The financing of innovation: an evolutionary approach to firm behavior

Resumen

This article discusses the financing of innovation based on the evolutionary theory. The goal is to bring together elements that elucidate a firm's behavior towards the innovation process. These elements include technological regimes and the relationship between finance and innovation. The discussion goes further into the evolutionary theory by incorporating the stages of growth of an innovative firm and the preference of innovation funding sources. The conclusion is that for each technological pattern and at each stage of development, a firm tends to present a different type of behavior in seeking financing for innovation.