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Who creates jobs? Venture capital, research grants, and regional employment in the U.S.

Author(s)
Kang, Hyunsung D.; Edelman, Elazer R; Ku, David N.
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Creative Commons Attribution-Noncommercial-Share Alike http://creativecommons.org/licenses/by-nc-sa/4.0/
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Abstract
We build on the exploratory and exploitative learning literature that suggests that venture capital and governmental research grants may impact regional employment in a different manner. Using a regional employment dataset in the U.S. (United States) medical device sector, our analysis reveals that research grants contribute to create a greater level of regional employment compared with venture capital funding. Furthermore, the positive effects of both funding sources are more salient when intellectual capital is abundant in the region. More specifically, the interaction effect of research grants and intellectual capital is gradually increased in the long term and eventually becomes greater than that of venture capital and intellectual capital, which is relatively constant. These findings highlight the heterogeneous motivations and consequences of two funding sources that should be considered in the future resource allocation policy accordingly.
Date issued
2018-10
URI
https://hdl.handle.net/1721.1/126461
Department
Massachusetts Institute of Technology. Institute for Medical Engineering & Science
Journal
Industry and Innovation
Publisher
Informa UK Limited
Citation
Kang, Hyunsang D. et al. "Who creates jobs? Venture capital, research grants, and regional employment in the U.S." Industry and Innovation 26, 6 (October 2018): 690–714 © 2018 Informa UK Limited
Version: Author's final manuscript
ISSN
1366-2716
1469-8390

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