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Nurture or nature?: the growth paradox of research-based spin-offs

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Abstract
This study explores the effect of institutional origin ('nurture') and economic context ('nature') on the financial resource endowment and subsequent early employment growth of research-based spin-offs (RBSOs). The nurture dimensions capture the relationship between the parent research institution and the RBSO during the start-up phase: the type of incubation model, the formal vs informal transfer of technology and the extent of inventors' involvement with the firm. The nature dimensions include the technology domain in which the RBSO operates and the complexity of the sales process. Using a unique dataset of RBSOs in Flanders (N = 85, representing 75% of the population), our analysis shows that the financial resource endowment, is predicted by both institutional origin (nurture) dimensions and economic context ones (nature). Initial capital in turn, is a key driver of subsequent employment growth of RBSOs.
Keywords
PERFORMANCE, CAPABILITIES, IRON CAGE, UNITED-STATES, INSTITUTIONAL CHANGE, COMPETITIVE ADVANTAGE, TECHNOLOGY-TRANSFER, START-UPS, VENTURES, ENTREPRENEURSHIP, research-based spin-offs, growth

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Chicago
Zerbinati, Stefania, Vangelis Souitaris, and Nathalie Moray. 2012. “Nurture or Nature?: The Growth Paradox of Research-based Spin-offs.” Technology Analysis & Strategic Management 24 (1): 21–35.
APA
Zerbinati, S., Souitaris, V., & Moray, N. (2012). Nurture or nature?: the growth paradox of research-based spin-offs. TECHNOLOGY ANALYSIS & STRATEGIC MANAGEMENT, 24(1), 21–35.
Vancouver
1.
Zerbinati S, Souitaris V, Moray N. Nurture or nature?: the growth paradox of research-based spin-offs. TECHNOLOGY ANALYSIS & STRATEGIC MANAGEMENT. 2012;24(1):21–35.
MLA
Zerbinati, Stefania, Vangelis Souitaris, and Nathalie Moray. “Nurture or Nature?: The Growth Paradox of Research-based Spin-offs.” TECHNOLOGY ANALYSIS & STRATEGIC MANAGEMENT 24.1 (2012): 21–35. Print.
@article{1857595,
  abstract     = {This study explores the effect of institutional origin ('nurture') and economic context ('nature') on the financial resource endowment and subsequent early employment growth of research-based spin-offs (RBSOs). The nurture dimensions capture the relationship between the parent research institution and the RBSO during the start-up phase: the type of incubation model, the formal vs informal transfer of technology and the extent of inventors' involvement with the firm. The nature dimensions include the technology domain in which the RBSO operates and the complexity of the sales process. Using a unique dataset of RBSOs in Flanders (N = 85, representing 75\% of the population), our analysis shows that the financial resource endowment, is predicted by both institutional origin (nurture) dimensions and economic context ones (nature). Initial capital in turn, is a key driver of subsequent employment growth of RBSOs.},
  author       = {Zerbinati, Stefania and Souitaris, Vangelis and Moray, Nathalie},
  issn         = {0953-7325},
  journal      = {TECHNOLOGY ANALYSIS \& STRATEGIC MANAGEMENT},
  keyword      = {PERFORMANCE,CAPABILITIES,IRON CAGE,UNITED-STATES,INSTITUTIONAL CHANGE,COMPETITIVE ADVANTAGE,TECHNOLOGY-TRANSFER,START-UPS,VENTURES,ENTREPRENEURSHIP,research-based spin-offs,growth},
  language     = {eng},
  number       = {1},
  pages        = {21--35},
  title        = {Nurture or nature?: the growth paradox of research-based spin-offs},
  url          = {http://dx.doi.org/10.1080/09537325.2012.643558},
  volume       = {24},
  year         = {2012},
}

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