补贴
风险投资
业务
首次公开发行
认证
创业
营销
产品(数学)
经济
财务
管理
市场经济
几何学
数学
作者
Riccardo Fini,Markus Perkmann,Martín Kenney,Kanetaka Maki
出处
期刊:Research Policy
[Elsevier]
日期:2023-01-01
卷期号:52 (1): 104662-104662
被引量:16
标识
DOI:10.1016/j.respol.2022.104662
摘要
This study examines the impact of public subsidies, and specifically, Small Business Innovation Research (SBIR) awards on university spinoff companies. Using unique data for a population of University of California spinoffs, we find pronounced differences between companies commercializing digital technologies (software and hardware), and those that focus on other product spaces. For digital spinoffs, receiving an SBIR award has a negative impact on raising venture capital and no impact on IPOs, exits or first sales. Conversely, for non-digital firms (e.g., biotechnology, energy), receiving an SBIR award has a positive effect on raising venture capital and performance outcomes. We reason that digital technologies are subject to faster cycle times and higher market uncertainty, relative to technological uncertainty. Digital firms may therefore benefit less from subsidies designed to support technology development, and private investors may view the need of digital companies to obtain such subsidies as a negative certification. Our findings inform policy by suggesting that the industrial domain may be an important boundary condition for the effectiveness of SBIR-type subsidies for university spinoffs.
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