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Leveraging entrepreneurship through private investments: does gender matter?

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Listed author(s):
  • Dora Gicheva

    ()

  • Albert Link

    ()

Abstract

Using project data from a random sample of Phase II research awards from the National Institutes of Health SBIR program, we estimate the relative probability that woman-owned firms are able to attract private investments to fund the transition of the technology developed under the sponsorship of the SBIR program to an innovation to enter the market. We find that women-owned firms are as much as 16% points less likely to attract private investment dollars compared to male-owned firms, factors excluding the size of the SBIR award held constant. Women-owned firms that received larger awards performed substantially better. Although the SBIR program has a legislated directive to increase the participation of woman-owned firms in the program, our findings suggest that it might not be sufficient to overcome market perceptions about the profitability of such investments actually bringing a developed technology to market. Copyright Springer Science+Business Media, LLC. 2013

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File URL: http://hdl.handle.net/10.1007/s11187-011-9411-y
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Article provided by Springer in its journal Small Business Economics.

Volume (Year): 40 (2013)
Issue (Month): 2 (February)
Pages: 199-210

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Handle: RePEc:kap:sbusec:v:40:y:2013:i:2:p:199-210
DOI: 10.1007/s11187-011-9411-y
Contact details of provider: Web page: http://www.springer.com

Order Information: Web: http://www.springer.com/new+%26+forthcoming+titles+%28default%29/journal/11187/PS2

Keywords: Innovation; Entrepreneurship; SBIR program; Venture capital; Gender discrimination; O31; L26; J16; G11;

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Find related papers by JEL classification:
  • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
  • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination
  • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
  • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives

References listed on IDEAS
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  1. Albert N. Link & John T. Scott, 2013. "Governments as entrepreneur: Evaluating the commercialization success of SBIR projects," Chapters,in: Public Support of Innovation in Entrepreneurial Firms, chapter 2, pages 25-38 Edward Elgar Publishing.
  2. Lex Borghans & Bart H. H. Golsteyn & James J. Heckman & Huub Meijers, 2009. "Gender Differences in Risk Aversion and Ambiguity Aversion," Journal of the European Economic Association, MIT Press, vol. 7(2-3), pages 649-658, 04-05.
  3. Albert Link & Dianne Welsh, 2013. "From laboratory to market: on the propensity of young inventors to form a new business," Small Business Economics, Springer, vol. 40(1), pages 1-7, January.
  4. Albert N. Link & John T. Scott, 2013. "Private Investor Participation and Commercialization Rates for Government-sponsored Research and Development: Would a Prediction Market Improve the Performance of the SBIR Programme?," Chapters,in: Public Support of Innovation in Entrepreneurial Firms, chapter 11, pages 157-174 Edward Elgar Publishing.
  5. Blanchflower, David G & Oswald, Andrew J, 1998. "What Makes an Entrepreneur?," Journal of Labor Economics, University of Chicago Press, vol. 16(1), pages 26-60, January.
  6. S. Brana, 2013. "Microcredit: an answer to the gender problem in funding?," Small Business Economics, Springer, vol. 40(1), pages 87-100, January.
  7. Bertoni, Fabio & Colombo, Massimo G. & Grilli, Luca, 2011. "Venture capital financing and the growth of high-tech start-ups: Disentangling treatment from selection effects," Research Policy, Elsevier, vol. 40(7), pages 1028-1043, September.
  8. Hans-Martin von Gaudecker & Arthur van Soest & Erik Wengstrom, 2011. "Heterogeneity in Risky Choice Behavior in a Broad Population," American Economic Review, American Economic Association, vol. 101(2), pages 664-694, April.
  9. Jianakoplos, Nancy Ammon & Bernasek, Alexandra, 1998. "Are Women More Risk Averse?," Economic Inquiry, Western Economic Association International, vol. 36(4), pages 620-630, October.
  10. Albert N. Link & John T. Scott, 2013. "Employment growth from public support of innovation in small firms," Chapters,in: Public Support of Innovation in Entrepreneurial Firms, chapter 3, pages 41-64 Edward Elgar Publishing.
  11. Robert Fairlie & Justin Marion, 2012. "Affirmative action programs and business ownership among minorities and women," Small Business Economics, Springer, vol. 39(2), pages 319-339, September.
  12. Robert Atkinson, 2010. "Commentary on Gregory Tassey’s “Rationales and mechanisms for revitalizing US manufacturing R&D strategies”," The Journal of Technology Transfer, Springer, vol. 35(3), pages 334-338, June.
  13. Elizabeth Gatewood & Candida Brush & Nancy Carter & Patricia Greene & Myra Hart, 2009. "Diana: a symbol of women entrepreneurs’ hunt for knowledge, money, and the rewards of entrepreneurship," Small Business Economics, Springer, vol. 32(2), pages 129-144, February.
  14. Claude Barfield, 2010. "Commentary on Gregory Tassey’s “Rationales and mechanisms for revitalizing US manufacturing R&D strategies”," The Journal of Technology Transfer, Springer, vol. 35(3), pages 342-345, June.
  15. Gregory Tassey, 2010. "Rationales and mechanisms for revitalizing US manufacturing R&D strategies," The Journal of Technology Transfer, Springer, vol. 35(3), pages 283-333, June.
  16. Roope Uusitalo, 2001. "Homo entreprenaurus?," Applied Economics, Taylor & Francis Journals, vol. 33(13), pages 1631-1638.
  17. Wright, Mike & Lockett, Andy & Clarysse, Bart & Binks, Martin, 2006. "University spin-out companies and venture capital," Research Policy, Elsevier, vol. 35(4), pages 481-501, May.
  18. Renate Schubert, 1999. "Financial Decision-Making: Are Women Really More Risk-Averse?," American Economic Review, American Economic Association, vol. 89(2), pages 381-385, May.
  19. Robert Hébert & Albert Link, 2006. "The Entrepreneur as Innovator," The Journal of Technology Transfer, Springer, vol. 31(5), pages 589-597, 09.
  20. Lex Borghans & Bart H.H. Golsteyn & James J. Heckman & Huub Meijers, 2009. "Gender Differences in Risk Aversion and Ambiguity," Working Papers 200903, Geary Institute, University College Dublin.
  21. Lerner, Josh, 1999. "The Government as Venture Capitalist: The Long-Run Impact of the SBIR Program," The Journal of Business, University of Chicago Press, vol. 72(3), pages 285-318, July.
  22. Martin Baily, 2010. "Commentary on Gregory Tassey’s “Rationales and mechanisms for revitalizing US manufacturing R&D strategies”," The Journal of Technology Transfer, Springer, vol. 35(3), pages 339-341, June.
  23. Peter Zwan & Ingrid Verheul & A. Thurik, 2012. "The entrepreneurial ladder, gender, and regional development," Small Business Economics, Springer, vol. 39(3), pages 627-643, October.
  24. Debbie Opstal, 2010. "Commentary on Gregory Tassey’s “Rationales and mechanisms for revitalizing US manufacturing R&D strategies”," The Journal of Technology Transfer, Springer, vol. 35(3), pages 355-359, June.
  25. Christopher Hill, 2010. "Commentary on Gregory Tassey’s “Rationales and mechanisms for revitalizing US manufacturing R&D strategies”," The Journal of Technology Transfer, Springer, vol. 35(3), pages 346-350, June.
  26. G. Swann, 2010. "Commentary on Gregory Tassey’s “Rationales and mechanisms for revitalizing US manufacturing R&D strategies”," The Journal of Technology Transfer, Springer, vol. 35(3), pages 351-354, June.
  27. Blanchflower, David G & Meyer, Bruce D, 1994. "A Longitudinal Analysis of the Young Self-Employed in Australia and the United States," Small Business Economics, Springer, vol. 6(1), pages 1-19, February.
  28. Rachel Croson & Uri Gneezy, 2009. "Gender Differences in Preferences," Journal of Economic Literature, American Economic Association, vol. 47(2), pages 448-474, June.
Full references (including those not matched with items on IDEAS)

Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Women can help bridge the 'valley of death' in science innovation
    by Cathy Foley, President of Science and Technology Australia at CSIRO in The Conversation on 2014-02-19 19:26:37
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
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Cited by:

  1. Albert N. Link & Christopher J. Ruhm & Donald S. Siegel, 2014. "Private Equity and the Innovation Strategies of Entrepreneurial Firms: Empirical Evidence from the Small Business Innovation Research Program," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 35(2), pages 103-113, 03.
  2. David B. Audretsch & Erik E. Lehmann & Stefano Paleari & Silvio Vismara, 2016. "Entrepreneurial finance and technology transfer," The Journal of Technology Transfer, Springer, vol. 41(1), pages 1-9, February.
  3. Rajeev Goel & Devrim Göktepe-Hultén & Rati Ram, 2015. "Academics’ entrepreneurship propensities and gender differences," The Journal of Technology Transfer, Springer, vol. 40(1), pages 161-177, February.
  4. Bradley, Samantha R. & Gicheva, Dora & Hassell, Lydia & Link, Albert N., 2013. "Gender Differences in Access to Private Investment Funding to Support the Development of New Technologies," Working Papers 13-9, University of North Carolina at Greensboro, Department of Economics.
  5. Scott, John T. & Scott, Troy J., 2016. "The entrepreneur's idea and outside finance: Theory and evidence about entrepreneurial roles," European Economic Review, Elsevier, vol. 86(C), pages 118-130.
  6. Bradley, Samantha R. & Gicheva, Dora & Hassell, Lydia & Link, Albert N., 2013. "Private Investment to Support New Technologies: Quantifying Gender Differences," Working Papers 13-11, University of North Carolina at Greensboro, Department of Economics.
  7. Gicheva, Dora & Link, Albert, 2015. "The Gender Gap in Federal and Private Support for Entrepreneurship," Working Papers 15-5, University of North Carolina at Greensboro, Department of Economics.
  8. Tristan Boyer & Régis Blazy, 2014. "Born to be alive? The survival of innovative and non-innovative French micro-start-ups," Small Business Economics, Springer, vol. 42(4), pages 669-683, April.

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