Imperial College London
Alternate

ProfessorMarkusPerkmann

Business School

Vice-Dean (Research and Faculty) for the Business School
 
 
 
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Contact

 

+44 (0)20 7594 1955m.perkmann Website CV

 
 
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Location

 

288Business School BuildingSouth Kensington Campus

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Summary

 

Publications

Citation

BibTex format

@article{Fini:2023:10.1016/j.respol.2022.104662,
author = {Fini, R and Perkmann, M and Kenney, M and Maki, KM},
doi = {10.1016/j.respol.2022.104662},
journal = {Research Policy},
title = {Are public subsidies effective for university spinoffs? Evidence from SBIR awards in the University of California system},
url = {http://dx.doi.org/10.1016/j.respol.2022.104662},
volume = {52},
year = {2023}
}
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RIS format (EndNote, RefMan)

TY  - JOUR
AB  - 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.
AU  - Fini,R
AU  - Perkmann,M
AU  - Kenney,M
AU  - Maki,KM
DO  - 10.1016/j.respol.2022.104662
PY  - 2023///
SN  - 0048-7333
TI  - Are public subsidies effective for university spinoffs? Evidence from SBIR awards in the University of California system
T2  - Research Policy
UR  - http://dx.doi.org/10.1016/j.respol.2022.104662
UR  - https://www.sciencedirect.com/science/article/pii/S0048733322001834
UR  - http://hdl.handle.net/10044/1/101372
VL  - 52
ER  -
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