Another reading of this paper is simply “Mariana Mazzucato is wrong” but then we knew that anyway. As Tyler Cowen points out:
…we suggest that this division of innovative labor has not, perhaps, lived up to its promise. The translation of scientific knowledge generated in universities to productivity enhancing technical progress has proved to be more difficult to accomplish in practice than expected. Spinoffs, startups, and university licensing offices have not fully filled the gap left by the decline of the corporate lab.