The Free Market Innovation Machine
by William J Baumol
The real insight of this book is that big companies and small companies do very different types of innovation. The small ones are much more likely to come up with really radical and disruptive innovations, whereas big ones, with their huge corporate R&D departments, are much more likely to make incremental improvements of existing products. You need them both. Will Baumol is an economist who is really interested in the detail of how companies and markets work.
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“The Free Market Innovation Machine is by Will Baumol, one of the most fruitful and creative economists of our time. He wrote my textbook when I was an undergraduate – which was a very long time ago. This is a book about how companies do research, put it into practice and develop new products and services. The real insight in it, which hadn’t really been documented so carefully before, is that big companies and small companies do very different types of innovation.” Read more...
Diane Coyle, Economist
