Research Summary
Research Summary
Managing Innovation in the Emerging Industrial Research System
Description
The second track of Chesbrough's research looks at issues of how firms manage technology in an environment where research capability is increasingly distributed across the globe. Chesbrough sees the research system in the United States undergoing significant change, as federal support for research in real terms continues to decline, as corporate central research labs see their funding reduced, and as university research disperses knowledge widely around the globe. Managing these pressures will require firms to organize more flexibly to become able to capture value from their R&D spending in a variety of ways. Firms will need to "in-source" technologies that they need, but have not developed internally. They will need to "out-source" technologies that they have developed, but do not need. And they will need new mechanisms to align their research with their business objectives. Chesbrough has embarked on a study of technology "spinout" companies at a large Fortune 500 company known for its excellence in research. In addition, he is working on cases and papers on corporate venture capital, corporate venturing, and technology-based acquisitions.