Asked by tushig amarjargal on May 26, 2024
Verified
What is the impact of small firms in driving innovation in the United States?
Small Firms
Businesses characterized by a small number of employees, low revenue, or limited market share.
Driving Innovation
The act of pushing forward new ideas, technologies, or methods to create value.
- Understand the significance of small firms in America's innovation ecosystem.
Verified Answer
JW
Jordan WillettMay 28, 2024
Final Answer :
The U.S.Department of Commerce found that since World War II,small entrepreneurial firms have been responsible for half of all innovation and 95 percent of all radical innovation in the United States.Other studies showed that research and development at smaller entrepreneurial firms were more productive and robust than at large firms;smaller firms generated twice as many innovations per R&D dollar spent as the giants,twice as many innovations per R&D scientist as the giants,and 24 times as many innovations per R&D dollar versus those large firms with more than 10,000 employees.
Learning Objectives
- Understand the significance of small firms in America's innovation ecosystem.
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