Daniela Defazio
University of Bath, UK

Abstract:

This study analyzes the decision of academic inventors to exploit an academic invention via new firm creation. Building on social learning theory we argue that academic inventors’ decision to engage in new firm creation follows a process of selective mimetic behaviour. In particular, academic inventors’ decision to create a spin-off will be influenced not only by their peers’ entrepreneurial behaviour, but also by their success. The empirical analysis employs a sample of 1061 inventions and 3780 inventors affiliated to the Max Planck Society in Germany (MP). We follow MP academics’ inventive activity from 1980 until 2003, and identify for each inventor: his co-inventors’ network, and spin-off experience over time. Moroever, we identify which of the spun-offs inventions were able to mobilise venture capital funding. Usign this information we predict the hazard of spin-off formation as dependent on peers’ behaviour and their success over time. Our results show that the decision to spin-off an invention is more likely emerge when inventors had established ties with inventors that were “successful” in mobilising resources for their academic spin-off. Our results suggest that academics are likely to follow their peers’ entrepreneurial model if it is associated with a successful performance.

Daniela Defazio is assistant professor at the School of Management of the University of Bath, United Kingdom. She holds a PhD in Economics and Management of Technology from the University of Bergamo, Italy.

Please click here to register.

Venue
Department of Management, Economics and Industrial Engineering
Building B26/B – Room 0.2 – ground floor
Via Lambruschini 4/B, Milano