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Turning scientific and technological human capital into economic capital: the experience of biotech start-ups in France

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Author Info

  • David Catherine

    (MTS - Management Technologique et Strategique - Grenoble École de Management (GEM))

  • Frédéric Corolleur

    (GAEL - Laboratoire d'Economie Appliquée de Grenoble - Institut national de la recherche agronomique (INRA) : UMR1215 - Université Grenoble Alpes - Grenoble II)

  • Myriam Carrère

    (INRA Grenoble - Université Pierre-Mendès-France - Grenoble II)

  • Vincent Mangematin

    ()
    (MTS - Management Technologique et Strategique - Grenoble École de Management (GEM), GAEL - Laboratoire d'Economie Appliquée de Grenoble - Institut national de la recherche agronomique (INRA) : UMR1215 - Université Grenoble Alpes - Grenoble II)

Abstract

This paper examines how scientific and technological (S&T) human capital is transformed into financial capital through the creation of firms by scientists. The analysis is based on a database describing the positions held by 132 founders from 62 French biotech SMEs. It shows that star scientists engage in highly risky but also valuable firms. Less famous scientists must develop their human capital rather than valorising a stock. The paper concludes by pointing to three paradoxes concerning the commitment and compensation scheme of star scientists and the managerial position of less known scientists.

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Bibliographic Info

Paper provided by HAL in its series Grenoble Ecole de Management (Post-Print) with number hal-00422583.

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Date of creation: 2004
Date of revision:
Publication status: Published, Research Policy, 2004, 33, 4, 631-642
Handle: RePEc:hal:gemptp:hal-00422583

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Related research

Keywords: Biotechnology; SMEs; Scientist; Founder; Technological transfer; Human capital;

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References

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  1. Zucker, Lynne G & Darby, Michael R & Brewer, Marilynn B, 1998. "Intellectual Human Capital and the Birth of U.S. Biotechnology Enterprises," American Economic Review, American Economic Association, vol. 88(1), pages 290-306, March.
  2. David B. Audretsch & Paula E. Stephan, 1999. "Knowledge spillovers in biotechnology: sources and incentives," Journal of Evolutionary Economics, Springer, vol. 9(1), pages 97-107.
  3. Stephan, Paula E & Everhart, Stephen S, 1998. " The Changing Rewards to Science: The Case of Biotechnology," Small Business Economics, Springer, vol. 10(2), pages 141-51, March.
  4. Jeannette Colyvas & Michael Crow & Annetine Gelijns & Roberto Mazzoleni & Richard R. Nelson & Nathan Rosenberg & Bhaven N. Sampat, 2002. "How Do University Inventions Get Into Practice?," Management Science, INFORMS, vol. 48(1), pages 61-72, January.
  5. Scott Shane & Toby Stuart, 2002. "Organizational Endowments and the Performance of University Start-ups," Management Science, INFORMS, vol. 48(1), pages 154-170, January.
  6. Paul Almeida & Bruce Kogut, 1999. "Localization of Knowledge and the Mobility of Engineers in Regional Networks," Management Science, INFORMS, vol. 45(7), pages 905-917, July.
  7. Lynne G. Zucker & Michael R. Darby & Jeff S. Armstrong, 2002. "Commercializing Knowledge: University Science, Knowledge Capture, and Firm Performance in Biotechnology," Management Science, INFORMS, vol. 48(1), pages 138-153, January.
  8. Deeds, David L. & Hill, Charles W. L., 1999. "An examination of opportunistic action within research alliances: Evidence from the biotechnology industry," Journal of Business Venturing, Elsevier, vol. 14(2), pages 141-163, March.
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Citations

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Cited by:
  1. 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, vol. 55(1), pages 101-114, January.
  2. Maribel Guerrero & David Urbano, 2014. "Academics’ start-up intentions and knowledge filters: an individual perspective of the knowledge spillover theory of entrepreneurship," Small Business Economics, Springer, vol. 43(1), pages 57-74, June.
  3. Anne Casati & Corine Genet, 2014. "Principal investigators as scientific entrepreneurs," The Journal of Technology Transfer, Springer, vol. 39(1), pages 11-32, February.
  4. Murray, Fiona, 2004. "The role of academic inventors in entrepreneurial firms: sharing the laboratory life," Research Policy, Elsevier, vol. 33(4), pages 643-659, May.
  5. Tom Vanacker & Sophie Manigart, 2010. "Pecking order and debt capacity considerations for high-growth companies seeking financing," Small Business Economics, Springer, vol. 35(1), pages 53-69, July.
  6. Jue Wang & Philip Shapira, 2012. "Partnering with universities: a good choice for nanotechnology start-up firms?," Small Business Economics, Springer, vol. 38(2), pages 197-215, February.
  7. Rothaermel, Frank T. & Thursby, Marie, 2007. "The nanotech versus the biotech revolution: Sources of productivity in incumbent firm research," Research Policy, Elsevier, vol. 36(6), pages 832-849, July.
  8. Vincent Mangematin & Paul O'reilly & James Cunningham, 2014. "Pis As Boundary Spanners, Science And Market Shapers," Grenoble Ecole de Management (Post-Print) hal-00794938, HAL.
  9. Toole, Andrew A. & Czarnitzki, Dirk, 2007. "Life Scientist Mobility from Academe to Industry: Does Academic Entrepreneurship Induce a Costly ?Brain Drain? on the Not-for-Profit Research Sector?," ZEW Discussion Papers 07-072, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  10. Rajeev Goel & Devrim Göktepe-Hultén, 2013. "Nascent entrepreneurship and inventive activity: a somewhat new perspective," The Journal of Technology Transfer, Springer, vol. 38(4), pages 471-485, August.

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