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Turning scientific and technological human capital into economic capital: the experience of biotech start-ups in France

Author

Listed:
  • David Catherine

    (MTS - Management Technologique et Strategique - EESC-GEM Grenoble Ecole de Management)

  • Frédéric Corolleur

    (GAEL - Laboratoire d'Economie Appliquée = Grenoble Applied Economics Laboratory - UPMF - Université Pierre Mendès France - Grenoble 2 - INRA - Institut National de la Recherche Agronomique)

  • Myriam Carrère

    (GAEL - Laboratoire d'Economie Appliquée = Grenoble Applied Economics Laboratory - UPMF - Université Pierre Mendès France - Grenoble 2 - INRA - Institut National de la Recherche Agronomique)

  • Vincent Mangematin

    (MTS - Management Technologique et Strategique - EESC-GEM Grenoble Ecole de Management, GAEL - Laboratoire d'Economie Appliquée = Grenoble Applied Economics Laboratory - UPMF - Université Pierre Mendès France - Grenoble 2 - INRA - Institut National de la Recherche Agronomique)

Abstract

This paper examines how scientific and technological (S&T) human capital is transformed into financial capital through the creation of firms by scientists. The analysis is based on a database describing the positions held by 132 founders from 62 French biotech SMEs. It shows that star scientists engage in highly risky but also valuable firms. Less famous scientists must develop their human capital rather than valorising a stock. The paper concludes by pointing to three paradoxes concerning the commitment and compensation scheme of star scientists and the managerial position of less known scientists.

Suggested Citation

  • David Catherine & Frédéric Corolleur & Myriam Carrère & Vincent Mangematin, 2004. "Turning scientific and technological human capital into economic capital: the experience of biotech start-ups in France," Grenoble Ecole de Management (Post-Print) hal-00422583, HAL.
    • Handle: RePEc:hal:gemptp:hal-00422583
    DOI: 10.1016/j.respol.2004.01.009
    Note: View the original document on HAL open archive server: http://hal.grenoble-em.com/hal-00422583
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    References listed on IDEAS

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