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The Missing Ingredient in Innovation
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The Missing Ingredient in Innovation

Patience

Mark Dodgson and David Gann
World Economic Forum, 2018
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Editorial Rating

8

Qualities

  • Analytical
  • Innovative
  • Overview

Recommendation

Transformative, high-payoff innovations like GPS take a long time to come to market. They typically emerge from multiple paths of investment in basic research and development. What they need are “patient capital” commitments that give visionaries the chance to explore new ideas and applications. In this brief article, academics Mark Dodgson and David Gann offer a thoughtful and well-articulated overview of patient investing, a much-needed but often-neglected financial area. getAbstract recommends this important analysis to investors and inventors.

Take-Aways

  • Groundbreaking inventions are in the making for many years. They change the world, but their commercial viability becomes apparent only after extensive R&D. 
  • Conventional investment channels are unable to sustain the necessary capital flows over the lengthy time horizons required to bring significant new ideas to market. 
  • In a “patient capital” financing model, extremely long-term investments from entities such as insurers and pension funds supplement both government grants and traditional funding sources. 

About the Authors

Mark Dodgson is the director of the Technology and Innovation Management Centre at the University of Queensland Business School. David Gann is vice president of Imperial College London.

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