The characteristics of successful innovators and technically progressive firms (with some comments on innovation research)

Abstract

Abstract. Parallel with the growing realization by modern economists of the role that technical change plays in economic growth there has, during the last twenty years or so, and particularly during the last decade, been an upsurge of interest in research relating to technological innovation. (Mansfield, 1968a; Minasian, 1969; Aukraust, 1969; Thurow, 1971; Mansfield, 1968b). This has led to a number of studies which have aimed at discovering factors associated with success and failure in industrial innovation and the characteristics of technically progressive firms: as a result of this, there now exists a considerable and impressive body of empirical knowledge concerning successful and unsuccessful innovators. This paper briefly reviews the results of some of the more important of these innovation studies, and attempts to highlight areas of agreement between them, both concerning factors associated with success in innovation, and factors associated with failure and delay. It then comments on some of the limitations of the studies, and offers several suggestions concerning aspects of future innovation research which might go some way towards overcoming these limitations. The paper does not pretend to offer any startlingly original data or theory (although the textile machinery results are new—see Tables 1 and 2), but rather it is intended for use as an ‘innovation checklist’ for the busy manager and as a preliminary guide for those who are unfamiliar with the innovation literature.