Figure 2: Repeat Winners Rarely Take the Venture Capital Route

Share of firms with an SEC Form D operating-company equity raise within five years of an SBIR award

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Note: Shows operating-company equity raises only; electronic Form D records begin in 2008; post-award shares computed on award windows fully inside the record. Cohorts as in Figure 1.

Source: Authors’ analysis of SEC EDGAR Form D filings and SBIR.gov records; DOD SBIR panel.