Innovation or the creation and diffusion of new material, social and cultural things in society has been widely studied in sociology and across the social sciences, with investigations sufficiently diverse and dispersed to make them unnavigable. This complexity results from innovation's importance for society, but also the fundamental paradox underlying innovation science: When innovation becomes predictable, it ceases to be an engine of novelty and change. Here we review innovation studies and show that innovations emerge from contexts of discord and disorder, breaches in the structure of prior success, through a process we term destructive creation. This often leads to a complementary process of creative destruction whereby local structures protect and channel the diffusion of successful innovations, rendering alternatives obsolete. We find that social scientists naturally focus far more on how social and cultural contexts influence material innovations than the converse. We highlight computational tools that open new possibilities for the analysis of novel content and context in interaction, and show how this brings us empirically toward the broader range of possibilities that complex systems and science studies have theorized—and science fiction has imagined—the social, cultural and material structures of innovation conditioning each other's change through cycles of disruption and development.
This study investigates how venture capital firms (VCs) choose syndication partners. Exponential random graph models of Chinese VC syndication networks from 2006 to 2013 show that the homophily mechanism does not always determine VCs’ partner selection. In selecting partners, VCs have to strike a balance between reducing uncertainty and mobilizing heterogeneous resources. Therefore, decisions about partners depend on institutional uncertainty and VCs’ investment preferences. While VCs that focus on traditional business in an immature market are more likely to form homogeneous syndications, their peers that prefer to invest in innovative companies and that can rely on a stable market tend to syndicate with heterogeneous partners.
Innovation or the creation and diffusion of new material, social and cultural things in society has been widely studied in sociology and across the social sciences, with investigations sufficiently diverse and dispersed to make them unnavigable. This complexity results from innovation’s importance for society, but also the fundamental paradox underlying innovation science: When innovation becomes predictable, it ceases to be an engine of novelty and change. Here we review innovation studies and show that innovations emerge from contexts of discord and disorder, breaches in the structure of prior success, through a process we term destructive creation. This often leads to a complementary process of creative destruction whereby local structures protect and channel the diffusion of successful innovations, rendering alternatives obsolete. We find that social scientists naturally focus far more on how social and cultural contexts influence material innovations than the converse. We highlight computational tools that open new possibilities for the analysis of novel content and context in interaction, and show how this brings us empirically toward the broader range of possibilities that complex systems and science studies have theorized—and science fiction has imagined—the social, cultural and material structures of innovation conditioning each other’s change through cycles of disruption and development.
Covid-19 has impacted the U.S. economy and business organizations in multiple ways, yet its influence on company fundamentals and risk structures have not been fully elucidated. In this paper, we apply LDA, a mainstream topic model, to analyze the risk factor section from SEC filings (10-K and 10-Q), and describe risk structure change over the past two years. The results show that Covid-19 has transformed the risk structures U.S. companies face in the short run, exerting excessive stress on international interactions, operations, and supply chains. However, this shock has been waning since the second quarter of 2020. Our model shows that risk structure change (measured by topic distribution) from Covid-19 is a significant predictor of lower performance, but smaller companies tend to be stricken harder.
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