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Turning scientific and technological human capital into economic capital: the experience of biotech start-ups in France

  • David Catherine

    (MTS - Management Technologique et Strategique - Grenoble École de Management (GEM))

  • Frédéric Corolleur

    (GAEL - Laboratoire d'Economie Appliquée de Grenoble - Institut national de la recherche agronomique (INRA) : UMR1215 - Université Grenoble Alpes - Grenoble II)

  • Myriam Carrère

    (INRA Grenoble - Université Pierre-Mendès-France - Grenoble II)

  • Vincent Mangematin

    ()

    (MTS - Management Technologique et Strategique - Grenoble École de Management (GEM), GAEL - Laboratoire d'Economie Appliquée de Grenoble - Institut national de la recherche agronomique (INRA) : UMR1215 - Université Grenoble Alpes - Grenoble II)

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.

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File URL: http://hal.grenoble-em.com/docs/00/42/25/83/PDF/Catherine_et_al.pdf
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Paper provided by HAL in its series Grenoble Ecole de Management (Post-Print) with number hal-00422583.

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Date of creation: 2004
Date of revision:
Publication status: Published, Research Policy, 2004, 33, 4, 631-642
Handle: RePEc:hal:gemptp:hal-00422583
Note: View the original document on HAL open archive server: http://hal.grenoble-em.com/hal-00422583
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  1. Stephan, Paula E & Everhart, Stephen S, 1998. " The Changing Rewards to Science: The Case of Biotechnology," Small Business Economics, Springer, vol. 10(2), pages 141-51, March.
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