Time to take stock : external capital and subsequent performance of academic spin-offs – participants of FORNY program

Masteroppgave i bedriftsøkonomi - Universitetet i Nordland, 2012Creating new ventures lies in the foundations of entrepreneurship. However, young firms are known to face many constraints during their early stages of development and formation. “Financial gap”, or the lack of the financing resources, is considered to be the most important of them. These firms seek financing from different sources. It is believed that the choice between them can influence the subsequent performance of the organizations. I am exploring this issue by investigating the external financing attracted and the further performance of the 72 Norwegian academic spin-offs, participants of the FORNY program. The results clearly indicate that external equity financing increases the chance of survival while debt financing decreases it. These findings do not support the traditional pecking order theory of Myers and Majluf (1984) but rather the reverse pecking order of Garmaise (2001). The presence of venture capital (VC) as shareholders and on the board of directors significantly helps the organizations to grow sales-wise, something which is discussed in light of agency theory of Eisenhardt (1989). Limitations, implications and propositions for future research are highlighted

ERAWATCH Country Reports 2012: Norway

This analytical country report is one of a series of annual ERAWATCH reports produced for EU Member States and Countries Associated to the Seventh Framework Programme for Research of the European Union (FP7). The main objective of the ERAWATCH Annual Country Reports is to characterise and assess the performance of national research systems and related policies in a structured manner that is comparable across countries. The Country Report 2012 builds on and updates the 2011 edition. The report identifies the structural challenges of the national research and innovation system and assesses the match between the national priorities and the structural challenges, highlighting the latest developments, their dynamics and impact in the overall national context. They further analyse and assess the ability of the policy mix in place to consistently and efficiently tackle these challenges. These reports were originally produced in December 2012, focusing on policy developments over the previous twelve months. The reports were produced by independent experts under direct contract with IPTS. The analytical framework and the structure of the reports have been developed by the Institute for Prospective Technological Studies of the Joint Research Centre (JRC-IPTS) and Directorate General for Research and Innovation with contributions from external experts.JRC.J.2-Knowledge for Growt

Tourism Entrepreneurship – Review and Future Directions

Author's accepted version (postprint).This is an Accepted Manuscript of an article published by Taylor and Francis in Scandinavian Journal of Hospitality and Tourism on 17/07/2015, available online: http://www.tandfonline.com/10.1080/15022250.2015.1065592

Tourism Entrepreneurship – Review and Future Directions

Author's accepted version (postprint).This is an Accepted Manuscript of an article published by Taylor and Francis in Scandinavian Journal of Hospitality and Tourism on 17/07/2015, available online: http://www.tandfonline.com/10.1080/15022250.2015.1065592