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Natural resource funds for innovation in emerging countries: an assessment of the Chilean experience

José Luis Medina-Bueno (Department of Development Economics, Universidad Autónoma de Madrid, Madrid, Spain)
José Guimón (Department of Development Economics, Universidad Autónoma de Madrid, Madrid, Spain)
Christian A. Cancino (Department of Management Control and Information Systems, Universidad de Chile, Santiago, Chile)

Competitiveness Review

ISSN: 1059-5422

Article publication date: 8 June 2021

Issue publication date: 22 July 2021

243

Abstract

Purpose

This study aims to explore the institutional complexities associated with the design and implementation of a natural resource fund for innovation.

Design/methodology/approach

This study examines the case of Chile's Innovation Fund for Competitiveness by means of a historical approach building on interviews with key informants.

Findings

The proper functioning of a natural resource fund for innovation requires efficient institutional and operational structures, as well as strong coordination with innovation system actors. In particular, the case of Chile highlights the challenges inherent in adopting a regional approach when implementing this type of strategy, due to the institutional voids that hamper the role of regional governments in emerging countries.

Originality/value

Natural resource funds for innovation constitute a strategic mechanism for developing the innovative capabilities necessary to enhance the competitiveness of resource-rich emerging countries. This is one of the first studies addressing the institutional challenges involved in setting up this kind of fund in practice, focusing on one of the most relevant and longstanding examples from Latin America.

Keywords

Acknowledgements

J.L. Medina-Bueno wishes to thank the Department of Management Control and Information Systems of Universidad de Chile for hosting him as a visiting researcher while developing this article.

Citation

Medina-Bueno, J.L., Guimón, J. and Cancino, C.A. (2021), "Natural resource funds for innovation in emerging countries: an assessment of the Chilean experience", Competitiveness Review, Vol. 31 No. 5, pp. 901-919. https://doi.org/10.1108/CR-01-2021-0018

Publisher

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Emerald Publishing Limited

Copyright © 2021, Emerald Publishing Limited

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