GROWTH INHIBITORS OF ENTREPRENEURIAL ACADEMIC SPIN-OFFS: THE CASE OF FINNISH BIOTECHNOLOGY

Antti-Jussi Tahvanainen ()
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Antti-Jussi Tahvanainen: ETLA The Research Institute of the Finnish Economy, Lönnrotinkatu 4 B, FIN-00120 Helsinki, Finland

International Journal of Innovation and Technology Management (IJITM), 2004, vol. 01, issue 04, 455-475

Abstract: This study compares Finnish biotechnology SMEs founded by the academic originators of the underlying basic research projects with biotechnology companies of other origins. The comparison facilitates the identification of factors affecting the prosperity of these "academic spin-offs" as a business. Results indicate several inhibitors of growth: Academic spin-offs lack market-orientation and commercial skills, the traditional perception of the academia's detached role within society aggravates the recruitment of skilled labour, and Finland's equity markets are underdeveloped with new seed capital being next to unavailable, as private and foreign venture capitalists invest primarily in companies being already very close to the markets.

Keywords: Academic entrepreneurship; biotechnology; small and medium sized enterprises (search for similar items in EconPapers)
Date: 2004
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Citations: View citations in EconPapers (6)

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DOI: 10.1142/S0219877004000283

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