Why is Apple sitting on a pile of cash?

Recently I stumbled over this picture on the internet. I have not checked the numbers, but everybody knows that Apple is sitting on a huge pile of cash (the same goes for Microsoft, by the way). Of course, this number makes a good conspiracy theory about what might really be going on in Cupertino. Is Apple the last fire-drake of California jealously hoarding a pile of gold in his lair? I would like to object. There are actually good economic reasons for Apple to have large cash holdings. Continue reading Why is Apple sitting on a pile of cash?

How to get knowledge out of the ivory tower?

Technology transfer is a big topic for scholars and policy makers.We would like to know how we can harvest the knowledge and ideas that are produced at universities and research institutes and to make them available to society. The invention of new technologies is only a first step. They need to be commercialized as innovative products and services to further foster a society’s wealth. Especially Europe could do better here. Continue reading How to get knowledge out of the ivory tower?

Step by step to innovation success?

This year I had the opportunity to attend the Lindau Nobel Laureate Meeting in Economic Sciences. Afterwards, I contributed a short excerpt about my ongoing research on innovation management and resource allocation to the Lindau blog, which I like to reblog here. The corresponding paper appeared as a ZEW discussion paper.


Being an innovative company is easier said (or included in a mission statement) than done. Managers of innovative companies have to spend large R&D budgets on projects with highly uncertain outcomes. In high-tech industries such as automobiles, biotech and pharma, R&D intensities of more than 15% of annual sales are not uncommon (EU R&D Scoreboard, 2013). How to invest these funds in the most efficient manner, that is, maximising the success rate of the conducted innovation projects, is of great interest to practitioners and academics alike. Continue reading Step by step to innovation success?