In The 21st Century How Will Government Spur Technological Innovation ?
The white paper, Washington Goes to Sand Hill Road: The Federal Government's Forays into the Venture Capital Industry, was written by Dr. Athar Osama, a senior consultant for the United Kingdom-based consulting and venture capital firm ANGLE Plc. and a former doctoral fellow at the RAND Corporation. Click here to access the paper.
"Innovative funding approaches for science and technology have benefits that go beyond the traditional government approaches to grant making," says David Rejeski, director, and Evan Michelson, research associate, at the Foresight and Governance Project. "These approaches can address long-range technological challenges, create dynamic and interdisciplinary teams, and reward creative, out-of-the-box thinking."
But government-funded venture capital efforts cannot operate like similar private-sector models. "More often than not, managers of non-traditional venture-creation programs cannot be incentivized through financial rewards," says Dr. Osama. "This can reduce their motivation to succeed. Understanding how differences in incentive systems play into the process is important for the design of a successful program."
In the paper, Dr. Osama offers criteria that could help design effective public sector venture funding initiatives. These criteria include policy and business objectives; relationships with other sources of capital and ideas; investment philosophy; management style and operating philosophy; structure and incentives; and exit and sustainability.
"The fate of federal venture programs - and, for that matter, any public policy intervention - must be decided on the basis of rigorous economic and policy evidence - wherever such evidence exists - regarding their effectiveness, rather than entirely on a set of fuzzy ideological criteria of what a government should and should not do," said Dr. Osama.
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Article adapted by Start Sanatate from original press release.
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The Foresight and Governance Project was established to facilitate better long-term thinking and planning in the public sector.
The Woodrow Wilson International Center for Scholars is the living, national memorial to President Wilson established by Congress in 1968 and headquartered in Washington, D.C. The Center establishes and maintains a neutral forum for free, open and informed dialogue. It is a nonpartisan institution, supported by public and private funds and engaged in the study of national and international affairs.
Source: Colin Finan
Project on Emerging Nanotechnologies
În secolul 21 cum Guvernul va da un impuls inovaþia tehnologicã? - In The 21st Century How Will Government Spur Technological Innovation ? - articole medicale engleza - startsanatate