Title: Exploring determinants of life sciences spin-off creation: empirical evidence from the Netherlands

Authors: Marianne Van der Steen, Roland Ortt, Victor Scholten

Addresses: Entrepreneurship Group (Nikos), School of Management and Governance, Twente University, Postbus 217, 7500 AE, Enschede, The Netherlands. ' Department of Technology, Strategy and Entrepreneurship, Faculty of Technology, Policy and Management, Delft University of Technology, Jaffalaan 5, 2628BX, Delft, The Netherlands. ' Department of Technology, Strategy and Entrepreneurship, Faculty of Technology, Policy and Management, Delft University of Technology, Jaffalaan 5, 2628BX, Delft, The Netherlands

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.

Keywords: academic spin-offs; life sciences; spin-off creation; The Netherlands; academic entrepreneurship.

DOI: 10.1504/IJESB.2010.033047

International Journal of Entrepreneurship and Small Business, 2010 Vol.10 No.1, pp.30 - 48

Published online: 07 May 2010 *

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