Liquidity events and VC-backed academic spin-offs: The role of search alliances

Johan Bruneel, Bart Clarysse, Annelies Bobelyn and Mike Wright

Research Policy, 2020, vol. 49, issue 10

Abstract: Despite the emergent importance of liquidity events (IPOs and trade sales) as performance indicators for VC-backed academic spin-offs, empirical research on the drivers of liquidity events relating to such spin-offs has been limited. In adopting a search perspective, we analyze how different alliance types impact on VC-backed academic spin-offs’ chances of realizing a liquidity event. We find that market search alliances increase a spin-off's likelihood of a liquidity event, whereas technology search alliances reduce this likelihood. However, the latter effect is mitigated when the spin-off has a founding team with prior market experience. We explore the implications for practice and policy of the development and success of VC-backed academic spin-offs.

Keywords: Liquidity event; Academic spin-offs; Alliances; Search (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:respol:v:49:y:2020:i:10:s004873332030113x

DOI: 10.1016/j.respol.2020.104035

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