Massimo Colombo

Core Faculty | Full Professor

Short Profile outline

Massimo G. Colombo is Full Professor of Innovation Economics, Entrepreneurship and Entrepreneurial Finance. He is the president of the Italian Association of Management Engineering (AiIG), Vice-Dean for Research and Rankings of the School of Management. Prof. Colombo is author (or co-author) of numerous books and articles in journals including Science, the Strategic Management Journal, the Strategic Entrepreneurship Journal, Entrepreneurship Theory & Practice, the Journal of Business Venturing, the Journal of Industrial Economics, Research Policy, Small Business Economics, and many others.


Academic course held at SOM

Entrepreneurial Finance

High-Tech Entrepreneurship

Entrepreneurial Finance

High-Tech Startups: Creating And Scaling Up I

Entrepreneurial Finance

High-Tech Entrepreneurship

High-Tech Startups: Creating And Scaling Up I

Entrepreneurial finance

High-tech entrepreneurship

Economics of innovation

Entrepreneurial finance

Economics of innovation

Entrepreneurial finance

Economics of innovation

Entrepreneurial finance

Economics of innovation

Entrepreneurial finance

Economia del cambiamento tecnologico

High-tech entrepreneurship

Innovation Management and Economics

Innovation Management and Economics

Entrepreneurship and entrepreneurial finance

Innovation management and economics

Innovation economics and management

Innovation economics and management




The main areas of research of Massimo G. Colombo are the following: entrepreneurship and entrepreneurial finance: founders’ characteristics, start-ups’ organization, external financing (venture capital, crowfunding, debt), entrepreneurial ventures’ post-entry performances, policy in support of high-growth entrepreneruail ventures; alliances, acquisitions and open innovation: alliance governance; implementation of high-tech acquisitions; the diffusion of advanced technologies and organizational innovations;

Relevant Publications

Colombo M.G.| Shafi K. (2021), "Receiving external equity following successfully crowdfunded technological projects: an informational mechanism", Small Business Economics, 56, 1507-1529

Colombo M.G.| Foss N.J.| Lyngsie J.| Rossi Lamastra C. (2021), "What drives the delegation of innovation decisions? The roles of firm innovation strategy and the nature of external knowledge", Research Policy, 50

Colombo M.G.| Piva E.| Quas A.| Rossi-Lamastra C. (2021), "Dynamic capabilities and high-tech entrepreneurial ventures’ performance in the aftermath of an environmental jolt", Long Range Planning, 54

Colombo M.G.| Piva E. (2020), "Start-ups launched by recent STEM university graduates: The impact of university education on entrepreneurial entry", Research Policy, 49

Rocco M.V.| Tonini F.| Fumagalli E.M.| Colombo E. (2020), "Electrification pathways for Tanzania: Implications for the economy and the environment", Journal of Cleaner Production, 263

Colombo M.G.| Dagnino G.B.| Lehmann E.E.| Salmador M.P., "The governance of entrepreneurial ecosystems", Small Business Economics, 52, 419-428

Colombo M.G.| Meoli M.| Vismara S., "Signaling in science-based IPOs: The combined effect of affiliation with prestigious universities, underwriters, and venture capitalists", Journal of Business Venturing, 34, 141-177

Bertoni F.| Colombo M.G.| Quas A., "The Role of Governmental Venture Capital in the Venture Capital Ecosystem: An Organizational Ecology Perspective", Entrepreneurship: Theory and Practice, 43, 611-628

Butticè V.| Colombo M.G.| Fumagalli E.| Orsenigo C., "Green oriented crowdfunding campaigns: Their characteristics and diffusion in different institutional settings", Technological Forecasting and Social Change, 141, 85-97

Burton M.D.| Colombo M.G.| Rossi-Lamastra C.| Wasserman N., "The organizational design of entrepreneurial ventures", Strategic Entrepreneurship Journal, 13, 243-255

Block J.H.| Colombo Massimo G. Cumming D.J.| Vismara Sergio, "New players in entrepreneurial finance and why they are there", Small Business Economics, 50, 239-250

Butticè Vincenzo; Colombo Massimo G., "Industry specificity and the effect of internal social capital in rewardbased crowdfunding", Entrepreneurial Ecosystems and the Diffusion of Startups, 93-116

Colombo Massimo G; Rossi-Lamastra Cristina; Wright M., "Accelerators: Insights for a research agenda", Accelerators: Successful Venture Creation and Growth, 188-203

Butticè Vincenzo;Colombo Massimo G.;Wright Mike, "Serial Crowdfunding, Social Capital, and Project Success", ENTREPRENEURSHIP THEORY AND PRACTICE, 41, 183-207

Aghasi Keivan;Colombo Massimo G.;Rossi Lamastra Cristina, "Acquisitions of small high-tech firms as a mechanism for external knowledge sourcing: The integration-autonomy dilemma", TECHNOLOGICAL FORECASTING AND SOCIAL CHANGE, 120, 334-346

Colombo Massimo G.;Von Krogh Georg;Rossi Lamastra Cristina;Stephan Paula, "Organizing for Radical Innovation: Exploring Novel Insights", THE JOURNAL OF PRODUCT INNOVATION MANAGEMENT, 34, 394-405

Colombo Massimo G.;Dagnino Giovanni B.;Lehmann Erik E.;Salmador MariPaz, "The governance of entrepreneurial ecosystems", SMALL BUSINESS ECONOMICS, 1-10

Colombo Massimo G.;Murtinu Samuele, "Venture Capital Investments in Europe and Portfolio Firms' Economic Performance: Independent Versus Corporate Investors", JOURNAL OF ECONOMICS & MANAGEMENT STRATEGY, 26, 35-66

Colombo Massimo G.;Cumming Douglas J.;Mohammadi Ali;Rossi Lamastra Cristina;Wadhwa Anu, "Open business models and venture capital finance", INDUSTRIAL AND CORPORATE CHANGE, 25, 353-370

Colombo Massimo G.;D'Adda Diego;Pirelli Lorenzo H., "The participation of new technology-based firms in EU-funded R&D partnerships: The role of venture capital", RESEARCH POLICY, 45, 361-375

Colombo Massimo G.;Cumming Douglas J.;Vismara Silvio, "Governmental venture capital for innovative young firms", THE JOURNAL OF TECHNOLOGY TRANSFER, 41, 10-24

Colombo Massimo G.;Shafi Kourush, "Swimming with sharks in Europe: When are they dangerous and what can new ventures do to defend themselves?", STRATEGIC MANAGEMENT JOURNAL, 37, 2307-2322

Colombo Massimo G.;Piva Evila;Quas Anita;Rossi Lamastra Cristina, "How high-tech entrepreneurial ventures cope with the global crisis: changes in product innovation and internationalization strategies", INDUSTRY AND INNOVATION, 23, 647-671

Colombo Massimo G.;Franzoni Chiara;Rossi Lamastra Cristina, "Internal social capital and the attraction of early contributions in crowdfunding", ENTREPRENEURSHIP THEORY AND PRACTICE, 39, 75-100

Colombo Massimo G.;Franzoni Chiara;Rossi Lamastra Cristina, "Cash from the crowd", SCIENCE, 348, 1201-1202

Colombo Massimo G.;Doganova L.;Piva Evila;D'Adda Diego;Mustar P., "Hybrid alliances and radical innovation: the performance implications of integrating exploration and exploitation", THE JOURNAL OF TECHNOLOGY TRANSFER, 40, 696-722

Battisti Giuliana;Colombo Massimo G.;Rabbiosi Larissa, "Simultaneous versus sequential complementarity in the adoption of technological and organizational innovations: The case of innovations in the design sphere", INDUSTRIAL AND CORPORATE CHANGE, 24, 345-382

Bertoni Fabio;Colombo Massimo G.;Quas Anita, "The patterns of venture capital investment in Europe", SMALL BUSINESS ECONOMICS, 45, 543-560

Colombo Massimo G.;Croce Annalisa;Murtinu Samuele, "Ownership Structure, Horizontal Agency Costs and the Performance of High-Tech Entrepreneurial Firms", SMALL BUSINESS ECONOMICS (DORDRECHT. ONLINE), 42, 265-282

Colombo Massimo G.;Piva Evila;Rossi Lamastra Cristina, "Open innovation and within-industry diversification in small and medium enterprises: The case of open source software firms", RESEARCH POLICY, 43, 891-902

Colombo Massimo G.;De Massis Alfredo;Piva Evila;Rossi Lamastra Cristina;Wright Mike, "Sales and employment changes in entrepreneurial ventures with family ownership: Empirical evidence from high-tech industries", JOURNAL OF SMALL BUSINESS MANAGEMENT, 52, 226-245

Bonaccorsi A.;Colombo Massimo G.;Guerini Massimiliano;Rossi Lamastra Cristina, "The impact of local and external university knowledge on the creation of knowledge-intensive firms: Evidence from the Italian case", SMALL BUSINESS ECONOMICS, 43, 261-287

Colombo Massimo G.;Rabbiosi Larissa, "Technological similarity, post-acquisition R&D reorganization, and innovation performance in horizontal acquisitions", RESEARCH POLICY, 43, 1039-1054

Colombo Massimo G.;Grilli Luca, "The creation of a middle-management level by entrepreneurial ventures: Testing economic theories of organizational design", JOURNAL OF ECONOMICS & MANAGEMENT STRATEGY, 22, 390-422

Colombo Massimo G.;Piva Evila;Rossi Lamastra Cristina, "Authorizing employees to collaborate with communities during working hours: When is it valuable for firms?", LONG RANGE PLANNING, 46, 236-257

Colombo Massimo G.;Giannangeli S.;Grilli Luca, "Public subsidies and the employment growth of high-tech start-ups: assessing the impact of selective and automatic support schemes", INDUSTRIAL AND CORPORATE CHANGE, 22, 1273-1314

Colombo Massimo G.;Croce Annalisa;Grilli Luca, "ICT services and small businesses' productivity gains: an analysis of the adoption of broadband Internet technology", INFORMATION ECONOMICS AND POLICY, 25, 171-189

Bertoni Fabio;Colombo Massimo G.;Grilli Luca, "Venture capital investor type and the growth mode of new technology-based firms", SMALL BUSINESS ECONOMICS, 40, 527-552

Grants, Awards and Honours

  • Paper selected for the Proceedings of the 2016 Academy of Management Meeting (Best Papers): "Learning-By-Being-Acquired: Post-Acquisition R&D Team Reorganization and Knowledge Transfer"
  • Best paper award, EDIM 2015 conference for the paper “Opportunity Exploitation and TMT’s Organizational Configurations”
  • Best Paper Award, “Uddevalla Symposium 2013” for the paper "The role of geographical, social and cognitive proximity in collaborations between high-tech entrepreneurial ventures and universities"
  • Best Paper Award ‘Runner up’, First international entrepreneurship research AOM exemplars conference, for the paper "What determines the success of crowdfunding projects? The crucial role of early backers"
  • Award of the UAM-Accenture Chair in Economics and Management of Innovation for the paper “The innovation impact of the allocation of decision authority in the acquisition of high-tech start-ups: integrating competence-and resource-based theories with multi-task agency theory”
  • RENT Conference, Bruxelles. Gate2Growth 2006 First Best Paper Award.
  • RENT Conference, Bruxelles. Gate2Growth 2006 Second Best Paper Award for the paper “Venture Capital and the Investments of New Technology Based Firms”

Service to the community

  • President of the Italian Association of Management Engineering (AiIG), 01/01/2017 - to date
  • Deputy Director for Research and Rankings, School of Management, Politecnico di Milano, 01/01/2013 - to date
  • Member of the PhD Board
  • Member of the editorial Team/Board - CERN IdeaSquare Journal of Experimental Innovation
  • Member of the editorial Team/Board - Strategic Entrepreneurship Journal
  • Guest Editor of the Special Issue of the Strategic Entrepreneurship Journal on “Organizational Design of Entrepreneurial Ventures”, with Diane Burton (Cornell University), Cristina Rossi-Lamastra (Politecnico di Milano), Noam Wasserman (Harvard Business School).
  • Editor in Chief - Economia e Politica Industriale – Journal of Business and Industrial Economics
  • Member of the Editorial Board, Entrepreneurship Research Journal
  • Member of the Editorial Board, Journal of Technology Transfer.
  • Member of the Editorial Board, Journal of Business Economics and Management
  • Associate Editor of the Journal of Small Business Management
  • Member of the Advisory Board of CRORA-Università Bocconi
  • "Editor of special issue - European Management Review on “Organizing for external knowledge sourcing”, with Larissa Rabbiosi (Copenhagen Business School) and Toke Reichstein (Copenhagen Business School), published in vol. 8, issue 3"
  • Editor of special issue - Industry and Innovation on “Organizing inter- and intra-firm networks: what is the impact on innovation performance?” with Keld Laursen (Copenhagen Business School), Mats Magnusson (KTE Stockholm), and Cristina Rossi-Lamastra (Politecnico di Milano), published in vol. 18, issue 6
  • Guest Editor of the Special Issue of the Journal of Small Business Management on “Small business and networked innovation: organizational and managerial challenges”, with Keld Laursen (Copenhagen Business School), Mats Magnusson (KTE Stockholm), and Cristina Rossi-Lamastra (Politecnico di Milano), published in vol. 50, issue 2.
  • Guest Editor of the Special Session of the Journal of Technology Transfer on “Going radical: producing and transferring disruptive innovation”, with Chiara Franzoni (Politecnico di Milano) and Reinhilde Veugelers (KU Leuven), published in vol. 40, issue 4.
  • Guest Editor of the Special Issue of the Journal of Product Innovation Management on “Organizing for breakthrough innovation: taking inspiration from the organization of science”, with Cristina Rossi-Lamastra (Politecnico di Milano), Georg von Krogh (ETH Zurich), Paula Stephan (Georgia State University)
  • Guest Editor of the Special Issue of the Small Business Economics on “New trends in entrepreneurial finance”, with Joern H. Block (University of Trier), Douglas J. Cumming (Schulich School of Business), and Silvio Vismara (University of Bergamo)
  • Guest Editor of the Special Issue of the Small Business Economics on “The governance of entrepreneurial ecosystems”, with Giovanni Battista Dagnino (University of Catania), Erik Lehmann (Augsburg University), and Mari-Paz Salmador (Universidad Autónoma de Madrid)
  • Editor of a Special Issue on Entrepreneurship Theory & Practice. Digitization and the Market for Entrepreneurial Finance Co-Editors: Fabio Bertoni, Stefano Bonini, Vincenzo Capizzi, Massimo Colombo, Mike Wright, & Sophie Manigart.

Accreditations, Rankings & Memberships