Shareholder networks of university spinoff companies: firm development and regional characteristics.

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  • Author(s): Prokop, Daniel; Kitagawa, Fumi
  • Source:
    Studies in Higher Education. Oct2022, Vol. 47 Issue 10, p2101-2116. 16p. 2 Diagrams, 2 Charts, 1 Graph.
  • Additional Information
    • Subject Terms:
      ACADEMIC spin-outs; UNIVERSITIES & colleges; CORPORATE growth; ENTREPRENEURSHIP; STOCKHOLDERS
    • Abstract:
      This paper contributes to the understanding of university spinoff (USO) development by analysing structural properties of their shareholder networks over time and across different regions. Theoretically, we propose a new stage-based typology of USO development across regions. Empirically, the study utilises a sample of 1033 academic spinoffs founded by 87 universities across 12 unitary regions in the UK considering the diversity of spatial contexts in the USO development. We undertake a social network analysis of relations USOs form with their parent universities and shareholders by adopting 'betweenness centrality' and 'structural holes' as two key measures. By employing this novel network-based view of firm development across regions, this study builds on the development model of USOs by identifying three key phases of USO development: (1) organisation phase, (2) exploitation phase, and (3) maturity and reorganisation phase. Second, we observe differences in USOs in terms of shareholder network development across diverse regional contexts. We propose a novel typology of entrepreneurial regions to better understand the diverse spatiality of USOs: peripheral lock-in, entrepreneurial periphery, rigid core, and entrepreneurial core. We call for further research to capture the long-term development and variable growth paths of USOs. [ABSTRACT FROM AUTHOR]
    • Abstract:
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