Skip to main content
Log in

Dynamics of Science-based entrepreneurship

  • Published:
The Journal of Technology Transfer Aims and scope Submit manuscript

Abstract

This article introduces the rationale for the special issue, summarizes the main themes covered by the papers presented and suggests areas for further research. Previous research has focused on the creation of Science-based entrepreneurial firms (SBEFs) but there is little research relating to their growth and the challenges in ensuring growth occurs. At the macro-level, there is a need to distinguish general versus specific policies and how these vary between different institutional environments. At the firm level, there is a need to consider the factors influencing the development of boards, the growth of SBEFs and their dynamics in terms of acquisitions and IPOs.

This is a preview of subscription content, log in via an institution to check access.

Access this article

Price excludes VAT (USA)
Tax calculation will be finalised during checkout.

Instant access to the full article PDF.

Institutional subscriptions

Similar content being viewed by others

Notes

  1. A few recent studies have analyzed the impact of public subsidies on the innovation (Schneider and Veugelers 2008) and growth (Colombo et al. 2008) performances of (German and Italian, respectively) high-tech start-ups. They suggest that policy interventions generally fail to make a difference for these companies. However, better results are obtained with selective supporting schemes, especially when recipient firms are very young.

References

  • Alemany, L., & Marti, J. (2005). Unbiased estimation of economic impact of venture capital backed firms. Working paper.

  • Audretsch, D., & Lehmann, E. (2004). Financing high tech growth: The role of banks and venture capitalists. Schmalenbach Economic Review, 56, 340–357.

    Google Scholar 

  • Bertoni, F., Colombo, M. G., & Grilli, L. (2008). Venture capital financing and the growth of new technology based firms. Working paper, Politecnico di Milano, Department of Management, Economics and Industrial Engineering.

  • Bjørnåli, E., & Gulbrandsen, M. (2009). Exploring board formation and evolution of board composition in academic spin-offs. The Journal of Technology Transfer, this issue.

  • Bonardo, D., Paleari, S., & Vismara, S. (2009). The M&A dynamics of European science based entrepreneurial firms. The Journal of Technology Transfer, this issue.

  • Bottazzi, L., & Da Rin, M. (2002). Venture capital in Europe and the financing of innovative companies. Economic Policy, 17, 229–269. doi:10.1111/1468-0327.00088.

    Article  Google Scholar 

  • Bottazzi, L., Da Rin, M., & Hellmann, T. (2008). Who are the active investors? Evidence from venture capital. Journal of Financial Economics, forthcoming.

  • Burgel, O., Fier, A., Licht, G., & Murray, G. (2000). Internationalisation of high tech start-ups and fast growth: Evidence from Germany and UK, DP 00-35. Mannheim: Centre for European Economic Research.

  • Carpenter, R. E., & Petersen, B. C. (2002). Capital market imperfections, high-tech investment, and new equity financing. The Economic Journal, 112, F54–F72. doi:10.1111/1468-0297.00683.

    Article  Google Scholar 

  • Cassiman, B., Colombo, M. G., Garrone, P., & Veugelers, R. (2005). The impact of M&A on the R&D process an empirical analysis of the role of technological and market-relatedness. Research Policy, 34(2), 195–220.

    Article  Google Scholar 

  • Clarysse, B., & Mosey, S. (2008). Technology management education: A view from Europe. Working paper, UNIEI/Imperial College.

  • Clarysse, B., Wright, M., Lockett, A., & Mustar, P. (2007). Academic spin-offs, formal technology transfer and capital raising. Industrial and Corporate Change, forthcoming.

  • 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.

    Article  Google Scholar 

  • Colombo, M., D’Adda, D., & Piva, E. (2009). The contribution of university research to the growth of academic start-ups: An empirical analysis. Journal of Technology Transfer, this issue.

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

    Article  Google Scholar 

  • Colombo, M., & Grilli, L. (2008). On growth drivers of high tech start-ups: Exploring the role of founders’ human capital and venture capital. Journal of Business Venturing, forthcoming.

  • Colombo, M. G., Grilli, L., & Santangeli, S. (2008). A longitudinal analysis of public financing and the growth of new technology-based firms: Do firms’ age and applicants’ evaluation methods matter? Working paper, Politecnico di Milano, Department of Management, Economics and Industrial Engineering.

  • Colombo, M. G., & Piva, E. (2008). Firms’ genetic characteristics, competence enlarging strategies, and performance: A comparison of academic and non-academic start-ups. Working paper, Politecnico di Milano, Department of Management, Economics and Industrial Engineering.

  • Cooper, A. C., & Bruno, A. V. (1977). Success among high-technology firms. Business Horizons, 20, 16–22.

    Article  Google Scholar 

  • Cosh, A., & Hughes, A. (2009). Never mind the quality feel the width: University-industry links and government financial support for innovation in small high-technology businesses in the UK and the USA. Journal of Technology Transfer, this issue.

  • Cumming, D. J., & MacIntosh, J. G. (2003). A cross-country comparison of full and partial venture capital exits. Journal of Banking & Finance, 27, 511–549.

    Article  Google Scholar 

  • Cumming, D. J., & MacIntosh, J. G. (2006). Crowding out private equity: Canadian evidence. Journal of Business Venturing, 21, 569–609.

    Article  Google Scholar 

  • Davila, A., Foster, G., & Gupta, M. (2003). Venture capital financing and the growth of start-up firms. Journal of Business venturing, 18, 689–708.

    Article  Google Scholar 

  • Denis, D. J. (2004). Entrepreneurial finance: An overview of the issues and evidence. Journal of Corporate Finance, 10, 301–326. doi:10.1016/S0929-1199(03)00059-2.

    Article  Google Scholar 

  • Eisenhardt, K. M., & Schoonhoven, C. B. (1990). Organizational growth: Linking founding team, strategy, environment and growth among U.S. semiconductor ventures, 1978–1988. Administrative Science Quarterly, 35, 504–529.

    Article  Google Scholar 

  • Engel, D., & Keilbach, M. (2007). Firm level implications of early stage venture capital investment: An empirical investigation. Journal of Empirical Finance, 14, 150–167.

    Article  Google Scholar 

  • Ernst, H., & Vitt, J. (2000). The influence of corporate acquisitions on the behavior of key inventors. R&D Management, 30(2), 105–119.

    Article  Google Scholar 

  • Etzkowitz, H., Webster, A., Gebhardt, C., Cantisano, T., & Branca, 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.

    Article  Google Scholar 

  • Filatotchev, I., Toms, S., & Wright, M. (2006). The firm’s strategic dynamics and corporate governance life-cycle. International Journal of Managerial Finance, 2(4), 256–279.

    Article  Google Scholar 

  • Filatotchev, I., & Wright, M. (2005). The life-cycle of corporate governance. Cheltenham, UK: Edward Elgar.

    Google Scholar 

  • Franklin, A., Wright, M., & Lockett, A. (2001). Academic and surrogate entrepreneurs in university spin-outs. Journal of Technology Transfer, 26, 127–141.

    Article  Google Scholar 

  • Griliches, Z. (1992). The search of R&D spillovers. Scandinavian Journal of Economics, 94, S29–S47.

    Article  Google Scholar 

  • Grossetti, M., & Bès, M.-P. (2001). Encastrements et découplage dans les relations science-industrie. Revue Française de Sociologie, 42, 327–355.

    Article  Google Scholar 

  • Hagedoorn, J., & Duysters, G. (2002). External sources of innovative capabilities: The preference for strategic alliances or mergers and acquisitions. Journal of Management Studies, 39(2), 167–188.

    Article  Google Scholar 

  • Hellmann, T., & Puri, M. (2000). The interaction between product market and financing strategy: The role of venture capital. Review of Financial Studies, 13, 959–984.

    Article  Google Scholar 

  • Holtz-Eakin, D. (2000). Public policy toward entrepreneurship. Small Business Economics, 15, 283–291.

    Article  Google Scholar 

  • Jain, B., & Kini, O. (1995). Venture capitalists’ participation and the post-issue operating performance of IPO firms. Managerial and Decision Economics, 6, 593–606.

    Article  Google Scholar 

  • Kapoor, R., & Lim, K. (2007). The impact of acquisitions on the productivity of inventors at semiconductor firms: A synthesis of knowledge-based and incentive-based perspectives. Academy of Management Journal, 50(5), 1133–1155.

    Google Scholar 

  • Lach, S. (2002). Do R&D subsidies stimulate or displace private R&D? Evidence from Israel. The Journal of Industrial Economics, 50(4), 369–390.

    Article  Google Scholar 

  • Lerner, J. (1999). The government as venture capitalist: The long-run impact of the SBIR Program. Journal of Business, 72, 285–318.

    Article  Google Scholar 

  • Lerner, J. (2002). When bureaucrats meet entrepreneurs: The design of effective ‘public venture capital’ programmes. Economic Journal, 112, F73–F84.

    Article  Google Scholar 

  • Lynall, M., Golden, B., & Hillman, A. (2003). Board composition from adolescence to maturity: A multi-theoretic view. Academy of Management Review, 28(3), 416–431.

    Article  Google Scholar 

  • Manigart, S., & van Hyfte, M. (1999). Post investment evolution of VC backed companies. In P. Reynolds, et al. (Eds.), Frontiers of entrepreneurship research. Wellesley, MA: Babson College.

    Google Scholar 

  • Mosey, S., & Wright, M. (2007). From human capital to social capital: A longitudinal study of technology-based academic entrepreneurs. Entrepreneurship Theory and Practice, 31, 909–936.

    Article  Google Scholar 

  • Mowery, D. C. (2001). The United States national innovation system after the cold war. In P. Larédo & P. Mustar (Eds.), Research and innovation policies in the new global economy. An international comparative analysis (pp.15–46). Cheltenham: Edward Elgar.

  • Mowery, D. C., & Sampat, B. (2005). Universities in national innovation systems. In J. Fagerberg, D. C. Mowery, & R. R. Nelson (Eds.), The Oxford handbook of innovation. Oxford: Oxford University Press.

    Google Scholar 

  • Murray, G. (1994). The second equity gap: Exit problems for seed and early stage venture capitalists and their investee companies. International Small Business Journal, 12, 59–76.

    Article  Google Scholar 

  • Mustar, P. (1997). How French academics create high tech companies: Conditions of success and failure of this form of relation between science and market. Science and Public Policy, 24, 37–43.

    Google Scholar 

  • Mustar, P. (1998). Partnerships, configurations and dynamics in the creation and development of SMEs by researchers. Industry and Higher Education, 12(4), 217–221.

    Google Scholar 

  • Mustar, P. (2001). Spin-offs from public research: Trends and outlook. STI Review, 26, 165–172.

    Google Scholar 

  • 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 multi-dimensional taxonomy. Research Policy, 35(2), 289–308.

    Article  Google Scholar 

  • Mustar, P., & Wright, M. (2009). Convergence or path dependency in policies to foster the creation of university spin-off firms? A comparison of France and the United Kingdom. Journal of Technology Transfer, this issue.

  • Nelson, R. R. (1959). The simple economics of basic scientific research. Journal of Political Economy, 67, 297–306.

    Article  Google Scholar 

  • Paruchuri, S., Nerkar, A., & Hambrick, D. (2006). Acquisition integration and productivity losses in the technical core: Disruption of inventors in acquired companies. Organization Science, 17(5), 545–562.

    Article  Google Scholar 

  • Pestre, D. (2000). The production of knowledge between academies and markets: A historical reading of the book “The New Production of Knowledge”. Science, Technology & Society, 5, 169–181.

    Article  Google Scholar 

  • Pfeffer, J., & Salancik, G. (1978). The external control of organizations: A resource dependence perspective. New York: Harper and Row.

  • Puranam, P., Singh, H., & Chaudhuri, S. (2008). Integrating acquired capabilities: When structural integration is (un)necessary. Organization Science, forthcoming.

  • Puranam, P., Singh, H., & Zollo, M. (2006). Organizing for innovation: Managing the coordination-autonomy dilemma in technology acquisitions. Academy of Management Journal, 49(2), 263–280.

    Article  Google Scholar 

  • Puranam, P., & Srikanth, K. (2007). What they know vs. what they do: How acquirers leverage technology acquisitions. Strategic Management Journal, 28(8), 805–825.

    Article  Google Scholar 

  • Rothermael, F. T., Agung, S., & Jian, L. (2007). University entrepreneurship: A taxonomy of the literature. Industrial and Corporate Change, 16(4), 691–791.

    Article  Google Scholar 

  • Santarelli, E., & Vivarelli, M. (2002). Is subsidizing entry an optimal policy? Industrial and Corporate Change, 11, 39–52.

    Article  Google Scholar 

  • Schneider, C., & Veugelers, R. (2008). On young innovative companies: Why they matter and how (not) to policy support them. Working paper, KU Leuven.

  • Shinn, T. (2002). Nouvelle production du savoir et triple hélice: Tendances du prêt-à-penser les sciences. Actes de la recherche en sciences sociales, 141–142, 21–30.

    Article  Google Scholar 

  • 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, 893–908.

    Article  Google Scholar 

  • Siegel, D., Veugelers, R., & Wright, M. (2007). Technology transfer offices and commercialization of university intellectual property: Performance and policy implications. Oxford Review of Economic Policy, 23(4), 640–660.

    Article  Google Scholar 

  • Takalo, T., & Tanayama, T. (2009). Adverse selection and financing of innovation: Is there need for R&D subsidies? Journal of Technology Transfer, this issue.

  • Teece, D. (1986). Profiting from technological innovations: Implications for integration, collaboration, licensing and public policy. Research Policy, 15, 285–305.

    Article  Google Scholar 

  • Ucbasaran, D., Westhead, P., & Wright, M. (2005, December). The identification and pursuit of opportunities by experienced entrepreneurs. Paper presented at Max Planck Institute Conference, Jena.

  • Ucbasaran, D., Westheadand, P., & Wright, M. (2009). The extent and nature of opportunity identification by experienced entrepreneurs. Journal of Business Venturing, forthcoming.

  • Uhlaner, L., Wright, M., & Huse, M. (2007). Private firms and corporate governance: An integrated economic and management perspective. Small Business Economics, 29, 225–241.

    Article  Google Scholar 

  • Vanaelst, I., Clarysse, B., Wright, M., & Lockett, A. (2006). Entrepreneurial team development in academic spinouts: An examination of team heterogeneity. Entrepreneurship Theory and Practice, 30, 249–270.

    Article  Google Scholar 

  • Van de Velde, E., Clarysse, B., & Wright, M. (2008). Entrepreneurial origin, technology endowments and the growth of spin-off companies. CMBOR Working paper.

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

    Article  Google Scholar 

  • Westhead, P., Ucbasaran, D., Wright, M., & Binks, M. (2005). Policy toward novice, serial and portfolio entrepreneurs. Small Business Economics, 25, 109–132.

    Article  Google Scholar 

  • Westhead, P., & Wright, M. (1998). Novice, portfolio and serial founders: Are they different? Journal of Business Venturing, 13, 173–204.

    Article  Google Scholar 

  • Wright, M., Birley, S., & Mosey, S. (2004a). Entrepreneurship and university technology transfer. Journal of Technology Transfer, 29(3/4), 235–246.

    Article  Google Scholar 

  • Wright, M., Clarysse, B., Lockett, A., & Knockaert, M. (2008a). Mid-range universities in Europe linkages with industry: Knowledge types and the role of intermediaries. Research Policy, 37, 1205–1223.

    Article  Google Scholar 

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

    Google Scholar 

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

    Article  Google Scholar 

  • Wright, M., Piva, E., Mosey, S., & Lockett, A. (2008b). Academic entrepreneurship, knowledge gaps and the role of business schools, mimeo, University of Nottingham.

  • Wright, M., Vohora, A., & Lockett, A. (2004b). The formation of high-tech university spin-outs: The role of joint ventures and venture capital investors. Journal of Technology Transfer, 29(3/4), 287–310.

    Article  Google Scholar 

  • Zahra, S., Filatotchev, I., & Wright, M. (2009). How do threshold firms sustain corporate entrepreneurship? The role of boards of directors and knowledge. Journal of Business Venturing, forthcoming.

Download references

Author information

Authors and Affiliations

Authors

Corresponding author

Correspondence to Mike Wright.

Rights and permissions

Reprints and permissions

About this article

Cite this article

Colombo, M., Mustar, P. & Wright, M. Dynamics of Science-based entrepreneurship. J Technol Transf 35, 1–15 (2010). https://doi.org/10.1007/s10961-009-9114-6

Download citation

  • Published:

  • Issue Date:

  • DOI: https://doi.org/10.1007/s10961-009-9114-6

Keywords

JEL Classification

Navigation