Senior Research Associate
Centre for Business Research (CBR)
I have been a Senior Research Fellow at the Centre for Business Research (CBR) since 2007. I am also a Full Professor of Economics at the Institute of Economics, Pro-Rector for International Relations, and Associate Scientific Coordinator of the EMbeDS (Economics and Management in the Era of Data Science programme) of Scuola Superiore Sant’Anna in Pisa.
I am a member of the International Schumpeter Society, American Economic Association, European Economic Association, and Strategic Management Society.
News and insight
Venture capital investment does not boost patents by technology firms, finds new study at University of Cambridge Judge Business School. 'Patenting has much sharper effects on VC investments than the other way around'. Venture capital firms are successful by picking innovative firms, not by boosting their patenting output. The number of patents obtained by technology firms is an often-used benchmark of supposed innovation, and some previous studies have found a positive link between venture capital (VC) investment and patent output. But a new study at University of Cambridge Judge Business School comes to a very different conclusion: the effect of VC on the patenting output of their portfolio companies is insignificant or negative. While VC firms react to patents in order to identify promising tech companies, VC investment doesn't boost invested firms' subsequent technological output. This suggests that a key role of VC investment is to focus tech firms' resources on exploiting their existing intellectual property (IP) through commercialisation rather than fresh technological exploration. "VC funds select portfolio companies based on the signalling function of patents," concludes the study published in the journal Research Policy. "Patenting has much sharper effects on VC investments than the other way around." The study…
Research by Professor Alan Hughes has played a pivotal role in the rollout of the highly successful Catapult Centres, which exist to encourage collaboration between academics and entrepreneurs. The Government's decision to expand the network of UK Catapult Centres is good news for technology and innovation – and great news for academics at Cambridge Judge Business School, whose research played a pivotal role in their inception. Speaking at the Satellite Applications Catapult in Harwell, Oxfordshire, business secretary Vince Cable said the seven existing Catapults had been so successful that two more would be opened by 2015/16 and an additional £7 million invested in the High Value Manufacturing Catapult. "Catapult centres have made a significant contribution over the last year, supporting businesses and developing new technologies. The total public and private sector investment in the Catapults so far is £1.4 billion and further investment will follow,” said Cable. By committing to investment in new technologies now, we are laying the foundations for the high-growth businesses of the future. This will allow them to grow, take on more employees and keep the UK at the forefront of global innovation.” Designed to create specialist institutions on the boundaries between universities and business, the…
The cost of R&D and innovation is the subject of an award-winning paper by CJBS's Andrea Mina. Andrea, CJBS Lecturer in Economics of Innovation, and Henry Lahr, a Research Fellow from Cambridge's Centre for Business Research, won the Best Paper Award at the CONCORDi-2013 Conference, organised by the European Commission in Seville in September. A bi-annual event that brings together international scholars and top-level European policy makers, the 2013 Conference focused on the theme of 'Financing R&D and innovation for firms' growth'. The Scientific Committee granted the award for Andrea and Henry's paper, Dynamic financial constraints and innovation: evidence from the UK innovation surveys. The Award, presented by Professor Bronwyn Hall, was granted for 'the originality, the scientific rigour and the policy relevance with which the authors deal with the complex relationship between the firm's financial constraints and its innovation'. The paper shows that R&D activities and innovation are a likely cause of financial constraints for companies, while the effect of financial constraints on future R&D and innovation is less important. The implication of this finding is that financial constraints may intensify at the early stages of innovation diffusion, when many UK firms (especially SMEs) may lack the resources necessary…