Innovation and ownership variety

摘要

The role of ownership heterogeneity in influencing the extent andrnnature of innovation has been neglected but is an important omissionrnas ownership differences can influence the goals, time horizons, andrngovernance mechanisms relating to innovation. In this article I developrna novel framework that explores the potential impact and futurernresearch avenues in firms with a variety of ownership forms basedrnon whether the organizational form in which innovation takes place isrneither a new venture or an existing business, and whether ownershiprninvolves new independent owners or existing independent owners ofrnthe organization. With respect to organizational form, new venturesrnare effectively locked into innovation by definition, while existingrnbusinesses may find a balance between investing in innovation andrnexploiting previous innovations, and engaging in more incrementalrninnovation. Existing independent owners may be expected to take arnmore sustained view of innovation over time while new owners mayrnbe time delimited in their innovation. On the basis of this frameworkrnI analyze the following ownership types: academic spin-offs, privaternequity backed management buyouts, family firms and firms ownedrnby habitual entrepreneurs. I identify the need for research to explorernother ownership forms and the interaction between ownership typesrnand different contexts.