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Location choice of academic entrepreneurs: Evidence from the US biotechnology industry

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  • Kolympiris, Christos
  • Kalaitzandonakes, Nicholas
  • Miller, Douglas

Abstract

Where knowledge-based firms are located is important because entrepreneurship, firm creation and innovation are typically associated with regional economic development, wealth creation and increased employment. In this paper we examine where academic entrepreneurs locate their firms. We begin by developing a theoretical model that examines the location choice of the academic entrepreneur within the standard utility maximization theory. Academic entrepreneurs are assumed to maximize their utility by allocating their efforts between academic and entrepreneurial pursuits which, in turn, determine their future streams of income and end-period wealth. Optimal allocation turns out to be a function of both personal and external factors that condition the relevant payoffs and such factors can be empirically observed. We then use several candidate explanatory variables to examine those factors that may influence the firm location choice for 187 biopharmaceutical firms started by 275 academic entrepreneurs in the US. From our empirical analysis we find that location-specific factors such as proximity to certain knowledge assets and to the funding venture capital firms, affect the firm location choice of academic entrepreneurs. Nevertheless, entrepreneur-specific characteristics, such as their age, seem to dominate the choice of firm location.

Suggested Citation

  • Kolympiris, Christos & Kalaitzandonakes, Nicholas & Miller, Douglas, 2015. "Location choice of academic entrepreneurs: Evidence from the US biotechnology industry," Journal of Business Venturing, Elsevier, vol. 30(2), pages 227-254.
  • Handle: RePEc:eee:jbvent:v:30:y:2015:i:2:p:227-254
    DOI: 10.1016/j.jbusvent.2014.02.002
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    2. Joern H. Block & Christian O. Fisch & Mirjam van Praag, 2016. "The Schumpeterian Entrepreneur: A Review of the Empirical Evidence on the Antecedents, Behavior, and Consequences of Innovative Entrepreneurship," Tinbergen Institute Discussion Papers 16-072/VII, Tinbergen Institute.
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    5. Audretsch, David & Link, Albert, 2018. "Entrepreneurship and Knowledge Spillovers from the Public Sector," UNCG Economics Working Papers 18-5, University of North Carolina at Greensboro, Department of Economics.
    6. Larsson, Johan P & Wennberg, Karl & Wiklund, Johan & Wright, Mike, 2017. "Location Choices of Graduate Entrepreneurs," Ratio Working Papers 290, The Ratio Institute.

    More about this item

    Keywords

    Biotechnology; Academic entrepreneur; Location choice; Utility maximization;

    JEL classification:

    • C25 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions; Probabilities
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • L65 - Industrial Organization - - Industry Studies: Manufacturing - - - Chemicals; Rubber; Drugs; Biotechnology; Plastics
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups

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