Liquidity events and VC-backed academic spin-offs: The role of search alliances

Johan Bruneel (Corresponding author), Bart Clarysse, Annelies S.A. Bobelyn, Mike Wright

Research output: Contribution to journalArticleAcademicpeer-review

10 Citations (Scopus)

Abstract

Despite the emergent importance of liquidity events (IPOs and trade sales) as performance indicators for VC-backed academic spin-offs, empirical research on the drivers of liquidity events relating to such spin-offs has been limited. In adopting a search perspective, we analyze how different alliance types impact on VC-backed academic spin-offs’ chances of realizing a liquidity event. We find that market search alliances increase a spin-off's likelihood of a liquidity event, whereas technology search alliances reduce this likelihood. However, the latter effect is mitigated when the spin-off has a founding team with prior market experience. We explore the implications for practice and policy of the development and success of VC-backed academic spin-offs.
Original languageEnglish
Article number104035
Number of pages13
JournalResearch Policy
Volume49
Issue number10
DOIs
Publication statusPublished - Dec 2020

Keywords

  • Academic spin-offs
  • Alliances
  • Liquidity event
  • Search

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