IDEAS home Printed from https://ideas.repec.org/a/eee/tefoso/v120y2017icp130-143.html
   My bibliography  Save this article

Innovation search dynamics in new domains: An exploratory study of academic founders' search for funding in the biotechnology industry

Author

Listed:
  • Cohen, Susan K.
  • Munshi, Natasha V.

Abstract

Previous studies have emphasized the role of experience in shaping the mental models and theories that guide search, but offered minimal insight into how individuals navigate domains for which their experience provides no problem-relevant schemata. To explore how search unfolds in such new domains (ND), we study first time academic founders' quest for early-stage funding, a critical step in the innovation process. We observe that these founders differentially recombine institutional, intellectual, social, and spatial facets of their OD (academic research) knowledge to search in the ND (funding a nascent business venture). We identify four distinctive recombinative patterns of OD knowledge facets, and propose that these are associated with differences in the founders' orientation to the ND, a reflection of their agenda for, and intellectual and affective engagement with the entrepreneurial endeavor in general and particularly their search for funding. We propose that ND orientation influences how individuals rely upon OD knowledge facets to anchor and filter their ND search. We extend the literature on innovation search dynamics by concurrently addressing how individuals recombine OD knowledge in a ND search and proposing ND orientation as a reason why individuals might do so differentially. (192)

Suggested Citation

  • Cohen, Susan K. & Munshi, Natasha V., 2017. "Innovation search dynamics in new domains: An exploratory study of academic founders' search for funding in the biotechnology industry," Technological Forecasting and Social Change, Elsevier, vol. 120(C), pages 130-143.
    • Handle: RePEc:eee:tefoso:v:120:y:2017:i:c:p:130-143
    DOI: 10.1016/j.techfore.2016.12.018
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0040162517300070
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.techfore.2016.12.018?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Gaurab Bhardwaj & John C. Camillus & David A. Hounshell, 2006. "Continual Corporate Entrepreneurial Search for Long-Term Growth," Management Science, INFORMS, vol. 52(2), pages 248-261, February.
    2. Mary Tripsas & Giovanni Gavetti, 2000. "Capabilities, cognition, and inertia: evidence from digital imaging," Strategic Management Journal, Wiley Blackwell, vol. 21(10‐11), pages 1147-1161, October.
    3. Lowell W. Busenitz & James O. Fiet & Douglas D. Moesel, 2005. "Signaling in Venture Capitalist—New Venture Team Funding Decisions: Does it Indicate Long–Term Venture Outcomes?," Entrepreneurship Theory and Practice, , vol. 29(1), pages 1-12, January.
    4. Murray, Fiona, 2002. "Innovation as co-evolution of scientific and technological networks: exploring tissue engineering," Research Policy, Elsevier, vol. 31(8-9), pages 1389-1403, December.
    5. Gersick, Connie J. G. & Hackman, J. Richard, 1990. "Habitual routines in task-performing groups," Organizational Behavior and Human Decision Processes, Elsevier, vol. 47(1), pages 65-97, October.
    6. Jeffrey G. Covin & Kimberly M. Green & Dennis P. Slevin, 2006. "Strategic Process Effects on the Entrepreneurial Orientation–Sales Growth Rate Relationship," Entrepreneurship Theory and Practice, , vol. 30(1), pages 57-81, January.
    7. M. Lourdes Sosa, 2009. "Application-Specific R& D Capabilities and the Advantage of Incumbents: Evidence from the Anticancer Drug Market," Management Science, INFORMS, vol. 55(8), pages 1409-1422, August.
    8. Yan Zhang & Haiyang Li, 2010. "Innovation search of new ventures in a technology cluster: the role of ties with service intermediaries," Strategic Management Journal, Wiley Blackwell, vol. 31(1), pages 88-109, January.
    9. James O. Fiet, 2007. "A Prescriptive Analysis of Search and Discovery," Journal of Management Studies, Wiley Blackwell, vol. 44(4), pages 592-611, June.
    10. Giovanni Gavetti, 2005. "Cognition and Hierarchy: Rethinking the Microfoundations of Capabilities’ Development," Organization Science, INFORMS, vol. 16(6), pages 599-617, December.
    11. Arthur, W. Brian, 2007. "The structure of invention," Research Policy, Elsevier, vol. 36(2), pages 274-287, March.
    12. Levinthal, Daniel & March, James G., 1981. "A model of adaptive organizational search," Journal of Economic Behavior & Organization, Elsevier, vol. 2(4), pages 307-333, December.
    13. Scott Shane, 2000. "Prior Knowledge and the Discovery of Entrepreneurial Opportunities," Organization Science, INFORMS, vol. 11(4), pages 448-469, August.
    14. Antonio Messeni Petruzzelli & Tommaso Savino, 2015. "Reinterpreting Tradition to Innovate: The Case of Italian Haute Cuisine," Industry and Innovation, Taylor & Francis Journals, vol. 22(8), pages 677-702, November.
    15. Lee Fleming, 2001. "Recombinant Uncertainty in Technological Search," Management Science, INFORMS, vol. 47(1), pages 117-132, January.
    16. Mary J. Benner & Mary Tripsas, 2012. "The influence of prior industry affiliation on framing in nascent industries: the evolution of digital cameras," Strategic Management Journal, Wiley Blackwell, vol. 33(3), pages 277-302, March.
    17. Lopez-Vega, Henry & Tell, Fredrik & Vanhaverbeke, Wim, 2016. "Where and how to search? Search paths in open innovation," Research Policy, Elsevier, vol. 45(1), pages 125-136.
    18. Clarysse, Bart & Wright, Mike & Lockett, Andy & Van de Velde, Els & Vohora, Ajay, 2005. "Spinning out new ventures: a typology of incubation strategies from European research institutions," Journal of Business Venturing, Elsevier, vol. 20(2), pages 183-216, March.
    19. Daniel A. Levinthal & James G. March, 1993. "The myopia of learning," Strategic Management Journal, Wiley Blackwell, vol. 14(S2), pages 95-112, December.
    20. Scott Shane & Daniel Cable, 2002. "Network Ties, Reputation, and the Financing of New Ventures," Management Science, INFORMS, vol. 48(3), pages 364-381, March.
    21. Maggitti, Patrick G. & Smith, Ken G. & Katila, Riitta, 2013. "The complex search process of invention," Research Policy, Elsevier, vol. 42(1), pages 90-100.
    22. Hoang, Ha & Gimeno, Javier, 2010. "Becoming a founder: How founder role identity affects entrepreneurial transitions and persistence in founding," Journal of Business Venturing, Elsevier, vol. 25(1), pages 41-53, January.
    23. Atul Nerkar, 2003. "Old Is Gold? The Value of Temporal Exploration in the Creation of New Knowledge," Management Science, INFORMS, vol. 49(2), pages 211-229, February.
    24. Giovanni Gavetti & Jan W. Rivkin, 2007. "On the Origin of Strategy: Action and Cognition over Time," Organization Science, INFORMS, vol. 18(3), pages 420-439, June.
    25. Francesco Paolo Appio & Antonella Martini & Antonio Messeni Petruzzelli & Paolo Neirotti & Bart van Looy, 2017. "Search mechanisms and innovation: An analysis across multiple perspectives," Post-Print halshs-02292314, HAL.
    26. Jain, Sanjay & George, Gerard & Maltarich, Mark, 2009. "Academics or entrepreneurs? Investigating role identity modification of university scientists involved in commercialization activity," Research Policy, Elsevier, vol. 38(6), pages 922-935, July.
    27. Stuart, Toby & Sorenson, Olav, 2003. "The geography of opportunity: spatial heterogeneity in founding rates and the performance of biotechnology firms," Research Policy, Elsevier, vol. 32(2), pages 229-253, February.
    28. Marc Gruber & Dietmar Harhoff & Karin Hoisl, 2013. "Knowledge Recombination Across Technological Boundaries: Scientists vs. Engineers," Management Science, INFORMS, vol. 59(4), pages 837-851, April.
    29. Zucker, Lynne G & Darby, Michael R & Brewer, Marilynn B, 1998. "Intellectual Human Capital and the Birth of U.S. Biotechnology Enterprises," American Economic Review, American Economic Association, vol. 88(1), pages 290-306, March.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Tagliazucchi, Giulia & Marchi, Gianluca & Balboni, Bernardo, 2021. "A nonlinear relationship between the team composition and performance in university spin-offs," Technological Forecasting and Social Change, Elsevier, vol. 172(C).
    2. O'Kane, Conor & Mangematin, Vincent & Zhang, Jing A. & Cunningham, James A., 2020. "How university-based principal investigators shape a hybrid role identity," Technological Forecasting and Social Change, Elsevier, vol. 159(C).
    3. Romasanta, Angelo K.S. & van der Sijde, Peter & de Esch, Iwan J.P., 2022. "Absorbing knowledge from an emerging field: The role of interfacing by proponents in big pharma," Technovation, Elsevier, vol. 110(C).
    4. Gurău, Călin & Dana, Leo-Paul, 2020. "Financing paths, firms’ governance and corporate entrepreneurship: Accessing and applying operant and operand resources in biotechnology firms," Technological Forecasting and Social Change, Elsevier, vol. 153(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Samuel C MacAulay & John Steen & Tim Kastelle, 2020. "The search environment is not (always) benign: reassessing the risks of organizational search," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 29(1), pages 1-23.
    2. Quentin Plantec & Pascal Le Masson & Benoit Weil, 2020. "Impact of knowledge search practices on the originality of inventions: a study in the oil & gas industry," Post-Print hal-02613665, HAL.
    3. Amit Jain & Will Mitchell, 2022. "Specialization as a double‐edged sword: The relationship of scientist specialization with R&D productivity and impact following collaborator change," Strategic Management Journal, Wiley Blackwell, vol. 43(5), pages 986-1024, May.
    4. Yuchen Zhang & Wei Yang, 2022. "Breakthrough invention and problem complexity: Evidence from a quasi‐experiment," Strategic Management Journal, Wiley Blackwell, vol. 43(12), pages 2510-2544, December.
    5. Turanay Caner & Susan K. Cohen & Frits Pil, 2017. "Firm heterogeneity in complex problem solving: A knowledge-based look at invention," Strategic Management Journal, Wiley Blackwell, vol. 38(9), pages 1791-1811, September.
    6. Chila, Vilma, 2021. "Knowledge dynamics in employee entrepreneurship : Implications for parents and offspring," Other publications TiSEM a1f5d18c-783b-4af6-8414-6, Tilburg University, School of Economics and Management.
    7. Lien Denoo & Anneleen Van Boxstael & Andrea Belz, 2024. "Help, I need somebody! Business and technology advisors in emerging science-based ventures at American universities," The Journal of Technology Transfer, Springer, vol. 49(5), pages 1567-1605, October.
    8. Plantec, Quentin & Le Masson, Pascal & Weil, Benoît, 2021. "Impact of knowledge search practices on the originality of inventions: A study in the oil & gas industry through dynamic patent analysis," Technological Forecasting and Social Change, Elsevier, vol. 168(C).
    9. Peeters, T.J.G., 2013. "External knowledge search and use in new product development," Other publications TiSEM 300ebb34-b090-4210-b95e-f, Tilburg University, School of Economics and Management.
    10. Jatinder S. Sidhu & Harry R. Commandeur & Henk W. Volberda, 2007. "The Multifaceted Nature of Exploration and Exploitation: Value of Supply, Demand, and Spatial Search for Innovation," Organization Science, INFORMS, vol. 18(1), pages 20-38, February.
    11. Zakaryan, Arusyak, 2023. "Organizational knowledge networks, search and exploratory invention," Technovation, Elsevier, vol. 122(C).
    12. Leone, Maria Isabella & Messeni Petruzzelli, Antonio & Natalicchio, Angelo, 2022. "Boundary spanning through external technology acquisition: The moderating role of star scientists and upstream alliances," Technovation, Elsevier, vol. 116(C).
    13. Joshua S. Gans & Michael Kearney & Erin L. Scott & Scott Stern, 2021. "Choosing Technology: An Entrepreneurial Strategy Approach," Strategy Science, INFORMS, vol. 6(1), pages 39-53, March.
    14. Xiao, Fenglong & Shen, Yinjie, 2024. "Wolves at the door to the unknown: Innovation search and hedge fund activism," Research Policy, Elsevier, vol. 53(2).
    15. Zhao, Shengchao & Zeng, Deming & Li, Jian & Feng, Ke & Wang, Yao, 2023. "Quantity or quality: The roles of technology and science convergence on firm innovation performance," Technovation, Elsevier, vol. 126(C).
    16. Dirk Martignoni & Anoop Menon & Nicolaj Siggelkow, 2016. "Consequences of misspecified mental models: Contrasting effects and the role of cognitive fit," Strategic Management Journal, Wiley Blackwell, vol. 37(13), pages 2545-2568, December.
    17. Wang, Fang, 2024. "Does the recombination of distant scientific knowledge generate valuable inventions? An analysis of pharmaceutical patents," Technovation, Elsevier, vol. 130(C).
    18. Donal Crilly & Pamela Sloan, 2014. "Autonomy or Control? Organizational Architecture and Corporate Attention to Stakeholders," Organization Science, INFORMS, vol. 25(2), pages 339-355, April.
    19. Yuan, Chun & Xue, Doudou & He, Xin, 2021. "A balancing strategy for ambidextrous learning, dynamic capabilities, and business model design, the opposite moderating effects of environmental dynamism," Technovation, Elsevier, vol. 103(C).
    20. Gilsing, V.A. & van Burg, E. & Romme, A.G.L., 2010. "Policy principles for the creation and success of corporate and academic spin-offs," Other publications TiSEM 4f828c53-0ac2-4ea7-9f90-4, Tilburg University, School of Economics and Management.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:tefoso:v:120:y:2017:i:c:p:130-143. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.sciencedirect.com/science/journal/00401625 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.