of P2P lending.

In equity crowdfunding, firms raise capital online from a large pool of heterogeneous investors, thereby providing primary market opportunities similar to traditional public markets, such as initial public offerings. The development of secondary markets is instead still limited, making the post-offering perspectives of both crowdfunding investors and firms closer to private equity deals. We believe that equity crowdfunding markets provide an interesting setting where to test existing corporate finance and financial economics theories, as well as to develop new theoretical insights. Relatedly, our understanding of crowdfunding mechanisms can largely benefit from increased attention from finance scholars. This paper and special issue are an attempt in this direction.

University-industry collaboration (UIC) projects are complex undertakings, that can involve multiple parties or stakeholders. Effective management of UICs can mean the difference between success and failure, in terms of technology transfer and research commercialization. This research paper focuses on the micro-level analysis of UICs and in particular the project management practices that can help major UICs deliver benefits and broader societal impact. PM has been evolving toward more hybrid approaches involving both traditional and agile practices. A conceptualization of a hybrid approach is presented based on a literature review. This conceptualization is then used as a starting point for exploratory empirical research. Participant observation, document analysis, and thirty semi-structured interviews were conducted in a large UIC case study to help identify PM practices and check their relevance. Data analysis led to a framework comprising 29 transversal or practices distributed throughout the project lifecycle and 30 contingent or practices, divided into traditional, agile and common. This research extends the existing knowledge on UICs by giving a micro-level perspective on managing UIC projects and providing evidence of the adoption of hybrid approaches to assure the overall governance of significant inter-organizational endeavors. The framework provides a roadmap for future major UIC projects.

Although the importance of digital technology has been recognized in the entrepreneurship literature, we know relatively little about how and to what extent it influences a nation's entrepreneurial activities. Drawing on the concept of entrepreneurial ecosystem, this study developed a conceptual model to explain the impact of digital technology on national entrepreneurship and the interactions between digital technology and other ecosystem elements. The hypotheses are tested by using unbalanced panel data of 101 countries from 2001 to 2018. The empirical results show that the level of digital technology is positively associated with the output of national entrepreneurial ecosystems, and this positive relationship is strengthened in nations with a supportive culture, high-quality institutions, supportive policies, accessible resources, and well-developed service industries. The findings highlight the importance of digital technology, provide fresh insights into the interdependence between elements and causal mechanisms in national entrepreneurial ecosystems.

In an environment of accelerating technological change and increasing digitalization, firms need to adopt new technologies faster than ever before to stay competitive. This paper examines whether updates of education curricula help to bring new technologies faster into firms' workplaces. We study technology changes and curriculum updates from an early wave of digitalization (i.e., computer-numerically controlled machinery, computer-aided design, and desktop publishing software). We take a text-as-data approach and tap into two novel data sources to measure change in educational content and the use of technology at the workplace: first, vocational education curricula and, second, firms' job advertisements. To examine the causal effects of adding new technology skills to curricula on the diffusion of these technologies in firms' workplaces (measured by job advertisements), we use an event study design. Our results show that curriculum updates substantially shorten the time it takes for new technologies to arrive in firms' workplaces, especially for mainstream firms.

The purpose of this paper is to examine biopharma innovation ecosystems (IEs) through the lenses of a stakeholder model. In doing so, this work aims to answer the following research question: which stakeholders are required in an IE within biopharma industry and what are their main roles in the IE value creation. The research strategy was designed according to the grounded theory methodology. By applying this methodology, data were collected through verbatim interviews with several stakeholders. Both data collection and data analysis phases were carried out concurrently up to saturation where all data were identified and their consistency across the many forms was reached. The thesis of the paper intends to prove that biopharma IEs consist of a multilevel and longitudinal set of key stakeholders. Furthermore, by investigating the Lombardy case study, it explains the role of each stakeholder with regards to the comparative advantages required in the engagement with the IE. In addition, arising from a holistic view of the biopharma IEs, this research traces the biopharma IE dynamics through the analysis of the IE's driving forces. This paper represents one of the first heuristic attempts to analyze in-depth biopharma IE from a holistic perspective. The paper findings can be considered to be an impactful extension to biopharma IEs world-wide. This broader scope is well supported by expert interviews as a central part of the methodology and by the investigated scientific literature.

Existing research has shown that university-industry collaboration (UIC) helps a firm achieve superior innovation outcomes. However, little is known about how UIC affects firm innovation when considering interfirm alliances. In this paper, we examine the influence of UIC on firm innovation performance by considering the interfirm alliance network. Based on a panel of 285 biopharmaceutical firms across the world over a thirty-year period from 1985 to 2014, we find that UIC enhances firm innovation performance. More alliances with other firms hinder the positive effect of UIC on firm innovation, whereas technological diversity strengthens the influence of UIC. Theoretical and practical implications of the results are discussed.

The emergence and evolution of engineering biology, and its potential to address multiple global challenges is associated with the rise of biofoundries. These innovation intermediaries are facilities that employ advanced automation and computational analytics to accelerate engineering biology applications. Yet, for biofoundries to fully achieve their promise of generating applications that address grand societal challenges, they need to meet three key challenges: translation of research technology and its commercialization, attention to sustainability, and responsible innovation. Using web content analysis and interviews, this paper explores the functions and capabilities undertaken by existing public biofoundries, the extent to which they address these three challenges, and opportunities and models for enhancement. We also probe the roles undertaken by three other contrasting types of innovation intermediaries to identify practices and opportunities for integration and partnering with public biofoundries. We find that public biofoundries exhibit relatively strong capabilities for research translation, whereas efforts toward sustainability and responsibility are generally less prominent. For biofoundry enhancement, we propose an organisational model based on external partnering where public biofoundries are positioned as intermediaries within regional innovation systems. The framework put forward is reproducible and could be used in other contexts for assessing innovation intermediary organisational functions and capabilities toward meeting societal challenges.