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Quotation of the Day…

… is from page 233 of Jerry Ellig’s and my former student Daniel Lin’s excellent 2001 paper, “A Taxonomy of Dynamic Competition Theories,” as this paper is reprinted in Jerry Ellig on Dynamic Competition and Rational Regulation (Susan E. Dudley & Patrick A. McLaughlin, eds., 2021) (footnote deleted):

The innovations that arise from entrepreneurial discovery need not be limited to technical improvements. They can also include improvements in management methods, corporate culture, arbitrage opportunities, and organizational learning. Entrepreneurs capitalize on both “high-tech” and “low-tech” knowledge, and so analysis focused solely on measurables like R&D will likely miss a great deal of entrepreneurial innovation.