Drivers of growth: the case of French academic spin-off

Abstract

Academic spin-offs (ASOs) have developed considerably in France since the 2000s. However, despite a strong increase in the number of new ventures, little is known about their ability to experience and sustain growth beyond the first five years. Based on a sample of 118 French ASOs from the same generation, this article analyses the factors that determine their growth during the development phase. These factors are derived from a resource-based view (RBV) and a dynamic capabilities approach (DCA). The results of our quantitative study show that four factors determine the growth of ASOs: entrepreneurial orientation (and broader cognitive resources), the acquisition of skills in the entrepreneurial process, the amount of public and private financing, technological capabilities and support programs.

Dynamic capabilities, value creation and value capture: Evidence from SMEs under Covid-19 lockdown in Poland

“…Hsieh [ 38 ] also indicates the importance of dynamic capabilities in the process of optimizing the capital structure, according to which the use of the construct of dynamic capabilities allows a company’s assets to be remodeled in such a way as to ensure the optimization of both profits and company value. Similarly, Sammut et al ., [ 39 ], in their study into the ability to develop academic spin-offs (ASOs) in France, indicate four factors that determine the growth of ASOs: entrepreneurial orientation, acquiring skills in the entrepreneurial process, access to public and private financial resources, and technological opportunities and support programs. D. Townsend and L. Busenitz [ 40 ] use the construct of dynamic capabilities to describe the extent to which, at the initial stage of a company’s development, the choices made between the quality of the management team, the company’s technological resources and the uncertainty of demand in key markets affect the ability of companies to acquire financial resources.…”