In this paper, we study which VC firm and investment manager related factors drive the VC’s attitude towards academic spin-out investing by taking an agency and human capital perspective. In order to do so, we use a unique hand-collected dataset involving 68 investment managers working at...

This study examines the selection behaviour of 68 European early stage high tech VCs. In particular, we examine whether or not these VCs exhibit heterogeneity in their selection behaviour. To examine these issues we employ a conjoint analysis methodology. Our results indicate that VCs exhibit...

The increased pressure put on public research institutes to commercialize their research results has given rise to an increased academic interest in technology transfer in general and science based entrepreneurial firms specifically. By building on innovation speed and knowledge literatures,...

This paper explores the different incubation strategies for spinning-out companies employed by European Research Institutions. More specifically we focus on two central questions: (i) What differences or similarities are there in the goals and objectives of the Research Institutions for creating...

Over the last decades, venture capital investment management has considerably become interested in high-tech investing. Despite this higher interest, no clear analysis exists of who these high-tech VCs are, and how they differ from traditional VCs. Studying selection behaviour of VCs using a...

The discussion on open innovation suggests that the ability to absorb external knowledge has become a major driver for competition. In the case of inbound open innovation, companies screen their environment to search for the appropriate technology and knowledge and do not exclusively rely on...

Employing a risk perception perspective, this paper studies the link between the investment manager’s human capital and his or her attitude towards the appropriability regime in the business proposal, and more specifically whether or not the technology is patent protected. Even though many...

Empirical results on the relationship between uncertainty and interfirm cooperation are conflicting. To address this puzzle, we distinguish between two different sources of uncertainty: primary and behavioral uncertainty. We hypothesize that the effect of primary uncertainty on interfirm...

While one stream of research in partner selection has emphasized stability in a firm’s social network, another stream has emphasized the need to expand a firm’s network. In order to reconcile these two perspectives, we explore transaction, partner and macro conditions that lead firms to work...

We examine the neglected area of internationalisation by VCs. Using a representative sample of 195 VCs, we show that the decision of a European VC firm to invest internationally is driven by its human resources. Having more VC executives in general and more VC executives with previous...