Prof. Otto Toivanen, PhD, is research associate at ZEW. He is a Professor in the Department of Managerial Economics, Strategy and Innovation at KU Leuven. He obtained his PhD from University of Warwick (U.K.) in 1995. Before his current position he was the director of HECER, a joint venture of all economics departments in Helsinki. He has also held positions at University of Warwick and Helsinki School of Economics, and has been a visiting scholar to MIT, NBER and University of California, Berkeley. Otto Toivanen is an expert on industrial organization and economics of innovation and has published papers on topics such as financing of firms, evaluation of innovation policies, and firm strategies in journals such as RAND Journal of Economics, Review of Economics and Statistics and Research Policy. He has been a member of the executive committee of the European Association for Research in Industrial Economics and an associate editor of the Journal of Industrial Economics and is a research fellow of the Center for Economic Performance. He has held several positions of trust, e.g. membership of the Economic Council of the Finnish Ministry of Finance. He has acted as a consultant for private sector firms and for public sector agencies such as the European Commission and the Finnish government.