Is public support a bad for the dissemination of crowdfunding among innovative start up firms?
The role of government in innovation and technological development is really significant. A large literature evaluates the effect of state and local government programs in promoting innovation (Georghiou and Roessner, 2000; Klette et al., 2000; Roper et al., 2004). According to Hall (2008), start up firms need to be financed and venture capital financing is only a partial solution to this problem.