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Evolution on the Shoulders of Giants: Entrepreneurship and Firm Survival in the German Laser Industry

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  • Guido Buenstorf

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Abstract

This paper studies 40 years of evolution in the German laser industry to test the generality of evolutionary patterns observed in the U.S. laser industry. Key characteristics found in the U.S. industry are also present in Germany. There is sustained entry into the industry, and neither a shakeout nor first-mover advantages of early entrants are observed. A survival analysis finds that, similar to the U.S. industry, laser firm spin-offs have been systematically more successful than academic startups. Differences in survival and determinants of the spin-off process are traced for alternative kinds of spin-offs, including firms started by serial entrepreneurs.

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File URL: http://hdl.handle.net/10.1007/s11151-007-9132-1
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Bibliographic Info

Article provided by Springer in its journal Review of Industrial Organization.

Volume (Year): 30 (2007)
Issue (Month): 3 (May)
Pages: 179-202

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Handle: RePEc:kap:revind:v:30:y:2007:i:3:p:179-202

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Web page: http://www.springerlink.com/link.asp?id=100336

Related research

Keywords: Entrepreneurship; Industry life cycle; Integrating distributors; Spin-offs; Submarkets; L10; L26; M13;

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  1. Agarwal, Rajshree & Echambadi, Raj & Franco, April M. & Sarkar, M. B., 2002. "Knowledge Transfer through Congenital Learning: Spin-Out Generation, Growth and Survival," Working Papers 02-0101, University of Illinois at Urbana-Champaign, College of Business.
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  13. S. Klepper & S. Sleeper, 2002. "Entry by Spinoffs," Papers on Economics and Evolution 2002-07, Philipps University Marburg, Department of Geography.
  14. Guido Buenstorf & Steven Klepper, 2009. "Heritage and Agglomeration: The Akron Tyre Cluster Revisited," Economic Journal, Royal Economic Society, vol. 119(537), pages 705-733, 04.
  15. Klepper, Steven, 1997. "Industry Life Cycles," Industrial and Corporate Change, Oxford University Press, vol. 6(1), pages 145-81.
  16. Steven Klepper, 2002. "Firm Survival and the Evolution of Oligopoly," RAND Journal of Economics, The RAND Corporation, vol. 33(1), pages 37-61, Spring.
  17. Grupp, Hariolf, 2000. "Learning in a Science-Driven Market: The Case of Lasers," Industrial and Corporate Change, Oxford University Press, vol. 9(1), pages 143-72, March.
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