How can university technology holding companies bridge the Valley of Death? Evidence from Korea

Hosung Son, Yanghon Chung and Sangpil Yoon

Technovation, 2022, vol. 109, issue C

Abstract: This paper addresses how a technology holding company (THC) affects university inventions crossing the Valley of Death (VoD). A THC, which is a new incubation model, is a specialised organisation for establishing spin-offs as subsidiaries and commercialising university inventions. This study verifies the effects of THCs on the incubation productivity of universities by conducting a propensity-score matching and two-stage data envelopment analysis. The results show that, in the university group with high entrepreneurial orientation, universities with a THC are less productive in the invention stage but more productive in the commercialisation stage than universities without a THC. This demonstrates that THCs decrease productivity in the invention stage by playing the role of a gatekeeper but, in the commercialisation stage, increase productivity by playing the role of a sponsor. In addition, this study finds that the effects of a THC are more significant in universities with high entrepreneurial orientation than in universities with low entrepreneurial orientation. This paper shows that a THC positively affects university spin-offs crossing the VoD by playing different roles in the invention and commercialisation stages.

Keywords: Technology holding company; Valley of death; Technology commercialisation; University incubation; Spin-off (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:techno:v:109:y:2022:i:c:s0166497218305716

DOI: 10.1016/j.technovation.2020.102158

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