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Start-up subsidies and the sources of venture capital

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  • Berger, Marius
  • Hottenrott, Hanna
Abstract
Research suggests that public subsidies for newly founded firms have a positive effect on follow-on financing, in particular on Venture Capital (VC), through providing certification and early-stage liquidity. This study shows that the various sources of VC value public start-up subsidies differently. It is the first to differentiate between distinct types of investors who pursue different investment strategies. We show for a large sample of knowledge-intensive start-ups that there is indeed a correlation between subsidies and all sources of VC (Government VC, Independent VC, Corporate VC, and Business Angels). However, when accounting for firm characteristics that drive both selection into public subsidies as well as into VC financing through econometric matching techniques, subsidies are no longer linked to all types, but mainly to Government VC and Business Angel financing. We discuss possible explanations for this finding and implications for entrepreneurial finance.

Suggested Citation

  • Berger, Marius & Hottenrott, Hanna, 2021. "Start-up subsidies and the sources of venture capital," Journal of Business Venturing Insights, Elsevier, vol. 16(C).
    • Handle: RePEc:eee:jobuve:v:16:y:2021:i:c:s2352673421000500
    DOI: 10.1016/j.jbvi.2021.e00272
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    6. Chapman, Gary & Hottenrott, Hanna, 2023. "Founder personality and start-up subsidies," ZEW Discussion Papers 23-008, ZEW - Leibniz Centre for European Economic Research.
    7. Elisa Rodepeter & Christoph Gschnaidtner & Hanna Hottenrott, 2024. "Big Data and Start-up Performance," Working Papers 232, Bavarian Graduate Program in Economics (BGPE).
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    9. Rodepeter, Elisa & Gschnaidtner, Christoph & Hottenrott, Hanna, 2024. "Big Data and Start-up Performance," VfS Annual Conference 2024 (Berlin): Upcoming Labor Market Challenges 302358, Verein für Socialpolitik / German Economic Association.
    10. Miguel-Ángel Galindo-Martín & María-Soledad Castaño-Martínez & María-Teresa Méndez-Picazo, 2023. "Digitalization, entrepreneurship and competitiveness: an analysis from 19 European countries," Review of Managerial Science, Springer, vol. 17(5), pages 1809-1826, July.
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    More about this item

    Keywords

    Start-up subsidies; Entrepreneurship policy; Entrepreneurial finance; Venture capital; Business angels;
    All these keywords.

    JEL classification:

    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • O25 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Industrial Policy
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives

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