Replication data for: Financing Innovation: Evidence from R&D Grants

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Project Citation:

Project Description

Summary: Governments regularly subsidize new ventures to spur innovation. This paper conducts the first large-sample, quasi-experimental evaluation of R&D subsidies. I use data on ranked applicants to the US Department of Energy's SBIR grant program. An early-stage award approximately doubles the probability that a firm receives subsequent venture capital and has large, positive impacts on patenting and revenue. These effects are stronger for more financially constrained firms. Certification, where the award contains information about firm quality, likely does not explain the grant effect. Instead, the grants are useful because they fund technology prototyping.

Scope of Project

JEL Classification:
      D22 Firm Behavior: Empirical Analysis
      O31 Innovation and Invention: Processes and Incentives
      L53 Enterprise Policy
      O34 Intellectual Property and Intellectual Capital
      G24 Investment Banking • Venture Capital • Brokerage • Ratings and Ratings Agencies
      O38 Government Policy
      G32 Financing Policy • Financial Risk and Risk Management • Capital and Ownership Structure • Value of Firms • Goodwill

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V1 [2019-08-02]

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