Exploring determinants of life sciences spin-off creation: empirical evidence from the Netherlands Online publication date: Fri, 07-May-2010
by Marianne Van der Steen, Roland Ortt, Victor Scholten
International Journal of Entrepreneurship and Small Business (IJESB), Vol. 10, No. 1, 2010
Abstract: This paper empirically explores the important determinants for the creation of science-based spin-offs. We propose a model in which human capital, technology-based determinants 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 phases of the spin-off creation process and for the overall process. Empirical evidence shows that an attracting an experienced CEO into the venture 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, Intellectual Property (IP) position and industry experience, which vary during the spin-off creation process. Finally, we discuss managerial and policy implications.
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