Agricultural Economics Department
Date of this Version
11-18-2009
Abstract
To successfully compete in today’s globalized economy, agribusiness firms need to innovate. Innovation enables firms to produce new and/or differentiated products/services that satisfy specialized consumer demands, and enables firms to generate cost reducing processes to out-compete rivals in domestic and international food markets. Firms will engage in innovative activities if they are able to recoup research and development (R&D) costs and capture innovation rents, so it is critical that they are able to identify the optimal strategies of protecting and profiting from their innovations.
Comments
Published by the Department of Agricultural Economics, University of Nebraska – Lincoln. Copyright 2009 Regents of the University of Nebraska.