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University spin-offs and the performance premium
The creation of spin-off companies is often promoted as a desirable mechanism for transferring knowledge and technologies from research organizations to the private sector for commercialization. In the promotion process, policymakers typically treat these university spin-offs like industry start-ups...
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| Format: | Article |
| Language: | English |
| Published: |
2014
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| LEADER | 01834nab a22002297a 4500 | ||
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| 008 | 160615b2014 xxu||||| |||| 00| 0 eng d | ||
| 100 | |a Czarnitzki, Dirk | ||
| 245 | |a University spin-offs and the performance premium |c Czarnitzki, Dirk. | ||
| 260 | |c 2014 | ||
| 300 | |a 309-320 | ||
| 520 | |a The creation of spin-off companies is often promoted as a desirable mechanism for transferring knowledge and technologies from research organizations to the private sector for commercialization. In the promotion process, policymakers typically treat these university spin-offs like industry start-ups. However, when university spin-offs involve an employment transition by a researcher from the not-for-profit sector, the creation of a university spin-off is likely to impose a higher social cost than the creation of an industry start-up. To offset this higher social cost, university spin-offs must produce a larger stream of social benefits than industry start-ups, a performance premium. This paper outlines the arguments explaining why the social costs of entrepreneurship are likely to be higher for academic entrepreneurs, and empirically investigates the existence of a performance premium using a sample of German start-up companies. We find that university spin-offs exhibit a performance premium of 3.4 % points higher employment growth over industry start-ups. The analysis also shows that the performance premium varies across types of academic entrepreneurs and founders | ||
| 650 | |a Social Capital | ||
| 650 | |a Human Capital | ||
| 650 | |a University Spin-Off Policy | ||
| 650 | |a Open Science | ||
| 650 | |a Technology Transfer | ||
| 650 | |a Firm Performance | ||
| 650 | |a Start-Ups | ||
| 650 | |a Academic Entrepreneurship | ||
| 650 | |a Spin-Off Entrepreneurship | ||
| 773 | |a Small Business Economics |d August | ||
| 999 | |c 41690 |d 41690 | ||