English, Article, Journal or magazine article edition: The role of R&D in new firm growth Erik Stam; Karl Wennberg

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Bookmark: http://trove.nla.gov.au/version/704
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The role of R&​D in new firm growth
Author
  • Erik Stam
  • Karl Wennberg
Physical Description
  • preprint
Notes
  • 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.
  • New Firms, Innovation, R&​D, firm growth, alliances, product development
  • RePEc:jrp:jrpwrp:2009-004
Language
  • English
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