We investigate the short- and long-term effects of public sponsorship in the form of grants on venture growth and subsequent investment funding. We adopt a temporal approach and assess our results using discontinuous growth modeling. This approach allows us to unpack the complexity of sponsorship interventions and provide insights into how quickly, how long, and under what conditions grants augment growth. Using a proprietary sample of 129 ventures located in eight incubators, we find that securing an initial grant increases the rate at which ventures acquire private investment capital but not revenue over time. We draw on resourcefulness theory and signaling theory and explore the moderating role of venture size. We discuss our contributions to the entrepreneurship and public policy literatures.

中文翻译：

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政策制定者是否认为赠款是理所当然的？众筹对创新创业的功效

我们调查了以赠款形式提供的公共赞助对风险增长和后续投资资金的短期和长期影响。我们采用时间方法并使用不连续增长模型评估我们的结果。这种方法使我们能够解开赞助干预的复杂性，并提供有关资助增加增长的速度、时间和条件的见解。使用位于 8 个孵化器中的 129 家企业的专有样本，我们发现获得初始赠款会提高企业获得私人投资资本的速度，但不会随着时间的推移获得收入。我们借鉴智谋理论和信号理论，探索风险规模的调节作用。我们讨论了我们对创业和公共政策文献的贡献。