Abstract
There is ample evidence that innovation and research and development (R&D) by new ventures are important for economic growth and employment creation (e.g., Haltiwanger et al. 2013, Howell 2017). Moreover, research shows that small and medium-sized enterprises (SMEs) are particularly effective in developing radical innovations which, in turn, have been associated with value creation and productivity growth (Scherer 1986, Audretsch et al. 2006, Hottenrott and Lopes-Bento 2014a). Unfortunately, SMEs are also more likely than large firms to be constrained in their resources (Cornet et al. 2006, Canton et al. 2013). Research in this area indicates that the most dominant factors that hamper innovation activities by SMEs are financial constraints, human capital constraints, and a lack of opportunity for risk diversification in their innovation portfolios (Acs and Audretsch 1990, Van de Vrande et al. 2009).
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