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Growth factors of research-based spin-offs and the role of venture capital investing

Carolin Bock (), Alexander Huber and Svenja Jarchow
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Carolin Bock: Technische Universität Darmstadt
Alexander Huber: Technische Universität Darmstadt
Svenja Jarchow: Technische Universität München

The Journal of Technology Transfer, 2018, vol. 43, issue 5, 1375-1409

Abstract: Abstract Using a proprietary dataset of 98 German research-based spin-offs (RBSOs) founded between 1997 and 2012, we assess which firm-specific and system-inherent factors are decisive for the spin-offs’ growth drawing on the resource-based view. Specifically, we aim to evaluate whether venture capital-backed RBSOs outperform non venture capital-backed RBSOs and whether a performance difference is explained by venture capitalists’ scouting or coaching capabilities. Our empirical findings detect that a homogeneous educational background of the academic entrepreneurs is positively associated with RBSO growth. A training provided by the parent research organization intended to develop entrepreneurial skills and to establish a network to outside professionals as well as the commercialization of a novel technology have a positive impact on firm growth. Concerning the involvement of venture capitalists, venture capital-backed RBSOs show a superior employment and revenue growth compared to non-venture capital-backed RBSOs. Our results support the view that this superior performance is attributed to venture capitalists’ coaching rather than their scouting capabilities.

Keywords: Research-based spin-off; Academic entrepreneurship; Start-ups; Venture capital; Resource-based view; Selection effect; Treatment effect (search for similar items in EconPapers)
JEL-codes: G24 L26 M13 (search for similar items in EconPapers)
Date: 2018
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