The importance of small high-technology firms to economic growth . . . and how to nurture them through SBIR

Author: Tibbetts, Roland

Source: Industry and Higher Education, Volume 15, Number 1, 1 February 2001 , pp. 24-32(9)

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Abstract:

Are small high-technology firms more important to economic growth and wealth creation than has generally been recognized? Will their importance continue to increase? The author's answers are yes. Technology change, innovation and breakthroughs will continue to become more important. Attracting enormous amounts of very high risk capital is key to success. Small high-technology firms have unique advantages, including raising capital through the possibility of exponential appreciation of the value of their stock. The need is for initial financing to determine the technical feasibility of 'too high risk' ideas and reduce the risk to levels acceptable to private investors. The $1.2 billion US Small Business Innovation Research (SBIR) Program is designed to do that. It has recently been renewed until 2008.

Document Type: Research article

DOI: http://dx.doi.org/10.5367/000000001101295452

Publication date: 2001-02-01

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Industry and Higher Education, published six times a year, is dedicated to all aspects of the relationship and interaction between higher education institutions and business and industry. With a strong emphasis on practical experience, this peer-reviewed journal covers strategic, organizational, economic, political, legal, and social issues relating to the developments in education-industry collaboration. Topics such as knowledge transfer, regional development and entrepreneurship education are key concerns. For more details, see www.ippublishing.com.
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