This chapter introduces the concept of ‘unicorns’ as exceptionally successful privately held start-ups that have reached a valuation of US$1 billion, and succinctly describes the most prolific entrepreneurial ecosystems from emerging economies per number of unicorn ventures. Providing an overview of the transformational force of these high-impact ventures, unicorns are portrayed as symbols of extraordinary growth and innovation in the digital age, garnering substantial disruptive potential and attention from investors, media, politicians and the general public. The chapter highlights the importance of unicorns not only as economic powerhouses but also as sources of inspiration and impact for entrepreneurs, investors and the broader business community, through an exploration of the factors that have influenced their development in the emerging entrepreneurial ecosystems of the Global South. Our focus is on China, India, Southeast Asia, Eastern Europe and Russia, Latin America, MENA and Africa; subsequent chapters of this book analyse these regions in detail.

On the basis of the previous chapters, we summarise the dimensions along which unicorns from developed and emerging economies differ, recognising the relative strengths of the constituent elements of the entrepreneurial ecosystems of China, India, MENA, Africa, Latin America, Southeast Asia, Central and Eastern Europe and Russia as described in this book. This overview serves as a point of departure for researchers and policymakers in further assessing and understanding the transformational potential of unicorns for countries of the Global South. We offer a list of conjectures that require additional data, analysis and validation to find an answer to the overarching question: Will unicorns from emerging economies be able to materialise into significant and tangible economic and social improvements?

While unicorns are often associated with Silicon Valley, new data suggests a shift in this trend. This chapter documents the evolution of the global geography of unicorns. It analyses the development of the number of unicorns in both absolute numbers and relative to population and explores their distribution across industries. The analysis dedicates particular attention to the role of emerging markets’ economies. This is timely, as they have recently taken a more prominent role in the global unicorn landscape. Despite the highly skewed global distribution of unicorns, an increasing number of unicorns are found beyond the traditional hotspots. The chapter develops a research agenda and discusses whether targeting unicorns is sensible policy for emerging economies. We argue that the societal returns from targeting unicorns in emerging economies are highly uncertain.

This chapter examines the evolution of China’s innovation system over the past thirty-five years, detailing how government policies, R&D investment, and strategic international engagement have spurred a remarkable surge in patent activity and technological advancement. It outlines the transition from a weak, planned economy to one where domestic enterprises dominate innovation, emphasizing the shift from quantity-focused utility model patents to an increasing quality of invention patents. The analysis highlights the role of FDI and regional dynamics in boosting local innovation while comparing domestic and foreign patenting trends. Key external challenges are discussed, including the impacts of the Belt and Road Initiative, the Sino-US trade war and technology decoupling, and the disruptions caused by the COVID-19 pandemic. Looking forward, the chapter proposes future directions in sectors such as electric vehicle batteries, semiconductors, and digital startups, stressing that achieving sustained independent innovation will require enhanced basic research, collaborative international efforts, and a move beyond reliance on government policy alone.

This chapter offers a comprehensive overview of China’s economic transformation over the past four decades. It traces the dramatic growth in China’s GDP – from a modest base in 1990 to a global powerhouse in 2023 – and examines the contributions of capital, labor, and productivity. The chapter juxtaposes optimistic and cautious expert forecasts, highlighting challenges such as a structural slowdown, decelerating productivity, and the risks of excessive investment in real estate. It also explores the evolving dynamics of state control, the impact of global trade shifts, and the role of innovation and industrial policy in shaping future growth. Additionally, the analysis delves into demographic trends, particularly the implications of the “demographic dividend” turning into a deficit and the complexities of forecasting in a rapidly changing economic environment. Overall, the chapter sets the stage for a broader discussion on the policy reforms and strategic shifts necessary for sustaining China’s long-term economic progress.

This chapter looks at the entrepreneurial state where the bulk of transitions scholarship has focussed to date. Indeed, technological change is a vital component of successful transitions and deeper transformations. Attention has often focussed on how support can be provided to ‘niche’ technologies and innovations that might ultimately disrupt dominant socio-technical regimes, in part through building markets for new products and services through financing, infrastructures and the generation of demand. The chapter explores the use of policy tools such as financial instruments including subsidies and feed-in-tariffs and industrial policy to support innovation and, implicitly or explicitly, ‘pick winners’. In discussing the transformation of the entrepreneurial state, the chapter explores the question of ‘exnovation’: taking unsustainable technologies out of production and the need to align innovation policy with the need to transform structures and levels of production and consumption which presents a series of challenges for growth-oriented industrial capitalist states and requires a more social, ecological and inclusive vision of innovation and who the innovators are in society.

This chapter deals with the economics of prescription drugs and of insurance coverage for them. Sellers of drugs have temporary market power because of patents. Drugs are supplied under a cost structure with high fixed costs of research, discovery, and approval followed by low marginal cost of producing additional units; this structure does not permit competitive markets to exist during the period of patient protection. Health systems buy drugs for inpatients in the usual way, but outpatient and pharmacy sold drugs are priced above marginal cost with prices often distorted by insurance coverage. The result can be high prices (though not necessarily increasing ones). A potential solution to the inefficiencies in this market is an agreement between insurers and drug sellers to buy a predetermined volume with the marginal price of additional units low or zero – the so called “Netflix” model. The intent of above-cost pricing for drugs is to encourage the supply of innovative products, but evidence on whether the current patient system in the US achieves an ideal outcome is lacking.

The analysis of MDT regulation across specific use cases – particularly in mental health and well-being, commercial advertising, political advertising, and employment monitoring – suggests that MDTs, especially neurotechnologies, do not necessarily present entirely new legal questions or phenomena. Rather, they occasionally highlight existing deficiencies and weaknesses that have long been recognised, albeit sometimes exacerbating their effects. By strategically adapting and utilising existing laws and legal instruments, substantial improvements can be made to the legal framework governing MDTs. In some cases, stricter regulations are urgently needed, while in others, compliance and enforcement present significant challenges. Although recent legislation has created important opportunities to address these shortcomings, a political consensus has yet to be reached on all necessary aspects. Throughout the book, alternative approaches and adaptations de lege ferenda within both established and newly adopted laws have been proposed as sources of inspiration. The concluding remarks reiterate key legislative adaptations.

This chapter draws all the threads together, highlighting the profound impact that artificial intelligence is likely to have on the landscape of intellectual property. It summarizes the core arguments of the book and sets out the author’s proposed strategies for adapting intellectual property law to the age of AI. By embracing these approaches, the chapter argues, one can ensure that intellectual property law continues to protect human creativity and innovation in the digital age.

This introductory chapter explores the foundation of intellectual property (IP) in the United States, specifically focusing on the history and purpose of copyright, patent, trademark, and trade secret. It highlights how these pillars have maintained their utilitarian character despite major technological revolutions and emphasizes the disruptive potential of artificial intelligence (AI). As AI technologies increasingly influence creative processes, they raise significant questions about the nature of human contribution and the value of IP. This chapter introduces some of the legal implications of generative AI, including concerns over copyright infringement and the potential need for new IP protections for AI-generated works. It outlines how the rise of AI challenges the traditional metrics of progress and the standards by which human contributions are evaluated. The author suggests that rather than resisting these changes, society should adapt its understanding of IP in a way that reflects the evolving technological landscape. Ultimately, the author argues for a nuanced approach to IP law that recognizes the shifting boundaries of what constitutes valuable innovation, advocating for humility in navigating the complexities of this ongoing transformation. The discussion sets the stage for the rest of the book.