Turning scientific and technological human capital into economic capital: the experience of biotech start-ups in France

David Catherine (), Frédéric Corolleur (), Myriam Carrère () and Vincent Mangematin
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David Catherine: MTS - Management Technologique et Strategique - EESC-GEM Grenoble Ecole de Management
Frédéric Corolleur: GAEL - Laboratoire d'Economie Appliquée = Grenoble Applied Economics Laboratory - UPMF - Université Pierre Mendès France - Grenoble 2 - INRA - Institut National de la Recherche Agronomique
Myriam Carrère: GAEL - Laboratoire d'Economie Appliquée = Grenoble Applied Economics Laboratory - UPMF - Université Pierre Mendès France - Grenoble 2 - INRA - Institut National de la Recherche Agronomique

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Abstract: This paper examines how scientific and technological (S&T) human capital is transformed into financial capital through the creation of firms by scientists. The analysis is based on a database describing the positions held by 132 founders from 62 French biotech SMEs. It shows that star scientists engage in highly risky but also valuable firms. Less famous scientists must develop their human capital rather than valorising a stock. The paper concludes by pointing to three paradoxes concerning the commitment and compensation scheme of star scientists and the managerial position of less known scientists.

Keywords: Biotechnology; SMEs; Scientist; Founder; Technological transfer; Human capital (search for similar items in EconPapers)
Date: 2004
Note: View the original document on HAL open archive server: https://grenoble-em.hal.science/hal-00422583v1
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Citations: View citations in EconPapers (28)

Published in Research Policy, 2004, 33 (4), pp.631-642. ⟨10.1016/j.respol.2004.01.009⟩

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Journal Article: Turning scientific and technological human capital into economic capital: the experience of biotech start-ups in France (2004)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:gemptp:hal-00422583

DOI: 10.1016/j.respol.2004.01.009

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