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Revisiting the Entrepreneurial Commercialization of Academic Science: Evidence from “Twin” Discoveries

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  • Matt Marx

    (SC Johnson College of Business, Dyson School of Applied Management and Economics, Cornell University, Ithaca, New York 14853; National Bureau of Economic Research)

  • David H. Hsu

    (Management Department, The Wharton School, University of Pennsylvania, Philadelphia, Pennsylvania 19104)

Abstract

Which factors shape the commercialization of academic scientific discoveries via startup formation? Prior literature has identified several contributing factors but does not address the fundamental problem that the commercial potential of a nascent discovery is generally unobserved, which potentially confounds inference. We construct a sample of approximately 20,000 “twin” scientific articles, which allows us to hold constant differences in the nature of the advance and more precisely examine characteristics that predict startup commercialization. In this framework, several commonly accepted factors appear not to influence commercialization. However, we find that teams of academic scientists whose former collaborators include “star” serial entrepreneurs are much more likely to commercialize their own discoveries via startups, as are more interdisciplinary teams of scientists.

Suggested Citation

  • Matt Marx & David H. Hsu, 2022. "Revisiting the Entrepreneurial Commercialization of Academic Science: Evidence from “Twin” Discoveries," Management Science, INFORMS, vol. 68(2), pages 1330-1352, February.
    • Handle: RePEc:inm:ormnsc:v:68:y:2022:i:2:p:1330-1352
    DOI: 10.1287/mnsc.2021.3966
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    References listed on IDEAS

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    1. Zhao, Qifeng & Luo, Qianfeng & Tao, Yunqing, 2023. "The power of paper: Scientific disclosure and firm innovation," Finance Research Letters, Elsevier, vol. 56(C).

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