Doctoral Dissertation Research in DRMS: Is All Money the Same? Funding Innovation in Young Firms

DRMS 的博士论文研究：所有的钱都一样吗？

• 批准号: 0849963
• 负责人: Riitta Katila
• 金额: $ 0.8万
• 依托单位: Stanford University
• 依托单位国家: 美国
• 项目类别: Standard Grant
• 财政年份: 2009
• 资助国家: 美国
• 起止时间: 2009-03-01 至 2010-06-30
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=0849963&HistoricalAwards=false
• 关键词: Doctoral; Dissertation; Research; DRMS; Money

Innovation is critical to the success of many young firms. Venture capital is, in turn, critical if young firms are to innovate. What is not well understood is what type of venture funding best promotes innovation. In this Doctoral Dissertation Research Grant, the co PI addresses this question by first constructing a novel longitudinal dataset on 230 U.S. Minimally Invasive Surgical device startups founded between 1986 and 2007 and then comparing the impact of four types of investors (government agencies, venture capitalists, corporate venture capital groups, and angel investors) on innovation among these firms.The proposed research will make several novel theoretical contributions. First, it explores how young organizations can best select and manage relationships with investors. This approach is in contrast to current research that emphasizes ways in which organizations can mitigate their dependence on external resource providers. A second contribution will be an exploration of how external resources, as opposed to internally generated R&D funds, impact firm innovation. Third, this research considers both the benefits and perils associated with forming relationships to acquire financial resources. Findings will have direct applicability to entrepreneurs making decisions about when and from whom to take funding in order to promote innovation. This research has implications for public policy regarding the public funding of innovation, and about incentives for private investment in innovation. It will illuminate how aspects of investment relationships- including timing of investment, and combinations of public and private funds, can be utilized to promote innovation in young firms.

创新是许多年轻企业成功的关键。反过来，如果年轻的公司要进行创新，风险资本也至关重要。什么类型的风险投资最能促进创新，这一点还没有得到很好的理解。在这项博士论文研究资助中，合作伙伴首先构建了一个关于1986年至2007年间成立的230家美国微创手术设备初创公司的新纵向数据集，然后比较了四种类型投资者的影响，从而解决了这个问题。（政府机构、风险投资家、企业风险投资集团、和天使投资者）对这些企业创新的影响。拟议的研究将作出一些新的理论贡献。首先，它探讨了年轻的组织如何最好地选择和管理与投资者的关系。这种方法与目前的研究相反，目前的研究强调组织可以减轻对外部资源提供者的依赖。第二个贡献将是外部资源，而不是内部产生的研发资金，影响企业创新的探索。第三，这项研究考虑了与建立关系以获得财务资源相关的利益和风险。研究结果将直接适用于企业家决定何时以及从谁那里获得资金，以促进创新。这项研究对公共政策创新的公共资金，以及对私人投资创新的激励措施有影响。 它将阐明投资关系的各个方面-包括投资时机、公共和私人资金的组合-如何能够被用来促进年轻企业的创新。