The hottest hi-tech item must certainly be the news that Twitter has taken the first steps in what is expected to be an IPO of the company's stock, here. Since the announcement, there has been a surprisingly large amount of discussion in the oral media about whether taking the company public will have a dampening effect on the company's long-term ability to innovate. An instructive written summary of the issue appeared on September 13, 2013, in bits.blogs,nytimes.com by Amy O'Leary, "5 Reasons That Innovation at Twitter Might Take a Hit", here. In this piece, O'Leary reports on an interview with Shai Bernstein, a professor at the Stanford Graduate School of Business, here. Based on Bernstein's 2012 study, "Does Going Public Affect Innovation?", here, Bernstein's conclusion was that “there is a substantial decline in the quality of innovation.” O'Leary reports that the Bernstein study used the number of patents as the proxy for the measure of innovation and the affect of an IPO on the company's innovative capabilities. Bernstein, in his interview, suggested five reasons why this is so.

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