Exploring board formation and evolution of board composition in academic spin-offs |
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| Authors: | Ekaterina S Bjørnåli Magnus Gulbrandsen |
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| Institution: | 1.School of Technology (AFT),S?r-Tr?ndelag University College (HIST),Trondheim,Norway;2.Department of Industrial Economics and Technology Management (I?T),Norwegian University of Science and Technology (NTNU),Trondheim,Norway;3.NIFU STEP,Oslo,Norway;4.Centre for Advanced Study,Norwegian Academy of Science and Letters,Oslo,Norway |
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| Abstract: | An in-depth analysis of 11 cases is used to provide insight into the neglected area of the dynamics of boards in academic
spin-offs. Drawing on stage-based, resource dependence, and social network theories, we explore board formation and changes
in board composition occurring in Norwegian and US spin-offs. We find that these theories are important complements to earlier
research on boards in technology-based new ventures. The process of board formation is mainly driven by social networks of
the founders. Although we find differences in the initial board compositions in Norwegian and US spin-offs, there is convergence
over time in subsequent board changes, which are mainly driven by the social networks of the board chair. Additions of key
board members are associated with the progress of a spin-off developing from one stage to another. Several avenues for future
research and implications are discussed. |
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