The Coalition Model, a Private-Public Strategic Innovation Policy Model for Encouraging Entrepreneurship and Economic Growth in the Era of New Economic Challenges
Forthcoming, Wash. U. Global Stud. L. Rev. (2017)
47 Pages Posted: 28 May 2017
Date Written: May 26, 2017
Innovation driven entrepreneurial firms have an important role in contributing to job creation, to generating technological innovation and to stimulating the United States economy. However, there is a notable recent decline in emerging growth entrepreneurial activity in the United States. The Coalition Model proposes ways to maximize opportunities for industry, academia and government to collaborate and build sustainable relationships, in order to help convert the current challenges in the U.S. market into opportunities.
Designing a new innovation strategy policy will lead the United States in generating innovation, technology and economic growth, as well as help the federal government harness new approaches for institutional change. Adopting the Coalition Model bridges some of the financial inefficiencies and information gaps associated with investment in innovation driven enterprises, but, perhaps, more importantly, will serve as a catalyst for encouraging and stimulating development of new firms and technologies.
The model is built on the notion of taking a proactive approach to innovation. Encouraging government agencies to fund research and innovation, by identifying specific technological challenges, determining the course of the research that can benefit their needs, collaborating with audiences in the public sector, research institutions and universities, and private corporations to act on these needs, and advance commercialization efforts. There are several potential benefits to adopting such a proactive policy.
Keywords: Innovation, Entrepreneurship, Policy, Economy, Government, Public-Private-Partnership, Collaboration, Israel, United-States
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