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Does Exposure to University Research Make a Difference? Evidence from Europe

Does Exposure to University Research Make a Difference? Evidence from Europe. YannisCaloghirou National Technical University of Athens AimiliaProtogerou National Technical University of Athens Nicholas S. Vonortas George Washington University

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Does Exposure to University Research Make a Difference? Evidence from Europe

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  1. Does Exposure to University Research Make a Difference?Evidence from Europe YannisCaloghirou National Technical University of Athens AimiliaProtogerou National Technical University of Athens Nicholas S. Vonortas George Washington University Workshop on Academic Entrepreneurship and Economic Development Basque Institute of Competitiveness San Sebastian, Spain, September 8-9, 2011

  2. Definitions • Types of academic entrepreneurship: narrow definition, broader definition • We adopt a broader definition based on company founders with prior exposure to academic research (Ph.D. holders) • Examine new ventures created by Ph.D. holders as a form of Knowledge-Intensive Entrepreneurship.

  3. Research question • Do new ventures founded by persons who have been previously exposed to academic research differ in behaviour and structure from other KIE ventures? Our conjecture is that exposure of company founders to university research affects entrepreneurial incentives and behavior in ways that reflect higher levels of creation and use of scientific and technological knowledge and market niche specialization.

  4. Data AEGIS survey data on : • 4004 newly established firms (2001-2007) • Ten European countries - France, Germany, Italy, United Kingdom - Denmark, Sweden - Czech Republic, Greece, Portugal - Croatia • 18 sectors in three broad sector groups - High and medium-high tech manufacturing - Medium-low and low tech manufacturing - Knowledge-intensive services

  5. Sample Characteristics

  6. Firms employing university graduates per sector group

  7. Firms employingPh.D holders

  8. Firms employingPh.D holdersper sector group

  9. Factors affecting firm formation

  10. Funding sources

  11. Average percentage of funding

  12. Factors for creating and sustaining competitive advantage

  13. Main strategy

  14. Sources of knowledge

  15. Introduction of innovations past 3 years

  16. Innovation per sector group

  17. Preliminary Conclusions • At first look, young European companies whose founders have been exposed to academic research indicate, in the aggregate, a fair degree of similarity in behaviour to those whose founders have not had the same exposure. • Important similarities between the two groups of companies include: - Market focus and offering novel products or services are the critical factors for creating and sustaining competitive advantage; - Main company strategy is to offer unique products and services followed at some distance by exploiting new market niches; - Clients are the most important source of knowledge.

  18. Preliminary Conclusions • More careful cross-examination reveals for the former group of firms (Ph.D. founders) a picture of: • Higher knowledge intensity and innovativeness, • Increased awareness of intellectual property protection, • Higher dependence on internal R&D and external networks as sources of knowledge, • Extensive dependence on university graduates and post graduates as employees • More reliance on venture capital funding (risk-taking)

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