Innovation is a fundamental pillar for increasing competitiveness, development and quality of life. Advances in science, technology and innovation do not arise by chance and generally require financial resources for their development. However, there are problems of information, risk and uncertainty that hinder the optimal allocation of financial resources for innovation, which requires the intervention of the State. Classical economic literature has explained the role of the State in this phenomenon with limited functions to mitigate the market failures; nevertheless, an alternative theory has been developed to explain how, given the imperfection of the markets, the State catalyses the financing of innovation in a systemic way through its intervention. Under this alternative vision, this research estimates the effect of public financing programs for innovation on the results of business innovation and on other sources of resources to innovate in Colombian manufacturing firms. To do this, a fixed-effects panel estimation is carried out using data from the industrial performance and development and technological innovation surveys for the 2007-2016 period. The results show that public financing promotes non-technological innovation, but is ineffective on technological innovation. Similarly, internal business investment in scientific and technological activities increases, although it has a displacement effect on financial resources external to the company. The implications of public policy derived from the results suggest strengthening the programs on non-technological innovation, rethinking public intervention in relation to technological innovation, promoting the creation of links between the financial subsector and the other actors of the Colombian innovation system.