firms, you see that there are both very real strengths and some serious limitations.” (Lerner, 2012)
Lerner’s book entitled The Architecture of Innovation: The Economics of Creative Organizations offers tremendous insight into innovation funding strategies.
Government funding in scientific research increased after WWII. Large corporates soon followed suit. Companies like Ford and IBM established dedicated R&D labs with few constraints, restrictions, or deadlines within.
As the years progressed, companies experienced a lower return on investment. The value of these labs was obscured. They lost their appeal.
Lerner said: “this was a slow−moving