Human capital and successful academic spin-off

Academic spin-offs are one way in which employability of university graduates is reflected. Using the ZEW spinoff-survey, this paper studies empirically the impact of human capital on the success of academic spinoffs founding in knowledge and technology intensive sectors. The focus is thereby on the composition of human capital which is described according to whether or not the founders have studied several subjects and whether or not they all come from the same research establishment. Additionally the impact of having founded as a team is analyzed. Success is measured by employment growth. The findings suggest that it is advantageous to found within a team, but that the human capital composition both for single entrepreneurs and team foundations is rather irrelevant. --Higher Education,Human Capital,Entrepreneurship,Spin-off

Does interdisciplinarity lead to higher employment growth of academic spinoffs?

Does heterogeneity in the educational backgrounds of the founders matter for firm success? Are team foundations more successful than single entrepreneurs? These questions are analysed using data on academic spinoffs in Germany. Firm success is measured by employment growth. I find that team foundations have higher employment growth than single entrepreneurs. Team foundations of engineers perform better when they have a business scientist in the team. However, different subjects per se and heterogeneity in the academic origins of the founders do not play a significant role for the employment growth of academic spinoffs. --human capital,entrepreneurship,academic spinoffs,employment growth

Ability matching and survival of start-ups

In this paper, I analyse how the survival of new firms is affected by the average ability level in the founding team, the team size, team members' homogeneity with respect to ability, and team members' heterogeneity with respect to education. As a theoretical basis, I apply the O-ring theory (Kremer (1993)). Using a rich employer-employee data set on the whole population of Danish firms founded in 1998, I find that the average ability level in a team and the team size have positive effects on firm survival. Having a team at all is the most crucial factor for the probability of survival of young firms. The degree of homogeneity with respect to ability and the degree of heterogeneity with respect to educations have no effect on the survival probability. --Entrepreneurship,firm survival,O-ring theory,start-ups

Churning of R&D personnel and innovation

This paper explores the role of R&D worker mobility on innovation performance. As one main novelty, we employ churning as a measure for worker mobility. Churning depicts the number of workers which are replaced by new ones. It is a very informative indicator since a firm may be exposed to simultaneous leave and inflow of R&D workers even if the size of R&D employment remains unchanged. Hence, we can separate the effect of replacement from net change in R&D workforce. Our results from estimating various knowledge production functions suggest an inverse u-shaped relationship. The exchange of R&D personnel fosters innovation through inter-firm knowledge spillovers and improved job-match quality up to certain threshold. The point when costs of churning exceed the benefits is reached faster if the R&D knowledge is non-duplicative. --innovation,churning,mobility

Human Capital and Successful Academic Spin-Off

Academic spin-offs are one way in which employability of university graduates is reflected. Using the ZEW spinoff-survey, this paper studies empirically the impact of human capital on the success of academic spinoffs founding in knowledge and technology intensive sectors. The focus is thereby on the composition of human capital which is described according to whether or not the founders have studied several subjects and whether or not they all come from the same research establishment. Additionally the impact of having founded as a team is analyzed. Success is measured by employment growth. The findings suggest that it is advantageous to found within a team, but that the human capital composition both for single entrepreneurs and team foundations is rather irrelevant

Die Unternehmergesellschaft: Kostengünstige Variante der GmbH

Es wird immer wieder angeführt, dass die Deutschen weniger risikobereit sind, wenn es um die im Vergleich zu den USA geringe Gründungsneigung in Deutschland geht. Haftungsbeschränkte Rechtsformen sind eine Möglichkeit, dieser Risikoneigung zu begegnen. Seit dem 1. November 2008 gibt es eine Variante der GmbH, die die Kosten einer haftungsbeschränkten Gesellschaft deutlich senkt: die haftungsbeschränkte Unternehmergesellschaft (UG) oder Mini-GmbH

Ability matching and survival of start-ups

In this paper, I analyse how the survival of new firms is affected by the average ability level in the founding team, the team size, team members’ homogeneity with respect to ability, and team members’ heterogeneity with respect to education. As a theoretical basis, I apply the O-ring theory (Kremer (1993)). Using a rich employer-employee data set on the whole population of Danish firms founded in 1998, I find that the average ability level in a team and the team size have positive effects on firm survival. Having a team at all is the most crucial factor for the probability of survival of young firms. The degree of homogeneity with respect to ability and the degree of heterogeneity with respect to educations have no effect on the survival probability

Does interdisciplinarity lead to higher employment growth of academic spinoffs?

Does heterogeneity in the educational backgrounds of the founders matter for firm success? Are team foundations more successful than single entrepreneurs? These questions are analysed using data on academic spinoffs in Germany. Firm success is measured by employment growth. I find that team foundations have higher employment growth than single entrepreneurs. Team foundations of engineers perform better when they have a business scientist in the team. However, different subjects per se and heterogeneity in the academic origins of the founders do not play a significant role for the employment growth of academic spinoffs

German-Austrian Glioma Study Phase III Randomized Multicenter Trial of Combined Radio- and Chemotherapy with BCNU or BCNU and VM26 in Malignant Supratentorial Glioma of Adults

Patients and methods: Malignant supratentorial glioma (anaplastic astrocytoma, oligoastrocytoma, oligodendroglioma and glioblastoma incl. gliosarcoma), age 16-70y, KPS 50-100. Postoperative randomization to chemotherapy with either BCNU (B) (80 mg/m2 x 3 every 6 weeks) alone or additional VM 26 (V) (50 mg/m2 x 3 every 6 weeks) starting concomitant with radiotherapy. Central histopathological review was required. Primary endpoints were survival time (ST) and progression free survival (PFS) . In addition confirmative analysis of prognostic factors and their interaction with therapy was performed. Results: Eligible: 501 of 522 randomized pts: 82% WHO grade IV gliomas, 18% grade III gliomas. 57% male, mean KPS 74, mean age 50.9 years. The high incidence of lung toxicity – with a cumulative risk of 19% during the first year - was alarming. Survival was not significantly different ( median 50.3 (B) versus 52.4 (V) (weeks), but an increase in long term survivors was observed (18 months: 29% B, 34% V, 5 years 5% B, 12% V) and PFS showed a significant difference with a median of 31.4 (B) versus 34.3 (V) weeks. Qualitative interaction between KPS and therapy (p < 0.01) was demonstrated: pts with a KPS ≥ 70 benefited from additional VM26, those with reduced KPS < 70 did better with BCNU-monotherapy. Conclusion: Adding VM26 to BCNU is effective in the chemotherapy of malignant gliomas. Because of the demonstrated interaction with therapy performance status, not tumor grade is the crucial factor to determine application and aggressiveness of chemotherapy. With risk adapted therapy a significant proportion of patients even with glioblastoma survive for years in good general condition. BCNU should be replaced by an equipotent alkylans to avoid the unacceptable high rate of lung toxicity