Liquidity events and VC-backed academic spin-offs: The role of search alliances

被引：11

作者：

Bruneel, Johan ^{[1
,2
,3
]}

Clarysse, Bart ^{[4
]}

Bobelyn, Annelies ^{[5
]}

Wright, Mike ^{[1
,2
,3
,4
,5
]}

机构：

[1] IESEG, Sch Management, Rue Digue 3, F-59000 Lille, France

[2] LEM CNRS 9221, Rue Digue 3, F-59000 Lille, France

[3] Katholieke Univ Leuven, E Sabbelaan 53, B-8500 Kortrijk, Belgium

[4] Swiss Fed Inst Technol, Weinbergstr 56-58, CH-8092 Zurich, Switzerland

[5] Tech Univ Eindhoven, NL-5612 AZ Eindhoven, Netherlands

来源：

RESEARCH POLICY | 2020年 / 49卷 / 10期

关键词：

Liquidity event; Academic spin-offs; Alliances; Search; FIRM PERFORMANCE; PRIOR KNOWLEDGE; MARKET; INNOVATION; ACQUISITION; CREATION; TIME; EXPLOITATION; EXPLORATION; PORTFOLIOS;

D O I：

10.1016/j.respol.2020.104035

中图分类号：

C93 [管理学];

学科分类号：

12 ; 1201 ; 1202 ; 120202 ;

摘要：

Despite the emergent importance of liquidity events (IPOs and trade sales) as performance indicators for VC-backed academic spin-offs, empirical research on the drivers of liquidity events relating to such spin-offs has been limited. In adopting a search perspective, we analyze how different alliance types impact on VC-backed academic spin-offs' chances of realizing a liquidity event. We find that market search alliances increase a spinoff's likelihood of a liquidity event, whereas technology search alliances reduce this likelihood. However, the latter effect is mitigated when the spin-off has a founding team with prior market experience. We explore the implications for practice and policy of the development and success of VC-backed academic spin-offs.

引用

页数：13

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