Selective subsidies,entrepreneurial founders' human capital,and access to R&D alliances |
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| Authors: | Luca Grilli Samuele Murtinu |
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| Institution: | 1. Politecnico di Milano, Department of Management, Economics, and Industrial Engineering, Via R. Lambruschini 4b, 20156, Milan, Italy;2. University of Groningen, Department of Innovation, Management & Strategy, Nettelbosje 2, 9747, AE Groningen, The Netherlands |
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| Abstract: | We investigate if and to what extent the receipt of a “selective” subsidy – a public subsidy awarded through a competitive procedure – helps new technology-based firms (NTBFs) to access R&D alliances. In particular, we theoretically enquire and empirically analyze which founding team-level characteristics allow NTBFs to: i) get a selective subsidy; and ii) access an R&D alliance with another firm or a public research organization/university, once the subsidy is awarded. We use a sample of 902 NTBFs that operate in Italy, where industrial policy has never had an explicit and exclusive mandate neither for targeting NTBFs nor for easing their access to R&D networks. By means of several identification strategies and estimation methods, our results point to the relevance of selective subsidies in facilitating NTBFs to enter R&D alliances, independently from the objective of the policy measure. Second, founders’ technical education figures as a key determinant to get the first selective subsidy. Finally, founders’ previous industry-specific work experience allows NTBFs to better exploit the selective subsidy, by positively moderating the impact of the subsidy on the likelihood to establish a corporate R&D alliance. |
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| Keywords: | H25 H81 L26 M13 M21 New technology-based firms Selective public subsidies R&D alliances Founders’ human capital |
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