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Productivity of innovation: the effect of innovativeness on start-up survival

Author

Listed:
  • Maria Cristina Arcuri

    (University of Parma
    SDA Bocconi School of Management)

  • Ivan Russo

    (University of Milano-Bicocca)

  • Gino Gandolfi

    (University of Parma
    SDA Bocconi School of Management)

Abstract

This paper provides arguments supporting the association between different measures of innovativeness (i.e., innovation capacity and effectiveness) and the survival of start-ups. Analysing a sample of 9171 innovative Italian start-ups, using Accelerated Failure Time models, we find two main results. First, patents and software licenses seem to strongly predict survival. Second, different measures of innovativeness complement each other: when Research and Development (R&D) expenditures pair with the ownership of patents/software and a skilled workforce, the overall effect on start-up survival gets stronger. It follows that innovativeness, in terms of high skills able to optimize R&D spending, is crucial for the survival of start-ups. Our findings should support policy-making for innovative capability development and “productivity of innovation”, and contribute to improving start-ups’ credit access and reduce their financial constraints.

Suggested Citation

  • Maria Cristina Arcuri & Ivan Russo & Gino Gandolfi, 2025. "Productivity of innovation: the effect of innovativeness on start-up survival," The Journal of Technology Transfer, Springer, vol. 50(3), pages 1111-1169, June.
    • Handle: RePEc:kap:jtecht:v:50:y:2025:i:3:d:10.1007_s10961-024-10069-7
    DOI: 10.1007/s10961-024-10069-7
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    1. Hyytinen, Ari & Pajarinen, Mika & Rouvinen, Petri, 2015. "Does innovativeness reduce startup survival rates?," Journal of Business Venturing, Elsevier, vol. 30(4), pages 564-581.
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    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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