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Growth factors of research-based spin-offs and the role of venture capital investing

机译：研究衍生产品的增长因素和风险投资的作用

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摘要

Using a proprietary dataset of 98 German research-based spin-offs (RBSOs) founded between 1997 and 2012, we assess which firm-specific and system-inherent factors are decisive for the spin-offs' growth drawing on the resource-based view. Specifically, we aim to evaluate whether venture capital-backed RBSOs outperform non venture capital-backed RBSOs and whether a performance difference is explained by venture capitalists' scouting or coaching capabilities. Our empirical findings detect that a homogeneous educational background of the academic entrepreneurs is positively associated with RBSO growth. A training provided by the parent research organization intended to develop entrepreneurial skills and to establish a network to outside professionals as well as the commercialization of a novel technology have a positive impact on firm growth. Concerning the involvement of venture capitalists, venture capital-backed RBSOs show a superior employment and revenue growth compared to non-venture capital-backed RBSOs. Our results support the view that this superior performance is attributed to venture capitalists' coaching rather than their scouting capabilities.
机译：我们使用1997年至2012年间建立的98个德国基于研究的衍生产品（RBSO）的专有数据集，基于资源的观点来评估哪些公司特定因素和系统固有因素对衍生产品的增长具有决定性作用。具体而言，我们旨在评估由风险资本支持的RBSO是否优于非风险资本支持的RBSO，以及绩效差异是否由风险资本家的侦查能力或指导能力来解释。我们的经验发现发现，学术企业家的同质教育背景与RBSO的增长呈正相关。母公司研究机构提供的培训旨在发展企业家技能并建立与外部专业人士的网络以及新技术的商业化对公司成长具有积极影响。关于风险资本家的参与，与非风险资本支持的RBSO相比，风险资本支持的RBSO显示出更好的就业和收入增长。我们的结果支持这样一种观点，即这种出色的表现应归功于风险资本家的指导，而不是他们的侦查能力。

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