Turning scientific and technological human capital into economic capital: the experience of biotech start-ups in France
AbstractThis 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 InfoPaper provided by HAL in its series Post-Print with number hal-00422583.
Date of creation: 2004
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Publication status: Published, Research Policy, 2004, 33, 4, 631-642
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Biotechnology; SMEs; Scientist; Founder; Technological transfer; Human capital;
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- 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.
- 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.
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