Venture Funding and the NIH SBIR Program

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Venture Funding and the NIH SBIR Program (2009)
National Research Council (NRC)

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. "3 Venture Funding for NIH Phase II Winners, 1992-2002." Venture Funding and the NIH SBIR Program. Washington, DC: The National Academies Press, 2009.

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Venture Funding and the NIH SBIR Program

TABLE 3-3 Status of Venture-funded Firms

Status		Number of Firms	Percentage of Firms
Likely Excluded by SBA Ruling
	Still privately held	63	34.4
Excluded Also by Other Factors
	Out of business	19
	Now foreign owned	4
	Acquired	46
	Total	69	37.7
Possibly Excluded
	NASDAQ	45
	AMEX	3
	NYSE	1
	OTC	1
	IPO	1
	Total	51	27.9
Total Venture-funded Firms		183
SOURCE: VentureSource, Hoover’s Small Business Database.

TABLE 3-4 Exclusion Status of Venture-funded Firms

Status	Number of Firms	Percent of Excludable VC-funded Firms	Percent of All Phase II Winners
Excluded (privately held, still otherwise eligible)	63	34.4	4.1
Excluded (other grounds)	69	37.7	4.5
Possibly Excluded (publicly traded)	51	27.9	3.3
Total	183	100.0	11.9
SOURCE: U.S. Small Business Administration; VentureSource. NRC calculations. NOTE: Notes on total sample: Estimating the total number of NIH award winners is not an exact science. Data are maintained by firm names, which not only change, but are often recorded in nonstandard ways—a firm can be recorded separately as “Inc” “Inc,” Inc.” “Incorporated” or the “Inc” excluded altogether. Typos are frequently found in addition. The method used here for addressing this problem is to take the raw data from SBA, eliminate all suffixes, commas, and periods, and then review each individual record by hand. This was a three-step process. Initial review eliminated most of the duplicate entries. A second review generated a list of 1,567 firms. Final review, which took a more aggressive approach by eliminating duplicate names for firms in the same state and region, generated a final list of 1,536 firms.