Toby E. Stuart

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This paper investigates the relationship between intercorporate technology alliances and firm performance. It argues that alliances are access relationships, and therefore that the advantages which a focal firm derives from a portfolio of strategic coalitions depend upon the resource profiles of its alliance partners. In particular, large firms and those(More)
Sociological investigations of economic exchange pay particular attention to the manner in which institutions and social structures shape transactions among economic actors. Extending this line of inquiry, we explore how interfirm networks in the US venture capital (VC) market from 1986 to 1998 affect the spatial patterns of exchange. We present evidence(More)
The authors examine the conditions prompting university-employed life scientists to become entrepreneurs, defined to occur when a scientist (1) founds a biotechnology company, or (2) joins the scientific advisory board of a new biotechnology firm. This study draws on theories of social influence, socialization, and status dynamics to examine how proximity(More)
One of the most commonly observed features of the organization of markets is that similar business enterprises cluster in physical space. In this paper, we develop an explanation for firm co-location in high-technology industries that draws upon a relational account of new venture creation. We argue that industries cluster because entrepreneurs find it(More)
• • The order of authorship on this paper is random and contributions were equal. We would like to thank Ron Burt, Jim March and Mike Tushman for many helpful suggestions. Olav Sorenson provided particularly extensive comments on this paper. We would like to acknowledge the financial support of the University of Chicago, Graduate School of Business and a(More)
The question of how initial resource endowments—the stocks of resources that entrepreneurs contribute to their new ventures at the time of founding—affect organizational life chances is one of significant interest in organizational ecology, evolutionary theory, and entrepreneurship research. Using data on the life histories of all 134 firms founded to(More)
In periods characterized by diminished public market financing, small biotechnology firms appear to be more likely to fund R&D through alliances with major corporations rather than with internal funds (raised through the capital markets). We consider 200 alliance agreements entered into by biotechnology firms between 1980 and 1995. Agreements signed during(More)
We examine the influence of faculty patenting on the rate, quality, and content of public research outputs in a panel dataset spanning the careers of 3,862 academic life scientists. Using inverse probability of treatment weights (IPTW) to account for the dynamics of self-selection into patenting, we find that patenting has a positive effect on the rate of(More)
Vertical alliance networks: The case of university–biotechnology–pharmaceutical alliance chains Toby E. Stuart a,∗, Salih Zeki Ozdemir b, Waverly W. Ding c a Harvard Business School, Rock Center 211, Soldiers Field Road, Boston, MA 02163, United States b Faculty of Business, The University of New South Wales (UNSW), Sydney, NSW 2052, Australia c Haas School(More)
We provide a framework for reconciling two seemingly incompatible claims regarding identity in social and economic arenas: (a) that complex, multivalent identities are advantageous because they afford greater flexibility; and (b) that simple, generic identities are advantageous because they facilitate interpretation by key audiences. Following Faulkner(More)