Coordinated R&D Programs and the Creation of New Industries

This paper is evolved from an earlier working paper first drafted in April 2023. We thank Bhaven Sampat for his early collaboration and reviewers for extensive feedback that has significantly improved the paper. We also thank JP Eggers, Stine Grodal, Josh Krieger, Mahka Moeen, and Tiona Zuzul, and discussants Nel Dutt, Brian Silverman, and Steve Usselman for feedback, and audiences at numerous seminars and conferences for their comments. We also thank Deborah Douglas at the MIT Museum and Jeremy Kepner at Lincoln Laboratory for helpful discussions, and Umar Ali, Riley Choe, Innessa Colaiacovo, Jack Edmondson, and Richie Zitomer for research assistance. We are grateful to Duke University's Fuqua School of Business, the HBS Division of Research and Faculty Development, and the NBER Innovation Policy grant for financial support. This material is based upon work supported by the National Science Foundation under Grant No. 1951470. All errors are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.