Publication
R&D investment reflects an organization’s willingness to invest in discovery and commercialization of new technologies in the form of products and processes as well as refinement of existing technologies. Investments in R&D have historically been made within firm boundaries and have been associated positively with firm innovation and performance. The uncertainty associated with returns to R&D investments and the increasingly distributed nature of knowledge has created an impetus for firms to invest in external sources of innovation to supplement their internal R&D efforts.