Nurturing Entrepreneurship in Japan, Part 6
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  • Japan aid to R&D helps incumbent firms far more than potential gazelles
  • Japan comes in high on overall aid to company R&D as a share of GDP
  • However, it is an outlier in providing most of that aid via tax credits rather than direct subsidies
  • Tax credits only help firms that are already profitable, not potential gazelles that have yet to become profitable, and may never do so without enough R&D
  • Long carry-forward periods for R&D tax credits would help; however, last year, the Abe Administration ended Japan’s already-inadequate carry-forward provision—a move in the wrong direction
  • When it comes to direct aid to R&D,
  • Patents and innovation only help growth if innovative firms can attract the capital and labor resources to unleash the innovations’ commercial potential; in Japan, capital flows to patenting firms at just half the rate of the US pattern
  • Item #: 2016-09-29

Nurturing Entrepreneurship in Japan, Part 6

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