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This paper presents a synthetic framework identifying the central drivers of start-up commercialization strategy and the implications of these drivers for industrial dynamics. We link strategy to the commercialization environment – the microeconomic and strategic conditions facing a firm that is translating an " idea " into a value proposition for(More)
In this paper we explore the degree to which patents are representative of the magnitude , direction, and impact of the knowledge spilling out of the university by focusing on MIT, and in particular on the departments of Mechanical and Electrical Engineering. Drawing on both qualitative and quantitative data, we show that patenting is a minority activity: a(More)
1 The authors contributed equally to the writing of this paper and are listed alphabetically. An earlier version of this paper was presented at the micro-economics workshop at Purdue University. We would like to thank ABSTRACT The results of this study provide insight into why some universities generate more new companies to exploit their intellectual(More)
Licensing Office (TLO) for access to the data on MIT patents and for answering many questions about the data and TLO policies and procedures. We would also like to thank David Hsu for extensive comments on an earlier draft of this paper. ABSTRACT The question of how initial resource endowments—the stocks of resources that entrepreneurs contribute to their(More)
Many prior researchers have criticized business planning, arguing that it interferes with the efforts of firm founders to undertake more valuable actions to develop their fledgling enterprises In this paper, we challenge this negative view of business planning, arguing that business planning is an important precursor to action in new ventures. By helping(More)
E xplaining how entrepreneurs overcome information asymmetry between themselves and potential investors to obtain financing is an important issue for entrepreneurship research. Our premise is that economic explanations for venture finance, which do not consider how social ties influence this process, are undersocialized and incomplete. However, we also(More)
The process by which firm founders create new organizations is of considerable interest to evolutionary theorists and entrepreneurship researchers. In this paper we track the life histories of 225 new ventures initiated in the first nine months of 1998 by a random sample of Swedish firm founders. We explore the effect of the choice and order of firm(More)