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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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  • Corolleur, Catherine D. F.
  • Carrere, M.
  • Mangematin, V.

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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  • Corolleur, Catherine D. F. & Carrere, M. & Mangematin, V., 2004. "Turning scientific and technological human capital into economic capital: the experience of biotech start-ups in France," Research Policy, Elsevier, vol. 33(4), pages 631-642, May.
  • Handle: RePEc:eee:respol:v:33:y:2004:i:4:p:631-642
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    1. 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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    Cited by:

    1. Yurij L. Katchanov & Yulia V. Markova & Natalia A. Shmatko, 2016. "How physics works: scientific capital in the space of physics institutions," Scientometrics, Springer;Akadémiai Kiadó, vol. 108(2), pages 875-893, August.
    2. Anne Casati & Corine Genet, 2014. "Principal investigators as scientific entrepreneurs," The Journal of Technology Transfer, Springer, vol. 39(1), pages 11-32, February.
    3. Gimmon, Eli & Levie, Jonathan, 2010. "Founder's human capital, external investment, and the survival of new high-technology ventures," Research Policy, Elsevier, vol. 39(9), pages 1214-1226, November.
    4. Bozeman, Barry & Laredo, Philippe & Mangematin, Vincent, 2007. "Understanding the emergence and deployment of "nano" S&T," Research Policy, Elsevier, vol. 36(6), pages 807-812, July.
    5. Bozeman, Barry & Rimes, Heather & Youtie, Jan, 2015. "The evolving state-of-the-art in technology transfer research: Revisiting the contingent effectiveness model," Research Policy, Elsevier, vol. 44(1), pages 34-49.
    6. 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.
    7. 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.
    8. 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.
    9. Malgorzata RUNIEWICZ-WARDYN, 2017. "Dynamic Externalities, Universities and Social Capital Formation in the EU Biotechnology Industry," Management Dynamics in the Knowledge Economy Journal, College of Management, National University of Political Studies and Public Administration, vol. 5(1), pages 13-31, March.
    10. Vincent Mangematin & Paul O’Reilly & James Cunningham, 2014. "PIs as boundary spanners, science and market shapers," The Journal of Technology Transfer, Springer, vol. 39(1), pages 1-10, February.
    11. 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.
    12. 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.
    13. 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.
    14. 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.
    15. Julia Melkers & Agrita Kiopa, 2010. "The Social Capital of Global Ties in Science: The Added Value of International Collaboration," Review of Policy Research, Policy Studies Organization, vol. 27(4), pages 389-414, July.
    16. 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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