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This paper discusses different patterns of innovation and their institutional roots in Taiwan and South Korea. By using USPTO patent data as indicators of innovation, this paper finds that while individuals and small and medium-sized enterprises (SMEs) still account for a significant proportion of the patents in Taiwan, the large conglomerates are the major contributors of patents in South Korea. Moreover, although electronics is the sector that has gained most of the patents in both countries, Taiwan's patents are more dispersed while those of its South Korean counterparts are more concentrated. These differences come mainly from the institutional roots in their economic catching-up era. [ABSTRACT FROM AUTHOR]