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 language | English |
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Article number | 104035 |
Number of pages | 13 |
Journal | Research Policy |
Volume | 49 |
Issue number | 10 |
DOIs | |
Publication status | Published - Dec 2020 |
Keywords
- Academic spin-offs
- Alliances
- Liquidity event
- Search