Publication: Technological Forecasting and Social Change
Public investment in Research and Development (R&D) can give a strong contribution to economic development, provided that knowledge is successfully transferred to industry. Although larger and established firms have been taking on priority in this process, new and growing firms may also be important vehicles of knowledge exploitation. However, this route has received limited attention, particularly regarding the contextual conditions that may favour R&D transfer to those firms. To shed light on this topic, this article analyzes an empirical model that considers simultaneously a number of framework conditions. Using data from the National Expert Survey – Global Entrepreneurship Monitor (GEM), the study compares the proposed relationships between Portugal and fifteen other innovation-driven economies from the European Union (EU).
The results validate most relationships of the proposed model, offering evidence that fostering entrepreneurship, particularly through government support programs, education and training and favourable entry regulations allow countries to derive benefits from the investment made in R&D, which may be effectively exploited by new and growing firms. The effect of entrepreneurial finance was not confirmed in the Portuguese case, suggesting that there may be country specificities affecting the relationship between entrepreneurial finance and R&D transfer.