SMEs’ Access to Innovation Finance. An Analysis of Public Funds in Piedmont

Using data on public funds in Piedmont, the article argues that SMEs’ access to innovation finance is influenced by firm-level determinants, as well as by framework conditions. Use of a Heckman two-step procedure shows that internal determinants are more relevant than external ones represented by relationships with local academia, industry, and governance domains. Legal status and sector, in particular, prove to perform a major role in determining both the likelihood of fund access and the intensity of fund transfers. Revenue too is important, though with a negative effect, while size has a positive impact on fund access alone.