Dependent variable:

Log (new patents^a after round)

Log (new trademarks^a after round)

M1

M2

Independent variables

3

4

Intellectual property characteristics

Patent applications before round

0.012***

0.002*

(0.000)

(0.039)

Patent dummy

−0.319**

0.004

(0.007)

(0.962)

Trademark applications before round

0.018

0.032**

(0.224)

(0.002)

Trademark dummy

0.258

0.084

(0.073)

(0.363)

Investment characteristics

Constant

0.805***

0.711***

(0.000)

(0.000)

Round 2 dummy

0.043

0.212**

(0.681)

(0.003)

Round 3 dummy

0.051

0.097

(0.690)

(0.272)

Number of investors

−0.043

0.043*

(0.141)

(0.027)

Total amount invested by VC

0.000

0.010**

(0.969)

(0.005)

Investor Characteristics

VC age

−0.013

−0.013

(0.275)

(0.129)

VC experience

0.000

0.000

(0.559)

(0.540)

Start-up Characteristics

Start-up age

−0.023

−0.024

(0.299)

(0.123)

Start-up industry dummies (6 cat.)

Yes

Yes

Start-up region dummies (6 cat.)

Yes

Yes

N funding rounds

1062

1062

N start-ups

531

531

F value

2.37

3.68

R-squared

0.082

0.078