Entrepreneurial Spillovers from Corporate R&D

• 成果类型: Article
• 署名作者: Babina, Tania; Howell, Sabrina T.
• 署名单位: Columbia University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; New York University
• 刊物名称: JOURNAL OF LABOR ECONOMICS
• ISSN/ISSBN: 0734-306X
• DOI: 10.1086/723501
• 发表日期: 2024
• 页码: 469-509
• 关键词: knowledge spillovers; ECONOMIC-GROWTH; labor mobility; TECHNOLOGY; BOUNDARIES; FIRMS; diversification; INNOVATION; MARKET; reallocation

摘要

This paper offers the first study of how changes in corporate R&D investment affect labor mobility. We show that increases in R&D spur employee departures to join start-ups' founding teams. This appears to reflect employees taking the ideas, skills, or technologies created through the R&D process but not especially valuable to the R&D-investing firm to start-ups. The employee-founded start-ups tend to be outside the R&D-investing employer's industry, suggesting that the underlying ideas would impose diversification costs on the R&D-investing firm. The start-ups are more likely to be VC backed, high tech, and high wage, pointing to substantial spillover benefits.