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This paper investigates the relationship between scientific innovation inbiomedical sciences and its impact on industrial activities, focusing on howthe historical impact and content of scientific papers influenced futurefunding and innovation grant application content for small businesses. Theresearch incorporates bibliometric analyses along with SBIR (Small BusinessInnovation Research) data to yield a holistic view of the science-industryinterface. By evaluating the influence of scientific innovation on industryacross 10,873 biomedical topics and taking into account their taxonomicrelationships, we present an in-depth exploration of science-industryinteractions where we quantify the temporal effects and impact latency ofscientific advancements on industrial activities, spanning from 2010 to 2021.Our findings indicate that scientific progress substantially influencedindustrial innovation funding and the direction of industrial innovationactivities. Approximately 76% and 73% of topics showed a correlation andGranger-causality between scientific interest in papers and future fundingallocations to relevant small businesses. Moreover, around 74% of topicsdemonstrated an association between the semantic content of scientificabstracts and future grant applications. Overall, the work contributes to amore nuanced and comprehensive understanding of the science-industry interface,opening avenues for more strategic resource allocation and policy developmentsaimed at fostering innovation.

The Influence of Biomedical Research on Future Business Funding: Analyzing Scientific Impact and Content in Industrial Investments