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http://hdl.handle.net/10419/31729
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| Title: | | The role of R&D in new firm growth  |
| Authors: | | Stam, Erik Wennberg, Karl |
| Issue Date: | | 2009 |
| Series/Report no.: | | Jena economic research papers 2009,004 |
| Abstract: | | Innovative start-ups are an important driver of economic growth. This article presents empirical evidence on the effects of R&D on new product development, inter-firm alliances and employment growth during the early life course of firms. We use a dataset that contains a sample of new firms that is representative for the whole population of start-ups. This dataset covers the first six years of the life course of firms. R&D reveals to play several roles during the early life course of high tech as well as high growth firms. The effect of initial R&D on high tech firm growth runs via increasing levels of inter-firm alliances in the first post-entry years. R&D efforts enable the exploitation of external knowledge. Initial R&D also stimulates new product development later on in the life course of high tech firms, but this does not seem to affect firm growth. R&D does not affect the growth rate of new low tech firms, which seems to be driven mainly by the growth ambitions of the founding entrepreneur. The results show that R&D matters for a limited but important set of new high tech and high growth firms, which are key in innovation and entrepreneurship policies. |
| Subjects: | | New Firms Innovation R&D firm growth alliances product development |
| JEL: | | D21 L23 L25 L26 M13 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Jena Economic Research Papers, MPI für Ökonomik
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