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Does academic entrepreneurship pay?

Author

Listed:
  • Thomas Åstebro
  • Pontus Braunerhjelm
  • Anders Broström

Abstract

We investigate the private returns for academics that start new businesses. Total earnings for the universe of 478 individuals working at Swedish universities who quit to become full-time entrepreneurs between 1999 and 2008 are compiled. To the best of our knowledge, this is the first analysis of entrepreneurial returns to include capital gains. Entrepreneurship for academics appears a gradual process and episodic. Earnings are similar before and after becoming an entrepreneur, and dividends and capital gains are inconsequential. But the income risk is more than three times higher in entrepreneurship. Copyright 2013 The Author 2013. Published by Oxford University Press on behalf of Associazione ICC., Oxford University Press.

Suggested Citation

  • Thomas Åstebro & Pontus Braunerhjelm & Anders Broström, 2013. "Does academic entrepreneurship pay?," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 22(1), pages 281-311, February.
    • Handle: RePEc:oup:indcch:v:22:y:2013:i:1:p:281-311
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    Cited by:

    1. Francesco Campanella & Maria Della Peruta & Manlio Del Giudice, 2013. "The Role of Sociocultural Background on the Characteristics and the Financing of Youth Entrepreneurship. An Exploratory Study of University Graduates in Italy," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 4(3), pages 244-259, September.
    2. James A. Cunningham & Kristel Miller & Jose-Luis Perea-Vicente, 2024. "Academic entrepreneurship in the humanities and social sciences: a systematic literature review and research agenda," The Journal of Technology Transfer, Springer, vol. 49(5), pages 1880-1913, October.
    3. Henrekson, Magnus & Lakomaa, Erik & Sanandaji, Tino, 2021. "The Interaction of Schumpeterian Institutional Entrepreneurship and Hayekian Institutional Change in Innovative Industries," Working Paper Series 1409, Research Institute of Industrial Economics.
    4. Ola Bergström & Alexander Styhre, 2022. "It takes change to remain the same: The transformation of Swedish government policy making in economic crises and the involvement of social partners," Economic and Industrial Democracy, Department of Economic History, Uppsala University, Sweden, vol. 43(4), pages 1564-1587, November.
    5. Audretsch, David B. & Belitski, Maksim & Scarra, Deepa, 2024. "Intrapreneurship activity and access to finance in natural science: Evidence from the UK academic spinoffs," Technovation, Elsevier, vol. 129(C).
    6. Dorner, Matthias & Fryges, Helmut & Schopen, Kathrin, 2017. "Wages in high-tech start-ups – Do academic spin-offs pay a wage premium?," Research Policy, Elsevier, vol. 46(1), pages 1-18.
    7. Fernando Almeida, 2021. "Systematic Review On Academic Entrepreneurship Indicators," Entrepreneurship, Faculty of Economics, SOUTH-WEST UNIVERSITY "NEOFIT RILSKI", BLAGOEVGRAD, vol. 9(2), pages 7-22.
    8. Andrea Asoni & Tino Sanandaji, 2016. "Identifying the effect of college education on business and employment survival," Small Business Economics, Springer, vol. 46(2), pages 311-324, February.
    9. Robertson K. Tengeh & Amelia Rorwana, 2017. "Influence of Spin-off and Private Companies in the process of Technology creation and Transfer at a University of Technology in South Africa," Acta Universitatis Danubius. OEconomica, Danubius University of Galati, issue 13(3), pages 139-154, JUNE.
    10. Konon, Alexander & Fritsch, Michael & Kritikos, Alexander S., 2018. "Business cycles and start-ups across industries: An empirical analysis of German regions," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 33(6), pages 742-761.
    11. Fritsch, Michael & Kritikos, Alexander S. & Pijnenburg, Katharina, 2013. "Business Cycles, Unemployment and Entrepreneurial Entry: Evidence from Germany," IZA Discussion Papers 7852, Institute of Labor Economics (IZA).
    12. Sundriyal, Vivek Kumar & Gabrielsson, Jonas, 2024. "The employment consequences of founding an incorporated business among STEM founders: Evidence from Swedish microdata," Technovation, Elsevier, vol. 133(C).
    13. Björn Hårsman & Lars-Göran Mattsson & Vardan Hovsepyan, 2018. "The income return to entrepreneurship: theoretical model and outcomes for Swedish regions," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 61(3), pages 479-498, November.
    14. Sánchez-Pérez, Manuel & Bourlakis, Michael, 2014. "Absorptive Capability and Knowledge Tacitness in the Transfer of Knowledge in the Agrifood Cluster of the Southeast of Spain," 2014 International European Forum, February 17-21, 2014, Innsbruck-Igls, Austria 199376, International European Forum on System Dynamics and Innovation in Food Networks.
    15. Francisco Javier Miranda & Antonio Chamorro & Sergio Rubio, 2018. "Re-thinking university spin-off: a critical literature review and a research agenda," The Journal of Technology Transfer, Springer, vol. 43(4), pages 1007-1038, August.
    16. Igors Skute & Kasia Zalewska-Kurek & Isabella Hatak & Petra Weerd-Nederhof, 2019. "Mapping the field: a bibliometric analysis of the literature on university–industry collaborations," The Journal of Technology Transfer, Springer, vol. 44(3), pages 916-947, June.
    17. Giuseppe Criaco & Davide Hahn & Tommaso Minola & Daniel Pittino, 2025. "The role of non-economic goals in academic spin-offs," The Journal of Technology Transfer, Springer, vol. 50(2), pages 668-691, April.
    18. Hayter, Christopher S., 2016. "Constraining entrepreneurial development: A knowledge-based view of social networks among academic entrepreneurs," Research Policy, Elsevier, vol. 45(2), pages 475-490.
    19. Andreas Stephan, 2014. "Are public research spin-offs more innovative?," Small Business Economics, Springer, vol. 43(2), pages 353-368, August.
    20. Jueping-Xie, 2021. "Marketization Of Research Achievements Of Universities And The Startups Of Female Scholars In Coastal China," Education, Sustainability & Society (ESS), Zibeline International Publishing, vol. 4(2), pages 73-76, October.

    More about this item

    JEL classification:

    • J39 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Other
    • J62 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Job, Occupational and Intergenerational Mobility; Promotion
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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