Title Private vs public funding in u.s. agtech (2010-2025): impact on technology and growth
Translation of Title Privatus ir viešasis finansavimas JAV agrotechnologijų sektoriuje (2010–2025): poveikis technologijoms ir augimui.
Authors Grigaravičius, Lukas
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Pages 76
Keywords [eng] Public and private funding in agtech, Innovation financing in agriculture, Capital sequencing in startups, Agtech technology development, Funding timing and innovation outcomes, Public R&D grants and venture capital
Abstract [eng] Supervisor: Prof. Saulė Mačiukaitė Žvinienė Master’s thesis was prepared in Vilnius, in 2025. Scope of Master’s thesis - 66 pages. Number of tables used in the FMT - 6 pcs. Number of figures used in the FMT - 1 pcs. Number of bibliography and references - 34 pcs. The FMT described in brief: This thesis examined how public and private financing timing affects technological development and initial growth of U.S. agtech companies from 2010 to 2025. The focus was on when capital enters a company and how different entrance orders of capital influence management of innovation risk in a slow cycle sector rather than on the total amount of capital invested into companies. Problem, objective and tasks of the FMT: The thesis addresses a gap in the current knowledge base about how public and private capital enter companies in a repeating manner over time and specifically in slow cycle sectors with large amounts of technical uncertainty. The objective of the thesis is to determine how the sequence of funding sources influences technological development and the early growth of agtech companies. The tasks of the thesis are: - To examine literature on innovation finance and interaction between public and private capital. - To develop a database of U.S. agtech companies. - To categorize companies by their public-private funding sequences. - To compare technological and early growth outcomes of each category of funding sequence. - To interpret the findings for investors and policymakers. Research methods used in the FMT: The thesis uses a quantitative research design using company-level comparative analysis. Methods employed included descriptive statistics and matched comparison between funding and sequencing categories. Observables were used to measure outcomes, such as SBIR phase completion, patent production and a structured technology readiness proxy. Research and results obtained: Results indicated that funding sequence affected the developmental paths of the companies studied. Companies that followed a Public-to-Private funding sequence demonstrated greater progression through public validation stages, as well as slightly greater levels of observable technological readiness. On the other hand, companies that followed a Private-to-Public funding sequence showed significantly greater patent intensity but lower completion of public funding milestones. Conclusions of the FMT: In conclusion, the results indicate that funding sequences can function as a governance mechanism for managing innovation risk. Funding provided publicly has the greatest impact in decreasing early stage technical uncertainty while funding provided privately has the greatest potential for supporting later stage commercialization and scaling. Matching the type of capital to the primary development-stage risks experienced by the company enhances capital use efficiency and increases innovation outcomes in agtech. Information about the publication of FMT results or adaptation for publication: The findings of the FMT will not be formally published.
Dissertation Institution Vilniaus universitetas.
Type Master thesis
Language English
Publication date 2026