Science-Based Business: Knowledge Capital or Entrepreneurial Ability? Theory and Evidence from a Survey of Biotechnology Start-ups
Braguinsky, Serguey:Yuji Honjo:Sadao Nagaoka:Kenta Nakamura
WP#10-05 Hitotsubashi University IIR (2010/09/01)
We present a model of science-based entrepreneurship where ideas initially produced by researchers with high-level knowledge capital may be developed by high-ability entrepreneurs. With moderate investment costs, startups continuously managed by inventors-founders coexist in equilibrium with startups that experience entrepreneurial tu…