Science and industry evolution: evidence from the first 50 years of the German laser industry
研究了德国激光行业前50年企业进入与退出，发现学术初创企业在大学-产业关系治理改革后竞争力提升，解释了为何企业数量未出现大规模淘汰。
Industry evolution is driven by innovation. Scientific research is an important source of innovation-relevant knowledge. To trace its impact on industry evolution, we follow the entry and exit of firms from various backgrounds over the first five decades of the German laser industry. We find that academic startups became increasingly competitive after substantial changes were introduced to the governance of university-industry relationships. Their enhanced performance helps explain why no shakeout in firm numbers has been observed to date. Doctorate-holding inventors contributed to the performance of entrants, indicating that the impact of scientific knowledge on industry evolution goes beyond academic entrepreneurship.