This paper analyzes the choice between different external technology sourcing activities of a firm. On the one hand …, the firm can acquire new technology which is embodied in personnel. On the other hand, the firm can obtain new technology … disembodied through a licensing agreement or by outsourcing the technology development from an Ramp;D contractor. Building on …

development, firms typically are engaged in the acquisition of knowledge on the technology market and cooperate actively in R … are only engaged in a single innovation strategy, either internal R&D activities or sourcing technology externally … result is consistent with complementarity between own R&D and external technology sourcing activities. Furthermore, we show …