Startups by recent university graduates and their faculty: Implications for university entrepreneurship policy
Earlier research on the role of universities in fostering entrepreneurial economic development almost exclusively covers spin-offs by faculty and staff. In contrast, we provide general evidence from the U.S. showing that the gross flow of start-ups by recently graduated students with an undergraduate degree in science or engineering is at least an order of magnitude larger than the spin-offs by their faculty, that a recent graduate is twice as likely as her Professor to start a business within three years of graduation, and that the graduates’ spin-offs are not of low quality. Three case studies illustrate how universities may stimulate science and engineering students and recent graduates to create new firms of high quality. We conclude that transforming university goals and practices toward increasing start-ups led by faculty might not be the most effective way for universities to stimulate entrepreneurial economic development.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Serguey Braguinsky & Steven Klepper & Atsushi Ohyama, 2012. "High-Tech Entrepreneurship," Journal of Law and Economics, University of Chicago Press, vol. 55(4), pages 869 - 900.
- Frank T. Rothaermel & Shanti D. Agung & Lin Jiang, 2007. "University entrepreneurship: a taxonomy of the literature," Industrial and Corporate Change, Oxford University Press, vol. 16(4), pages 691-791, August.
- Barton H. Hamilton, 2000. "Does Entrepreneurship Pay? An Empirical Analysis of the Returns to Self-Employment," Journal of Political Economy, University of Chicago Press, vol. 108(3), pages 604-631, June.
- O'Shea, Rory P. & Allen, Thomas J. & Chevalier, Arnaud & Roche, Frank, 2005. "Entrepreneurial orientation, technology transfer and spinoff performance of U.S. universities," Research Policy, Elsevier, vol. 34(7), pages 994-1009, September.
- Ashenfelter, Orley & Krueger, Alan B, 1994.
"Estimates of the Economic Returns to Schooling from a New Sample of Twins,"
American Economic Review,
American Economic Association, vol. 84(5), pages 1157-73, December.
- Alan Krueger & Orley Ashenfelter, 1992. "Estimates of the Economic Return to Schooling from a New Sample of Twins," NBER Working Papers 4143, National Bureau of Economic Research, Inc.
- Orley Ashenfelter & Alan Krueger, 1992. "Estimates of the Economic Return to Schooling from a New Sample of Twins," Working Papers 683, Princeton University, Department of Economics, Industrial Relations Section..
- David Card, 2000.
"Estimating the Return to Schooling: Progress on Some Persistent Econometric Problems,"
NBER Working Papers
7769, National Bureau of Economic Research, Inc.
- Card, David, 2001. "Estimating the Return to Schooling: Progress on Some Persistent Econometric Problems," Econometrica, Econometric Society, vol. 69(5), pages 1127-60, September.
- Scott Stern, 2004. "Do Scientists Pay to Be Scientists?," Management Science, INFORMS, vol. 50(6), pages 835-853, June.
- 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.
- Oosterbeek, Hessel & van Praag, Mirjam C. & IJsselstein, Auke, 2008.
"The Impact of Entrepreneurship Education on Entrepreneurship Competencies and Intentions: An Evaluation of the Junior Achievement Student Mini-Company Program,"
IZA Discussion Papers
3641, Institute for the Study of Labor (IZA).
- Hessel Oosterbeek & Mirjam van Praag & Auke IJsselstein, 2008. "The impact of entrepreneurship education on entrepreneurship competencies and intentions: An evaluation of the Junior Achievement Student Mini-Company Program," Jena Economic Research Papers 2008-027, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics.
- Saul Lach & Mark Schankerman, 2004.
"Incentives and invention in universities,"
LSE Research Online Documents on Economics
4711, London School of Economics and Political Science, LSE Library.
- Saul Lach & Mark Schankerman, 2008. "Incentives and invention in universities," LSE Research Online Documents on Economics 25475, London School of Economics and Political Science, LSE Library.
- Saul Lach & Mark Schankerman, 2003. "Incentives and Invention in Universities," NBER Working Papers 9727, National Bureau of Economic Research, Inc.
- Saul Lach & Mark Schankerman, 2004. "Incentives and Invention in Universities," STICERD - Economics of Industry Papers 33, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
- Saul Lach & Mark Schankerman, 2007. "Incentives and invention in universities," LSE Research Online Documents on Economics 3725, London School of Economics and Political Science, LSE Library.
- Lach, Saul & Schankerman, Mark, 2003. "Incentives and Invention in Universities," CEPR Discussion Papers 3916, C.E.P.R. Discussion Papers.
- Saul Lach & Mark Schankerman, 2006. "Incentives and Invention in Universities," CEP Discussion Papers dp0729, Centre for Economic Performance, LSE.
- Josh Lerner & Ulrike Malmendier, 2011. "With a Little Help from My (Random) Friends: Success and Failure in Post-Business School Entrepreneurship," NBER Working Papers 16918, National Bureau of Economic Research, Inc.
- Lockett, Andy & Wright, Mike, 2005. "Resources, capabilities, risk capital and the creation of university spin-out companies," Research Policy, Elsevier, vol. 34(7), pages 1043-1057, September.
- Sharon Belenzon & Mark Schankerman, 2009. "University Knowledge Transfer: Private Ownership, Incentives, and Local Development Objectives," Journal of Law and Economics, University of Chicago Press, vol. 52(1), pages 111-144, 02.
- Friedman, Joseph & Silberman, Jonathan, 2003. " University Technology Transfer: Do Incentives, Management, and Location Matter?," The Journal of Technology Transfer, Springer, vol. 28(1), pages 17-30, January.
- Goldfarb, Brent & Henrekson, Magnus, 2003. "Bottom-up versus top-down policies towards the commercialization of university intellectual property," Research Policy, Elsevier, vol. 32(4), pages 639-658, April.
- Jacob, Merle & Lundqvist, Mats & Hellsmark, Hans, 2003. "Entrepreneurial transformations in the Swedish University system: the case of Chalmers University of Technology," Research Policy, Elsevier, vol. 32(9), pages 1555-1568, October.
- Walsh, John P. & Cohen, Wesley M. & Cho, Charlene, 2007. "Where excludability matters: Material versus intellectual property in academic biomedical research," Research Policy, Elsevier, vol. 36(8), pages 1184-1203, October.
- Powers, Joshua B. & McDougall, Patricia, 2005. "Policy orientation effects on performance with licensing to start-ups and small companies," Research Policy, Elsevier, vol. 34(7), pages 1028-1042, September.
- Souitaris, Vangelis & Zerbinati, Stefania & Al-Laham, Andreas, 2007. "Do entrepreneurship programmes raise entrepreneurial intention of science and engineering students? The effect of learning, inspiration and resources," Journal of Business Venturing, Elsevier, vol. 22(4), pages 566-591, July.
- Donald S. Siegel & Mike Wright & Andy Lockett, 2007. "The rise of entrepreneurial activity at universities: organizational and societal implications," Industrial and Corporate Change, Oxford University Press, vol. 16(4), pages 489-504, August.
- von Graevenitz, Georg & Harhoff, Dietmar & Weber, Richard, 2010.
"The effects of entrepreneurship education,"
Journal of Economic Behavior & Organization,
Elsevier, vol. 76(1), pages 90-112, October.
- Weber, Richard & Graevenitz, Georg von & Harhoff, Dietmar, 2009. "The Effects of Entrepreneurship Education," Discussion Papers in Business Administration 10966, University of Munich, Munich School of Management.
- Weber, Richard & Graevenitz, Georg von & Harhoff, Dietmar, 2009. "The Effects of Entrepreneurship Education," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 269, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
- Jerry G. Thursby & Marie C. Thursby, 2007. "University licensing," Oxford Review of Economic Policy, Oxford University Press, vol. 23(4), pages 620-639, Winter.
- Navid Bazzazian & Thomas âˆšÃ–stebro, 2011. "â€šÃ„ÃºUniversities, Entrepreneurship and Local Economic Development'," ERSA conference papers ersa10p822, European Regional Science Association.
- Di Gregorio, Dante & Shane, Scott, 2003. "Why do some universities generate more start-ups than others?," Research Policy, Elsevier, vol. 32(2), pages 209-227, February.
- Scott Shane, 2001. "Technological Opportunities and New Firm Creation," Management Science, INFORMS, vol. 47(2), pages 205-220, February.
- Eva Berggren & �sa Lindholm Dahlstrand, 2009. "Creating an Entrepreneurial Region: Two Waves of Academic Spin-offs from Halmstad University," European Planning Studies, Taylor & Francis Journals, vol. 17(8), pages 1171-1189, February.
- Gideon D. Markman & Peter T. Gianiodis & Phillip H. Phan, 2009. "Supply-Side Innovation and Technology Commercialization," Journal of Management Studies, Wiley Blackwell, vol. 46(4), pages 625-649, 06.
- Hsu, David H. & Roberts, Edward B. & Eesley, Charles E., 2007. "Entrepreneurs from technology-based universities: Evidence from MIT," Research Policy, Elsevier, vol. 36(5), pages 768-788, June.
- Djordje Djokovic & Vangelis Souitaris, 2008. "Spinouts from academic institutions: a literature review with suggestions for further research," The Journal of Technology Transfer, Springer, vol. 33(3), pages 225-247, June.
- �sa Lindholm Dahlstrand, 1999. "Technology-based SMEs in the Go �teborg Region: Their Origin and Interaction with Universities and Large Firms," Regional Studies, Taylor & Francis Journals, vol. 33(4), pages 379-389.
- Daniel W. Elfenbein & Barton H. Hamilton & Todd R. Zenger, 2010. "The Small Firm Effect and the Entrepreneurial Spawning of Scientists and Engineers," Management Science, INFORMS, vol. 56(4), pages 659-681, April.
- Riccardo Fini & Rosa Grimaldi & Maurizio Sobrero, 2009. "Factors fostering academics to start up new ventures: an assessment of Italian founders’ incentives," The Journal of Technology Transfer, Springer, vol. 34(4), pages 380-402, August.
- Mansfield, Edwin, 1998. "Academic research and industrial innovation: An update of empirical findings1," Research Policy, Elsevier, vol. 26(7-8), pages 773-776, April.
- Justin van der Sluis & Mirjam van Praag & Wim Vijverberg, 2008. "Education And Entrepreneurship Selection And Performance: A Review Of The Empirical Literature," Journal of Economic Surveys, Wiley Blackwell, vol. 22(5), pages 795-841, December.
When requesting a correction, please mention this item's handle: RePEc:eee:respol:v:41:y:2012:i:4:p:663-677. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.