Location choice of academic entrepreneurs: Evidence from the US biotechnology industry |
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| Institution: | 1. Management Studies, Wageningen University, Hollandseweg 1, 6706 KN, De Leeuwenborch (Building 201), Room 5063, Wageningen, Netherlands;2. Department of Agricultural and Applied Economics, University of Missouri, 125 A, Mumford Hall, Columbia, MO 65211, USA;3. New Analytics LLC and Hutton School of Business, University of the Cumberlands, Williamsburg, KY 40769, USA;1. Department of Management, Hankamer School of Business, Baylor University, United States;2. Department of Management and Entrepreneurship, Kelley School of Business, Indiana University, United States;3. Initiative for Studies in Transformational Entrepreneurship, Wisconsin School of Business, University of Wisconsin, United States;1. Innovation and Entrepreneurship Group, D''Amore-McKim School of Business, Northeastern University, 218A Hayden Hall, Boston, MA 02115, USA;2. D''Amore-McKim School of Business, Northeastern University, 209 Hayden Hall, Boston, MA 02115, USA;3. Innovation and Entrepreneurship Group, D''Amore-McKim School of Business, Northeastern University, 212 Hayden Hall, Boston, MA 02115, USA;4. Schulze School of Entrepreneurship, Opus College of Business, University of St. Thomas, 1000 Lasalle Ave., Minneapolis, MN, USA;1. Technische Universität München, TUM School of Management, Arcisstr. 21, 80333 Munich, Germany;2. IE Business School, Maria de Molina 11, 13, 15, 28006 Madrid, Spain;3. Hankamer Business School, Baylor University, One Bear Place #98006, Waco, TX 76798-8006, United States;1. Hang Seng Management College, Hong Kong;2. Chinese University of Hong Kong, Hong Kong;3. Baptist University of Hong Kong, Hong Kong;1. Robert A. Foisie School of Business, Worcester Polytechnic Institute, 100 Institute Road, Worcester, MA 01609-2280, United States;2. Department of Marketing and Entrepreneurship, College of Business Administration, Kent State University, P.O. Box 5190, Kent, OH 44242-0001, United States;1. Department of Management, Pamplin College of Business, Virginia Polytechnic Institute and State University, United States;2. Michael F. Price College of Business, The University of Oklahoma, 307 W. Brooks Ave., Adams Hall Room 206, United States |
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| Abstract: | Where knowledge-based firms are located is important because entrepreneurship, firm creation and innovation are typically associated with regional economic development, wealth creation and increased employment. In this paper we examine where academic entrepreneurs locate their firms. We begin by developing a theoretical model that examines the location choice of the academic entrepreneur within the standard utility maximization theory. Academic entrepreneurs are assumed to maximize their utility by allocating their efforts between academic and entrepreneurial pursuits which, in turn, determine their future streams of income and end-period wealth. Optimal allocation turns out to be a function of both personal and external factors that condition the relevant payoffs and such factors can be empirically observed. We then use several candidate explanatory variables to examine those factors that may influence the firm location choice for 187 biopharmaceutical firms started by 275 academic entrepreneurs in the US. From our empirical analysis we find that location-specific factors such as proximity to certain knowledge assets and to the funding venture capital firms, affect the firm location choice of academic entrepreneurs. Nevertheless, entrepreneur-specific characteristics, such as their age, seem to dominate the choice of firm location. |
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