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University spinoffs and the "performance premium"
Czarnitzki, Dirk
;
Rammer, Christian
;
Toole, Andrew A.
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URL:
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https://ub-madoc.bib.uni-mannheim.de/33011
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URN:
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urn:nbn:de:bsz:180-madoc-330119
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Dokumenttyp:
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Arbeitspapier
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Erscheinungsjahr:
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2013
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Titel einer Zeitschrift oder einer Reihe:
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ZEW Discussion Papers
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Band/Volume:
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13-004
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Ort der Veröffentlichung:
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Mannheim
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Sprache der Veröffentlichung:
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Englisch
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Einrichtung:
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Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
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MADOC-Schriftenreihe:
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Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
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Fachgebiet:
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330 Wirtschaft
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Fachklassifikation:
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JEL:
L25 , L26 , J24,
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Normierte Schlagwörter (SWD):
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394681967
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Freie Schlagwörter (Englisch):
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Academic entrepreneurship , startups , firm performance , technology transfer , open science , university spinoff policy , human capital , social capital
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Abstract:
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The creation of spinoff 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” spinoffs like industry startups. However, when
university spinoffs involve an employment transition by a researcher out of the
not-for-profit sector, the creation of a university spinoff is likely to impose a
higher social cost than the creation of an industry startup. To offset this higher
social cost, university spinoffs must produce a larger stream of social benefits than
industry startups, a performance premium. This paper outlines the arguments 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 startup companies. We find that university
spinoffs exhibit a performance premium of 3.4 percentage points higher
employment growth over industry startups. The analysis also shows that the
performance premium varies across types of academic entrepreneurs and
founders’ academic disciplines.
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