Turning scientific and technological human capital into economic capital: the experience of biotech start-ups in France
This paper examines how scientific and technological (S&T) human capital is transformed into financial capital through the creation of firms by scientists. The analysis is based on a database describing the positions held by 132 founders from 62 French biotech SMEs. It shows that star scientists engage in highly risky but also valuable firms. Less famous scientists must develop their human capital rather than valorising a stock. The paper concludes by pointing to three paradoxes concerning the commitment and compensation scheme of star scientists and the managerial position of less known scientists.
|Date of creation:||2004|
|Publication status:||Published in Research Policy, Elsevier, 2004, 33 (4), pp.631-642. <10.1016/j.respol.2004.01.009>|
|Note:||View the original document on HAL open archive server: http://hal.grenoble-em.com/hal-00422583|
|Contact details of provider:|| Web page: https://hal.archives-ouvertes.fr/|
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.:
- Lynne G. Zucker & Michael R. Darby & Jeff S. Armstrong, 2002.
"Commercializing Knowledge: University Science, Knowledge Capture, and Firm Performance in Biotechnology,"
INFORMS, vol. 48(1), pages 138-153, January.
- Lynne G. Zucker & Michael R. Darby & Jeff S. Armstrong, 2003. "Commercializing knowledge: university science, knowledge capture and firm performance in biotechnology," Proceedings, Federal Reserve Bank of Dallas, issue Sep, pages 149-170.
- Lynne G. Zucker & Michael R. Darby & Jeff S. Armstrong, 2001. "Commercializing Knowledge: University Science, Knowledge Capture, and Firm Performance in Biotechnology," NBER Working Papers 8499, National Bureau of Economic Research, Inc.
- Stephan, Paula E & Everhart, Stephen S, 1998. "The Changing Rewards to Science: The Case of Biotechnology," Small Business Economics, Springer, vol. 10(2), pages 141-151, March.
- David B. Audretsch & Paula E. Stephan, 1999. "Knowledge spillovers in biotechnology: sources and incentives," Journal of Evolutionary Economics, Springer, vol. 9(1), pages 97-107.
- Lionel Nesta & Vincent Mangematin, 2003. "Industry Life Cycle, Knowledge Generation and Technological Networks," Grenoble Ecole de Management (Post-Print) hal-00424163, HAL.
- Jeannette Colyvas & Michael Crow & Annetine Gelijns & Roberto Mazzoleni & Richard R. Nelson & Nathan Rosenberg & Bhaven N. Sampat, 2002. "How Do University Inventions Get Into Practice?," Management Science, INFORMS, vol. 48(1), pages 61-72, January.
- Deeds, David L. & Hill, Charles W. L., 1999. "An examination of opportunistic action within research alliances: Evidence from the biotechnology industry," Journal of Business Venturing, Elsevier, vol. 14(2), pages 141-163, March.
- Paul Almeida & Bruce Kogut, 1999. "Localization of Knowledge and the Mobility of Engineers in Regional Networks," Management Science, INFORMS, vol. 45(7), pages 905-917, July.
- Scott Shane & Toby Stuart, 2002. "Organizational Endowments and the Performance of University Start-ups," Management Science, INFORMS, vol. 48(1), pages 154-170, January.
- 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.