Beruflich Dokumente
Kultur Dokumente
Received 20 June 2004; received in revised form 25 October 2004; accepted 29 November 2004
Available online 17 March 2005
Abstract
Technology incubators are university-based technology initiatives that should facilitate knowledge flows from the university
to the incubator firms. We thus investigate the research question of how knowledge actually flows from universities to incubator
firms. Moreover, we assess the effect of these knowledge flows on incubator firm-level differential performance. Based on the
resource-based view of the firm and the absorptive capacity construct, we advance the overarching hypothesis that knowledge
flows should enhance incubator firm performance. Drawing on longitudinal and fine-grained firm-level data of 79 technology
ventures incubated between 1998 and 2003 at the Advanced Technology Development Center, a technology incubator sponsored
by the Georgia Institute of Technology, we find some support for knowledge flows from universities to incubator firms. Our
evidence suggests that incubator firms absorptive capacity is an important factor when transforming university knowledge into
firm-level competitive advantage.
2005 Elsevier B.V. All rights reserved.
Keywords: Knowledge flows; Localized spillovers; Resource-based view of the firm; Absorptive capacity; Incubator firm performance
1. Introduction
How do technology ventures access university
knowledge and how does it affect their performance?
Knowledge produced in universities has been studied
extensively, as has its impact on industry. Yet, we know
Corresponding author. Tel.: +1 404 385 5108;
fax: +1 404 894 6030.
E-mail address: frank.rothaermel@mgt.gatech.edu
(F.T. Rothaermela ).
0048-7333/$ see front matter 2005 Elsevier B.V. All rights reserved.
doi:10.1016/j.respol.2004.11.006
306
strate that firms must exhibit substantial absorptive capacity to capture and appropriate rents to publicly available knowledge. Cohen and Levinthal (1989) advance
the notion of absorptive capacity, which is understood
as a firms ability to recognize, value, and assimilate
new external information.
Herein, we attempt to address the two-pronged research question of (1) how knowledge flows from universities to incubator firms and (2) how these flows
affect the performance of new technology ventures. As
part of the first question, we identify and analyze the
effects of different mechanisms through which knowledge flows from universities to incubator firms: university license, and patent backward citations to university
research, academic journals, research by the incubatorsponsoring university, and research from other universities than the sponsoring university. Embedded in the
second research question is the search for an appropriate performance metric for nascent technology ventures, a significant methodological challenge, which
has clearly retarded empirical research in this important area as emphasized by Phan et al. (2004).
Given the dearth on empirical research investigating university knowledge flows and their effect on
incubator firm performance, we develop two explorative hypotheses that we subsequently examine econometrically. Firstly, we argue that exclusive knowledge
flows in terms of a university license can endow the
start-up with a unique resource. Important theoretical
work in the strategic management literature has argued
that valuable, rare, inimitable, and non-substitutable resources may endow a firm with a competitive advantage
that translate to superior performance (Barney, 1991).
Secondly, we suggest that university backward patent
citations are indicative of a start-ups absorptive capacity that enables it to recognize public knowledge flows
emanating from a university, assimilate them internally,
and then to apply them to commercial ends (Cohen and
Levinthal, 1989). This in turn should lead to a variance
in performance among technology ventures with a ventures absorptive capacity being positively correlated
with venture performance.
We test these two tentative hypotheses on a sample of 79 incubator firms incubated in the Advanced
Technology Development Center (ATDC) at the Georgia Institute of Technology (Georgia Tech (GT)). We
follow these firms over the 6-year time span between
1998 and 2003. The use of an annual repeat survey en-
2. Universityindustry knowledge-owsprior
research
Early work on the industrial impact of academic research includes Adams (1990), who showed that academic knowledge, as measured by publications, was
a major contributor to productivity growth for 18 of
20 two-digit U.S. manufacturing industries from 1943
to 1983, albeit with a substantial lag times which varied from 010 years for applied sciences and engineering to 20 years for basic science publications. Jaffe
(1989) classic study of the real effects of academic research showed that university research had significant
effects on the generation of industrial patents at the state
level.
With the exception of the work by Zucker and Darby
(1996, 1998) and Zucker et al. (2002), which we discuss
below, the focus of research in this area is not overall
firm performance but the effect of university research
on industry R&D output. Even when data were collected by firm, the questions of interest have been variations in the relevance of university research by industry
and academic field. For example, both the 1983 Yale
Survey and the 1994 Carnegie Mellon Survey of R&D
managers asked the relevance of university research
307
308
4. Methodology
4.1. Research settingGeorgia Techs Advanced
Technology Development Center
The research setting of this study is the Advanced
Technology Development Center, a technology incubator sponsored by the Georgia Institute of Technology. The incubator is located adjacent to the Georgia
Tech main campus in midtown Atlanta as part of a
US$ 250 million state-of-the-art building complex that
houses Georgia Techs Business School and Economic
Development Institute, among others. Besides being
sponsored by Georgia Tech, the ATDC also receives
legislative and financial appropriations from Georgias
Governor and the General Assembly of the state.
The ATDC was founded in 1980 as one of the first
technology incubators in the U.S., and has since generated a cumulative of 4100 jobs and US$ 352 million
in total revenues as of December 31, 1998. During our
study period, the ATDC member firms had a total of
US$ 12 million in annual revenues in 1998, US$ 19
million in 1999, and US$ 18 million in 2000. In the
late 1990s, Georgia Techs ATDC was voted as one of
the top incubators in the U.S. based on a survey of peer
incubators conducted by Inc. magazine (Rosenwein,
2000). The ATDC focuses on incubating early stage
companies (03 years), with the companys founding
date generally coinciding with the firms admission to
membership into the incubator.
The ATDC managers actively solicit applications
from new ventures, and admitted, during our study period, between 10 and 20% of their applicants after a
fairly stringent, two-staged review process. It is not
necessary that the technology underlying the new ven-
309
ture is related to Georgia Tech; yet, it must be proprietary in nature. During the last few years, the size of
the full-time professional staff of the ATDC remained,
despite turnover, fairly constant at 22 managers. These
managers assist the commercialization efforts of the
ATDC member firms.
4.2. Sample and data
The sample consists of the population of member
firms in the ATDC for the years 19982000. A total
of 79 firms were tenants of the ATDC during this 3year time frame. The year 1998 marks the first year
detailed data were collected for the firms in the incubator. We drew our sample based on the years 19982000
to be able to follow each firm for a minimum of 4 years
to assess the performance of the incubator firms. Employing multiple performance measures, we assessed
the performance of the newly formed ventures over or
at the time period t + 1, where t 3 years. This time
window appears to be a conservative one given the fact
that incubator tenants tend to graduate from public incubators within 2 years and from private incubators
within 1 year (Rosenwein, 2000). While the ATDC has
no explicit graduation policy, it attempts to graduate
their members in a timely fashion. In the year t + 1,
the technology venture could fall into one of three categories: (1) failure, i.e., the firm ceased to exist due
to bankruptcy or liquidation; (2) firm remains in the
incubator; and (3) successful graduation, i.e., the firm
is a stand-alone going concern or was acquired. We
included acquisitions as part of successful graduation
based on qualitative assessments made by ATDC managers.
Data for the 79 firms were collected annually for the
6-year time period between 1998 and 2003 through a
survey instrument that was administered to all firms in
the sample in the spring of every year to collect data
for the prior year. Accordingly, data collection began
in the spring of 1999 and ended in the spring of 2004.
This longitudinal, repeat survey approach allowed us
to obtain multiple, ubiquitous performance outcomes
for all 79 firms in the initial sample. Thus, our results
are not prone to a survivor bias, frequently observed
in studies focusing on new venture creation and their
early performance.
For the subset of firms based on Georgia Tech technologies, the Georgia Institute of Technologys Of-
310
311
312
granted to Georgia Tech or citations to research published by Georgia Tech faculty members.
4.3.2.5. Backward citations to non-GT research. Besides focusing on knowledge flows from the sponsoring
university, we also consider the impact of knowledge
flows from research universities that are not directly
linked to the focal incubator under consideration. Here,
we assess the impact of the ratio of firms patent backward citations to non-GT research over its total number of patent backward citations. Non-GT research is
defined as either citations to patents granted to any university other than GT or citations to research published
by any person that is not a GT faculty member. Please
note that the sum of backward citations to GT research
and backward citations to non-GT research equates to
Backward Citations to University Research, the first
backward citation measure introduced above.
4.3.3. Control variables
We included a number of control variables that theoretically could impact new venture performance.
4.3.3.1. Firm size. When assessing the performance
of incubator firms, it is critical to control for their firm
size. Because the important assets of incubator firms
tend to be intangible in nature, it is more appropriate to
use the number of employees as a proxy for firm size
(employees) as done in prior research focusing on hightechnology ventures (Rothaermel, 2002; Rothaermel
and Deeds, 2004).
We controlled for firm size effects through the number of employees up to the year prior to which the outcome variable was assessed. Moreover, because newly
created ventures tend to be quite small, we collected
data not only on the number of full-time employees, but
also on the number of part-time employees. Each fulltime employee was counted as one employee, while
one part-time employee was counted as one-half of a
full-time employee.
4.3.3.2. Industry effects. When assessing new venture
performance, it is pertinent to control for industry effects. We tracked each incubator firms industry based
on their Standard Industry Classification (SIC) codes.
About 60% of the firms were active either in the software industry or the in telecommunications industry. To
control for these two most prevalent industries, we inserted two indicator variables in the regression models.
The first indicator variable takes on 1 if the incubator
firm is a software company, and 0 otherwise. The second indicator variable takes on 1 if the incubator firm
is a telecom company, and 0 otherwise.
4.3.3.3. Time in incubator. While the sample is not
prone to a survivor bias, we are faced with the problem
of left censoring because the ATDC technology incubator was in existence prior to 1998, the first year of
our annual data collections. To ameliorate this problem, we recorded the year that each firm was admitted
into the incubator, which generally coincides with the
firms founding date, and the last year the firm remained
in the incubator. These two data points enabled us to
construct the time in incubator variable, which is the
number of years the firm remained in the technology
incubator, to account for left censoring.
4.3.3.4. Non-GT university link. When assessing the
effect of university knowledge flows on incubator firm
performance, it is prudent to control for university linkages that the ATDC ventures may have to other, nonsponsoring universities. In fact, the sample firms listed
linkages to 11 other U.S. research universities besides
Georgia Tech. To isolate the effect of different knowledge flow mechanisms on the performance of ATDC
ventures, we created an indicator variable that takes on
the value of 1 if the firm had a link to a university other
than Georgia Tech. Some ATDC firms in the sample,
for instance, maintained a link to a university other than
Georgia Tech but did not have a link to Georgia Tech.
4.3.4. Estimation procedures
When assessing the performance of incubator firms,
we focus on four different outcome variables: revenues,
total funds raised, venture capital obtained, and graduation, failure, or remaining in the incubator. These
different dependent variables indicate different estimation procedures. The regression models with revenues
and total funds obtained as dependent variables were
estimated using ordinary least squares (OLS).
Venture capital obtained is a binary variable taking on 1 if the incubator firm received venture capital,
and 0 otherwise. This model indicates logit regression.
, is the probability of the venThe outcome variable, Y
ture receiving or not receiving venture capital based
m1
ej x .
k=1
5. Results
We assessed the effect of universityincubator firm
knowledge flows on 79 firms incubated in the Georgia Techs ATDC over the 6-year time period between
1998 and 2003. We employed multiple performance
measures to reflect the multi-dimensional nature of incubator firm performance. In particular, we assessed
the performance of the newly formed ventures over or
at the time period t + 1, where t 3 years. Relying on a
repeat sample method, we were able to obtain ubiquitous outcome variables on all 79 firms, thus overcoming
a potential survivor bias.
We tracked incubator firm performance on four different dimensions. In total, the 79 incubator firms raised
over US$ 404 million in funding, with a US$ 193 million (48%) thereof being VC funding. The average incubator firm had revenues of US$ 1.6 million and had
raised a total of US$ 5.1 million in funding. Notable is
also the high variance in these performance variables.
313
While some incubator firms did not generate any revenues or raised any funding, one firm accrued over US$
39 million in revenues and another firm raised a total
of US$ 36.5 million in funding. Almost one-half of the
sample incubator firms (46%) obtained VC funding. In
the year t + 1, 23 firms (29%) had graduated successfully, 15 firms (19%) remained in the incubator, while
41 firms (52%) had failed.
The key independent variables of this study proxy
for universityincubator firm knowledge flows. We find
that 11 firms (14%) were founded based on a Georgia Tech license. Of the 79 incubator firms, 13 firms
(16.5%) had rights (either through a Georgia Tech license or as an assignee themselves) to a total of 35
patents from the U.S. Patent and Trademark Office. It is
important to note that the firms founded on GT licenses
in comparison to non-GT start-ups that were assigned
patents did not differ with respect to the total number
of patents granted or any of the four different patent
backward citations measures used in this study. This
implies that the analysis of universityincubator firm
knowledge flows based on patent citation measures is
unbiased with respect to the firm having obtained a GT
license or not.
Overall, these 35 patents contained 978 citations,
splitting into 766 backward citations and 212 forward citations.1 The 766 backward citations split into
627 non-university (i.e., industry) backward citations
(82%) and 139 (18%) university backward citations. Of
the latter, 22 (16%) were backward citations to Georgia
Tech research.
At the firm level, about 3.3% of all patent citations
referenced university research in general, while 2.4%
of all patent citations were traced back to academic
journals in particular. When dividing the university
backward citations in citations to the sponsoring university and citations to other non-sponsoring university
research, we find that 0.7% of all backward citations
are to Georgia Tech research, while 2.6% of all
backward citations are to non-GT university research.
The average patent citations to university research are
1 When analyzing the backward citations, we also coded whether
the citation was added by the inventor or by the examiner. Since 2001,
patent citations added by the examiner are marked by an asterisk. In
this sample, there were 397 backward citations since 2001. We found
that only six of these citations (0.15%) were added by the patent
examiner. We are thus confident that the results are not materially
influenced by patent citations added by the patent examiner.
314
than 20% of the firms had a linkage to a research university other than Georgia Tech. Table 1 depicts the
descriptive statistics and bivariate correlation matrix,
while Table 2 presents the regression results.
We advanced two exploratory hypotheses. We argued that exclusive knowledge flows in terms of a university license can endow the start-up with a unique
resource, which can lead to a competitive advantage
(Barney, 1991). We also suggested that university backward patent citations are indicative of a start-ups absorptive capacity that enables it to recognize public
knowledge flows emanating from a university, assimilate them internally, and then to apply them to commercial ends (Cohen and Levinthal, 1989). A new ventures
absorptive capacity is hypothesized to positively affect
its performance.
Each of the four different performance measures
was assessed in three different regression models. The
four different performance dimensions are revenues,
funds obtained, venture capital, and graduation from
the technology incubator. In the first model of each
three-model block, we added the effect of backward citations to university research on incubator firm performance. In the second model, we evaluated the impact of
a somewhat more stringent knowledge flow measure,
backward citations to academic journals, on incubator firm performance. In the last model of each block,
we split the backward citations to university research
into backward citations to research by the sponsoring
university, Georgia Tech, and backward citations to research by other universities. Each regression model,
however, contains the proxy for a GT license.
Models 13 evaluate the effect of the five different
knowledge flow mechanisms on incubator firm performance proxied by revenues. Here, we find that none
of the knowledge flow proxies reach significance. This
might be indicative of the fact that revenues is not the
most appropriate measure when assessing the performance of nascent technology ventures.
Models 46 assess the impact of the different knowledge mechanisms on the total amount of funds raised
by the incubator firms. All three models are overall
highly significant (p < 0.001), and exhibit R2 values of
around 0.36. With respect to individual coefficients,
the regression results reveal that backward citations to
university research (Model 4), backward citations to
academic research (Model 5), and backward citations
to non-GT research (Model 6) are each positive and
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
Revenues
Total funds raised
VC funding
Failure
Graduation
Remain in incubator
Employees
Software
Telecom
Time in incubator
Non-GT university link
GT license
Backward citations to
university research
Backward citations to
academic journals
Backward citations to
GT research
Backward citations to
non-GT research
Mean
S.D.
1,654,023
5,116,468
0.456
0.519
0.291
0.190
13.734
0.430
0.165
2.430
0.203
0.139
0.033
5,338,124
7,779,855
0.05
0.501
0.01
0.32
0.503
0.29 0.28 0.19
0.457
0.25
0.35
0.14 0.67
0.395
0.08 0.05
0.08 0.50 0.31
16.152
0.23
0.50
0.41 0.07
0.30 0.26
0.498
0.03
0.24
0.18
0.02
0.06 0.09
0.17
0.373
0.07
0.05
0.21 0.05
0.09 0.04
0.25
2.164
0.24 0.33 0.23 0.03 0.28
0.37 0.25
0.404
0.09 0.14 0.02
0.17 0.32
0.16 0.14
0.348
0.05 0.01
0.00 0.20 0.10
0.36 0.14
0.123
0.03
0.00
0.05 0.25 0.07
0.40 0.11
0.024
0.101
0.007
0.038
0.026
0.107
0.09
10
11
12
0.39
0.19 0.07
0.13 0.22 0.02
0.28 0.02 0.26
0.22 0.12 0.24
0.02
0.30 0.38
13
14
0.37 0.10
0.31 0.24
0.95
0.32 0.10
0.24 0.36
0.56
0.44
0.35 0.09
0.26 0.32
0.96
0.94
0.07
0.01
0.03
15
0.29
Table 1
Descriptive statistics and bivariate correlation matrix
N = 79.
315
316
Table 2
Regression results assessing the impact of universityincubator firm knowledge flows on incubator firm performance
R2
F-stat
2 log likelihood
Constant
Employees
Software
Telecom
Time in incubator
Non-GT university link
GT license
Backward citations to university research
Backward citations to academic journals
Backward citations to GT research
Backward citations to non-GT research
R2
2 log likelihood
Model 2
Revenues
3.683**** (0.299)
0.803*** (0.334)
0.142 (0.365)
0.075 (0.356)
0.939*** (0.324)
0.061 (0.329)
0.111 (0.325)
Model 3
Revenues
3.683**** (0.301)
0.794*** (0.338)
0.178 (0.370)
0.090 (0.360)
0.885*** (0.331)
0.151 (0.336)
0.056 (0.348)
0.315 (0.336)
0.233 (0.348)
0.260 (0.344)
0.159
1.921*
0.167
2.035*
Model 4
Model 5
Model 6
Model 7
Funds raised
Funds raised
Funds raised
VC funding
****
****
****
5.11E06
(7.36E05)
5.11E06
(7.36E05)
5.11E06
(7.42E05) 0.184 (0.278)
****
****
****
0.410
(0.106)
0.414
(0.106)
0.411
(0.107)
0.919*** (0.396)
0.210** (0.116)
0.206** (0.116)
0.209** (0.117)
0.638** (0.329)
0.007 (0.115)
0.014 (0.113)
0.007 (0.109)
0.610** (0.318)
0.247*** (0.103)
0.243*** (0.102)
0.243** (0.105)
0.469* (0.334)
0.152* (0.105)
0.152* (0.104)
0.148 (0.106)
0.005 (0.293)
0.109 (0.108)
0.131 (0.103)
0.114 (0.110)
0.230 (0.293)
0.155* (0.114)
0.441* (0.306)
*
0.150 (0.107)
0.019 (0.110)
0.146* (0.109)
0.168
1.767*
0.355
5.586****
0.356
5.616****
0.356
4.833****
Model 8
VC funding
0.183 (0.280)
0.934*** (0.398)
0.644** (0.326)
0.600** (0.317)
0.417* (0.336)
0.027 (0.294)
0.291 (0.290)
0.500* (0.340)
0.353
0.363
84.665****
Model 11
83.859****
Model 9
Model 10
VC funding
0.193 (0.282)
0.920*** (0.394)
0.629** (0.328)
0.603** (0.318)
0.420 (0.333)
0.031 (0.297)
0.275 (0.302)
Fail
Graduate
Fail
Graduate
Model 12
Fail
Graduate
1.097* (0.676)
0.612* (0.419)
0.483 (0.394)
0.300 (0.315)
0.079 (0.347)
0.334 (0.365)
5.620**** (1.496)
1.346** (0.686)
0.334 (0.486)
0.357 (0.439)
1.272*** (0.502)
2.039*** (0.860)
0.514 (0.421)
0.507 (0.481)
0.749* (0.553)
0.466 (0.385)
0.349 (0.372)
0.344 (0.290)
0.136 (0.332)
0.373 (0.360)
0.021** (0.564)
0.268 (0.439)
0.316 (0.408)
1.147*** (0.480)
1.350** (0.643)
0.255 (0.383)
3.335** (1.593)
0.949** (0.533)
0.651* (0.468)
0.469 (0.379)
0.023 (0.408)
0.929** (0.494)
3.610** (1.597)
0.667 (0.603)
0.548 (0.517)
1.608*** (0.583)
5.380*** (2.162)
1.069** (0.624)
4.850**** (1.534)
0.207 (0.542)
0.509* (0.334)
0.363
83.837****
0.147 (0.950)
18.036*** (6.244)
0.775 (1.234)
0.546
119.663****
0.468
129.753****
0.654
103.452****
0.067 (2.077)
1.375 (1.175)
Constant
Employees
Software
Telecom
Time in incubator
Non-GT university link
GT license
Backward citations to university research
Backward citations to academic journals
Backward citations to GT research
Backward citations to non-GT research
Model 1
Revenues
3.683**** (0.300)
0.803*** (0.337)
0.171 (0.369)
0.086 (0.360)
0.930*** (0.326)
0.112 (0.332)
0.108 (0.342)
0.163 (0.362)
317
tor, however, tend to generate significantly higher revenues. Incubator firms that maintain linkages to other
research universities than Georgia Tech tend to raise
significantly fewer funds and are less likely to graduate within 3 years or less.
5.1. Robustness checks
We checked if multi-collinearity could bias the results when applying OLS estimations (Models 16).
Here, we found that the maximum variance inflation
factor was 1.5, well below the suggested cut-off point
of 10 (Cohen et al., 2003). Multi-collinearity, however,
did appear to affect the results when including an additional control variable for an incubator firms total number of patents received or a binary indicator variable
whether the firm received a patent or not. The results for
the probability of obtaining VC funding and the results
with respect to failure or graduation remained robust;
however, the results for predicting the total amount of
funding raised do not reach significance. The overall
somewhat weaker results can be explained by the fact
that the variable total number of patents received and
the indicator variable patent received (=1) are highly
significantly correlated with each of the four backward
patent citation measures employed in this study (at
p < 0.01 or smaller). This high correlation is expected
because the firms that obtain patents are the only ones
that can cite university research in their patents. Therefore, it appears prudent to not include the patent count
or indicator variables thereof simultaneously with the
backward patent citations measures in the regression
estimations.
6. Discussion
One of the arguments for incubators associated with
universities is that knowledge flows from universities
should enhance performance of high-technology ventures and that access to this knowledge is not free,
despite the publication norms of science. In this paper, we examined two mechanisms by which incubator
firms can access this knowledge. One, which is available to new ventures based on Georgia Tech inventions, is a license to develop and use a university invention. In the case of ATDC firms, all of the licenses
to Georgia Tech inventions were exclusive so that the
318
319
Acknowledgements
We thank Tony Antoniades (of the ATDC), George
Harker (Director, Office of Technology Licensing,
Georgia Institute of Technology), and H. Wayne
Hodges (Vice Provost for Economic Development and
Technology Ventures, Georgia Institute of Technology)
for their generous support and invaluable input, Stuart Graham for comments and suggestions, and Shanti
Dewi for research assistance. A prior version of this
paper was presented at the 2004 Technology Transfer
Society (T2S) Conference. We thank the special issue
editors and the session attendants for valuable input.
All remaining errors and omissions are entirely our
own. Thursby gratefully acknowledges research support from NSF SES 0094573.
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