Human capital, intellectual capital, and government venture capital
Journal of Entrepreneurship and Public Policy
ISSN: 2045-2101
Article publication date: 6 November 2017
Abstract
Purpose
The purpose of this paper is to examine the impact of human and intellectual capital on start-ups’ attainment of government venture capital (GVC). It is theorized that as a result of government predisposition toward enhancing knowledge spillover and certifying underinvested start-ups, different types of human and intellectual capital possessed by start-ups will distinctly affect GVC funding.
Design/methodology/approach
The Kauffman Firm Survey, a panel data set of 4,928 new US firms over a five-year period (2004-2008), serves as the data source. Ordinary least squares regression, coupled with generalized estimating equations to check for robustness, is used to determine the effect of human and intellectual capital on GVC funding.
Findings
Founders’ educational attainment has a greater impact than their occupational experience in GVC funding. While the number of patents owned by the start-up increases GVC funding, the number of trademarks and copyrights negatively influence GVC funding.
Originality/value
By distinguishing between different aspects of human and intellectual capital, this study provides a more nuanced understanding of the influence of new venture resources in the context of GVC.
Keywords
Acknowledgements
The authors thank Paul Benedict, Emeric Solymossy, and Jackie Thompson for insightful feedback on earlier drafts of this paper. The authors acknowledge helpful feedback from participants at the 2013 USASBE meeting. An earlier draft of the paper was published in the conference proceedings of USASBE, 2013. Certain data included herein are derived from the Kauffman Firm Survey. Any opinions, findings, and conclusions or recommendations expressed in this material are those of the authors and do not necessarily reflect the views of the Ewing Marion Kauffman Foundation. All errors remain the authors’ responsibility.
Citation
Uzuegbunam, I., Liao, Y.-C., Pittaway, L. and Jolley, G.J. (2017), "Human capital, intellectual capital, and government venture capital", Journal of Entrepreneurship and Public Policy, Vol. 6 No. 3, pp. 359-374. https://doi.org/10.1108/JEPP-D-17-00008
Publisher
:Emerald Publishing Limited
Copyright © 2017, Emerald Publishing Limited