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Small Business Economics

Erschienen in:

24.04.2020

Going public with public money

verfasst von: Albert N. Link, Martijn van Hasselt, Silvio Vismara

Erschienen in: Small Business Economics | Ausgabe 3/2021

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Abstract

We analyze what we consider to be an unanticipated consequence of the SBIR program, namely, that firms, publicly funded through the SBIR program, are going public based on their new technology developed with support from the SBIR program. There is a conspicuous void with regard to publicly funded firms that do go public. Through the estimation of a qualitative choice model, we identify firm and project characteristics that are associated with an increased likelihood of a firm making (or planning to make) an initial public offering (IPO).

Vorheriger Artikel The impact of the third sector of R&D on the innovative performance of entrepreneurial firms

Nächster Artikel Entrepreneurial homeworkers

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See Leyden and Link (2015) and Link and Link (2009) for a history of the SBIR program and for the empirical literature related to the commercialization of SBIR-funded technologies.

Relatedly, see Link and Scott (2018).

Again, see Leyden and Link (2015) and Link and Link (2009) for a more complete description of Phase I and Phase II projects. Also, see Audretsch et al. (2019) and Bednar et al. (2019).

The concept of unexpected consequences traces to Bastiat (1848).

See https://www.nationalacademies.org/.

A variable to proxy the financial resource base of the firm is not available from the NRC’s surveys. The National Academies would not release to us the amount of the firm’s recent SBIR award for confidentiality reasons, and the amount of the firm’s previous SBIR awards was not asked on the surveys.

We measure patent counts in 10s so that the Probit coefficient on the squared patent term in column (2) is of a reasonable magnitude.

https://ec.europa.eu/commission/presscorner/detail/en/ip_20_416

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Audretsch, D. B., & Link, A. N. (2019a). The fountain of knowledge: an epistemological perspective on the growth of U.S. SBIR-funded firms. International Entrepreneurship and Management Journal, 15, 1103–1113.CrossRef

Audretsch, D. B., & Link, A. N. (2019b). Sources of knowledge and entrepreneurial behavior. Toronto: University of Toronto Press.

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Titel: Going public with public money
verfasst von: Albert N. Link
Martijn van Hasselt
Silvio Vismara
Publikationsdatum: 24.04.2020
Verlag: Springer US
Erschienen in: Small Business Economics / Ausgabe 3/2021
Print ISSN: 0921-898X
Elektronische ISSN: 1573-0913
DOI: https://doi.org/10.1007/s11187-020-00355-7

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