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How and Why Do Firms Differ at Start-Up? A Resource-Based Configurational Perspective

  • A. HEIRMAN

    ()

  • B.T CLARYSSE

    ()

  • V. VAN DEN HAUTE

This paper studies what initial resource endowments new organizations assemble and the interaction between initial resources, entrepreneurial orientation and environmental factors. More specifically, we study the initial resources of research-based start-ups (RBSUs), which are defined as new firms that develop and market new products or services based upon a proprietary technology or skill. Using a unique hand-collected dataset of RBSUs in Belgium, we empirically test how technological, financial and human resources relate to each other to form distinct starting resource configurations. We find four different types of starting configurations: “Venture Capital-backed start-ups,” “Prospectors,” “Product start-ups” and “Transitional start-ups”. This study shows that these different types of starting resource configurations are not only empirically distinct but can also be conceptually explained by internal factors such as the entrepreneurial orientation at start-up and external factors such as the origin of the firm and the characteristics of the industry in which the firm competes.

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File URL: http://wps-feb.ugent.be/Papers/wp_03_198.pdf
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Paper provided by Ghent University, Faculty of Economics and Business Administration in its series Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium with number 03/198.

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Length: 50 pages
Date of creation: Sep 2003
Date of revision:
Handle: RePEc:rug:rugwps:03/198
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Web page: http://www.ugent.be/eb

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  1. Hellmann, Thomas F. & Puri, Manju, 2000. "Venture Capital and the Professionalization of Start-up Firms: Empirical Evidence," Research Papers 1661, Stanford University, Graduate School of Business.
  2. Lockett, Andy & Wright, Mike & Franklin, Stephen, 2003. " Technology Transfer and Universities' Spin-Out Strategies," Small Business Economics, Springer, vol. 20(2), pages 185-200, March.
  3. Robert E. Quinn & Kim Cameron, 1983. "Organizational Life Cycles and Shifting Criteria of Effectiveness: Some Preliminary Evidence," Management Science, INFORMS, vol. 29(1), pages 33-51, January.
  4. David, Paul A, 1985. "Clio and the Economics of QWERTY," American Economic Review, American Economic Association, vol. 75(2), pages 332-37, May.
  5. Chandler, Gaylen N. & Hanks, Steven H., 1998. "An examination of the substitutability of founders human and financial capital in emerging business ventures," Journal of Business Venturing, Elsevier, vol. 13(5), pages 353-369, September.
  6. Marc H. Meyer & Peter Tertzakian & James M. Utterback, 1997. "Metrics for Managing Research and Development in the Context of the Product Family," Management Science, INFORMS, vol. 43(1), pages 88-111, January.
  7. Storey, D. J. & Tether, B. S., 1998. "Public policy measures to support new technology-based firms in the European Union," Research Policy, Elsevier, vol. 26(9), pages 1037-1057, April.
  8. Hellmann, Thomas & Puri, Manju, 2000. "The Interaction between Product Market and Financing Strategy: The Role of Venture Capital," Review of Financial Studies, Society for Financial Studies, vol. 13(4), pages 959-84.
  9. Macmillan, Ian C. & Siegel, Robin & Narasimha, P. N. Subba, 1985. "Criteria used by venture capitalists to evaluate new venture proposals," Journal of Business Venturing, Elsevier, vol. 1(1), pages 119-128.
  10. Birley, Sue & Westhead, Paul, 1994. "A taxonomy of business start-up reasons and their impact on firm growth and size," Journal of Business Venturing, Elsevier, vol. 9(1), pages 7-31, January.
  11. G. Page West III, 2001. "The Achilles Heel of Firm Strategy: Resource Weaknesses and Distinctive Inadequacies," Journal of Management Studies, Wiley Blackwell, vol. 38(3), pages 417-442, 05.
  12. Tain-Jy Chen, 2003. "Network Resources for Internationalization: The Case of Taiwan's Electronics Firms," Journal of Management Studies, Wiley Blackwell, vol. 40(5), pages 1107-1130, 07.
  13. Thomas Hatzichronoglou, 1997. "Revision of the High-Technology Sector and Product Classification," OECD Science, Technology and Industry Working Papers 1997/2, OECD Publishing.
  14. Cantwell, John & Iammarino, Simona, 2001. "EU Regions and Multinational Corporations: Change, Stability and Strengthening of Technological Comparative Advantages," Industrial and Corporate Change, Oxford University Press, vol. 10(4), pages 1007-37, December.
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