Corporate Science and Startup Performance

Joyce Ma
Joyce Ma
,
Ashish Arora
,
Sharon Belenzon
· 0 min read
Abstract
How does corporate science shape startup performance? This paper studies startups whose technologies build on scientific knowledge produced by corporations. Using sharp declines in scientific publications of public firms, we find that corporate science contributes to startup invention but does not significantly affect startups’ commercial outcomes. The effect is not explained by common technological shocks or by access to published scientific papers alone. Qualitative evidence points instead to informal channels of knowledge transfer, highlighting the importance of tacit scientific knowledge in connecting corporate research to entrepreneurial innovation.
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Joyce Ma
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Joyce Ma
PhD Candidate in Strategy

My name is Joyce. My Mandarin name is Heqiao, pronounced “huh-CHEE-ow.” I am a PhD Candidate in Strategy at Duke University’s Fuqua School of Business.

My research lies at the intersection of non-market strategy, entrepreneurship, and innovation. I study how innovative firms and entrepreneurs shape the institutional environment alongside policymakers, how they respond to institutional changes, and how startups and incumbents interact within the innovation ecosystem. My work combines novel data sources with text analysis, machine learning, AI, and causal inference.

Prior to my PhD, I earned a Master’s degree in Economics from Duke University and conducted policy research at a leading think tank in China.

I am on the 2026-2027 academic job market.