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Table 2 Funding programs to support SME innovations in China and USA

From: China’s innovation financing system: Triple Helix policy perspectives

  China USA
Major programs to support SME innovation SME Innovation Fund and SME Development Fund Small Business Innovative Research (SBIR) program, Small Business Technology Transfer (STTR) program
Year of establishment The SME Innovation Fund was established in 1999, the SME Development Fund was established in 2011 The Small Business Innovative Research (SBIR) was established in 1982, the Small Business Technology Transfer (STTR) was established in 1992
Goals of the programs The SME Innovation Fund and SME Development Fund aim to provide financial supports to technically advanced start-up firms in order to accelerate SME technological innovations. The SBIR/STTR program aims to stimulate entrepreneurship, technological innovations of small US businesses. The program also has the main purpose of increasing the commercial application of research results.
Budget The budget of SME Innovation Fund is RMB 500 million to RMB 1 billion (or approximately USD 80 to 160 million)/the budget of SME Development Fund is RMB 15 billion (or approximately USD 2.4 billion) The SBIR/STTR program budget provides approximately USD 2.5 billion per year to support small business development.
Business angel financing networks China Business Angels Network (CBAN) was established in 2008. The Angel Capital Association (ACA) was established in 2004.
Angel investments The amount of angel investments totaled USD 201.23 million in 2013. The angel investments were mainly concentrated in Beijing and Shanghai. The amount of angel investments totaled USD 1.1 billion in 2013. The angel investments were mainly concentrated in California (Silicon Valley) and New England.
  1. Source: the authors’ design, based on the US Small Business Administration (SBA), Small Business Innovative Research (SBIR), China Business Angel Network (CBAN), PEData of Zero2IPO Group, Zhongguancun Angel Investment Report 2013, Silicon Valley Bank, and the Angel Resource Institute.