Publications
Publications
- 2024
- HBS Working Paper Series
Bringing Science to Market: Knowledge Foundations and Performance
By: Justine Boudou and Maria Roche
Abstract
Possessing unique knowledge is widely considered a critical source of competitive advantage. In this paper, we examine the relationship between the extent to which founders exploit their own technologically unique knowledge and subsequent new venture performance. Using a panel dataset of 510 academic startups in bio-medicine created between 2005 and 2015, we find that, perhaps contrary to expectations, startups relying heavily on their founders’ academic work are less likely to be acquired and less likely to receive higher levels of funding, while we do not observe differences in their likelihood to go through an IPO. We provide evidence suggesting that the underlying mechanism driving these results may be rooted in the nature of the scientific knowledge these startups rely on: more narrow and specialized.
Keywords
Firm Performance; Knowledge Foundations; Exits; Academic Startups; Competitive Advantage; Value Creation; Research; Information Publishing; Business Startups; Entrepreneurship
Citation
Boudou, Justine, and Maria Roche. "Bringing Science to Market: Knowledge Foundations and Performance." Harvard Business School Working Paper, No. 24-021, October 2023. (Revised May 2024.)