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Strategic risk-management using complementary assets: organizational capabilities and the commercialization of human genetic testing in the UK
journal contribution
posted on 2023-06-07, 23:35 authored by Michael HopkinsMichael Hopkins, Paul NightingalePaul NightingaleTeece's complementary asset framework explains how firms use assets to appropriate the benefits of innovation. This paper extends Teece's framework to show how firms also use complementary assets to disappropriate the risks of technical change. Based on case studies of the commercialisation of genetic testing in the UK the paper shows how firms can strategically alter the social distribution of risk to their advantage by managing distinct types of risk using different institutions with diverse risk management capabilities. We highlight the specific risk management capabilities of the state that are not available to either firms or markets, and their role in supporting technical change. Implications for policy and the academic understanding of technical change are discussed.
History
Publication status
- Published
Journal
Research PolicyISSN
0048-7333Publisher
ElsevierExternal DOI
Issue
3Volume
35Page range
355-374Pages
20.0Department affiliated with
- SPRU - Science Policy Research Unit Publications
Notes
This paper makes a connection between Teeces 1986 propositions about the role of complementary assets in innovation and the case of genetics, where companies may (contradicting the usual problem) wish to dis-appropriate their risk burdens. Dr Hopkins did 50% of the writing and all of the research, on the dimensions of risk management and the empirical application to UK genetic testing.Full text available
- No
Peer reviewed?
- Yes
Legacy Posted Date
2012-02-06Usage metrics
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