Weitere Artikel dieser Ausgabe durch Wischen aufrufen
The views expressed in this article are the authors’ and do not necessarily represent the views of the U.S. Department of Agriculture or the Economic Research Service.
The creation of spin-off companies is often promoted as a desirable mechanism for transferring knowledge and technologies from research organizations to the private sector for commercialization. In the promotion process, policymakers typically treat these “university” spin-offs like industry start-ups. However, when university spin-offs involve an employment transition by a researcher from the not-for-profit sector, the creation of a university spin-off is likely to impose a higher social cost than the creation of an industry start-up. To offset this higher social cost, university spin-offs must produce a larger stream of social benefits than industry start-ups, a performance premium. This paper outlines the arguments explaining why the social costs of entrepreneurship are likely to be higher for academic entrepreneurs, and empirically investigates the existence of a performance premium using a sample of German start-up companies. We find that university spin-offs exhibit a performance premium of 3.4 % points higher employment growth over industry start-ups. The analysis also shows that the performance premium varies across types of academic entrepreneurs and founders’ academic disciplines.
Bitte loggen Sie sich ein, um Zugang zu diesem Inhalt zu erhalten
Sie möchten Zugang zu diesem Inhalt erhalten? Dann informieren Sie sich jetzt über unsere Produkte:
Adams, J. (1990). Fundamental stocks of knowledge and productivity growth. Journal of Political Economy,98(4), 673–702. CrossRef
Agrawal, A., & Henderson, R. (2002). Putting patents into context: Exploring knowledge transfer from MIT. Management Science,48(1), 44–60. CrossRef
Almus, M., Engel, D., & Prantl, S. (2000). The Mannheim Foundation Panels of the Centre for European Economic Research (ZEW), ZEW Documentation No. 00-02, Mannheim, Germany.
Azoulay, P., Ding, W., & Stuart, T. (2009). The effect of academic patenting on the rate, quality, and direction of (Public) research output. Journal of Industrial Economics,57(4), 637–676. CrossRef
Breschi, S., Lissoni, F., & Montobbio, F. (2007). The scientific productivity of academic inventors: New evidence from Italian data. Economics of Innovation and New Technology,16(2), 101–118. CrossRef
Buenstorf, G. (2009). Is commercialization good or bad for science? Individual-level evidence from the Max Planck Society. Research Policy,38, 281–292. CrossRef
Cantner, U., & Goethner, M. (2011). Performance differences between academic spin- offs and non- academic spin- ups: A comparative analysis using non- parametric matching approach. Mimeo: DIME Final Conference, Maastricht University, April.
Colombo, M. G., & Piva, E. (2005). Are academic start-ups different? A matched pair analysis. Mimeo: Politecnico di Milano.
Czarnitzki, D., Grimpe, C., & Toole, A. A. (2012). Delay and secrecy: Does industry sponsorship jeopardize disclosure of academic research? ZEW Discussion Paper No. 11-009, Mannheim, Germany.
Czarnitzki, D., Glänzel, W., & Hussinger, K. (2009). Heterogeneity of patenting activity and its implications for scientific research. Research Policy,38, 26–34. CrossRef
Czarnitzki, D., & Toole, A. A. (2010). Is there a trade-off between academic research and faculty entrepreneurship? Economics of Innovation and New Technology,19(5), 505–520. CrossRef
Dasgupta, P., & David, P. A. (1994). Toward a new economics of science. Research Policy,23(5), 487–521. CrossRef
Desruisseaux, P. (2000), Universities venture into venture capitalism, Chronicle Higher Education (May) A44.
Di Gregorio, D., & Shane, S. (2003). Why do some universities generate more start-ups than others? Research Policy,32, 209–227. CrossRef
Druilhe, C., & Garnsey, E. (2004). Do academic spin-outs differ and does it matter? The Journal of Technology Transfer,29, 269–285. CrossRef
Egeln, J., Gottschalk, S., Rammer, C., & Spielkamp, A. (2003). Public research spin- offs in Germany. ZEW Documentation No. 03-04, Mannheim, Germany.
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, 1091–1105. CrossRef
Etzkowitz, H. (2004). The evolution of the entrepreneurial university. International Journal of Technology and Globalization,1, 64–77.
Etzkowitz, H., Webster, A., Gebhardt, C., & Cantisano Terra, B. R. (2000). The future of the university and the university of the future: Evolution of Ivory Tower to Entrepreneurial Paradigm. Research Policy,29, 313–330. CrossRef
Feldman, M., Feller, I., Bercovitz, J., & Burton, R. (2002). Equity and the technology transfer strategies of American research universities. Management Science,48(1), 105–121. CrossRef
Heckman, J. J. (1976). The common structure of statistical models of truncation, sample selection, and limited dependent variables and a simple estimator for such models. Annals of Economic and Social Measurement,5, 475–492.
Heckman, J. J. (1979). Sample selection bias as a specification error. Econometrica,47, 153–161. CrossRef
Helm, R., & Mauroner, O. (2007). Success of research-based spin-offs. State-of-the-art and guidelines for further research. Review of Managerial Science,1(3), 237–270. CrossRef
Jaffe, A. (1989). The real effects of academic research. American Economic Review,79(5), 957–970.
Kenny, M. (1986). Bio-technology: The university-industrial complex. New Haven, CT: Yale University Press.
Lacetera, N. (2009). Academic entrepreneurship. Managerial and Decision Economics,30, 443–464. CrossRef
Lockett, A., & Wright, M. (2005). Resources, capabilities, risk capital and the creation of university spin-out companies. Research Policy,34, 1043–1057. CrossRef
Lockett, A., Wright, M., & Franklin, S. (2003). Technology transfer and universities’ spin-out strategies. Small Business Economics,20, 185–201. CrossRef
Lowe, R. A., & Gonzalez-Brambila, C. (2007). Faculty entrepreneurs and research productivity. The Journal of Technology Transfer,32(3), 173–194. CrossRef
Mukherjee, A., & Stern, S. (2009). Disclosure or secrecy? The dynamics of open science. International Journal of Industrial Organization,27(3), 449–462. CrossRef
Murray, F. (2004). The role of academic inventors in entrepreneurial firms: Sharing the laboratory life. Research Policy,33, 643–659. CrossRef
Murray, F., Aghion, P., Dewatripont, M., Kolev, J., & Stern, S. (2009). Of mice and academics: Examining the effect of openness on innovation. NBER Working paper No. 14819, Cambridge.
Mustar, P., & Wright, M. (2010). Convergence or path dependency in policies to foster the creation of university spin-off firms? A comparison of France and the United Kingdom. The Journal of Technology Transfer,35, 42–65. CrossRef
Nelson, R. R. (2004). The market economy, and the scientific commons. Research Policy,33, 455–471. CrossRef
Nerker, A., & Shane, S. (2003). When do start-ups that exploit patented academic knowledge survive? International Journal of Industrial Organization,21, 1391–1410. CrossRef
Nicolaou, N., & Birley, S. (2003a). Social networks in organizational emergence: The university spinout phenomenon. Management Science,49(2), 1702–1725. CrossRef
Nicolaou, N., & Birley, S. (2003b). Academic networks in a trichotomous categorisation of university spinouts. Journal of Business Venturing,18, 333–359. CrossRef
O’Shea, R. P., Allen, T. J., Chevalier, A., & Roche, F. (2005). Entrepreneurial orientation, technology transfer and spin-off performance of U.S. universities. Research Policy,24, 994–1009. CrossRef
OECD. (2000). Fostering high- tech spin- offs. A public strategy for innovation. STI Review 26, Paris: OECD.
Rosenberg, N. (1998). Chemical engineering as a general purpose technology. In E. Helpman (Ed.), General purpose technologies and economic growth (pp. 167–192). Cambridge: MIT Press.
Rothaermel, F. T., Agung, S. D., & Jiang, L. (2007). University entrepreneurship: A taxonomy of the literature. Industrial and Corporate Change,16(4), 691–791. CrossRef
Rothaermel, F. T., & Thursby, M. (2005). University-incubator firm knowledge flows: Assessing their impact on incubator firm performance. Research Policy,34, 305–320. CrossRef
Salter, A. J., & Martin, B. R. (2001). The economic benefits of publicly funded basic research: A critical review. Research Policy,30, 509–532. CrossRef
Shane, S. (2000). Prior knowledge and the discovery of entrepreneurial opportunities. Organization Science,11(4), 338–469. CrossRef
Shane, S. (2001). Technological opportunities and new firm creation. Management Science,47(2), 205–220. CrossRef
Shane, S. (2004). Academic Entrepreneurship. University spin-offs and Wealth Creation. Cheltenham: Edward Elgar.
Shane, S., & Stuart, T. (2002). Organizational endowments and the performance of university start-ups. Management Science,48, 154–170. CrossRef
Stephan, P. E. (1996). The economics of science. Journal of Economic Literature,34(3), 1199–1235.
Storey, D. J. (1994). Understanding the small business sector. London: Thomson Learning.
Toole, A. A. (2012). The impact of public basic research on industrial innovation: Evidence from the pharmaceutical industry. Research Policy,41(1), 1–12. CrossRef
Toole, A. A., & Czarnitzki, D. (2007). Biomedical academic entrepreneurship through the SBIR program. Journal of Economic Behavior & Organization,63(4), 716–738. CrossRef
Toole, A. A., & Czarnitzki, D. (2009). Exploring the relationship between scientist human capital and firm performance: The case of biomedical academic entrepreneurs in the SBIR program. Management Science,55(1), 101–114. CrossRef
Toole, A. A., & Czarnitzki, D. (2010). Commercializing science: Is there a university “brain drain” from academic entrepreneurship? Management Science,56(9), 1599–1614. CrossRef
Verbeek, M. (2012). A guide to modern econometrics (4th ed.). Chichester: Wiley.
Vohora, A., Wright, M., & Lockett, A. (2004). Critical junctures in the development of university high-tech spinout companies. Research Policy,33, 147–175. CrossRef
Wennberg, K., Wiklund, J., & Wright, M. (2011). The effectiveness of university knowledge spillovers: Performance differences between university spin-offs and corporate spin-offs. Research Policy,40, 1128–1143. CrossRef
World Bank. (2012). World Development Report 2013, Washington.
Wright, M., Vohora, A., & Lockett, A. (2004). The formation of high-tech university spinouts: The role of joint ventures and venture capital investors. The Journal of Technology Transfer,29, 287–310. CrossRef
Zahra, S. A., van de Velde, E., & Larraneta, B. (2007). Knowledge conversion capability and the performance of corporate and university spin-offs. Industrial and Corporate Change,16(4), 569–608. CrossRef
Zhang, J. (2009). The performance of university spin-offs: An exploratory analysis using venture capital data. The Journal of Technology Transfer,24, 255–285. CrossRef
Zucker, L. G., Darby, M. R., & Armstrong, J. S. (2002). Commercializing knowledge: University science, knowledge capture, and firm performance in biotechnology. Management Science,48(1), 138–153. CrossRef
Zucker, L. G., Darby, M. R., & Brewer, M. B. (1998). Intellectual Human Capital and the Birth of U.S. Biotechnology Enterprises. American Economic Review,88, 290–306.
- University spin-offs and the “performance premium”
Andrew A. Toole
- Springer US
Neuer Inhalt/© Stellmach, Neuer Inhalt/© BBL, Neuer Inhalt/© Maturus, Pluta Logo/© Pluta, Neuer Inhalt/© hww, Neuer Inhalt/© julien tromeur | Fotolia