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<p>We examine the impact of a regional policy designed to increase the number of innovative start-ups in the second-largest Italian region (Latium). The program provided funding for the creation of innovative firms, selecting projects submitted in response to a call for applications open to faculty members, researchers, and recent graduates. By comparing recipients with similar non-recipient applicants, we find that nearly all funded projects resulted in the creation of a new firm, whereas only about 50% of non-funded applications did so. On average, subsidized firms exhibit survival rates comparable to their non-subsidized counterparts but show slower growth in terms of sales, employment, and assets. This difference is primarily driven by a lower incidence of high-growth firms among the subsidized projects.</p>

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

  • 期刊论文

  • 发表日期：

    2025年11月8日

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  • Giuseppe Albanese,
  • Raffaello Bronzini

摘要

We examine the impact of a regional policy designed to increase the number of innovative start-ups in the second-largest Italian region (Latium). The program provided funding for the creation of innovative firms, selecting projects submitted in response to a call for applications open to faculty members, researchers, and recent graduates. By comparing recipients with similar non-recipient applicants, we find that nearly all funded projects resulted in the creation of a new firm, whereas only about 50% of non-funded applications did so. On average, subsidized firms exhibit survival rates comparable to their non-subsidized counterparts but show slower growth in terms of sales, employment, and assets. This difference is primarily driven by a lower incidence of high-growth firms among the subsidized projects.