Of Mice or Men: Management of Federally Funded Innovation Portfolios With Real Options Analysis
Of Mice or Men: Management of Federally Funded Innovation Portfolios With Real Options Analysis
复制标题
DOI：
10.1109/emr.2018.2847313
复制
发表时间：
2018-09
影响因子：
--
通讯作者：
A. Belz;Aleksandar Giga
中科院分区：
文献类型：
--
作者：
A. Belz;Aleksandar Giga
航空航天工业是创新和新技术的丰富来源。然而，结构驱动因素，如产品复杂性和严格的性能要求，抑制了新技术的吸收，并提出了挑战，具体到技术丰富的环境组合管理。尽管项目风险通常通过与中间里程碑相关的分阶段融资过程进行管理，但该过程通常与组合估值分离。在本文中，我们使用一个简单的真实的期权二叉树模型来评估美国国家航空航天局通过小企业创新研究计划资助的投资组合，定量占资金阶段和未来的机会，伴随着技术注入。对于2009年的投资组合，平均净项目投资为16.6万美元，这表明早期阶段的资金在启动创新努力中发挥着重要作用。我们研究分阶段架构，为商业和公共投资组合的管理者提供洞察力。
The aerospace industry is a rich source of innovation and novel technologies. However, structural drivers, such as product complexity and stringent performance requirements, inhibit the uptake of new technologies and present challenges to portfolio management specific to technology-rich environments. Although project risk is often managed through staged funding processes associated with intermediate milestones, this process is typically decoupled from portfolio valuation. In this paper, we use a simple real options binomial tree model to value the National Aeronautics and Space Administration portfolio funded through the Small Business Innovation Research program, accounting quantitatively for the funding stages and future opportunities accompanying technology infusion. For the 2009 portfolio, the average net project investment is $166k, suggesting the important role that early-stage funding plays in launching innovation efforts. We study the staged architecture to offer insight to managers of commercial and public portfolios alike.