A Dearth of Exit Strategies(退出策略).pdf

S P R I N G 2 0 0 9 V O L . 5 0 N O. 3 Intelligence A Dearth of Exit Strategies A brief synopsis of “When Does Start-Up Innovation Spur the Gale of Creative Destruction?” RAND Journal of Economics 33, no. 4 (winter 2002): 571-586 and “The Product Market and the ‘Market for Ideas’: Commercialization Strategies for Technology Entre- preneurs,” Research Policy 32, no. 2 (February 2003): 333-350, by Joshua Gans, Scott Stern and David Hsu Please note that gray areas reflect artwork that has been intentionally removed. The substantive content of the ar- ticle appears as originally published. R E P R I N T N U M B E R 5 0 3 0 3 [INNOVATION] A Dearth of Exit Strategies Fallout from the financial crisis could hinder innovation — by limiting options for technology start-ups. BY JOSHUA GANS While governments deliberate responses to the financial crisis of 2008 and its aftermath, one important question should not be overlooked: What will be the long-term impact of the crisis on technological innovation? As part of the fallout from the financial crisis, funds