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The impact of public incentives on the birth of innovative start-ups

Author

Listed:
  • Giuseppe Albanese

    (Bank of Italy)

  • Raffaello Bronzini

    (Bank of Italy)

Abstract

We study the impact of a regional policy aimed at increasing the number of innovative start-ups in the second largest Italian region (Lazio). The programme financed the creation of innovative firms, selecting from projects presented in a call for applications open to faculty members, researchers or young graduates. When comparing recipients with similar non-recipient applicants, we find that nearly all the projects funded led to the creation of a new firm, compared with approximatively 50 per cent for non-funded applications. Subsidized firms exhibit a similar survival rate to non-subsidized firms on average but a slower growth in terms of sales, employment and assets. This difference is primarily attributable to a lower incidence of high-growth firms among subsidized projects.

Suggested Citation

  • Giuseppe Albanese & Raffaello Bronzini, 2025. "The impact of public incentives on the birth of innovative start-ups," Questioni di Economia e Finanza (Occasional Papers) 915, Bank of Italy, Economic Research and International Relations Area.
    • Handle: RePEc:bdi:opques:qef_915_25
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    More about this item

    Keywords

    start-up; young innovative companies; start-up policies; academic spin-offs; regional policies; innovation policies;
    All these keywords.

    JEL classification:

    • H2 - Public Economics - - Taxation, Subsidies, and Revenue
    • L5 - Industrial Organization - - Regulation and Industrial Policy
    • R0 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General
    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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