  This paper investigates the relationship between scientific innovation in
biomedical sciences and its impact on industrial activities, focusing on how
the historical impact and content of scientific papers influenced future
funding and innovation grant application content for small businesses. The
research incorporates bibliometric analyses along with SBIR (Small Business
Innovation Research) data to yield a holistic view of the science-industry
interface. By evaluating the influence of scientific innovation on industry
across 10,873 biomedical topics and taking into account their taxonomic
relationships, we present an in-depth exploration of science-industry
interactions where we quantify the temporal effects and impact latency of
scientific advancements on industrial activities, spanning from 2010 to 2021.
Our findings indicate that scientific progress substantially influenced
industrial innovation funding and the direction of industrial innovation
activities. Approximately 76% and 73% of topics showed a correlation and
Granger-causality between scientific interest in papers and future funding
allocations to relevant small businesses. Moreover, around 74% of topics
demonstrated an association between the semantic content of scientific
abstracts and future grant applications. Overall, the work contributes to a
more nuanced and comprehensive understanding of the science-industry interface,
opening avenues for more strategic resource allocation and policy developments
aimed at fostering innovation.
