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Leveraging Entrepreneurship through Private Investments: Does Gender Matter?

  • Gicheva, Dora

    ()

    (University of North Carolina at Greensboro, Department of Economics)

  • Link, Albert N.

    ()

    (University of North Carolina at Greensboro, Department of Economics)

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 womenowned firms are as much as 16 percentage 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.

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File URL: http://bae.uncg.edu/assets/research/econwp/2011/11-21.pdf
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Paper provided by University of North Carolina at Greensboro, Department of Economics in its series Working Papers with number 11-21.

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Length: 27 pages
Date of creation: 28 Nov 2011
Date of revision:
Handle: RePEc:ris:uncgec:2011_021
Contact details of provider: Postal: Box 26165, Greensboro, NC 27402-6165
Phone: (336) 334-5463
Fax: (336) 334-4089
Web page: http://www.uncg.edu/bae/econ/

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  1. Link, Albert N. & Scott, John T., 2011. "Employment Growth from Public Support of Innovation in Small Firms," Working Papers 11-17, University of North Carolina at Greensboro, Department of Economics.
  2. 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.
  3. 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.
  4. Roope Uusitalo, 1999. "Homo Entreprenaurus?," Discussion Papers 205, Government Institute for Economic Research Finland (VATT).
  5. Sophie Brana, 2010. "Microcredit: an answer to the gender problem in funding?," Larefi Working Papers 1008, Larefi, Université Bordeaux 4.
  6. Rachel Croson & Uri Gneezy, 2009. "Gender Differences in Preferences," Journal of Economic Literature, American Economic Association, vol. 47(2), pages 448-74, June.
  7. 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.
  8. 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.
  9. Robert Hébert & Albert Link, 2006. "The Entrepreneur as Innovator," The Journal of Technology Transfer, Springer, vol. 31(5), pages 589-597, 09.
  10. Gaudecker, Hans-Martin von & van Soest, Arthur & Wengström, Erik, 2009. "Heterogeneity in Risky Choice Behaviour in a Broad Population," IZA Discussion Papers 4022, Institute for the Study of Labor (IZA).
  11. 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.
  12. 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.
  13. 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.
  14. 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.
  15. 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.
  16. repec:ner:tilbur:urn:nbn:nl:ui:12-3857699 is not listed on IDEAS
  17. Albert N. Link & John T. Scott, 2009. "Private Investor Participation and Commercialization Rates for Government-sponsored Research and Development: Would a Prediction Market Improve the Performance of the SBIR Programme?," Economica, London School of Economics and Political Science, vol. 76(302), pages 264-281, 04.
  18. 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.
  19. 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.
  20. 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.
  21. repec:dgr:kubcen:200912 is not listed on IDEAS
  22. 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.
  23. Jianakoplos, Nancy Ammon & Bernasek, Alexandra, 1998. "Are Women More Risk Averse?," Economic Inquiry, Western Economic Association International, vol. 36(4), pages 620-30, October.
  24. 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.
  25. 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.
  26. Link, Albert N. & Scott, John T., 2010. "Government as entrepreneur: Evaluating the commercialization success of SBIR projects," Research Policy, Elsevier, vol. 39(5), pages 589-601, June.
  27. 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.
  28. 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.
  29. 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.
  30. 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.
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