This paper proposes a model of the choice to commercialize research, of the amount and type of pre-commercial research to perform, and of the timing of commercialization by an academic scientist, and analyzes the returns and costs of these choices. The behavior and performance of the academic scientist is compared with that of an industrial researcher. Unlike the industrial researcher, the academic scientist receives direct benefit from performing research, e.g. in the form of publication and peer recognition. However, the type of research that is more effective in reducing commercialization costs may not be the one generating the highest scientific benefit. It is shown that, while in some cases the academic scientist is more reluctant to commercialize research, in other cases she may commercialize faster than a solely profit-seeking agent would-and perform less research. Academic and non-academic scientists also select different projects, and this may explain the good performance of academic entrepreneurs found in several empirical studies. The model offers a unified framework to interpret the mixed evidence on the success of, and the arguments in favor and against, the involvement of universities into commercial activities. Managerial and public policy implications are also examined. Copyright © 2009 John Wiley & Sons, Ltd.
Volume (Year): 30 (2009)
Issue (Month): 7 ()
|Contact details of provider:|| Web page: http://www3.interscience.wiley.com/cgi-bin/jhome/7976|
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.:
- Henderson, Rebecca. & Cockburn, Iain., 1994. "Measuring competence? : exploring firm effects in pharmaceutical research," Working papers 3712-94., Massachusetts Institute of Technology (MIT), Sloan School of Management.
- Isabel Maria Medalho Pereira, 2007. "Incentives for Interdisciplinary Research," UFAE and IAE Working Papers 720.07, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
- Lynne G. Zucker & Michael R. Darby, 1995. "Virtuous Circles of Productivity: Star Bioscientists and the Institutional Transformation of Industry," NBER Working Papers 5342, National Bureau of Economic Research, Inc.
- Richard Nelson, 1962. "The Link Between Science and Invention: The Case of the Transistor," NBER Chapters, in: The Rate and Direction of Inventive Activity: Economic and Social Factors, pages 549-584 National Bureau of Economic Research, Inc.
- Albert Banal-Estañol & Inés Macho-Stadler, 2007.
"Financial Incentives in Academia: Research versus Development,"
UFAE and IAE Working Papers
693.07, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
- Banal-Estanol, A. & Macho-Stadler, I., 2007. "Financial incentives in academia: research versus development," Working Papers 07/09, Department of Economics, City University London.
- Albert Banal-Estañol & Inés Macho-Stadler, 2007. "Financial Incentives in Academia: Research versus Development," Working Papers 295, Barcelona Graduate School of Economics.
- Nerkar, Atul & Shane, Scott, 2003. "When do start-ups that exploit patented academic knowledge survive?," International Journal of Industrial Organization, Elsevier, vol. 21(9), pages 1391-1410, November.
- Rosenberg,Nathan, 1994.
"Exploring the Black Box,"
Cambridge University Press, number 9780521459556, December.
- Andrew Toole & Dirk Czarnitzki, 2007.
"Biomedical Academic Entrepreneurship through the SBIR Program,"
in: Academic Science and Entrepreneurship: Dual Engines of Growth
National Bureau of Economic Research, Inc.
- Toole, Andrew A. & Czarnitzki, Dirk, 2007. "Biomedical academic entrepreneurship through the SBIR program," Journal of Economic Behavior & Organization, Elsevier, vol. 63(4), pages 716-738, August.
- Andrew A. Toole & Dirk Czarnitzki, 2005. "Biomedical Academic Entrepreneurship Through the SBIR Program," NBER Working Papers 11450, National Bureau of Economic Research, Inc.
- Toole, Andrew A. & Czarnitzki, Dirk, 2005. "Biomedical Academic Entrepreneurship Through the SBIR Program," ZEW Discussion Papers 05-47, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
- Bronwyn H. Hall & Albert N. Link & John T. Scott, 2001.
"Universities as Research Partners,"
Development and Comp Systems
- Bronwyn H. Hall, Albert N. Link and John T. Scott., 2000. "Universities as Research Partners," Economics Working Papers E00-276, University of California at Berkeley.
- Hall, Browyn H. & Link, Albert N. & Scott, John T., 2000. "Universities as Research Partners," Department of Economics, Working Paper Series qt1np920r9, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
- Bronwyn H. Hall & Albert N. Link & John T. Scott, 2000. "Universities as Research Partners," NBER Working Papers 7643, National Bureau of Economic Research, Inc.
- Hall, Bronwyn & Link, Albert & Scott, John, 2010. "Universities as Research Partners," Working Papers 10-9, University of North Carolina at Greensboro, Department of Economics.
- Rinia, E. J. & van Leeuwen, Th. N. & van Vuren, H. G. & van Raan, A. F. J., 2001. "Influence of interdisciplinarity on peer-review and bibliometric evaluations in physics research," Research Policy, Elsevier, vol. 30(3), pages 357-361, March.
- 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.
- Jensen, Richard A. & Thursby, Jerry G. & Thursby, Marie C., 2003. "Disclosure and licensing of University inventions: 'The best we can do with the s**t we get to work with'," International Journal of Industrial Organization, Elsevier, vol. 21(9), pages 1271-1300, November.
- Roberto Mazzoleni, 2005. "University patents, R&D competition, and social welfare," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 14(6), pages 499-515.
- Emmanuel Dechenaux & Brent Goldfarb & Scott A. Shane & Marie C. Thursby, 2003. "Appropriability and the timing of innovation: Evidence from MIT inventions," NBER Working Papers 9735, National Bureau of Economic Research, Inc.
- Doutriaux, Jerome, 1987. "Growth pattern of academic entrepreneurial firms," Journal of Business Venturing, Elsevier, vol. 2(4), pages 285-297.
- Franklin, Stephen J & Wright, Mike & Lockett, Andy, 2001. "Academic and Surrogate Entrepreneurs in University Spin-Out Companies," The Journal of Technology Transfer, Springer, vol. 26(1-2), pages 127-141, January.
- Argyres, Nicholas S. & Liebeskind, Julia Porter, 1998. "Privatizing the intellectual commons: Universities and the commercialization of biotechnology," Journal of Economic Behavior & Organization, Elsevier, vol. 35(4), pages 427-454, May.
- Cockburn, Iain M & Henderson, Rebecca M, 1998. "Absorptive Capacity, Coauthoring Behavior, and the Organization of Research in Drug Discovery," Journal of Industrial Economics, Wiley Blackwell, vol. 46(2), pages 157-182, June.
- Marie Thursby & Richard Jensen, 2001. "Proofs and Prototypes for Sale: The Licensing of University Inventions," American Economic Review, American Economic Association, vol. 91(1), pages 240-259, March.
- Nicolas Carayol & Thuc Uyen Nguyen Thi, 2005.
"Why do academic scientists engage in interdisciplinary research?,"
Oxford University Press, vol. 14(1), pages 70-79, April.
- Nicolas CARAYOL & Thuc Uyen NGUYEN THI, 2004. "Why do Academic Scientists Engage in Interdisciplinary Research ?," Working Papers of BETA 2004-17, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
- Simcha Jong, 2006. "How organizational structures in science shape spin-off firms: the biochemistry departments of Berkeley, Stanford, and UCSF and the birth of the biotech industry," Industrial and Corporate Change, Oxford University Press, vol. 15(2), pages 251-283, April.
- Scott Stern, 2004. "Do Scientists Pay to Be Scientists?," Management Science, INFORMS, vol. 50(6), pages 835-853, June.
- Josh Lerner, 2005. "The University and the Start-Up:Lessons from the Past Two Decades," The Journal of Technology Transfer, Springer, vol. 30(2_2), pages 49-56, 01.
When requesting a correction, please mention this item's handle: RePEc:wly:mgtdec:v:30:y:2009:i:7:p:443-464. 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: (Wiley-Blackwell Digital Licensing)or (Christopher F. Baum)
If references are entirely missing, you can add them using this form.