Chapter 6: Entrepreneurial Teams in Spin-Offs
6. 6.1 Entrepreneurial teams in spin-oﬀs INTRODUCTION In the entrepreneurship literature, an increasing number of authors have highlighted founding team characteristics as potential key success factors. Heirman and Clarysse (2006) have shown that founding teams with a high degree of commercial (sector-speciﬁc) experience show signiﬁcantly higher growth rates in employment and revenues than those with low levels of such experience. Zahra and Wiklund (2000) on the other hand show that the team ‘behavioural integration’ (among others, the ability to work together) to be found in start-up teams leads to a signiﬁcantly higher rate of new product introduction in comparison with those founding teams that do not show high levels of integration. According to them, this also explains the comparative advantage which certain start-ups have vis-à-vis incumbent companies without such teams. Further, MacMillan et al. (1987) and Muzyka et al. (1996) show that the quality of entrepreneurial teams are an important factor in decisive entrepreneurial events such as raising venture capital. Among the high-tech start-ups, spin-oﬀs are probably the start-up ventures in which team formation is the most crucial aspect: most of the spin-oﬀ ventures need to develop a product and therefore are in need of external forms of capital. As mentioned previously, the quality of the team is an important decision factor for external equity providers. Moreover, spin-oﬀs usually have at least the expectancy to grow after start-up and are situated at the innovative edge of their industry segment. Again, this is exactly...
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