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Academic entrepreneurship

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  • Nicola Lacetera

    (Department of Economics, Weatherhead School of Manangement, Case Western Reserve University, Cleveland, OH, USA)

Abstract

This paper proposes a model of the choice to commercialize research, of the amount and type of pre-commercial research to perform, and of the timing of commercialization by an academic scientist, and analyzes the returns and costs of these choices. The behavior and performance of the academic scientist is compared with that of an industrial researcher. Unlike the industrial researcher, the academic scientist receives direct benefit from performing research, e.g. in the form of publication and peer recognition. However, the type of research that is more effective in reducing commercialization costs may not be the one generating the highest scientific benefit. It is shown that, while in some cases the academic scientist is more reluctant to commercialize research, in other cases she may commercialize faster than a solely profit-seeking agent would-and perform less research. Academic and non-academic scientists also select different projects, and this may explain the good performance of academic entrepreneurs found in several empirical studies. The model offers a unified framework to interpret the mixed evidence on the success of, and the arguments in favor and against, the involvement of universities into commercial activities. Managerial and public policy implications are also examined. Copyright © 2009 John Wiley & Sons, Ltd.

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File URL: http://hdl.handle.net/10.1002/mde.1461
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Bibliographic Info

Article provided by John Wiley & Sons, Ltd. in its journal Managerial and Decision Economics.

Volume (Year): 30 (2009)
Issue (Month): 7 ()
Pages: 443-464

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Handle: RePEc:wly:mgtdec:v:30:y:2009:i:7:p:443-464

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Web page: http://www3.interscience.wiley.com/cgi-bin/jhome/7976

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References

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Citations

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Cited by:
  1. Goethner, Maximilian & Obschonka, Martin & Silbereisen, Rainer K. & Cantner, Uwe, 2012. "Scientists’ transition to academic entrepreneurship: Economic and psychological determinants," Journal of Economic Psychology, Elsevier, Elsevier, vol. 33(3), pages 628-641.
  2. Fini, Riccardo & Lacetera, Nicola & Shane, Scott, 2010. "Inside or outside the IP system? Business creation in academia," Research Policy, Elsevier, Elsevier, vol. 39(8), pages 1060-1069, October.
  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, Elsevier, vol. 40(8), pages 1128-1143, October.
  4. Lissoni, Francesco & Montobbio, Fabio, 2012. "The ownership of academic patents and their impact. Evidence from five European countries," Department of Economics and Statistics Cognetti de Martiis LEI & BRICK - Laboratory of Economics of Innovation "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio 201220, University of Turin.
  5. Andrea Bonaccorsi & Cinzia Daraio, 2013. "Knowledge spillover effects at the sub-regional level. Theory and estimation," DIAG Technical Reports 2013-13, Department of Computer, Control and Management Engineering, Universita' degli Studi di Roma "La Sapienza".
  6. Albert Banal-Estañol & Inés Macho-Stadler, 2007. "Financial Incentives in Academia: Research versus Development," UFAE and IAE Working Papers, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC) 693.07, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
  7. Dirk Czarnitzki & Katrin Hussinger & Cédric Schneider, 2011. "Commercializing academic research: the quality of faculty patenting," Industrial and Corporate Change, Oxford University Press, vol. 20(5), pages 1403-1437, October.
  8. Andrew A. Toole & Dirk Czarnitzki, 2009. "Exploring the Relationship Between Scientist Human Capital and Firm Performance: The Case of Biomedical Academic Entrepreneurs in the SBIR Program," Management Science, INFORMS, INFORMS, vol. 55(1), pages 101-114, January.
  9. Banal-Estanol, A. & Macho-Stadler, I., 2008. "Commercial Incentives in Academia," Working Papers, Department of Economics, City University London 08/13, Department of Economics, City University London.
  10. Czarnitzki, Dirk & Rammer, Christian & Toole, Andrew A., 2013. "University spinoffs and the 'performance premium'," ZEW Discussion Papers, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research 13-004, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.

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