Technology Innovation Policy at the Local Level:

Technology innovation is a key driver of economic and employment growth in advanced industrial economics such as the United States and the Republic of Korea. Traditionally, technology innovation policy was the primary responsibility of the national government. ln the past few decades, there has been a dramatic shift in technology innovation in the United States from an emphasis on the national govemment and large national corporations to local and regional government initiatives and small and medium sized businesses. Four innovation policy initiatives helped to explain and shape this shift to local and regional technology innovation: (i) the 1980 Bayh-D이 e Act; (ii) the Smal1 Business Tnnovation Research (SBTR) Program; (iii) the promotion of technology c1usters; and (iv) the creation of science and technology research parks. Together, these policy initiatives have helped to make U.S. technology innovation both more localized and more dynamic .