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Biomedical Academic Entrepreneurship Through the SBIR Program

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Author Info
Toole, Andrew A.
Czarnitzki, Dirk
Abstract

This paper considers the U.S. Small Business Innovation Research (SBIR) program as a policy fostering academic entrepreneurship. We highlight two main characteristics of the program that make it attractive as an entrepreneurship policy : early-stage financing and scientist involvement in commercialization. Using unique data on NIH supported biomedical researchers, we trace the incidence of biomedical entrepreneurship through SBIR and describe some of the characteristics of these individuals. To explore the importance of early-stage financing and scientist involvement, we complement our individual level data with information on scientist-linked and non-linked SBIR firms. Our results show that the SBIR program is being used as a commercialization channel by academic scientists. Moreover, we find that the firms associated with these scientists perform significantly better than other non-linked SBIR firms in terms of followon venture capital funding, SBIR program completion, and patenting. --

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Publisher Info
Paper provided by ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research in its series ZEW Discussion Papers with number 05-47.

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Date of creation: 2005
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Handle: RePEc:zbw:zewdip:4273

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Related research
Keywords: Academic entrepreneurship; star scientists; SBIR; Venture Capital; innovation;

Find related papers by JEL classification:
C25 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Discrete Regression and Qualitative Choice Models
O38 - Economic Development, Technological Change, and Growth - - Technological Change - - - Government Policy
O31 - Economic Development, Technological Change, and Growth - - Technological Change - - - Innovation and Invention: Processes and Incentives
M13 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - New Firms; Startups
G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Jerry G. Thursby & Marie C. Thursby, 2000. "Who is Selling the Ivory Tower? Sources of Growth in University Licensing," NBER Working Papers 7718, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Archibald, Robert B. & Finifter, David H., 2003. "Evaluating the NASA small business innovation research program: preliminary evidence of a trade-off between commercialization and basic research," Research Policy, Elsevier, vol. 32(4), pages 605-619, April. [Downloadable!] (restricted)
  3. Jerry G. Thursby & Marie C. Thursby, 2004. "Are Faculty Critical? Their Role in University-Industry Licensing," Contemporary Economic Policy, Western Economic Association International, vol. 22(2), pages 162-178, 04. [Downloadable!] (restricted)
    Other versions:
  4. Dixit, Avinash, 1992. "Investment and Hysteresis," Journal of Economic Perspectives, American Economic Association, vol. 6(1), pages 107-32, Winter. [Downloadable!] (restricted)
  5. Bronwyn H. Hall & Adam B. Jaffe & Manuel Trajtenberg, 2001. "The NBER Patent Citation Data File: Lessons, Insights and Methodological Tools," NBER Working Papers 8498, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  6. Thursby, Jerry G & Jensen, Richard & Thursby, Marie C, 2001. " Objectives, Characteristics and Outcomes of University Licensing: A Survey of Major U.S. Universities," The Journal of Technology Transfer, Springer, vol. 26(1-2), pages 59-72, January. [Downloadable!] (restricted)
  7. Scott J. Wallsten, 2000. "The Effects of Government-Industry R&D Programs on Private R&D: The Case of the Small Business Innovation Research Program," RAND Journal of Economics, The RAND Corporation, vol. 31(1), pages 82-100, Spring.
  8. Zucker, Lynne G & Darby, Michael R & Armstrong, Jeff, 1998. "Geographically Localized Knowledge: Spillovers or Markets?," Economic Inquiry, Oxford University Press, vol. 36(1), pages 65-86, January.
  9. Samuel Kortum & Josh Lerner, 2000. "Assessing the Contribution of Venture Capital to Innovation," RAND Journal of Economics, The RAND Corporation, vol. 31(4), pages 674-692, Winter.
  10. Audretsch, David B. & Link, Albert N. & Scott, John T., 2002. "Public/private technology partnerships: evaluating SBIR-supported research," Research Policy, Elsevier, vol. 31(1), pages 145-158, January. [Downloadable!] (restricted)
  11. Maximo Torero, 2000. "Analyzing the Spillover Mechanism on the Semiconductor Industry in the Silicon Valley and Route 128," Econometric Society World Congress 2000 Contributed Papers 0090, Econometric Society. [Downloadable!]
  12. Joshua S. Gans & Scott Stern, 2000. "When Does Funding Research by Smaller Firms Bear Fruit?: Evidence from the SBIR Program," NBER Working Papers 7877, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  13. Murray, Fiona, 2004. "The role of academic inventors in entrepreneurial firms: sharing the laboratory life," Research Policy, Elsevier, vol. 33(4), pages 643-659, May. [Downloadable!] (restricted)
  14. Pindyck, Robert S., 1990. "Irreversibility, uncertainty, and investment," Working papers 3137-90., Massachusetts Institute of Technology (MIT), Sloan School of Management. [Downloadable!]
    Other versions:
  15. Zucker, Lynne G & Darby, Michael R & Brewer, Marilynn B, 1998. "Intellectual Human Capital and the Birth of U.S. Biotechnology Enterprises," American Economic Review, American Economic Association, vol. 88(1), pages 290-306, March. [Downloadable!] (restricted)
  16. Lerner, Josh, 1999. "The Government as Venture Capitalist: The Long-Run Impact of the SBIR Program," Journal of Business, University of Chicago Press, vol. 72(3), pages 285-318, July. [Downloadable!] (restricted)
  17. Di Gregorio, Dante & Shane, Scott, 2003. "Why do some universities generate more start-ups than others?," Research Policy, Elsevier, vol. 32(2), pages 209-227, February. [Downloadable!] (restricted)
  18. Iain Cockburn & Rebecca Henderson, 1999. "Public-Private Interaction and the Productivity of Pharmaceutical Research," NBER Working Papers 6018, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Junfu Zhang, 2007. "A Study of Academic Entrepreneurs Using Venture Capital Data," IZA Discussion Papers 2992, Institute for the Study of Labor (IZA). [Downloadable!]
    Other versions:
  2. David B. Audretsch & Taylor Aldridge & Alexander Oettl, 2006. "The Knowledge Filter and Economic Growth: The Role of Scientist Entrepreneurship," Papers on Entrepreneurship, Growth and Public Policy 2006-11, Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group. [Downloadable!]
  3. Paula Stephan & Asmaa El-Ganainy, 2007. "The entrepreneurial puzzle: explaining the gender gap," The Journal of Technology Transfer, Springer, vol. 32(5), pages 475-487, October. [Downloadable!] (restricted)
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