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  • Thumbnail for PRIVATE AND PUBLIC CATALYSTS OF INNOVATION:  AN ANALYSIS OF VENTURE CAPITAL AND SBIR INVESTMENT ON U.S. UTILITY PATENT APPLICATIONS
    PRIVATE AND PUBLIC CATALYSTS OF INNOVATION: AN ANALYSIS OF VENTURE CAPITAL AND SBIR INVESTMENT ON U.S. UTILITY PATENT APPLICATIONS by Pendleton, Edmund Harris

    This thesis focuses on the United States’ “National Innovation System” (NIS) and the role of private and public actors in this system. It is part of a broader literature seeking to identify the key catalysts of innovative activity, and hence economic growth. Although there are many elements that constitute the NIS, this study emphasizes one private institution, the venture capital industry, and one public institution, the Small Business Innovation Research program. The study uses state-level panel data aggregated over a fourteen-year period (2002-2015) and is operationalized by implementing an Ordinary Least Squares fixed-effects model that uses utility patent applications—a proxy for innovation—as the dependent variable. This thesis argues that public-private partnerships and symbiosis between the two sectors is critical to empowering technological innovation and sustainable long-run economic growth.