By Rob Philbrick
The notion that a state, county, or city should have a limited role in the development of local innovation economies stems from neoclassical economic theory, which advises that competitive markets be left alone so optimal outcomes can occur. I suggest a different notion: public commitment to invest across our local innovation chain is a desirable outcome.
Public investment plays an important role in setting foundations, while private finance is better suited for commercializing the innovative ideas born from these foundations. Neither one acting alone is sufficient. Continue reading