Industrial venture systems have been devised and implemented for many years, but examination of the literature dealing with the concept shows a lack of consistency of definition. The “venture” label is freely applied to management styles which differ in important respects. Often, the only common feature is that the object of discussion is an industrial subgroup concerned with innovation. In particular, there is a marked failure to distinguish between venture systems in the USA and the quasi‐venture systems which tend to operate elsewhere.
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