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Inherited competence and spin-off performance

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  • Declan Curran
  • Chris van Egeraat
  • Colm O'Gorman

Abstract

In this paper we extend the hereditary theory of spin-off formation, developed by Klepper, by relating the concept of inherited competence to two different types of spin-offs—university and private sector spin-offs—and two different types of inherited competence—R&D competence and innovation competence. We then utilize this extension of Klepper's framework to study the evolution of a science-based industry—the biotech industry. Using the Irish biotech industry as a case-study, we find that differences in pre-entry experience manifest themselves most markedly in terms of the firm's capacity to attract venture capital, with private sector spin-offs considerably outperforming university spin-offs. We argue that the superior performance of the private sector spin-offs is explained by the nature of their inherited competence in that they are characterized by higher levels of innovation competence.

Suggested Citation

  • Declan Curran & Chris van Egeraat & Colm O'Gorman, 2016. "Inherited competence and spin-off performance," European Planning Studies, Taylor & Francis Journals, vol. 24(3), pages 443-462, March.
    • Handle: RePEc:taf:eurpls:v:24:y:2016:i:3:p:443-462
    DOI: 10.1080/09654313.2015.1101055
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    Cited by:

    1. Taheri, Mozhdeh & van Geenhuizen, Marina, 2019. "Knowledge relationships of university spin-off firms: Contrasting dynamics in global reach," Technological Forecasting and Social Change, Elsevier, vol. 144(C), pages 193-204.
    2. Broström, Anders & Lööf, Hans & Nabavi, Pardis, 2016. "Inherited Advantage and Spinoff Success," Working Paper Series in Economics and Institutions of Innovation 437, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies.
    3. Peter Jelfs & Helen Lawton Smith, 2021. "Financial performance studies of university spin-off companies (USOs) in the West Midlands," The Journal of Technology Transfer, Springer, vol. 46(6), pages 1949-1972, December.

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