The research question pursued in this report is whether innovating small and medium enterprises (SMEs) which might have received financial support for innovations do better than those companies that did not engage in any innovation activities and were unsupported. Several variables related to firms’ performance are studied, including growth of employment, turnover and the value of assets as well as an indicator reflecting reductions in costs and a dummy variable describing whether an enterprise licensed out or sold a patent, industrial design right, copyright or trademark to another enterprise, university or research institute.

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