• A contingency approach to innovation management: a cross-case comparison

      Van De Woestyne, Mieke; Devos, Geert; Van den Broeck, Herman (2007)
    • Do human capital and fund characteristics drive follow-up behaviour of early stage high-tech VCs?

      Knockaert, Mirjam; Lockett, Andy; Clarysse, Bart; Wright, Mike (Vlerick Business School, 2005)
      This paper uses a unique dataset to examine the neglected but important issue concerning the relationship between the human capital and fund characteristics of venture capitalists and post-investment follow-up behavior in early stage high tech investments. We found no indication that involvement in monitoring activities by the investment manager is determined by either fund or human capital characteristics. In relation to value-adding activities, human capital variables were the most important, with previous consulting experience and entrepreneurial experience contributing to a higher involvement in value-adding activities. Furthermore, the diversity of an investment manager's portfolio was negatively related to involvement in value-adding activities. Finally, with respect to fund level characteristics, we found that investment managers of captive funds were less involved in value-adding activities. Keywords: venture capital, early stage high tech firms, post-investment follow-up behavior, human capital, fund characteristics
    • Do intangible assets and pre-founding R&D efforts matter for innovation speed in start-ups?  

      Heirman, Ans; Clarysse, Bart (Vlerick Business School, 2004)
      The launch of the first product is an important event for start-ups, because it takes the new venture closer to growth, profitability and financial independence. However, entrepreneurship literature lacks theory and data on new product development and innovation speed. Integrating insights form new product development literature with resource-based theory, we construct a conceptual framework concerning the antecedents of innovation speed in start-ups. In particular, we argue that pre-founding R&D efforts and intangible assets such as team tenure, experience of founders, and collaborations with third parties are important for innovation speed. We collected a unique dataset on 99 research-based start-ups (RBSUs) and use an event-history approach to test our model. We find that RBSUs differ significantly in their starting conditions and that these differences have a significant effect on the time it takes to launch the first product. The impact of starting conditions on innovation speed differs however between software, medical-related, telecom and other technologies. Although intuition suggests that start-ups that are further in the product development cycle at founding launch their first product faster, we find that software firms starting with a beta-version experience slower product launch. Next, it is shown that team tenure and experience of founders leads to faster product launch. Contrary to expectations, alliances with other firms do not significantly affect innovation speed and collaborations with universities lead to longer development times. The insights of this study enhance our understanding of product development processes in start-ups and the differences between slow growers and fast growers. Keywords: Intangible assets, New Product Development and Start-Ups
    • Do intangible assets and pre-founding R&D efforts matter for innovation speed in start-ups?  

      Heirman, Ans; Clarysse, Bart (Vlaamse Overheid - Dep. EWI, 2004)
      The launch of the first product is an important event for start-ups, because it takes the new venture closer to growth, profitability and financial independence. However, entrepreneurship literature lacks theory and data on new product development and innovation speed. Integrating insights form new product development literature with resource-based theory, we construct a conceptual framework concerning the antecedents of innovation speed in start-ups. In particular, we argue that pre-founding R&D efforts and intangible assets such as team tenure, experience of founders, and collaborations with third parties are important for innovation speed. We collected a unique dataset on 99 research-based start-ups (RBSUs) and use an event-history approach to test our model. We find that RBSUs differ significantly in their starting conditions and that these differences have a significant effect on the time it takes to launch the first product. The impact of starting conditions on innovation speed differs however between software, medical-related, telecom and other technologies. Although intuition suggests that start-ups that are further in the product development cycle at founding launch their first product faster, we find that software firms starting with a beta-version experience slower product launch. Next, it is shown that team tenure and experience of founders leads to faster product launch. Contrary to expectations, alliances with other firms do not significantly affect innovation speed and collaborations with universities lead to longer development times. The insights of this study enhance our understanding of product development processes in start-ups and the differences between slow growers and fast growers. Keywords: Intangible assets, New Product Development and Start-Ups
    • Firm resources: a double-edged sword? Resources as enablers and inhibitors of competitive responsiveness

      Debruyne, Marion; Frambach, Ruud; Moenaert, Rudy (2006)
      We show that resources possess a dual, and opposing, role in influencing competitive responsiveness. On the hand, resources enhance decision-makers' belief that they are able to respond effectively to competitive attacks, but the presence of resources also makes them less motivated to respond. We demonstrate the key role competitor orientation plays in this process and formulate managerial implications from that. Keywords: new product introductions, competitive reaction, managerial assessment
    • How and why do research-based start-ups differ at founding? A resource-based configurational perspective

      Clarysse, Bart; Heirman, Ans; Van Den Haute, Vicky (Vlaamse Overheid - Dep. EWI, 2003)
    • How do early stage high tech innovators make their investment decisions?

      Clarysse, Bart; Lockett, Andy; Knockaert, Mirjam (Vlaamse Overheid - Dep. EWI, 2004)
    • How Do Early Stage High Technology Investors Select Their Investments?

      Clarysse, Bart; Knockaert, Mirjam; Lockett, Andy (Vlerick Business School, 2005)
      This study examines the selection behaviour of 68 European early stage high tech VCs. In particular, we examine whether or not these VCs exhibit heterogeneity in their selection behaviour. To examine these issues we employ a conjoint analysis methodology. Our results indicate that VCs exhibit substantial heterogeneity in investment selection behaviour. Employing a cluster analysis three types of investors emerge: those who focus on technology, those who focus on finance and those who focus on people. We then examine the drivers of these differences, being the sectoral focus, the sources of funds and the human capital of the investment manager.
    • How do institutional logics shape the resource flows going to spin off projects? The case of IIMEC.

      Moray, Nathalie; Clarysse, Bart (UGent, Fac. Economie & Bedrijfskunde, 2004)
    • Human capital, social capital, and innovation: a multi-country study

      Dakhli, Mourad; De Clercq, Dirk (Vlerick Business School, 2003)
      We examine the effects of two forms of capital, i.e. human capital and social capital, on innovation at the country level. We use secondary data from the World Development Report on a country's overall human development to test for a relationship between human capital and innovation. We also use previous conceptualisations of social capital as comprising trust, associational activity, and norms of civic behaviour to test for relationships between these indicators of social capital and innovation using data from the World Values Survey. Unlike most previous studies that examined human and social capital within a given country, we develop and empirically test a theoretically grounded model that relates human and social capital to innovation at the societal level across 59 different countries, thus providing a more global view of the role of these two forms of capital in generating value. We find strong support for the positive relationship between human capital and innovation and partial support for the positive effect of trust and associational activity on innovation. However, contrary to our prediction, we find a negative relationship between norms of civic behaviour and one of our innovation measures. Keywords: social capital, human capital, innovation, cross-country comparison
    • Initial resources and market strategy to create high growth firms

      Clarysse, Bart; Heirman, Ans (Vlaamse Overheid - Dep. EWI, 2004)
    • Innovation and Internationalization by Indian Firms: Evolutionary Paths since 1990s

      Prabhu, Jaideep; Celly, Nikhil; Subramanian, Venkat (2012)
    • Institutional change and resource endowments to science-based entrepreneurial firms

      Moray, Nathalie; Clarysse, Bart (Vlerick Business School, 2005)
    • Institutional change and resource endowments to science-based entrepreneurial firms

      Moray, Nathalie; Clarysse, Bart (UGent, Fac. Economie & Bedrijfskunde, 2005)
    • Institutional change and the resources endowed to spin off projects: the case of IMEC

      Moray, Nathalie; Clarysse, Bart (Vlerick Business School, 2004)
      This study takes an institutional perspective on spinning off ventures as a venue for commercialising research. The central question dealt with is the following: are the resource endowments of spin-outs at time of founding influenced by the way in which the overall technology transfer process is organised at the parent organisation? We have selected a research institute known for its international research excellence and with a track record in spinning off ventures: IMEC (Leuven, Belgium). We questioned all senior managers involved in technology transfer and the founders of the academic ventures set up between 1987 - 2002. The basic argument of the research is that changes in the internal institutional environment -- and the spin out policy in particular -- co-evolve with a changing overall tendency in the amount of resources endowed to the academic ventures. More specifically, we identify three generations of academic ventures displaying the main organisational changes in technology transfer policies pertaining to spin off companies. Keywords: Spin outs, Public Research Institute, Technology Transfer
    • Institutional linkage and resource endowments to science-based entrepreneurial firms: a European exploration

      Moray, Nathalie; Clarysse, Bart (UGent, Fac. Economie & Bedrijfskunde, 2005)
    • Is design-manufacturing integration that important?

      Vandevelde, Anneke; Van Dierdonck, Roland; Clarysse, Bart; Debackere, Koenraad (Vlerick Business School, 2002)
      There is limited empirical evidence to support the importance of design-manufacturing (DM) integration on the performance of new product development projects. This article focuses on the impact of integration processes and their outcomes on multidimensional project performance. When considering integration as interaction processes, we find that the degree of interaction is positively correlated with respect for time and prestige. If one succeeds in smoothing the production start-up, which is an outcome of integration, a better respect for time, budget and technical specifications is realized. Finally, we provide some insights into the perceived room to improve integration. Even though perceptions do not always correspond with reality, it is interesting to examine them since product development decisions are often taken in response to an individual's perceptions (Kleinschmidt & Cooper, 1995).