The Evaluation of the Efficacy of the R&D European Funds in Piedmont

This paper provides some empirical evidence of the impact of two policy measures, aiming at supporting innovative activity of small and medium firms in Piedmont. Both measures use European Structural Funds, but are managed at a regional level. Measure 2.1b, a concessional loan aiming at stimulating the introduction of innovative plants, machinery and equipments, had positive effects on investments, assets and sales in the short run; but there are hints that investments could have been anticipated from already scheduled projects in the following periods. Measure 2.6b, a free grant aiming at stimulating research activity of firms, had positive effects on intangible investments and capital, but this new knowledge does not seem to be able to directly impact on the production process of the firm. When evaluating the effect for specific groups of firms, for both measures we do not find stronger effects for firms characterized by a high intensity of subsidy. When considering firms with a high cost of capital, we find that Measure 2.1b significantly reduced the interest rate asked by the lenders also after the end of the project, while Measure 2.6b had not been effective at all.

The Evaluation of the Efficacy of the R&D European Funds in Piedmont

This paper provides some empirical evidence of the impact of two policy measures, aiming at supporting innovative activity of small and medium firms in Piedmont. Both measures use European Structural Funds, but are managed at a regional level. Measure 2.1b, a concessional loan aiming at stimulating the introduction of innovative plants, machinery and equipments, had positive effects on investments, assets and sales in the short run; but there are hints that investments could have been anticipated from already scheduled projects in the following periods. Measure 2.6b, a free grant aiming at stimulating research activity of firms, had positive effects on intangible investments and capital, but this new knowledge does not seem to be able to directly impact on the production process of the firm. When evaluating the effect for specific groups of firms, for both measures we do not find stronger effects for firms characterized by a high intensity of subsidy. When considering firms with a high cost of capital, we find that Measure 2.1b significantly reduced the interest rate asked by the lenders also after the end of the project, while Measure 2.6b had not been effective at all

Internationalization models: an empirical analysis of the new paradigms for innovative high tech new ventures

Entrepreneurship is a phenomenon of tremendous social importance. In recent years, policy makers across several and diverse countries have realized and recognized the transversal importance of entrepreneurship as engine for the economic growth or recovery. Today, the increased openness of economies, the emergence of global players, the firms' need for new sources of competitiveness and the technological advances in telecommunications, information and transportation have driven entrepreneurial new ventures to increasingly exploit different geographical areas as a strategic asset in their decision making process regarding the organization of resources; all the mentioned technology-enabling factors indeed allow entrepreneurs to consider, select and compete for resources (i.e. human, finance, technology, infrastructure etc.) on a global scale and since the early stages of their enterprise life. This posits new challenges for policy makers which cannot limit their efforts to facilitate the establishment of new domestic ventures; they are indeed themselves competing on a global arena to attract the best entrepreneurs and the most potential high growth new ventures from around the world. The thesis has a twofold goal. First it aims at investigating why an entrepreneur chooses to approach internationalization since the inception of his/her enterprise, namely what drives the emergence of the so called born globals, through an integration of explanations situated at different levels of analysis such as the entrepreneur, the firm, the home country etc.; results show that the presence of a small domestic market, the scalability of the business and a niche approach have a positive effect on the the early internationalization. In addition, the network relationships built by the entrepreneur, his/her entrepreneurial orientation, international commitment and experiential knowledge seem to be key drivers for early internationalization. The second goal is to explore where the early internationalization process takes place, constituting an empirical attempt to explain the relationship between internationalization patterns of start-ups and the attractiveness of host countries. Results empirically demonstrate how internationalization flows of high-tech start-ups are motivated by the sourcing of host-country locational advantages, identified by the strength of the legal and regulatory framework, the availability of venture capital financing, the innovation potential and the strength of IPR protectio

Drivers of international development for born global companies founded by Italian entrepreneurs

The rise of “born global” companies, i.e. companies that internationalize their activities from inception or shortly thereafter led researchers to explore the various aspects related to early internationalization. Nevertheless, authors argue that further evidence and analysis on these firms is required (Oviatt and McDougall, 1997). Based on a multiple case study research the paper aims at providing further evidence on this phenomenon. An in-depth qualitative analysis has been performed based on eight startups founded by Italian entrepreneurs that showed an early internationalization towards the US and the Silicon Valley in particular. They have been interviewed with the goal of validating the major drivers of internationalization the literature attributes to born global companies. The cross case study analysis carried out highlights that not all the drivers seem to be equally relevant. The major findings of the study are twofold. First, the importance of professional networks built by entrpreneurs before establishing the company. Secondly, how the entrepreneur’s prior experience abroad (either as entrepreneur or as employee or for studying reasons) triggers and orients the internationalization path of a companyborn global, early internationalization, innovation, entrepreneurship, startup

Early internationalising firms: the age effect on entrepreneurial behaviour

5sinoneThe article analyses the age related drivers, which influence young entrepreneurs' behaviour in early internationalising firms in two countries: Lithuania and Italy. Based on a multiple case studies approach, the study provides important insights into the young entrepreneurship stream of research by examining the phenomenon of born global under the lenses of entrepreneur's age. Lots of similarities emerge between young entrepreneurs in early internationalising firms from Lithuania and Italy. Findings suggest that almost all entrepreneurs tend to improve the visibility of the company by participating in national and international start-up contests. These are to be considered, along with the development of young entrepreneurs' professional bridging networks, as key drivers for acquiring capital and necessary connections for company's early internationalisation.noneSekliuckiene, Jurgita; Pisoni, Alessia; Onetti, Alberto; Cannone, Giusy; Matiusinaite, AgneSekliuckiene, Jurgita; Pisoni, Alessia; Onetti, Alberto; Cannone, Giusy; Matiusinaite, Agn