University spin-off firms and market introduction of sustainable energy inventions
R. Nejabat (TU Delft - Economics of Technology and Innovation)
MS van Geenhuizen (TU Delft - Economics of Technology and Innovation)
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Abstract
Many university spin-off firms today are involved in sustainable energy technology. However, to what extent and how spin-offs reach market introduction of their inventions, is not well-understood. Spin-offs may differ in many ways, like entrepreneurial orientation and competences, and opportunities in their ecosystem. To contribute to a better understanding, this paper explores differences in market-introduction (time)and underlying factors. It draws on a carefully selected sample of almost 40 university spin-offs in Europe and it applies rough-set analysis to explore relationships. The results suggest a high probability of positive development if spin-offs grow up in a 'Innovation Leader' country (like Sweden and Denmark) and employ multiple networks. A second set of favourable factors include a practical mind-set in the founding team through education merely at MSc level and accessing of substantial investment capital. In contrast, hampering factors include being involved in solar energy technology as a 'follower', while employing one-sided/poor collaboration networks. Overall, the results suggest substantial differentiation among spin-offs, and concomitant practical (policy) implications.