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.

创新对于许多年轻公司的成功至关重要。反过来，如果年轻公司想要创新，风险投资也至关重要。目前尚不清楚哪种类型的风险投资最能促进创新。在这份博士论文研究资助中，联合 PI 解决了这个问题，首先针对 1986 年至 2007 年间成立的 230 家美国微创手术设备初创公司构建了一个新颖的纵向数据集，然后比较了四类投资者（政府机构、风险资本家、企业风险投资集团和天使投资者）对这些公司之间的创新进行研究。所提出的研究将做出一些新颖的理论贡献。首先，它探讨了年轻组织如何最好地选择和管理与投资者的关系。这种方法与当前的研究形成鲜明对比，当前的研究强调组织可以减轻对外部资源提供者的依赖的方法。第二个贡献将是探索外部资源（而不是内部产生的研发资金）如何影响公司创新。第三，本研究考虑了与建立关系以获得财务资源相关的好处和风险。研究结果将直接适用于企业家决定何时以及向谁获取资金以促进创新。这项研究对有关创新公共资助和私人创新投资激励的公共政策具有影响。 它将阐明如何利用投资关系的各个方面（包括投资时机以及公共和私人资金的组合）来促进年轻企业的创新。