Entry by research-based spin-offs

Reflecting the increasing number of research based spin-offs (RBSOs) created since the nineties, previous studies focus their analysis on the factors that influence university entrepreneurship. However, empirical studies that investigate the determinants of variation on RBSO creation across regions are scarce. Using a unique self-collected dataset that comprehends the population of RBSOs created in Portugal from 1995 until to 2007 we investigate the intensity of spin-offs entry across regions, by focusing on the characteristics of the universities and the region in which the spin-off is located. Our results suggest that the quality and prestige of the universities located in a municipality, as well as the presence of university-affiliated incubators and/or university research parks have a positive impact on the intensity of RBSO creation. Regarding the regional characteristics, the availability of qualified human capital and the urbanization economies seem to exert an important effect on spin-off activity across regions

Determinants of research-based spin-offs survival

Existing literature has shown that research-based spin-offs firms usually exhibit lower death risks than other start-ups. However, few studies have focused on the survival determinants of these particular firms. From a unique self-collected database of the population of research-based spin-offs created in Portugal from 1995 up to 2007 we analyze if founding conditions, parent organization characteristics and location characteristics play a role on their survival. Our results show that start-up size, firm age, parent reputation and region characteristics are key determinants of research-based spin-offs survival, casting doubts on the role played by the incubation process and the social ties with the parent organization as advanced in previous studies.COMPETE; QREN; FEDER; Fundação para a Ciência e a Tecnologia (FCT

Location of research-based spin-offs : how relevant are regional effects?

Using a unique self-collected dataset that comprehends the population of research-based spin-offs created in Portugal from 1995 until to 2007, we investigate the location choices of these firms. In order to do so we control for both university- and region-related mechanisms. Our results suggest that the latter play a lesser role than university-related mechanisms. Although the availability of qualified human capital and urbanization economies seem to exert some effect on the location choices of research-based spin-offs, our results suggest that the quality and prestige of the universities located in a region, as well as the presence of university-affiliated incubators and/or university research parks have a stronger impact on the intensity of RBSO location across regions.COMPETE; QREN; FEDER; Fundação para a Ciência e a Tecnologia (FCT

Entry by research-based spin-offs: the determinants of regional variation

Reflecting the increasing number of research based spin-offs (RBSOs) created since the nineties, previous studies focus their analysis on the factors that influence university entrepreneurship. However, empirical studies that investigate the determinants of variation on RBSO creation across regions are scarce. Using a unique self-collected dataset that comprehends the population of RBSOs created in Portugal from 1979 until to 2007 we investigate the intensity of spin-offs creation across regions, by focusing on the characteristics of the universities and the region in which the spin-off is located. Our results suggest that the quality and prestige of the universities located in a municipality, as well as the presence of university-affiliated incubators and/or university research parks have a positive impact on the intensity of RBSO creation. Regarding the regional characteristics, the availability of qualified human capital and the regional demand size seem to exert an important effect on spin-off activity across regions.FC

The impact of market orientation on research-based spin off performance: emerging issues from an exploratory study

The paper addresses the relationship between Market Orientation (MO) and Research based spin offs' business performance, using a sample of 90 Italian RBSOs present in the Netval (Italian association for the valorisation of results from public research) database. The findings of the study may be useful for researchers and academics, advancing knowledge on Research based spin-offs (RBSOs) and the impact of MO on their performance, but also professionals from new high tech ventures and technology transfer offices may use these results to plan and design market-focused actions and support activities that will lead to improved business performance.The results could in fact indicate to entrepreneurs (or the entrepreneurial team) of this kind of firms which dimensions of MO deserve more attention in order to obtain a higher business performance

Research-based spin-offs targeting the market for technologies: a conceptual model

DINÂMIA, Dezembro de 2009.This paper addresses the commercialisation decisions of research-based spin-off firms, focusing on the case of companies specialising in the production and sale of intellectual property - a model of entrepreneurial behaviour increasingly frequent in science-based fields, and that research-based spin-offs may be more prone to adopt given their specific characteristics. Combining insights from the economics of technological change and the strategic management of technology literature, we discuss the conditions that influence spin-offs ability to pursue with this strategy, and advance some theory-driven hypothesis regarding key factors that are likely to determine their choice - nature of knowledge, appropriability conditions, location and degree of control upon complementary assets and institutional setting of origin - and their impact upon firms’ decisions. We add to the still incipient research on this model of behaviour, as well as to recent research on the determinants of the commercialisation strategy of small technologyintensive firms.FC

Policies to Foster the Creation of Research-Based Spin-offs in Portugal

This paper presents a brief overview of the main government and institutional policies and mechanisms that promote and support (directly or indirectly) the creation of research-based spin-offs, as well as of the institutional changes that have been introduced to facilitate the commercial exploitation of results from academic research. In addition, there is an attempt to conduct a very preliminary assessment of some of the results achieved by these policies, within the limitations of the information available. It is concluded that the conditions for creating a firm that brings to the market knowledge or technology originating from academic research substantially improved in the last decade. Technology-based (and sometimes also scientific) entrepreneurship has been the object of several government policies and incentives and have also attracted the attention of other public and private actors, who launched a variety of programs to fund and otherwise support firm creation. This also coincided with institutional changes that facilitated the entrepreneurial initiatives of academic scientists. Although this appeared to have had positive effects in terms of the number of research-based spin-offs supported, the paper concludes, based on the limited data on results, that there is still work to do to improve the quality and effectiveness of the assistance provided. One step in this direction is a greater concentration and coordination of efforts.FC

Research based spin-offs: determinants of strategies and performance

Tese de doutoramento em EconomiaResearch-based spin-offs have become an important research subject, given their role as technology transfer mechanisms. They have been found to have a significant economic impact, both on the parent organisation and on regional and national development. This thesis is particularly concerned with three key aspects of RBSO behaviour. The first study analyses the determinants of the variation on the RBSOs creation across regions. Using a unique self-collected dataset on the population of RBSOs created in Portugal between 1979 and 2007, it investigates the intensity of spin-off formation across regions, focusing on the characteristics of the region where the spin-off is created and those of universities located in the region. The results indicate that the quality and prestige of the universities, and the presence of university-affiliated incubators or research parks, on the one hand, and regional characteristics such as the availability of qualified human capital and regional demand size, on the other hand, influence the intensity of RBSO creation. The second study analyses the survival of the population of Portuguese RBSOs, from its inception in 1979 until 2007, also using a unique data set. It investigates the role of three types of effects on firm’ survival: founding conditions, parent organisation characteristics and characteristics of the region. The results show that start-up size, firm age, parent reputation and region characteristics are key determinants of RBSOs survival The third study addresses the commercialisation decisions of RBSOs. Using cross-country data collected on the basis of questionnaire-based interviews, it focuses on the case of companies that target the market for technologies and investigates the conditions that influence the decision to adopt and the ability to pursue with this commercialisation strategy. The results suggest that these are determined by: the novelty of the technology being commercialised and the capacity to protect it since start-up; the situation in terms of access to downstream complementary assets, in particular the extent to which incumbent companies control those assets; the competence mix of the founding team. The research also calls the attention to the impact of early decisions, which can constrain firms’ subsequent behaviour by reducing the margin for future choices. The results from these studies provide some new insights into three important aspects of RBSOs behaviour – formation, strategy formulation and survival – highlighting conditions that enable them to perform a role in economic development. They offer some theoretical and empirical contributions to the literature on RBSOs and can also provide some guidelines for the formulation of more adequate policies to support RBSO development.As empresas spin-offs de investigação tornaram-se um importante objecto de pesquisa, dada a sua função enquanto de mecanismos de transferência de tecnologia, que lhes confere um papel significativo, quer ao nível da instituição de origem, quer em termos de desenvolvimento económico regional e nacional. Esta tese incide em três aspectos fundamentais do comportamento dos spin-offs. O primeiro estudo analisa os determinantes da variação na criação de spin-offs entre regiões. A partir de uma base de dados única da população de spin-offs criados em Portugal entre 1979 e 2007, investiga o impacto das características da região e das características das universidades localizadas nessa região na intensidade de spin-offs aí criados. Os resultados apontam para o papel da qualidade e prestígio das universidades, da presença de incubadoras e/ou parques de ciência e tecnologia, bem como de características regionais, como a disponibilidade de capital humano qualificado e a dimensão da procura regional. O segundo estudo analisa os determinantes da sobrevivência da população de spin-offs portuguesas, desde 1979 até 2007, também a partir de uma base de dados única. É investigado o papel das condições de criação, das características da instituição de origem e das características da região. Os resultados mostram que a dimensão da empresa à data de criação, a idade, a reputação da instituição de origem e as características da região são os principais determinantes da sobrevivência das empresas spin-offs. O terceiro estudo aborda as decisões de comercialização das empresas spin-offs. Usando dados internacionais recolhidos através de entrevistas baseadas em questionário, aborda o caso das empresas que têm como alvo o mercado de tecnologias e investiga as condições que influenciam a decisão de adoptar e a possibilidade de prosseguir esta estratégia. Os resultados apontam para: a novidade da tecnologia comercializada e a capacidade de a proteger; as condições de acesso a activos complementares, nomeadamente o grau controlo destes por incumbentes; o mix de competências da equipa fundadora. Também é realçado o impacto das decisões iniciais, que podem reduzir a margem para escolhas futuras. Os resultados destes estudos oferecem contributos teóricos e empíricos para três aspectos chave do comportamento das empresas spin-offs – criação, formulação de estratégia e sobrevivência - com destaque para as condições que lhes permitem desempenhar um papel no desenvolvimento económico. Também fornecem algumas pistas para a formulação de políticas mais adequadas para apoiar o desenvolvimento deste grupo de empresas

Enablers of exit through trade sale : the case of early-stage research-based spin-offs

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Research-based spin-offs as agents of knowledge dissemination: evidence from the analysis of innovation networks

The paper addresses the role played by research-based spin-offs (RBSOs) as knowledge dissemination mechanisms, through their position in knowledge networks. For this purpose the paper analyses the formal networks established by Portuguese RBSOs, in the context of publicly funded research, technology and pre-commercial product development projects, and investigates their configuration across two levels. At organisational level, in order to understand whether RBSOs extend their reach beyond the academic sphere; and if they do, whether they connect to organisations located downstream in the knowledge value chain, and which is their position in networks involving both research organisations and other firms. At spatial level, in order to understand whether RBSOs extend their reach beyond the region where they are created, thus potentially acting as connectors between diverse regions. The analysis starts from the population of RBSOs created in Portugal until 2007 (327 firms) and identifies those that have established formal technological relationships, as part of projects funded by all the relevant programmes launched in the period 1993-2012. As a result, the analysis encompasses 192 collaborative projects and involves 82 spin-offs and 281 partners, of which only 20% are research organisations, the remaining being other firms and a variety of other downstream organisations. The results, although still preliminary, provide some insights into the knowledge networking behaviour of the RBSOs. As expected, research organisations are a central actor in spin-offs’ networks, being the sole partner for some of them. But half of the RBSOs have moved beyond the academic sphere, being frequently a central element in tripartite technological relationships between research and other organisations, and occupying an intermediation position in the network, thus potentially acting as facilitators in knowledge circulation and transformation. Also as expected, RBSOs are predominantly located in the main metropolitan areas and tend to relate with organisations similarly located. But while geographical proximity emerges as important in the choice of partners, in about half of the cases, RBSOs knowledge networks have extended beyond regional boundaries. Given their central position in the network, this suggests a role as connectors across regions that will be explored in subsequent research