Influence of the triple helix model on high growth firms

Abstract

The aim of this paper is to analyse the impact on the development of high - growth firms of a Seed Capital Program (SCP) implemented by CORFO in Chile. The SCP not only provides financial aid to entrepreneurs but also technical and administrative assistance through the support of incubators hired by CORFO . There are two types of incubators: University Incubators (UI) and Non - University Inc ubators (NUI), which may differ in performance depending on the structure of the ir contract. In order to analyse the impact of the SCP in the development of business, a total of 238 new firms beneficiaries with the CORFO program were surveyed (84 supported by UI and 154 supported by NUI). Two logistic regression models were used, a first model to assess the probability that a new firm achieves positive sales, and a second model to assess the probability that the new firm reaches a high growth during the fir st five years from its inception. Overall, mixed results were found. SCP’s beneficiaries supported by either UI and NUI have the same probability of having positive sales when starting their operations. However, five years after started their operations, b usinesses supported by UI have higher probabilities of achieving high growth than businesses supported by NUI. The results highlight a positive interaction between private entrepreneurs, public agencies and universities ( triple helix model ) , allowing to im prove the results of this public funded program oriented to the development of high - growth firms in developing economies.