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Ms. Bronwyn H. Hall, Emerita Professor at the Berkeley, visited Kyiv

Ms. Bronwyn H. Hall, Emerita Professor at the Berkeley, visited Kyiv

8 Квітня, 2015

On April, 7 Ms. Bronwyn H. Hall, Emerita Professor at the Berkeley, California gave a lecture in Kyyiv, prepared particularly for Ukraine, “Policy for Innovation: insights from economic research” organized by Kyivstar Business Hub in partnership with Kyiv School of Economics.

Key points of Ms.Bronwyn speech:

  • People are driven to invent. It`s not an economic phenomenon. However, you need money and market to invent.
  • Research often focuses on R&D ‘cause it can be measured easily. But it’s not necessarily a measure of innovation.
  • Uncertainty and risk is always a problem when you invest in something new.
  • R&D tax credits as an instrument of reduction innovation cost may not be very effective if firms don’t feel competitive pressure to innovate.
  • Effective venture capital demands thick financial market. Even in USA VC is a small share in investment capital.
  • People are extremely important for innovation. It’s a real Ukrainian strength.
  • People as a capital need good education system and immigration policies.
  • Market structure affects innovation. Monopoly has no incentive to innovate. Perfect competition leaves no profit for investing innovation.
  • Market size is a demand for innovation. It’s a benefit for large economies such as USA or China.
  • Probability of innovation increases with firm size.
  • Many firms innovate without doing R&D, especially in services.