We present a model of science-based entrepreneurship where ideas initially produced by researchers with scientific knowledge capital may be developed by high-ability entrepreneurs. With moderate verification costs, startups continuously managed by inventors-founders coexist in equilibrium with...

We present a model of science-based entrepreneurship where ideas initially produced by researchers with high-level knowledge capital may be developed by high-ability entrepreneurs. With moderate investment costs, startups continuously managed by inventors-founders coexist in equilibrium with...

This paper studies the firm's decisions on in-house R&D and its procurement from outside through commissioned R&D, joint R&D, and technology acquisitions (i.e., licensing-in). Using the data about 14,000 manufacturing firms in Japan, we estimate a modified double-hurdle model in which the first...

Using an original data set of start-up firms in Japan, this paper investigates whether post-entry performance differs between start-up firms, according to the source of finance. In particular, the difference among firms that used entrepreneur' s own savings (insider finance), bank borrowing, and...

This paper investigates whether post-entry performance differs between start-up firms, according to the source of finance. In particular, the relationship between the use of external equity and performance is focused upon. Using an original data set of start-up firms in Japan, we examine the...

Using an original data set of start-up firms in Japan, this paper investigates whether post-entry performance differs between start-up firms, according to the source of finance. In particular, the difference among firms that used entrepreneur' s own savings (insider finance), bank borrowing, and...

This article examines whether founders’ human capital affects not only actual investment but also required investment in research and development (R&D), using the original data of Japanese start-up firms. The estimation results indicate that higher levels of founders’ human capital,...

Using a sample from an original questionnaire survey in Japan, this paper explores whether and how founders’ human capital affects innovation outcomes by start-ups. The results provide evidence that founders with greater human capital are more likely to yield innovation outcome. However,...