@article {colombo_participation_2016, title = {The participation of new technology-based firms in EU-funded R\&D partnerships: The role of venture capital}, journal = {Research Policy}, volume = {45}, number = {2}, year = {2016}, pages = {361{\textendash}375}, abstract = {

This paper investigates the participation of new technology-based firms (NTBFs) in EU-funded R\&D partnerships. We examine whether venture capital (VC)-backed firms are more likely to enter these partnerships than their non VC-backed peers and the role of the ownership and governance of the VC investor. We resort to a mixed method approach. We use qualitative information collected through interviews with managers of NTBFs and VC firms to better illustrate our deductively derived theoretical hypotheses, that are then tested through a large scale econometric analysis. The econometric analysis takes advantage of the VICO dataset, which includes longitudinal data on 8346 NTBFs from seven European countries observed from 1995 to 2008, out of which 758 were VC-backed. The econometric results show that VC backing has a strong positive impact on NTBFs{\textquoteright} participation in EU-funded R\&D partnerships, but the magnitude of this effect rapidly decreases with NTBFs{\textquoteright} prior experience of this type of partnership. Moreover, the magnitude of the impact of VC backing considerably differs depending on the type of investor with bank and government VC exhibiting the strongest positive effects.

}, keywords = {Entrepreneurship}, issn = {0048-7333}, doi = {10.1016/j.respol.2015.10.011}, url = {http://www.sciencedirect.com/science/article/pii/S004873331500164X}, author = {Colombo, Massimo G. and D{\textquoteright}Adda, Diego and Pirelli, Lorenzo H.} } @article {colombo_hybrid_2014, title = {Hybrid alliances and radical innovation: the performance implications of integrating exploration and exploitation}, journal = {The Journal of Technology Transfer}, volume = {40}, number = {4}, year = {2014}, pages = {696{\textendash}722}, abstract = {

In this paper we examine the innovation performance of hybrid alliances, that is, alliances that combine exploration and exploitation activities. While previous research has emphasized the tensions engendered by the combination of exploration and exploitation, we claim that the integration of these two types of activities can generate synergies as well. We argue that, in the case of alliances involving academic spin-offs (ASOs), these synergies may outweigh the tensions under specific conditions, and thus improve alliance innovation performance. Specifically, we hypothesize that the relative performance of exploitation activities is greater in hybrid alliances when the alliance has radical innovation outcomes. Conversely, the relative performance of exploration activities is greater in hybrid alliances when the alliance has incremental innovation outcomes. These hypotheses are tested using fine-grained data on a sample of 149 alliances involving European ASOs.

}, keywords = {Entrepreneurship}, issn = {0892-9912, 1573-7047}, doi = {10.1007/s10961-014-9363-x}, url = {http://link.springer.com/article/10.1007/s10961-014-9363-x}, author = {Colombo, Massimo G. and Doganova, Liliana and Piva, Evila and D{\textquoteright}Adda, Diego and Mustar, Philippe} } @article {colombo_contribution_2009, title = {The contribution of university research to the growth of academic start-ups: an empirical analysis}, journal = {The Journal of Technology Transfer}, volume = {35}, number = {1}, year = {2010}, month = {mar}, pages = {113{\textendash}140}, abstract = {

The aim of this paper is to analyze empirically under which circumstances the universities located in a geographical area contribute to the growth of a special category of local new technology-based firms (NTBFs), those established by academic personnel (academic start-ups, ASUs). We examine the effects of a series of characteristics of local universities on the growth rates of ASUs and we compare them with the effects of the same university characteristics on the growth of other (i.e., non-academic) NTBFs. In the empirical part of the paper, we estimate an augmented Gibrat law panel data model using a longitudinal dataset composed of 487 Italian NTBFs observed from 1994 to 2003. Out of these NTBFs 48 are ASUs. The results of the econometric estimates suggest that universities do influence the growth rates of local ASUs, while the effects on the growth rates of other NTBFs are negligible. In particular, the scientific quality of the research performed by universities has a positive effect on the growth rates of ASUs; conversely the commercial orientation of research has a negative effect. These results indicate that universities producing high-quality scientific research have a beneficial impact on the growth of local high-tech start-ups, but only if these firms are able to detect, absorb, and use this knowledge. In this perspective, a greater commercial orientation of university research leading to a reduction of the knowledge available for absorption by these companies, can be detrimental.

}, keywords = {Entrepreneurship, Technology Transfer}, issn = {0892-9912, 1573-7047}, doi = {10.1007/s10961-009-9111-9}, url = {http://link.springer.com/article/10.1007/s10961-009-9111-9}, author = {Colombo, Massimo G. and D{\textquoteright}Adda, Diego and Piva, Evila} }