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Spin-off formation across Europe

Spin-off formation across Europe. Prof. Dr. Bart Clarysse. Under the form of studies DG Enterprise (formerly DG XIII) EIMS 98/176 -- Corporate Venturing in Europe EIMS 98/177 -- Growth paths of NTBF’s DG III - Industry IPTS -- Corporate spin-offs DG XII - Technology

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Spin-off formation across Europe

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  1. Spin-off formation across Europe Prof. Dr. Bart Clarysse

  2. Under the form of studies DG Enterprise (formerly DG XIII) EIMS 98/176 -- Corporate Venturing in Europe EIMS 98/177 -- Growth paths of NTBF’s DG III - Industry IPTS -- Corporate spin-offs DG XII - Technology SEISTI 99/*** -- study on the quantification of spin-offs Data sources available at the European Commission

  3. Under the form of data sources • CORDIS - AMPERE • Data on all participators in the FP’s • Problems • definition of SME • small part of the phenomenon

  4. Institutional spin-offs Research Organisations International Organisations University based spin-offs Corporate spin-offs MBO’s Research Based spin-offs Definitional problems

  5. Push spin-off Pull spin-off Initiative of researcher A. C. Initiative of entrepreneur Student B. Research based Spin-offs? Based on Surlemont et al. (1999)

  6. Example on Belgian data

  7. Universities use “spin-off” data as negotiation/promotion material Overlap between cited spin-offs (eg. IMEC-KUL in Belgium) Complexity of the phenomenon Longitudinal variation Confusion about the definition (see previous) Why data are biased?

  8. Spin-offs as promotional material

  9. Spin-off generations in Europe

  10. First generation spin-offs (till the late eighties) most companies follow the traditional SME model those that do not have a direct international link entrepreneurs are “normally” international business people few of these companies (10-20%) are growth oriented they have different organisational models biotech companies go into diagnostics, bulk chemicals, ... History of spin-offs

  11. Second generation of spin-offs (late eighties-mid nineties) Legitimacy of VC backed firms as organisational form Publicly financed VC funds Private/Public initiatives (electronic markets) Science Parks Incubator Centers Creation of second generation start-ups Not very much changes for the early years

  12. Third generation start-ups (mid-90s - now) various seed capital funds are formed France, Belgium, the Netherlands, Germany universities become interested in the phenomenon paradox of money no real coaching

  13. INSTITUTIONAL FACTORS RESOURCE BASED THEORY BIG • > 40 mio start capital • experienced product manager • professional interdisciplinary board • clear product market Become a big project First to market Value Creation R&D Focus Market creation Technical uncertainty prevails Become acquired SMALL Contract R&D • 5-15 mio start capital • Founder = manager • No clear product market Market uncertainty prevails Learning driven Become acquired Consulting Focus Sales driven Become a big project

  14. The role of seed capital/funds? The role of intermediaries revisited? Spin-offs as a sub-population among the high tech, potentially high growth companies Conclusions

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