83 results found
Bikar V, Bruneel J, Capron H, et al., Implementing an integrated evaluation scheme of the institutional set-up through the generation of new S&T indicators
HEIRMAN A, CLARYSSE B, The imprinting effect of initial resources and market strategy on the early growth path of start-Ups
Research-based start-ups (RBSUs) differ in their early growth. Some firms grow very rapidly, while others grow slowly or do not grow at all. In this paper we bring insights in the causes of the diversity in the early growth of RBSUs. To identify some of the key factors that affect growth, we study the initial resource base and the firm’s market strategy. We control for age, size and industry differences. Growth is a complex, multidimensional phenomenon. Therefore, we study three growth measures, namely growth in employees, revenues and total assets. Our multivariate analyses show that raising large amounts of VC is a key driver for early employment and revenue growth. Whilst most RBSUs are founded by pure technical founding teams, we find that R&D experience has no effect on growth. Founding teams with commercial experience, on the other hand, grow significantly more in employees, revenues and total assets. Next, RBSUs, which are internationally oriented from the start, grow significantly faster in terms of revenues and total assets but not in employees. Finally, multivariate analysis indicates that firms that are closer to a market ready product at founding do not grow significantly more in terms of revenues and employees, but firms that are earlier in the product development cycle grow more in total assets during the early growth path. We use in-depth qualitative information to explain and interpret the results and discuss the sustainability of different early growth trajectories. Our findings have important implications for entrepreneurs, investors and policy makers.
KNOCKAERT M, HUYGHE A, CLARYSSE B, (NO) PATENT, NO CASH? A RISK PERCEPTION PERSPECTIVE ON INVESTMENT MANAGERS’ ATTITUDES TOWARDS PATENTS
Employing a risk perception perspective, this paper studies the link between the investmentmanager’s human capital and his or her attitude towards the appropriability regime in thebusiness proposal, and more specifically whether or not the technology is patent protected.Even though many researchers acknowledge the benefits related to patenting, agency theorysuggests that patents may enlarge agency risk and may therefore result in VCs refraining frominvesting in proposals commercializing patented technology. We find that task-specifichuman capital, operationalized as the number of years experience as investment manager,positively affects the attitude towards patents. We find that some elements of general humancapital, namely consulting experience, financial experience and entrepreneurial experienceaffect the attitude towards patents.
MORAY N, CLARYSSE B, Institutional Origin and Resource Endowments to Science-Based Entrepreneurial Firms: A European Exploration
This paper addresses theoretical and empirical gaps in the relationships between the nature of institutional origin, firm resources and growth in the context of spinning off ventures from public research organisations (PROs). Institutional origin is considered a two dimensional construct consisting of the formality of technology transfer and the research specificity of a PRO. In this perspective, these variables are hypothesised to predict the resource endowments of science-based entrepreneurial firms. Additionally, given the widespread attention from academics and policy makers to IP based science-based entrepreneurial firms, the formality of technology transfer is expected to be associated with growth. Empirical tests of hypotheses derived from this view are based on data from 184 science-based entrepreneurial firms, representing 48 public research organisations. Multivariate analysis of variance shows that institutional origin predicts firm resources, showing significance levels for start capital. An ordinal interaction effect shows that companies established with a formal transfer of technology start with higher resource levels, and even more so when started from a PRO with a specific research base. This suggests that specific PROs are more selective in the projects they consider eligible for spin off incubation and creation. Next to this, two-stage regression analysis indicates that the formality of technology transfer has a single direct effect on growth in employees and capital, independent of the start capital of the firm, pointing to the intrinsic advantage of having protected intellectual property formally transferred to the science-based entrepreneurial firm at the onset of the business activities.
VELDE EVANDE, CLARYSSE B, A Model of Antecedents and Characteristics of Corporate Spin-Offs
A persistent question surrounding corporate spin-offs is: ‘What accounts for the performance of corporate spin-offs? In order to be able to provide an answer to this question, we have reviewed the literature on corporate spin-offs. We found that after two decades of studying corporate spin-offs, the literature remains fragmented with little efforts at accumulation, the empirical work infrequently build upon one another. Therefore, we have designed a model of antecedents and characteristics of corporate spin-offs by identifying the key dimensions that contribute to the performance of a CSO.
Pauwels C, Clarysse B, Wright M, et al., 2016, Understanding a new generation incubation model: The accelerator, TECHNOVATION, Vol: 50-51, Pages: 13-24, ISSN: 0166-4972
Cholakova M, Clarysse B, 2015, Does the Possibility to Make Equity Investments in Crowdfunding Projects Crowd Out Reward-Based Investments?, ENTREPRENEURSHIP THEORY AND PRACTICE, Vol: 39, Pages: 145-172, ISSN: 1042-2587
Stevens R, Moray N, Bruneel J, et al., 2015, Attention allocation to multiple goals: The case of for-profit social enterprises, STRATEGIC MANAGEMENT JOURNAL, Vol: 36, Pages: 1006-1016, ISSN: 0143-2095
Clarysse B, Wright M, Bruneel J, et al., 2014, Creating value in ecosystems: Crossing the chasm between, knowledge and business ecosystems, RESEARCH POLICY, Vol: 43, Pages: 1164-1176, ISSN: 0048-7333
Knockaert M, Spithoven A, Clarysse B, 2014, The impact of technology intermediaries on firm cognitive capacity additionality, TECHNOLOGICAL FORECASTING AND SOCIAL CHANGE, Vol: 81, Pages: 376-387, ISSN: 0040-1625
Bruneel J, Van de Velde E, Clarysse B, 2013, Impact of the Type of Corporate Spin-Off on Growth, ENTREPRENEURSHIP THEORY AND PRACTICE, Vol: 37, Pages: 943-959, ISSN: 1042-2587
Clarysse B, Bobelyn A, Aguirre IDP, 2013, Learning from own and others' previous experience: the contribution of the venture capital firm to the likelihood of a portfolio company's trade sale, SMALL BUSINESS ECONOMICS, Vol: 40, Pages: 575-590, ISSN: 0921-898X
Bruneel J, Ratinho T, Clarysse B, et al., 2012, The Evolution of Business Incubators: Comparing demand and supply of business incubation services across different incubator generations, TECHNOVATION, Vol: 32, Pages: 110-121, ISSN: 0166-4972
Bruneel J, Van de Velde E, Clarysse B, et al., 2012, Improving the success of radical innovation projects within established firms: engaging employees across different hierarchal levels, TECHNOLOGY ANALYSIS & STRATEGIC MANAGEMENT, Vol: 24, Pages: 951-965, ISSN: 0953-7325
Mosey S, Wright M, Clarysse B, 2012, Transforming traditional university structures for the knowledge economy through multidisciplinary institutes, CAMBRIDGE JOURNAL OF ECONOMICS, Vol: 36, Pages: 587-607, ISSN: 0309-166X
Wright M, Clarysse B, Mosey S, 2012, Strategic entrepreneurship, resource orchestration and growing spin-offs from universities, TECHNOLOGY ANALYSIS & STRATEGIC MANAGEMENT, Vol: 24, Pages: 911-927, ISSN: 0953-7325
Clarysse B, Bruneel J, Wright M, 2011, Growth, Value Creation and Resources in Young High Growth Technology Based Firms: The Impact of Environmental Contingencies, Strategic Entrepreneurship Journal
Clarysse B, Bruneel J, Wright M, 2011, EXPLAINING GROWTH PATHS OF YOUNG TECHNOLOGY-BASED FIRMS: STRUCTURING RESOURCE PORTFOLIOS IN DIFFERENT COMPETITIVE ENVIRONMENTS, STRATEGIC ENTREPRENEURSHIP JOURNAL, Vol: 5, Pages: 137-157, ISSN: 1932-4391
Clarysse B, Tartari V, Salter A, 2011, The Impact of Entrepreneurial Capacity, Experience and Organisational Support on Academic Entrepreneurship, Research Policy
Clarysse B, Tartari V, Salter A, 2011, The impact of entrepreneurial capacity, experience and organizational support on academic entrepreneurship, RESEARCH POLICY, Vol: 40, Pages: 1084-1093, ISSN: 0048-7333
Clarysse B, Wright M, Van de Velde E, 2011, Entrepreneurial Origin, Technological Knowledge, and the Growth of Spin-Off Companies, JOURNAL OF MANAGEMENT STUDIES, Vol: 48, Pages: 1420-1442, ISSN: 0022-2380
Kiefer S, Clarysse B, 2011, The Smart Entrepreneur: How to Build for a Successful Business, London, Publisher: Elliott & Thompson, ISBN: 9781904027881
More people than ever are becoming entrepreneurs, but the perils of starting a new business are well-documented. The Smart Entrepreneur teaches you how to avoid typical pitfalls and make your business a success by guiding you through the crucial decisions you need to make after your ‘eureka’ moment of inspiration. The Smart Entrepreneur uses a combination of real-life business experiences and state-of-the-art academic research, distilled into an accessible how-to book specifically targeted at start-ups. Especially useful for innovative and ambitious start-ups often requiring a great deal of effort and capital expenditure just to get to the testing phase – The Smart Entrepreneur offers a cutting-edge approach to enable entrepreneurs to rigorously test and improve their business idea before committing all their capital. It is a book of immense value to shape creative and innovative business ideas that carry a great deal of risk.
Knockaert M, Clarysse B, Wright M, 2011, How do early stage hightechnology investors select their investments?, R&D Management
Knockaert M, Ucbasaran D, Wright M, et al., 2011, The Relationship Between Knowledge Transfer, Top Management Team Composition, and Performance: The Case of Science-Based Entrepreneurial Firms, ENTREPRENEURSHIP THEORY AND PRACTICE, Vol: 35, Pages: 777-803, ISSN: 1042-2587
Spithoven A, Clarysse B, Knockaert M, 2011, Building absorptive capacity to organise inbound open innovation in traditional industries, 19th ISPIM Annual Conference, Publisher: ELSEVIER SCIENCE BV, Pages: 10-21, ISSN: 0166-4972
Bruneel J, Yli-Renko H, Clarysse B, 2010, LEARNING FROM EXPERIENCE AND LEARNING FROM OTHERS: HOW CONGENITAL AND INTERORGANIZATIONAL LEARNING SUBSTITUTE FOR EXPERIENTIAL LEARNING IN YOUNG FIRM INTERNATIONALIZATION, STRATEGIC ENTREPRENEURSHIP JOURNAL, Vol: 4, Pages: 164-182, ISSN: 1932-4391
CLARYSSE B, WRIGHT M, VANDEVELDE E, 2010, Entrepreneurial Origin, Technological Knowledge and the Growth of Spin-off Companies
We contribute to the literature on corporate spin-offs and university spin-offs byexploring how different characteristics in the technological knowledge base at start-upinfluence spin-off performance. We investigate how the technological knowledgecharacteristics endowed at start-up predict growth, taking into account whether theknowledge / technology is transferred from a corporation or university. We use anovel, hand-collected dataset involving 48 corporate and 73 university spin-offs,comprising the population of spin-offs in Flanders during 1991-2002. We findcorporate spin-offs grow most if they start with a specific narrow-focused technologysufficiently distinct from the technical knowledge base of the parent company andwhich is tacit. University spin-offs benefit from a broad technology which istransferred to the spin-off. Novelty of the technical knowledge does not play a role incorporate spin-offs, but has a negative impact in university spin-offs unlessuniversities have an experienced technology transfer office to support the spin-off.
Knockaert M, Clarysse B, Wright M, 2010, The extent and nature of heterogeneity of venture capital selection behaviour in new technology-based firms, R & D MANAGEMENT, Vol: 40, Pages: 357-371, ISSN: 0033-6807
Knockaert M, Spithoven A, Clarysse B, 2010, The knowledge paradox explored: what is impeding the creation of ICT spin-offs?, TECHNOLOGY ANALYSIS & STRATEGIC MANAGEMENT, Vol: 22, Pages: 479-493, ISSN: 0953-7325
Knockaert M, Wright M, Clarysse B, et al., 2010, Agency and similarity effects and the VC's attitude towards academic spin-out investing, JOURNAL OF TECHNOLOGY TRANSFER, Vol: 35, Pages: 567-584, ISSN: 0892-9912
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