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Growth Inhibitors Of Entrepreneurial Academic Spin-Offs: The Case Of Finnish Biotechnology

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  • ANTTI-JUSSI TAHVANAINEN

    (ETLA The Research Institute of the Finnish Economy, Lönnrotinkatu 4 B, FIN-00120 Helsinki, Finland)

Abstract

This study compares Finnish biotechnology SMEs founded by the academic originators of the underlying basic research projects with biotechnology companies of other origins. The comparison facilitates the identification of factors affecting the prosperity of these "academic spin-offs" as a business. Results indicate several inhibitors of growth: Academic spin-offs lack market-orientation and commercial skills, the traditional perception of the academia's detached role within society aggravates the recruitment of skilled labour, and Finland's equity markets are underdeveloped with new seed capital being next to unavailable, as private and foreign venture capitalists invest primarily in companies being already very close to the markets.

Suggested Citation

  • Antti-Jussi Tahvanainen, 2004. "Growth Inhibitors Of Entrepreneurial Academic Spin-Offs: The Case Of Finnish Biotechnology," International Journal of Innovation and Technology Management (IJITM), World Scientific Publishing Co. Pte. Ltd., vol. 1(04), pages 455-475.
    • Handle: RePEc:wsi:ijitmx:v:01:y:2004:i:04:n:s0219877004000283
    DOI: 10.1142/S0219877004000283
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    References listed on IDEAS

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    1. Tahvanainen, Antti-Jussi, 2003. "The Capital Structure of Finnish Biotechnology SMEs - An empirical analysisi," Discussion Papers 864, The Research Institute of the Finnish Economy.
    2. David G. Blanchflower, 2004. "Self-Employment: More may not be better," NBER Working Papers 10286, National Bureau of Economic Research, Inc.
    3. Hermans, Raine & Luukkonen, Terttu, 2002. "Findings of the ETLA Survey on Finnish Biotechnology Firms," Discussion Papers 819, The Research Institute of the Finnish Economy.
    4. Hermans, Raine & Tahvanainen, Antti-Jussi, 2002. "Ownership and Financial Structure of Biotechnology SMEs: Evidence from Finland," Discussion Papers 835, The Research Institute of the Finnish Economy.
    5. Hermans, Raine & Kauranen, Ilkka, 2003. "Intellectual Capital and Anticipated Future Sales in Small and Medium-sized Biotechnology Companies," Discussion Papers 856, The Research Institute of the Finnish Economy.
    6. Linnosmaa, Ismo & Hermans, Raine & Kauhanen, Taru, 2002. "Price-Cost Margin in the Pharmaneutical Industry: Empirical Evidence from Finland," Discussion Papers 818, The Research Institute of the Finnish Economy.
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    Cited by:

    1. Yagüe-Perales, Rosa M. & March-Chordà, Isidre, 2012. "Performance analysis of research spin-offs in the Spanish biotechnology industry," Journal of Business Research, Elsevier, vol. 65(12), pages 1782-1789.
    2. Cleonir Tumelero & Roberto Sbragia & Felipe Mendes Borini & Eliane Cristina Franco, 2018. "The role of networks in technological capability: a technology-based companies perspective," Journal of Global Entrepreneurship Research, Springer;UNESCO Chair in Entrepreneurship, vol. 8(1), pages 1-19, December.
    3. Tahvanainen, Antti-Jussi & Hermans, Raine, 2008. "Agglomeration and Specialisation Patterns of Finnish Biotechnology. On the Search for an Economic Rationale of a Dispersed Industry Structure," Discussion Papers 1133, The Research Institute of the Finnish Economy.
    4. Nikulainen, Tuomo & Tahvanainen, Antti-Jussi & Kulvik, Martti, 2012. "Expectations, Reality and Performance in the Finnish Biotechnology Business," Discussion Papers 1286, The Research Institute of the Finnish Economy.
    5. Breznitz, Shiri M. & Tahvanainen, Antti-Jussi, 2010. "Cluster Sustainability in Peripheral Regions: A case study on Israel's and Finland's biotechnology industries," Discussion Papers 1212, The Research Institute of the Finnish Economy.
    6. Tahvanainen, Antti-Jussi & Nikulainen, Tuomo, 2011. "Commercialization at Finnish Universities - Researchers Perspectives on the Motives and Challenges of Turning Science into Business," Discussion Papers 1234, The Research Institute of the Finnish Economy.

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