What characteristics of academic entrepreneurs determine the types of funding they access?
My PhD research analyses the formation of university spin-out companies, in the UK between 1990 and 2006. The aimed contribution of my research is twofold. First, I show that the social capital and academic eminence of the founders of university spin-out companies can be interpreted as a reputation signal that reflects external investors’ choices to overcome investment risks due to the agency problem of ‘adverse selection’. In consequence, my research tests whether the type of funding that a university spin-out can attract depend on public reputation signals by its founder(s). In consequence, I use signaling and agency theory to develop a model to test this relationship. Second, I test whether the reputation of founders of university spin-out companies is a personal endowment that determines their individual attitude to time and risk when making investments and business decisions. I use bargaining and negotiation theory to explain moderating effects in access to differing funding types
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