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How and Why do Research-Based Start-Ups Differ at Founding? A Resource-Based Configurational Perspective

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  • Ans Heirman

    ()

  • Bart Clarysse

    ()

Abstract

This paper studies the initial resources on which new organizations are based and how these resources interact with the institutional origin and market characteristics. Using a unique hand-collected data set of research-based start-ups (RBSUs), we empirically test how technological, financial and human resources relate to each other to form distinct starting resource configurations. We find four different start- ing configurations: "venture capital-backed start-ups," "prospectors," "product start-ups" and "transitional start-ups". The results show that VC-backed start-ups are a minority while half of the firms start as prospectors. Market complexity and growth prospects influence the probability of starting with venture capital. The unclearness of the product market at founding characterizes prospectors, while product start-ups mostly have an almost market-ready product targeted at an international niche market. Transitional starters initially commercialize technical know-how through consulting and become product oriented later on. This discussion contributes to the debate concerning the interplay of environment and firm resources.

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Bibliographic Info

Article provided by Springer in its journal The Journal of Technology Transfer.

Volume (Year): 29 (2004)
Issue (Month): 3_4 (08)
Pages: 247-268

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Handle: RePEc:kap:jtecht:v:29:y:2004:i:3_4:p:247-268

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Web page: http://www.springerlink.com/link.asp?id=104998

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Cited by:
  1. Diego Matricano & Luigi Guadalupi & Valerio Aniello Tutore & Francesco Andreottola & Mario Sorrentino, 2012. "The Creation of Academic Spin-offs: Evidences from Italy," DSI Essays Series, DSI - Dipartimento di Studi sull'Impresa, vol. 27.
  2. Tommy Clausen & Einar Rasmussen, 2013. "Parallel business models and the innovativeness of research-based spin-off ventures," The Journal of Technology Transfer, Springer, vol. 38(6), pages 836-849, December.
  3. Wennberg, Karl & Wiklund, Johan & Wright, Mike, 2011. "The effectiveness of university knowledge spillovers: Performance differences between university spinoffs and corporate spinoffs," Research Policy, Elsevier, vol. 40(8), pages 1128-1143, October.
  4. Baoshan Ge & Robert D. Hisrich & Baobao Dong, 2009. "Networking, Resource Acquisition, and the Performance of Small and Medium-Sized Enterprises: An Empirical Study of Three Major Cities in China," Managing Global Transitions, University of Primorska, Faculty of Management Koper, vol. 7(3), pages 221-239.
  5. Hoyos Iruarrizaga, Jon & Saiz Santos, María, 2013. "The informal investment context: specific issues concerned with business angels," Investigaciones Regionales, Asociación Española de Ciencia Regional, issue 26, pages 179-198.
  6. Bradley, Samantha R. & Hayter, Christopher S. & Link, Albert N., 2013. "Proof of Concept Centers in the United States: An Exploratory Look," Working Papers 13-4, University of North Carolina at Greensboro, Department of Economics.
  7. Anna Lejpras, 2012. "How Innovative Are Spin-offs at Later Stages of Development?: Comparing Innovativeness of Established Research Spin-offs and Otherwise Created Firms," Discussion Papers of DIW Berlin 1237, DIW Berlin, German Institute for Economic Research.
  8. David Devigne & Tom Vanacker & Sophie Manigart & Ine Paeleman, 2013. "The role of domestic and cross-border venture capital investors in the growth of portfolio companies," Small Business Economics, Springer, vol. 40(3), pages 553-573, April.
  9. Mustar, Philippe & Renault, Marie & Colombo, Massimo G. & Piva, Evila & Fontes, Margarida & Lockett, Andy & Wright, Mike & Clarysse, Bart & Moray, Nathalie, 2006. "Conceptualising the heterogeneity of research-based spin-offs: A multi-dimensional taxonomy," Research Policy, Elsevier, vol. 35(2), pages 289-308, March.
  10. Rasmussen, Einar & Borch, Odd Jarl, 2010. "University capabilities in facilitating entrepreneurship: A longitudinal study of spin-off ventures at mid-range universities," Research Policy, Elsevier, vol. 39(5), pages 602-612, June.
  11. Gunter Festel, 2013. "Academic spin-offs, corporate spin-outs and company internal start-ups as technology transfer approach," The Journal of Technology Transfer, Springer, vol. 38(4), pages 454-470, August.
  12. Moray, Nathalie & Clarysse, Bart, 2005. "Institutional change and resource endowments to science-based entrepreneurial firms," Research Policy, Elsevier, vol. 34(7), pages 1010-1027, September.
  13. Réjean Landry & Nabil Amara & Malek Saïhi, 2007. "Patenting and spin-off creation by Canadian researchers in engineering and life sciences," The Journal of Technology Transfer, Springer, vol. 32(3), pages 217-249, June.
  14. N. Moray & B. Clarysse, 2005. "Institutional Origin and Resource Endowments to Science-Based Entrepreneurial Firms: A European Exploration," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 05/296, Ghent University, Faculty of Economics and Business Administration.
  15. Ekaterina Bjørnåli & Arild Aspelund, 2012. "The role of the entrepreneurial team and the board of directors in the internationalization of academic spin-offs," Journal of International Entrepreneurship, Springer, vol. 10(4), pages 350-377, December.

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