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Institutional Origin and Resource Endowments to Science-Based Entrepreneurial Firms: A European Exploration

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  • N. MORAY

    ()

  • B. CLARYSSE

    ()

Abstract

This paper addresses theoretical and empirical gaps in the relationships between the nature of institutional origin, firm resources and growth in the context of spinning off ventures from public research organisations (PROs). Institutional origin is considered a two dimensional construct consisting of the formality of technology transfer and the research specificity of a PRO. In this perspective, these variables are hypothesised to predict the resource endowments of science-based entrepreneurial firms. Additionally, given the widespread attention from academics and policy makers to IP based science-based entrepreneurial firms, the formality of technology transfer is expected to be associated with growth. Empirical tests of hypotheses derived from this view are based on data from 184 science-based entrepreneurial firms, representing 48 public research organisations. Multivariate analysis of variance shows that institutional origin predicts firm resources, showing significance levels for start capital. An ordinal interaction effect shows that companies established with a formal transfer of technology start with higher resource levels, and even more so when started from a PRO with a specific research base. This suggests that specific PROs are more selective in the projects they consider eligible for spin off incubation and creation. Next to this, two-stage regression analysis indicates that the formality of technology transfer has a single direct effect on growth in employees and capital, independent of the start capital of the firm, pointing to the intrinsic advantage of having protected intellectual property formally transferred to the science-based entrepreneurial firm at the onset of the business activities.

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Bibliographic Info

Paper provided by Ghent University, Faculty of Economics and Business Administration in its series Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium with number 05/296.

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Length: 44 pages
Date of creation: Feb 2005
Date of revision:
Handle: RePEc:rug:rugwps:05/296

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  1. repec:hal:gemptp:hal-00424506 is not listed on IDEAS
  2. Siegel, Donald S. & Waldman, David & Link, Albert, 2003. "Assessing the impact of organizational practices on the relative productivity of university technology transfer offices: an exploratory study," Research Policy, Elsevier, vol. 32(1), pages 27-48, January.
  3. Bozeman, Barry & Mangematin, Vincent, 2004. "Editor's introduction: building and deploying scientific and technical human capital," Research Policy, Elsevier, vol. 33(4), pages 565-568, May.
  4. Scott Shane & Toby Stuart, 2002. "Organizational Endowments and the Performance of University Start-ups," Management Science, INFORMS, vol. 48(1), pages 154-170, January.
  5. Mangematin, Vincent & Lemarie, Stephane & Boissin, Jean-Pierre & Catherine, David & Corolleur, Frederic & Coronini, Roger & Trommetter, Michel, 2003. "Development of SMEs and heterogeneity of trajectories: the case of biotechnology in France," Research Policy, Elsevier, vol. 32(4), pages 621-638, April.
  6. Sandberg, William R. & Hofer, Charles W., 1987. "Improving new venture performance: The role of strategy, industry structure, and the entrepreneur," Journal of Business Venturing, Elsevier, vol. 2(1), pages 5-28.
  7. Delmar, Frederic & Davidsson, Per & Gartner, William B., 2003. "Arriving at the high-growth firm," Journal of Business Venturing, Elsevier, vol. 18(2), pages 189-216, March.
  8. 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.
  9. Lynn, Leonard H. & Mohan Reddy, N. & Aram, John D., 1996. "Linking technology and institutions: the innovation community framework," Research Policy, Elsevier, vol. 25(1), pages 91-106, January.
  10. Birley, Sue & Westhead, Paul, 1994. "A taxonomy of business start-up reasons and their impact on firm growth and size," Journal of Business Venturing, Elsevier, vol. 9(1), pages 7-31, January.
  11. Clarysse, Bart & Moray, Nathalie, 2004. "A process study of entrepreneurial team formation: the case of a research-based spin-off," Journal of Business Venturing, Elsevier, vol. 19(1), pages 55-79, January.
  12. Ans Heirman & Bart Clarysse, 2004. "How and Why do Research-Based Start-Ups Differ at Founding? A Resource-Based Configurational Perspective," The Journal of Technology Transfer, Springer, vol. 29(3_4), pages 247-268, 08.
  13. 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.
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