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The Technology Endowments of Spin-off Companies

Author

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  • E. VAN DE VELDE
  • B. CLARYSSE
  • M. WRIGHT
Abstract
Innovative start-ups, including spin-offs from universities and companies, play a vital role in the development and growth of emerging, high-technology industries. Research attention has traditionally focused on the links between demographic, educational, psychological and financial influences on start-up activity and growth. The extent to which the characteristics of technology inherited from the parent, important for spin-offs, helps explain post start-up performance has been neglected. We analyse the scope and newness of the endowed technology as a predictor of post-spin-off growth for corporate and university spin-offs. Using a novel, hand-collected dataset, 48 corporate and 73 university spin-offs were identified, comprising the whole population of such spin-offs in Flanders over the period 1991-2002. We find that corporate spin-offs seem to benefit from a narrow scope of technology and a high level of newness of technology, while university spin-offs benefit from a broad scope of technology and a lower level of newness of technology. We conclude that the same choice of technology endowments may have a different impact on the spin-offs’ growth, since spin-offs start with different knowledge inheritance.

Suggested Citation

  • E. Van De Velde & B. Clarysse & M. Wright, 2008. "The Technology Endowments of Spin-off Companies," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 08/513, Ghent University, Faculty of Economics and Business Administration.
    • Handle: RePEc:rug:rugwps:08/513
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    File URL: http://wps-feb.ugent.be/Papers/wp_08_513.pdf
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    References listed on IDEAS

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    1. Steven Klepper & Sally Sleeper, 2005. "Entry by Spinoffs," Management Science, INFORMS, vol. 51(8), pages 1291-1306, August.
    2. Lockett, Andy & Wright, Mike, 2005. "Resources, capabilities, risk capital and the creation of university spin-out companies," Research Policy, Elsevier, vol. 34(7), pages 1043-1057, September.
    3. Shaker A. Zahra & Els Van de Velde & Bárbara Larrañeta, 2007. "Knowledge conversion capability and the performance of corporate and university spin-offs," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 16(4), pages 569-608, August.
    4. Knight, Russell M., 1989. "Technological innovation in Canada: A comparison of independent entrepreneurs and corporate innovators," Journal of Business Venturing, Elsevier, vol. 4(4), pages 281-288, July.
    5. Donald S. Siegel & Reinhilde Veugelers & Mike Wright, 2007. "Technology transfer offices and commercialization of university intellectual property: performance and policy implications," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 23(4), pages 640-660, Winter.
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    Cited by:

    1. Phan, Phillip H. & Wright, Mike & Ucbasaran, Deniz & Tan, Wee-Liang, 2009. "Corporate entrepreneurship: Current research and future directions," Journal of Business Venturing, Elsevier, vol. 24(3), pages 197-205, May.
    2. Mirjam Knockaert & Mike Wright & Bart Clarysse & Andy Lockett, 2010. "Agency and similarity effects and the VC’s attitude towards academic spin-out investing," The Journal of Technology Transfer, Springer, vol. 35(6), pages 567-584, December.
    3. Massimo Colombo & Philippe Mustar & Mike Wright, 2010. "Dynamics of Science-based entrepreneurship," The Journal of Technology Transfer, Springer, vol. 35(1), pages 1-15, February.
    4. Gideon D. Markman & Donald S. Siegel & Mike Wright, 2008. "Research and Technology Commercialization," Journal of Management Studies, Wiley Blackwell, vol. 45(8), pages 1401-1423, December.

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    Keywords

    technology endowment; corporate spin-offs; university spin-offs;
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