Venture Capitalists and Cooperative Start-up Commercialization Strategy
研究风险投资支持的科技初创企业是否更倾向于采用合作商业化策略（如战略联盟或技术许可），并分析其后果。基于美国小企业创新研究计划中696家初创企业的数据，发现风投支持显著提升了合作活动及首次公开募股的可能性。
This paper examines the possible impact of venture capital (VC) backing on the commercialization direction of technology-based start-ups by asking: To what extent (if at all) do VC-funded start-ups engage in cooperative commercialization strategies (strategic alliances or technology licensing, or both) relative to a comparable set of start-ups, and with what consequences? To address these questions, I assemble a novel data set that matches firms receiving a federal research and development subsidy through the U.S. Small Business Innovative Research program to VC-funded firms by observable characteristics in five technology-intensive industries. These data allow decoupling of cooperative activity resulting from start-up development via the passage of calendar time from that due to association with VCs. An analysis of the 696 start-ups in the sample (split by an external funding source) suggests substantial boosts in both cooperative activity associated with VC-backed firms and in the likelihood of an initial public offering.