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Signaling by early stage startups: US government research grants and venture capital funding

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  1. Taglialatela, Jonathan & Barontini, Roberto, 2024. "SMEs and patents: Is it worth it? A longitudinal analysis of the patent-performance relationship," Journal of Economics and Business, Elsevier, vol. 128(C).
  2. Bellucci, Andrea & Pennacchio, Luca & Zazzaro, Alberto, 2023. "Debt financing of SMEs: The certification role of R&D Subsidies," International Review of Financial Analysis, Elsevier, vol. 90(C).
  3. Jean-Michel Dalle & Matthijs Besten & Jeremie Morfin, 2025. "Accelerator-mediated access to investors among early-stage start-ups," Annals of Operations Research, Springer, vol. 348(3), pages 1925-1952, May.
  4. Igors Skute, 2019. "Opening the black box of academic entrepreneurship: a bibliometric analysis," Scientometrics, Springer;Akadémiai Kiadó, vol. 120(1), pages 237-265, July.
  5. Michael E. Cummings & Hans Rawhouser & Silvio Vismara & Erin L. Hamilton, 2020. "An equity crowdfunding research agenda: evidence from stakeholder participation in the rulemaking process," Small Business Economics, Springer, vol. 54(4), pages 907-932, April.
  6. Simon Kleinert, 2024. "The Promise of New Ventures’ Growth Ambitions in Early-Stage Funding: On the Crossroads between Cheap Talk and Credible Signals," Entrepreneurship Theory and Practice, , vol. 48(1), pages 274-309, January.
  7. Khanindra Ch. Das, 2023. "What Affects Startup Acquisition in Emerging Economy? Evidence from India," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 22(2), pages 111-134, June.
  8. Francesco Martielli & Vittorio Laus & Antonio Salvi & Anna Kotaskova, 2025. "Unlocking funding success: intercultural entrepreneurship dynamics in European startups," International Entrepreneurship and Management Journal, Springer, vol. 21(1), pages 1-31, December.
  9. Ploypailin Kijkasiwat & Hamza Almustafa & Pongsutti Phuensane, 2023. "Initial coin offerings for business: a systematic literature review and bibliometric analysis," SN Business & Economics, Springer, vol. 3(1), pages 1-31, January.
  10. Suleman Bawa & Ibn Wahab Benin & Abdulaziz Saleh Almudaihesh, 2024. "Innovation Networks and Knowledge Diffusion Across Industries: An Empirical Study from an Emerging Economy," Sustainability, MDPI, vol. 16(24), pages 1-26, December.
  11. Andrea Bellucci & Luca Pennacchio & Alberto Zazzaro, 2019. "R&D Subsidies and Firms' Debt Financing," Mo.Fi.R. Working Papers 153, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
  12. Zahlan, Ahmed, 2025. "Strategic resource mobilization for AI entrepreneurship in healthcare: Qualitative insights from startup founders," Technovation, Elsevier, vol. 145(C).
  13. Shai Harel & Eliran Solodoha & Stav Rosenzweig, 2022. "Can Entrepreneurs Who Experienced Business Closure Bring Their New Start-Up to a Successful M&A?," JRFM, MDPI, vol. 15(9), pages 1-17, August.
  14. Cacciolatti, Luca & Rosli, Ainurul & Ruiz-Alba, José L. & Chang, Jane, 2020. "Strategic alliances and firm performance in startups with a social mission," Journal of Business Research, Elsevier, vol. 106(C), pages 106-117.
  15. Bianchi, Mattia & Murtinu, Samuele & Scalera, Vittoria G., 2019. "R&D Subsidies as Dual Signals in Technological Collaborations," Research Policy, Elsevier, vol. 48(9), pages 1-1.
  16. Bhattacharyya, Jagriti & Subrahmanya, M.H. Bala, 2024. "Determinants of a digital start-up's access to VC financing in India: A signaling theory perspective," Technological Forecasting and Social Change, Elsevier, vol. 207(C).
  17. Sahasranamam, Sreevas & Nandakumar, M.K., 2020. "Individual capital and social entrepreneurship: Role of formal institutions," Journal of Business Research, Elsevier, vol. 107(C), pages 104-117.
  18. Lele Cao & Vilhelm von Ehrenheim & Sebastian Krakowski & Xiaoxue Li & Alexandra Lutz, 2022. "Using Deep Learning to Find the Next Unicorn: A Practical Synthesis," Papers 2210.14195, arXiv.org, revised Jun 2024.
  19. Hui Zheng & Xuexu Piao & Sangmoon Park, 2021. "The Role of Founder-CEO, Human Capital and Legitimacy in Venture Capital Financing in China’s P2P Lending Industry," Sustainability, MDPI, vol. 13(4), pages 1-14, February.
  20. Antonella Francesca Cicchiello & Serena Gallo & Stefano Monferrà, 2023. "Financing the cultural and creative industries through crowdfunding: the role of national cultural dimensions and policies," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 47(1), pages 133-175, March.
  21. Ciro D. Esposito & Balazs Szatmari & Jonathan M. C. Sitruk & Nachoem M. Wijnberg, 2024. "Getting off to a good start: emerging academic fields and early-stage equity financing," Small Business Economics, Springer, vol. 62(4), pages 1591-1613, April.
  22. Jie Ren & Wullianallur Raghupathi & Viju Raghupathi, 2025. "Exploring the factors that impact accelerator-based startup funding," Journal of Innovation and Entrepreneurship, Springer, vol. 14(1), pages 1-25, December.
  23. Hu, Jinjin & Huo, Dong & Wu, Delin, 2024. "Digital economy development and venture capital networks: Empirical evidence from China," Technological Forecasting and Social Change, Elsevier, vol. 203(C).
  24. Mueller, Christoph E., 2023. "Startup grants and the development of academic startup projects during funding: Quasi-experimental evidence from the German ‘EXIST – Business startup grant’," Journal of Business Venturing Insights, Elsevier, vol. 20(C).
  25. Farzana Chowdhury & David B. Audretsch, 2024. "Is Nonprofit Entrepreneurship Unique?," Small Business Economics, Springer, vol. 63(4), pages 1615-1639, December.
  26. Rui Shen & Qingyun Lu & Jun Yang & Can Li, 2025. "Governors’ Tenure and Venture Capital Firms’ Early-stage Investing: A Subnational Institutional Perspective," Small Business Economics, Springer, vol. 65(1), pages 613-642, June.
  27. Bendig, D. & Brüss, L. & Degen, F., 2025. "Entrepreneurship in the renewable energy sector: A systematic literature review of types, characteristics, and sustainability impacts," Renewable and Sustainable Energy Reviews, Elsevier, vol. 212(C).
  28. Li, Yafei & Dong, Xiaoqi & Sun, Jinping, 2024. "R&D project subsidy V.S. government innovation reward: The effectiveness on corporate innovation," China Economic Review, Elsevier, vol. 88(C).
  29. Angelo Cavallo & Christina Theodoraki & Alessandro Lucini-Paioni, 2026. "Building a space entrepreneurship industry: The role of entrepreneurial support programs for startup growth," Small Business Economics, Springer, vol. 66(2), pages 773-795, February.
  30. Bellucci, Andrea & Borisov, Alexander & Giombini, Germana & Zazzaro, Alberto, 2023. "Information asymmetry, external certification, and the cost of bank debt," Journal of Corporate Finance, Elsevier, vol. 78(C).
  31. Wongani Langa & David Mkwambisi & Mayeso Kachingwe, 2026. "“From grants to growth”, embedding innovation education for youth empowerment-insights from the post-grant phase of the MUST BA4Y programme," Journal of Innovation and Entrepreneurship, Springer, vol. 15(1), pages 1-13, December.
  32. Berna Beyhan & Derya Fındık, 2022. "Selection of Sustainability Startups for Acceleration: How Prior Access to Financing and Team Features Influence Accelerators’ Selection Decisions," Sustainability, MDPI, vol. 14(4), pages 1-23, February.
  33. Seung Hoon D. Chung & Simon C. Parker, 2023. "Founder affiliations: jobseeker reactions and impact on employee recruitment by start-up ventures," Small Business Economics, Springer, vol. 61(1), pages 259-283, June.
  34. Xiang Gao & Zhenhua Gu & Shuzhen Niu & Sunghan Ryu, 2022. "Effects of International Tourist Flow on Startup Financing: Investment Scope and Market Potential Perspectives," SAGE Open, , vol. 12(4), pages 21582440221, October.
  35. Jianjun Xu & Lijie Yu & Rakesh Gupta, 2020. "Evaluating the Performance of the Government Venture Capital Guiding Fund Using the Intuitionistic Fuzzy Analytic Hierarchy Process," Sustainability, MDPI, vol. 12(17), pages 1-24, August.
  36. Zhou, Lu Jolly & Zhang, Xinyu & Sha, Yezhou, 2021. "The role of angel investment for technology-based SMEs: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 67(C).
  37. Yang Zhao & Xuemei Xie & Liuyong Yang, 0. "Female entrepreneurs and equity crowdfunding: the consequential roles of lead investors and venture stages," International Entrepreneurship and Management Journal, Springer, vol. 0, pages 1-29.
  38. Zhang, Lili & Guo, Ying & Sun, Ganlu, 2019. "How patent signals affect venture capital: The evidence of bio-pharmaceutical start-ups in China," Technological Forecasting and Social Change, Elsevier, vol. 145(C), pages 93-104.
  39. Hsieh, Hui-Ching & Nguyen, Dat Thanh & Nguyen, Thien Le-Hoang, 2024. "Betting on success: Unveiling the role of local gambling culture in equity crowdfunding," Journal of Empirical Finance, Elsevier, vol. 78(C).
  40. Bronzini, Raffaello & Giunta, Anna & Pierucci, Eleonora & Sforza, Marco, 2025. "More technology, more loans? How advanced digital technologies influence firms’ financing conditions," Structural Change and Economic Dynamics, Elsevier, vol. 72(C), pages 47-66.
  41. Berger, Marius & Hottenrott, Hanna, 2021. "Start-up subsidies and the sources of venture capital," Journal of Business Venturing Insights, Elsevier, vol. 16(C).
  42. Berger, Marius & Gottschalk, Sandra, 2021. "Financing and advising early stage startups: The effect of angel investor subsidies," ZEW Discussion Papers 21-069, ZEW - Leibniz Centre for European Economic Research.
  43. Bracht, Felix & Mahieu, Jeroen & Vanhaverbeke, Steven, 2023. "The signaling value of legal form in debt financing," LSE Research Online Documents on Economics 121335, London School of Economics and Political Science, LSE Library.
  44. Kwangsoo Shin & Minkyung Choy & Chul Lee & Gunno Park, 2019. "Government R&D Subsidy and Additionality of Biotechnology Firms: The Case of the South Korean Biotechnology Industry," Sustainability, MDPI, vol. 11(6), pages 1-22, March.
  45. Younis, Heba & Karmowska, Joanna, 2025. "‘We need to play safe’: SME internationalization in a munificent environment," Journal of Business Research, Elsevier, vol. 199(C).
  46. Bracht, Felix & Mahieu, Jeroen & Vanhaverbeke, Steven, 2024. "The signaling value of legal form in entrepreneurial debt financing," Journal of Business Venturing, Elsevier, vol. 39(3).
  47. Junada Sulillari, 2024. "Why Start-Ups Struggle to Secure Venture Capital Funding: Investigating the Factors that Shape Venture Capital Investment Decisions," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 7, pages 21-46.
  48. Epure, Mircea & Guasch, Martí, 2020. "Debt signaling and outside investors in early stage firms," Journal of Business Venturing, Elsevier, vol. 35(2).
  49. George A Shinkle & Jo-Ann Suchard, 2019. "Innovation in newly public firms: The influence of government grants, venture capital, and private equity," Australian Journal of Management, Australian School of Business, vol. 44(2), pages 248-281, May.
  50. Jiabin Zhang & Joeri Hugten & Wouter Stam, 2025. "Save for a rainy day? How regional household savings constrain entrepreneurship after a natural disaster," Small Business Economics, Springer, vol. 64(4), pages 2013-2033, April.
  51. Felix Bracht & Jeroen Mahieu & Steven Vanhaverbeke, 2023. "The signaling value of legal form in debt financing," CEP Discussion Papers dp1914, Centre for Economic Performance, LSE.
  52. Tumasjan, Andranik & Braun, Reiner & Stolz, Barbara, 2021. "Twitter sentiment as a weak signal in venture capital financing," Journal of Business Venturing, Elsevier, vol. 36(2).
  53. Antretter, Torben & Lekkas, Henrik Wesemann & Djokovic, Djordje & Souitaris, Vangelis & Wincent, Joakim, 2025. "Not what you expected to see? Obesity stereotypes, expectancy violations, and angel investment decisions," Journal of Business Venturing, Elsevier, vol. 40(5).
  54. Lefebvre, Vincent & Certhoux, Gilles & Radu-Lefebvre, Miruna, 2022. "Sustaining trust to cross the Valley of Death: A retrospective study of business angels’ investment and reinvestment decisions," Technovation, Elsevier, vol. 109(C).
  55. Ke Zhao & Hongwei Wang & Xicheng Yin, 2023. "How women entrepreneurs influence reward-based crowdfunding performance: The mediating role of social and economic value orientation," International Entrepreneurship and Management Journal, Springer, vol. 19(4), pages 1771-1802, December.
  56. Gill, Andrej & Heller, David & Michel, Nina A., 2024. "Enabling or accelerating? The timing of innovation and the different roles of venture capitalists," Research Policy, Elsevier, vol. 53(8).
  57. Simon Kleinert & Kazem Mochkabadi, 2022. "Gender stereotypes in equity crowdfunding: the effect of gender bias on the interpretation of quality signals," The Journal of Technology Transfer, Springer, vol. 47(6), pages 1640-1661, December.
  58. Vincent Lefebvre & Gilles Certhoux & Miruna Radu-Lefebvre, 2022. "Sustaining trust to cross the Valley of Death: A retrospective study of business angels’ investment and reinvestment decisions," Post-Print hal-03545529, HAL.
  59. Rose, Stefan & Wentzel, Daniel & Hopp, Christian & Kaminski, Jermain, 2021. "Launching for success: The effects of psychological distance and mental simulation on funding decisions and crowdfunding performance," Journal of Business Venturing, Elsevier, vol. 36(6).
  60. Jiahui Xu & Chee-Pung Ng & Toong Hai Sam & Asokan Vasudevan & Poh Kiong Tee & Alex Hou Hong Ng & Wong Chee Hoo, 2023. "Fiscal and Tax Policies, Access to External Financing and Green Innovation Efficiency: An Evaluation of Chinese Listed Firms," Sustainability, MDPI, vol. 15(15), pages 1-19, July.
  61. Jubalt Alvarez-Salazar & Jean Pierre Seclen-Luna & Jessika Milagros Vasquez Neyra & Andrea Lazarte-Aguirre, 2025. "Networking, experimentation, and financing as drivers of accelerated growth in Peruvian startups," Journal of Innovation and Entrepreneurship, Springer, vol. 14(1), pages 1-23, December.
  62. Silviu Florin Rata & Rozalia Nistor & Alexandru Capatina & Giuseppe Empoli & Violeta Maria Isai & Iuliana Oana Mihai, 2024. "Fueling the Growth Engines: A Cross-Country Study on Business Accelerators’ Role in Startup Sustainability," Sustainability, MDPI, vol. 16(24), pages 1-21, December.
  63. Julian Bafera & Simon Kleinert, 2023. "Signaling Theory in Entrepreneurship Research: A Systematic Review and Research Agenda," Entrepreneurship Theory and Practice, , vol. 47(6), pages 2419-2464, November.
  64. Aleksandar Giga & Alexandra Graddy-Reed & Andrea Belz & Richard J. Terrile & Fernando Zapatero, 2022. "Helping the Little Guy: the impact of government awards on small technology firms," The Journal of Technology Transfer, Springer, vol. 47(3), pages 846-871, June.
  65. Felix Bracht & Jeroen Mahieu & Steven Vanhaverbeke, 2022. "The signaling value of legal form in debt financing," POID Working Papers 052, Centre for Economic Performance, LSE.
  66. Forough Zarea & Evan J. Douglas & Martin Obschonka & Per Davidsson & David B. Audretsch & Dietmar W. Hutmacher, 2025. "When the marketplace comes to the research laboratory: technology transfer efficiency of innovation-driven publicly funded research centers," The Journal of Technology Transfer, Springer, vol. 50(6), pages 2556-2586, December.
  67. Chila, Vilma & van den Oever, Koen, 2025. "Time to say goodbye? The role of SBIR funding, VC rounds, and initial alliance for director exit in new ventures," Journal of Business Venturing, Elsevier, vol. 40(3).
  68. Fini, Riccardo & Perkmann, Markus & Kenney, Martin & Maki, Kanetaka M., 2023. "Are public subsidies effective for university spinoffs? Evidence from SBIR awards in the University of California system," Research Policy, Elsevier, vol. 52(1).
  69. Kou, Mingting & Yang, Yuanqi & Chen, Kaihua, 2020. "The impact of external R&D financing on innovation process from a supply-demand perspective," Economic Modelling, Elsevier, vol. 92(C), pages 375-387.
  70. Simon Kleinert & Christine Volkmann & Marc Grünhagen, 2020. "Third-party signals in equity crowdfunding: the role of prior financing," Small Business Economics, Springer, vol. 54(1), pages 341-365, January.
  71. Zhang, Yuxin & Zhou, Yaodong, 2025. "The impact of government industrial funds on the innovation of SMEs in China," Journal of Asian Economics, Elsevier, vol. 97(C).
  72. Berger, Marius & Gottschalk, Sandra, 2025. "Amplifying angels: Evidence from the INVEST program," Journal of Business Venturing, Elsevier, vol. 40(1).
  73. Cabral, Joseph J. & Reid, Shane W. & Tucker, Reginald, 2024. "We're in it for the long haul: How corporate venture capital helps alleviate financial market frictions in social entrepreneurship," Journal of Business Venturing Insights, Elsevier, vol. 22(C).
  74. Katarzyna Rostek & Agnieszka Skala, 2018. "Segmentation Analysis For Polish Digital Startups in Years 2015 and 2016 (Analiza segmentacyjna polskich startupow cyfrowych w latach 2015–2016)," Research Reports, University of Warsaw, Faculty of Management, vol. 1(26), pages 55-67.
  75. Geiger, Mark, 2020. "A meta-analysis of the gender gap(s) in venture funding: Funder- and entrepreneur-driven perspectives," Journal of Business Venturing Insights, Elsevier, vol. 13(C).
  76. Polzin, Friedemann & Sanders, Mark, 2020. "How to finance the transition to low-carbon energy in Europe?," Energy Policy, Elsevier, vol. 147(C).
  77. Yang Zhao & Xuemei Xie & Liuyong Yang, 2021. "Female entrepreneurs and equity crowdfunding: the consequential roles of lead investors and venture stages," International Entrepreneurship and Management Journal, Springer, vol. 17(3), pages 1183-1211, September.
  78. Fisch, Christian & Meoli, Michele & Vismara, Silvio & Block, Jörn H., 2022. "The effect of trademark breadth on IPO valuation and post-IPO performance: an empirical investigation of 1510 European IPOs," Journal of Business Venturing, Elsevier, vol. 37(5).
  79. Bretas, Vanessa P.G. & Tippmann, Esther & Levie, Jonathan, 2025. "Networks for scaling businesses: Accessing international support webs for critical support resources," Journal of World Business, Elsevier, vol. 60(4).
  80. Nurhayati Sulaiman & Mohd Raihana Mohdali & Nor Adura Mohd Ali, 2024. "Key Drivers of Venture Capital in Malaysia: A Study of Investor Perspectives," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(12), pages 2511-2521, December.
  81. Jose Ramon Saura & Pedro Palos-Sanchez & Antonio Grilo, 2019. "Detecting Indicators for Startup Business Success: Sentiment Analysis Using Text Data Mining," Sustainability, MDPI, vol. 11(3), pages 1-14, February.
  82. Doblinger, Claudia & Surana, Kavita & Anadon, Laura Diaz, 2019. "Governments as partners: The role of alliances in U.S. cleantech startup innovation," Research Policy, Elsevier, vol. 48(6), pages 1458-1475.
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  85. Xue Yang & Hao Zhang & Die Hu & Bingde Wu, 2023. "The timing dilemma: understanding the determinants of innovative startups’ patent collateralization for loans," Small Business Economics, Springer, vol. 60(1), pages 371-403, January.
  86. Peter Grajzl & Jaka Cepec & Barbara Mörec, 2023. "Weaned off public money: The effect of discontinued reception of public cash on firm outcomes," Kyklos, Wiley Blackwell, vol. 76(1), pages 41-76, February.
  87. Yongmei Fang, 2024. "Enterprise Innovation, Government Subsidies, and Bank Loans: an Empirical Analysis from the Science and Technology Innovation Board of China," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(4), pages 19104-19126, December.
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