Startups in IT and life sciences appear to be flourishing. However, startups in other sectors, such as new materials, automation, and eco-innovations, which are often called "deep tech", seem to struggle. We argue that innovations with both technical and commercial challenges, typical of deep...

This paper develops a theoretical framework in which patents and control of downstream co-specialized assets affect the way firms profit from innovation according to the stage of industry evolution. We argue that in early stages of industry life cycle the effectiveness of patents in protecting...