Origins and Outcomes: The Roles of Spin-Off Founders and Intellectual Property in High-Technology Venture Outcomes
研究了学术、企业和政府衍生企业以及初创企业在停业、收购、清算、破产、风险投资和政府创新资助等结果上的差异，发现创始背景和知识产权影响企业结果。
Spin-off firms originate from several sources including universities, existing firms, and government research centers. Thus far, work on spin-off activity has focused on factors that influence the creation and performance of corporate spin-offs, with recent attention turning to those from universities. Spin-offs from government laboratories and research centers have largely been overlooked. Additionally, little work has compared the outcomes of different spin-off types. Using a database of all nanotechnology firms founded between 1981 and 2002, this study examines academic, corporate, and government spin-offs as well as other start-ups across five outcomes including firm cessation, acquisition, liquidation, bankruptcy, venture capital, and government small business innovation funding. The data show that lineage, both in terms of intellectual property and founder background, does influence outcomes; however, each type of firm origin has provocative distinctions. These findings unpack the categorization of spin-off firms to clarify the role of early knowledge transfer mechanisms and initial resource portfolios. Implications for the study of microfoundations of entrepreneurship are discussed.