This paper empirically explores the determinants that are important for the creation of science-based spin-offs. We propose a model in which human capital, technology-based and institutional determinants affect the spin-off creation process. The data are drawn from the BioPartner First Stage Grant, a seed fund to stimulate academic spin-offs in the Life Sciences. The unique data set covers 68 Life Sciences spin-off projects. This study explores the determinants of success of these spin-offs in three subsequent stages of the spin-off creation process and for the overall process. Empirical evidence shows that an externally attracted CEO positively influences the spin-off creation and leverages the effect of the spin-offs scientific quality. Furthermore, we find evidence for the role of product potential, IP position and industry experience which vary during the spin-off creation process. Finally, we discuss managerial and policy implications.
|Journal||International journal of entrepreneurship and small business|
|Publication status||Published - 2010|
- life sciences
- spin-off creation
- academic entrepreneurship
- academic spin-offs
- The Netherlands