Keywords: science parks, new technology-based firms, university spin-offs, corporate spin-offs, growth, financing, ownership, start-ups, Sweden, performance evaluation, business networks, external capital, advice, high technology, small firms, entrepreneurship
Academic versus corporate new technology-based firms in Swedish science parks: an analysis of performance, business networks and financing
This study is in the field of new technology-based firms and the role of Science Parks. The assessing of academic knowledge and expertise by businesses located on site is a key principle of Science Parks. Science Parks provide an important resource network for new technology-based firms (NTBFs). The independent new technology-based Science Park firms are analysed regarding their origin. The research proposition is empirically tested on the basis of 134 new technology-based firms in Sweden, NTBFs (University spin-offs; USOs) from the academy (74 firms) and NTBFs (Corporate spin-offs; CSOs) from the private sector (60 firms). These two categories of firms are assumed to need and acquire different types of resourses due to their different background. The importance of Science Parks for the decision to start the firm: 66.7 percent (USOs) and 52.9 percent (CSOs). They would never have been established without the Science Park. The two groups tended to exhibit differences between advice from managers in the parks (USOs). The study indicates that there is a direct relationship between Science Park importance for attracting external capital and financing issues (USOs). There is also some evidence that professional businesses benefit from a Science Park location. The general levels of advice (Advice related to park: Banking institutions and Chamber of Commerce) by those CSOs located on a Science Park was considerably high.