The Government as Venture Capitalist: The Long-Run Impact of the Sbir Program

  title={The Government as Venture Capitalist: The Long-Run Impact of the Sbir Program},
  author={Josh Lerner},
  journal={Economics of Innovation eJournal},
  • J. Lerner
  • Published 1 February 1998
  • Economics, Business
  • Economics of Innovation eJournal
Public programs to provide early-stage financing to firms, particularly high-technology companies, have become commonplace in the United States and abroad. The long-run effectiveness of these programs, however, has attracted little empirical scrutiny. This paper examines the impact of the largest U.S. public venture capital initiative, the Small Business Innovation Research (SBIR) program, which has provided over $6 billion to small high-technology firms between 1983 and 1995. Using a unique… 
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