nach oben

International Entrepreneurship and Management Journal

Erschienen in:

01.09.2015

How human capital interacts with the early development of academic spin-offs

verfasst von: Sven H. De Cleyn, Johan Braet, Magnus Klofsten

Erschienen in: International Entrepreneurship and Management Journal | Ausgabe 3/2015

Einloggen

Aktivieren Sie unsere intelligente Suche, um passende Fachinhalte oder Patente zu finden.

search-config

KI-gestützte Suche

Aus

Abstract

This paper focuses on venture team characteristics with respect to human capital dimensions in early stage ventures emerging from academic research (institutions). Three major groups have been investigated: founders, top managers and directors. Data was obtained using personal interviews with 185 product-oriented academic spin-offs in nine European countries, including those of 17 failures. The results show a significant positive—but diminishing—impact of team heterogeneity on venture success, as well as a positive impact from legal expertise within the board of directors. At management level, the results further indicate that larger management team are better equipped to face the challenges in academic spin-offs. Furthermore, the added value of serial entrepreneurs is questioned, since they seem to negatively impact a spin-off’s survival chances. Several implications are addressed, dealing with an appropriate team composition (on the levels of both top management and the board of directors) as well as the importance of paying attention to team development.

Vorheriger Artikel Global entrepreneurship monitor versus panel study of entrepreneurial dynamics: comparing their intellectual structures

Nächster Artikel Do patents affect VC financing? Empirical evidence from the nanotechnology sector

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

über 102.000 Bücher
über 537 Zeitschriften

aus folgenden Fachgebieten:

Automobil + Motoren
Bauwesen + Immobilien
Business IT + Informatik
Elektrotechnik + Elektronik
Energie + Nachhaltigkeit
Finance + Banking
Management + Führung
Marketing + Vertrieb
Maschinenbau + Werkstoffe
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

über 67.000 Bücher
über 340 Zeitschriften

aus folgenden Fachgebieten:

Bauwesen + Immobilien
Business IT + Informatik
Finance + Banking
Management + Führung
Marketing + Vertrieb
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren

Amason, A. C., Shrader, R. C., & Tompson, G. H. (2006). Newness and novelty: relating top management team composition to new venture performance. Journal of Business Venturing, 21(1), 125–148.

Aspelund, A., Berg-Utby, T., & Skjevdal, R. (2005). Initial resources’ influence on new venture survival: a longitudinal study of new technology-based firms. Technovation, 25(11), 1337–1347.

Bamberger, P., Bacharach, S., & Dyer, L. (1989). Human resources management and organizational effectiveness: high technology entrepreneurial startup firms in Israel. Human Resource Management, 28(3), 349–366.

Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120.

Bathelt, H., Kogler, D. F., & Munro, A. K. (2010). A knowledge-based typology of university spin-offs in the context of regional economic development. Technovation, 30(9–10), 519–532.

Baum, J. A. C., & Silverman, B. S. (2004). Picking winners or building them? Alliance, intellectual, and human capital as selection criteria in venture financing and performance of biotechnology startups. Journal of Business Venturing, 19(3), 411–436.

Bienkowska, D., & Klofsten, M. (2012). Creating entrepreneurial networks: academic entrepreneurship, mobility and collaboration during PhD education. Higher Education, 64(2), 207–222.

Birley, S. (2002). Universities, academics, and spinout companies: lessons from imperial. International Journal of Entrepreneurship Education, 1(1), 133–154.

Bjørnåli, E. S., & Gulbrandsen, M. (2010). Exploring board formation and evolution of board composition in academic spin-offs. Journal of Technology Transfer, 35(1), 92–112.

Blackburn, R., & Kovalainen, A. (2009). Researching small firms and entrepreneurship: past, present and future. International Journal of Management Reviews, 11(2), 127–148.

Braet, J., & Verhaert, P. (2007). The practice of new products and new business. Leuven: Acco.

Brooksbank, D., & Thomas, B. (2001). An assessment of higher education spin-off enterprises in Wales. Industry & Higher Education, 15(6), 415–420.

Brown, M. B., & Forsythe, A. B. (1974). Robust tests for the equality of variances. Journal of the American Statistical Association, 69(346), 364–367.

Brüderl, J., & Schussler, R. (1990). Organizational mortality: the liabilities of newness and adolescence. Administrative Science Quarterly, 35(3), 530–547.

Brüderl, J., Preisendörfer, P., & Ziegler, R. (1992). Survival chances of newly founded business organizations. American Sociological Review, 57(2), 227–242.

Carayannis, E. G., Rogers, E. M., Kurihara, K., & Allbritton, M. M. (1998). High-technology spin-offs from government R&D laboratories and research universities. Technovation, 18(1), 1–11.

Chamanski, A., & Waagø, S. J. (2001). The organizational success of new, technology-based firms. Trondheim: Norwegian University of Science and Technology.

Clarysse, B., & Moray, N. (2004). A process study of entrepreneurial team formation: the case study of a research-based spin-off. Journal of Business Venturing, 19(1), 55–79.

Clarysse, B., Wright, M., Lockett, A., Van de Velde, E., & Vohora, A. (2005). Spinning out new ventures: a typology of incubation strategies from European research institutions. Journal of Business Venturing, 20(2), 183–216.

Clarysse, B., Knockaert, M., & Lockett, A. (2007). Outside board members in high tech start-ups. Small Business Economics, 29(3), 243–259.

Coleman, J. S. (1988). Social capital in the creation of human capital. American Journal of Sociology, 94(Supplement), S95–S120.

Colombo, M. G., & Grilli, L. (2005). Founders’ human capital and the growth of new technology-based firms: a competence-based view. Research Policy, 34(6), 795–816.

Cooper, A. C., Folta, T. B., & Woo, C. Y. (1995). Entrepreneurial information search. Journal of Business Venturing, 10(2), 107–120.

Cooper, A. C., Gimeno-Gascon, F. J., & Woo, C. Y. (1994). Initial human and financial capital as predictors of new venture performance. Journal of Business Venturing, 9(5), 371–395.

Dahlstrand, A. L. (1997). Entrepreneurial spin-off enterprises in Goteborg, Sweden. European Planning Studies, 5(5), 659–673.

Davidsson, P. (2005). Method issues in the study of venture start-up processes. In A. Fayolle, P. Kyrö, & J. M. Ulijn (Eds.), Entrepreneurship research in Europe: Outcomes and perspectives. Cheltenham: Edward Elgar Publishing.

Davidsson, P., & Honig, B. (2003). The role of social and human capital among nascent entrepreneurs. Journal of Business Venturing, 18(3), 301–331.

Davidsson, P., & Klofsten, M. (2003). The business platform: developing an instrument to gauge and to assist the development of young firms. Journal of Small Business Management, 41(1), 1–26.

Davidsson, P., Low, M., & Wright, M. (2001). Editors’introduction: Low and MacMillan ten years on—achievements and future directions for entrepreneurship research. Entrepreneurship Theory & Practice, 25(4), 5–16.

de Brentani, U. (1991). Success factors in developing new business services. European Journal of Marketing, 25(2), 33–59.

De Cleyn, S. H. (2011). The early development of academic spin-offs: A holistic study on the survival of 185 European product-oriented ventures using a resource-based perspective. Antwerp: University of Antwerp, Faculty of Applied Economics.

De Cleyn, S. H., & Braet, J. (2009). Research valorisation through spin-off ventures: integration of existing concepts and typologies. World Review of Entrepreneurship, Management and Sustainable Development, 5(4), 325–352.

De Cleyn, S. H., & Braet, J. (2010). The evolution of spin-off ventures: an integrated model. International Journal of Innovation and Technology Management, 7(1), 53–70.

De Cleyn, S. H., Tietz, R., Braet, J., & Schefczyck, M. (2010). Status of academic entrepreneurship in Europe: 1985–2008. Puurs: Unibook.

De Coster, R., & Butler, C. (2005). Assessment of proposals for new technology ventures in the UK: characteristics of university spin-off companies. Technovation, 25(5), 535–543.

Deakins, D., & Boussouara, M. (2000). The role and impact of external (non-executive) directors and advisers in high technology small companies. In W. During, R. Oakey, & M. Kipling (Eds.), New technology based firms at the turn of the century (pp. 11–34). Oxford: Elsevier Science.

Degroof, J.-J., & Roberts, E. B. (2003). Spinning-off new ventures from academic institutions in areas with weak entrepreneurial infrastructure: Insights on the impact of spin-off processes on the growth-orientation of ventures. Cambridge: MIT Sloan School of Management.

Delmar, F., & Shane, S. (2004). Legitimating first: organizing activities and the survival of new ventures. Journal of Business Venturing, 19(3), 385–410.

Delmar, F., & Shane, S. (2006). Does experience matter? The effect of founding team experience on the survival and sales of newly founded ventures. Strategic Organization, 4(3), 215–247.

Di Gregorio, D., & Shane, S. (2003). Why do some universities generate more start-ups than others ? Research Policy, 32(2), 209–227.

Doutriaux, J. (1987). Growth pattern of academic entrepreneurial firms. Journal of Business Venturing, 2(4), 285–297.

Drori, I., Honig, B., & Scheaffer, Z. (2009). The life-cycle of an internet firm: scripts, legitimacy and identity. Entrepreneurship: Theory and Practice, 33(3), 715–738.

Ensley, M. D., & Hmieleski, K. M. (2005). A comparative study of new venture top management team composition, dynamics and performance between university-based and independent start-ups. Research Policy, 34(7), 1091–1105.

Erhardt, N. L., Werbel, J. D., & Shrader, C. B. (2003). Board of director diversity and firm financial performance. Corporate Governance, 11(2), 102–111.

Etzkowitz, H. (1998). The norms of entrepreneurial science: cognitive effects of the new university—industry linkages. Research Policy, 27(8), 823–833.

Etzkowitz, H., & Klofsten, M. (2005). The innovating region: toward a theory of knowledge-based regional development. R&D Management, 35(3), 243–255.

European Commission (2013). Research & innovation—horizon 2020. Online available at http://ec.europa.eu/research/horizon2020. Last consulted on 25 January 2013.

Fichman, M., & Levinthal, D. A. (1991). Honeymoons and the liability of adolescence: a new perspective on duration dependence in social and organizational relationships. Academy of Management Review, 16(2), 442–468.

Florin, J., Lubatkin, M., & Schulze, W. (2003). A social capital model of high-growth ventures. Academy of Management Journal, 48(3), 374–384.

Franklin, S. J., Wright, M., & Lockett, A. (2001). Academic and surrogate entrepreneurs in university spin-out companies. Journal of Technology Transfer, 26(1–2), 127–141.

George, M., Gordon, I., & Hamilton, E. (2010). What is (the point of) an entrepreneur in residence? The Lancaster University experience, with some worldwide comparisons. Industry & Higher Education, 24(6), 495–503.

Gimeno, J., Folta, T. B., Cooper, A. C., & Woo, C. Y. (1997). Survival of the fittest? Entrepreneurial human capital and the persistence of underperforming firms. Administrative Science Quarterly, 42(4), 750–783.

Goldfarb, B., & Henrekson, M. (2003). Bottom-up versus top-down policies towards the commercialization of university intellectual property. Research Policy, 32(4), 639–658.

Goodman, L. A. (1961). Snowball sampling. The Annals of Mathematical Statistics, 32(1), 148–170.

Griffin, A. (1997). The effect of project and process characteristics on product development cycle time. Journal of Marketing Research, 34(1), 24–35.

Gurdon, M. A., & Samsom, K. J. (2010). A longitudinal study of success and failure among scientist-started ventures. Technovation, 30(3), 207–214.

Harrison, R. T., Cooper, S. Y., & Mason, C. M. (2004). Entrepreneurial activity and the dynamics of technology-based cluster development: the case of Ottawa. Urban Studies, 41(5–6), 1045–1070.

Hastie, T., Tibshirani, R., & Friedman, J. (2001). The elements of statistical learning: Data mining, inference, and prediction. New York: Springer.

Honig, B. (1998). What determines success? Examining the human, financial, and social capital of Jamaican microentrepreneurs. Journal of Business Venturing, 13(5), 371–394.

Kaasa, A. (2009). Effects of different dimensions of social capital on innovative activity: evidence from Europe at the regional level. Technovation, 29(3), 218–233.

Keller, G. (2005). Statistics for management and economics. Belmont: Thomson Brooks/Cole.

Klofsten, M., & Jones-Evans, D. (2000). Comparing academic entrepreneurship in Europe—the case of Sweden and Ireland. Small Business Economics, 14(4), 299–309.

Klofsten, M., Jonsson, M., & Simón, J. (1999). Supporting the pre-commercialization stages of technology-based firms: the effects of small-scale venture capital. Venture Capital, 1(1), 83–93.

Knockaert, M., Ucbasaran, D., Wright, M., & Clarysse, B. (2011). The relationship between knowledge transfer, top management team composition, and performance: the case of science-based entrepreneurial firms. Entrepreneurship: Theory and Practice, 35(4), 777–803.

Kuhnert, P. M., Do, K.-A., & McClure, R. (2000). Combining non-parametric models with logistic regression: an application to motor vehicle injury data. Computational Statistics & Data Analysis, 34(3), 371–386.

Kuratko, D. F. (2005). The emergence of entrepreneurship education: development, trends, and challenges. Entrepreneurship: Theory & Practice, 29(5), 577–597.

Lerner, J. (2005). The university and the start-up: lessons from the past two decades. Journal of Technology Transfer, 30(1/2), 49–56.

Levene, H. (1960). Robust tests for equality of variances. In I. Olkin (Ed.), Contributions to probability and statistics. Palo Alto: Stanford University Press.

Leydesdorff, L. (2000). The triple helix: an evolutionary model of innovations. Research Policy, 29(2), 243–255.

Lo, A. W. (1986). Logit versus discriminant analysis: a specification test and application to corporate bankruptcies. Journal of Econometrics, 31(2), 151–178.

Lynskey, M. J. (2008). The entrepreneurial university and spin-out firms in the UK. Industry & Higher Education, 22(2), 81–98.

Morgan, B. B., Jr., & Salas, E. (1993). An analysis of team evolution and maturation. Journal of General Psychology, 120(3), 277–291.

Mosey, S., & Wright, M. (2007). From human capital to social capital: a longitudinal study of technology-based academic entrepreneurs. Entrepreneurship: Theory and Practice, 31(6), 909–935.

Mustar, P., Renault, M., Colombo, M. G., Piva, E., Fontes, M., Lockett, A., et al. (2006). Conceptualising the heterogeneity of research-based spin-offs: a multidimensional taxonomy. Research Policy, 35(2), 289–308.

Nahapiet, J., & Ghoshal, S. (1998). Social capital, intellectual capital, and the organizational advantage. Academy of Management Review, 23(2), 242–266.

Nerkar, A., & Shane, S. (2003). When do start-ups that exploit patented academic knowledge survive? International Journal of Industrial Organization, 21(9), 1391–1410.

Nicolaou, N., & Birley, S. (2003). Academic networks in a Trichotomous categorisation of university spinouts. Journal of Business Venturing, 18(3), 333–359.

Ostgaard, T. A., & Birley, S. (1996). New venture growth and personal networks. Journal of Business Research, 36(1), 37–50.

Packalen, K. A. (2007). Complementing capital: the role of status, demographic features, and social capital in founding teams’ abilities to obtain resources. Entrepreneurship: Theory and Practice, 31(6), 873–891.

Parker, S. C. (2013). Do serial entrepreneurs run successively better-performing businesses? Journal of Business Venturing, 28(5), 652–666.

Pennings, J. M., Lee, K., & van Witteloostuijn, A. (1998). Human capital, social capital, and firm dissolution. Academy of Management Journal, 41(4), 425–440.

Pirnay, F., Surlemont, B., & Nlemvo, F. (2003). Towards a typology of university spin-offs. Small Business Economics, 21(4), 355–369.

Rasmussen, E., Moen, Ø., & Gulbrandsen, M. (2006). Initiatives to promote commercialization of university knowledge. Technovation, 26(4), 518–533.

Reagans, R. E., & Zuckerman, E. W. (2001). Networks, diversity, and performance: the social capital of corporate R&D units. Organization Science, 12(4), 502–517.

Rocco, T. S., Bliss, L. A., Gallagher, S., & Pérez-Prado, A. (2003). Taking the next step: mixed methods research in organizational systems. Information Technology, Learning, and Performance Journal, 21(1), 19–29.

Rosenblatt, D. M., & Thelen, A. J. (1997). Entrepreneur-in-residence programs. Journal of Private Equity, 1(1), 37–47.

Rothaermel, F. T., & Thursby, M. (2005). Incubator firm failure or graduation? The role of university linkages. Research Policy, 34(7), 1076–1090.

Rothaermel, F. T., Agung, S. D., & Jiang, L. (2007). University entrepreneurship: a taxonomy of the literature. Industrial and Corporate Change, 16(4), 691–791.

Sapienza, H. J., & Grimm, C. M. (1997). Founder characteristics, start-up process, and strategy/structure variables as predictors of shortline railroad performance. Entrepreneurship: Theory and Practice, 22(1), 5–24.

Schuller, T., & Field, J. (1998). Social capital, human capital and the learning society. International Journal of Lifelong Education, 17(4), 226–235.

Schultz, T. W. (1961). Investment in human capital. The American Economic Review, 51(1), 1–17.

Shane, S., & Stuart, T. (2002). Organizational endowments and the performance of university start-ups. Management Science, 48(1), 154–170.

Shrader, R., & Siegel, D. S. (2007). Assessing the relationship between human capital and firm performance: evidence from technology-based new ventures. Entrepreneurship: Theory and Practice, 31(6), 893–908.

Siciliano, J. I. (1996). The relationship of board member diversity to organizational performance. Journal of Business Ethics, 15(12), 1313–1320.

Song, M., Podoynitsyna, K., van der Bij, H., & Halman, J. I. M. (2008). Success factors in new ventures: a meta-analysis. Journal of Product Innovation Management, 25(1), 7–27.

Stinchcombe, A. L. (1965). Social structures and organizations. In J. G. March (Ed.), Handbook of organizations. Chicago: Rand McNally.

Tansey, R., White, M., Long, R. G., & Smith, M. (1996). A comparison of loglinear modeling and logistic regression in management research. Journal of Management, 22(2), 339–358.

Tashakkori, A., & Teddlie, C. (2003). Handbook of mixed methods in social & behavioral research. Thousand Oaks: SAGE Publications Inc.

Terpstra, D. E., & Olson, P. D. (1993). Entrepreneurial start-up and growth: a classification of problems. Entrepreneurship: Theory and Practice, 17(3), 5–20.

Unger, J. M., Rauch, A., Frese, M., & Rosenbusch, N. (2011). Human capital and entrepreneurial success: a meta-analytical review. Journal of Business Venturing, 26(3), 341–358.

van der Walt, N., & Ingley, C. (2003). Board dynamics and the influence of professional background, gender and ethnic diversity of directors. Corporate Governance: An International Review, 11(3), 218–234.

Vanaelst, I., Clarysse, B., Wright, M., Lockett, A., Moray, N., & S’Jegers, R. (2006). Entrepreneurial team development in academic spinouts: an examination of team heterogeneity. Entrepreneurship: Theory and Practice, 30(2), 249–271.

Vohora, A., Wright, M., & Lockett, A. (2004). Critical junctures in the development of university high-tech spinout companies. Research Policy, 33(1), 147–175.

Watson, W., Stewart, W. H., Jr., & BarNir, A. (2003). The effects of human capital, organizational demography, and interpersonal processes on venture partner perceptions of firm profit and growth. Journal of Business Venturing, 18(2), 145–164.

Welch, S. (1975). Sampling by referral in a dispersed population. The Public Opinion Quarterly, 39(2), 237–245.

Wengraf, T. (2001). Qualitative research interviewing. London: Sage Publications.

Wetter, E., & Wennberg, K. (2009). Improving business failure prediction for new firms: benchmarking financial models with human and social capital. Journal of Private Equity, 12(2), 30–37.

Wilkinson, A., & Mellahi, K. (2005). Organizational failure: introduction to the special issue. Long Range Planning, 38(3), 233–238.

Wright, M., Lockett, A., Clarysse, B., & Binks, M. (2006). University spin-out companies and venture capital. Research Policy, 35(4), 481–501.

Wright, M., Clarysse, B., Mustar, P., & Lockett, A. (2007). Academic entrepreneurship in Europe. Cheltenham: Edward Elgar.

Youn, H., & Gu, Z. (2010). Predicting Korean lodging firm failures: an artificial neural network model along with a logistic regression model. International Journal of Hospitality Management, 29(1), 120–127.

Yusof, M., & Jain, K. K. (2010). Categories of university-level entrepreneurship: a literature survey. International Entrepreneurship Management Journal, 6(1), 81–96.

Zacharakis, A. L., & Meyer, G. D. (2000). The potential of actuarial decision models: can they improve the venture capital investment decision? Journal of Business Venturing, 15(4), 323–346.

Zeithaml, V. A., Parasuraman, A., & Berry, L. L. (1985). Problems and strategies in services marketing. Journal of Marketing, 49(2), 33–46.

Titel: How human capital interacts with the early development of academic spin-offs
verfasst von: Sven H. De Cleyn
Johan Braet
Magnus Klofsten
Publikationsdatum: 01.09.2015
Verlag: Springer US
Erschienen in: International Entrepreneurship and Management Journal / Ausgabe 3/2015
Print ISSN: 1554-7191
Elektronische ISSN: 1555-1938
DOI: https://doi.org/10.1007/s11365-013-0294-z

Springer Professional

Abstract

Bitte loggen Sie sich ein, um Zugang zu Ihrer Lizenz zu erhalten.

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Springer Professional "Wirtschaft"

Weitere Artikel der Ausgabe 3/2015

Personal innovativeness in technology, related knowledge and experience, and entrepreneurial intentions in emerging technology industries: a process of causation or effectuation?

Global entrepreneurship monitor versus panel study of entrepreneurial dynamics: comparing their intellectual structures

Entrepreneurial orientation and knowledge acquisition: effects on performance in the specific context of women-owned firms

Nascent entrepreneurs’ personality attributes and the international dimension of new ventures

Entrepreneurial intentions in diverse development contexts: a cross-cultural comparison between Senegal and Spain

Market orientation and technological innovation: the moderating role of entrepreneurial support policies

Premium Partner