Journal
RESEARCH POLICY
Volume 41, Issue 2, Pages 319-333Publisher
ELSEVIER
DOI: 10.1016/j.respol.2011.12.001
Keywords
Entrepreneurship; Service innovation; Innovative performance; Start-ups; Appropriability regimes
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Funding
- ESRC [ES/G042993/1] Funding Source: UKRI
- Economic and Social Research Council [ES/G042993/1] Funding Source: researchfish
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Despite the widely acknowledged role of start-ups in economic development, little is known about their innovative activities compared with those of established firms. Drawing on a sample of 12,209 UK firms, we differentiate between services and manufacturing firms and, using a matching estimator approach, demonstrate that start-ups differ significantly from established firms in their innovation activities. We find that in services, being a start-up increases the likelihood of product innovations. However, in manufacturing, we find no significant differences in the likelihood of product innovation between start-ups and established firms. When examining the returns to innovation, we find that start-ups have a significant advantage both in services and in manufacturing. We explore the implications of these results for theory and policy. (C) 2011 Elsevier B.V. All rights reserved.
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