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Papers by Einar Rasmussen
Entrepreneurship Theory and Practice, May 26, 2022
Larger firms are increasingly acquiring innovative new ventures at an early stage. Despite signif... more Larger firms are increasingly acquiring innovative new ventures at an early stage. Despite significant integration challenges with these acquisitions, the elongated pre-acquisition process of aligning buyers’ and sellers’ different objectives is rarely studied. By studying nine academic spin-off acquisitions, we develop a three-phase model outlining the temporal dynamics of the pre-acquisition process. In each phase—namely, strategic fit, synergy confidence, and deal structure—a specific buyer-seller tension emerges. By showing how each of these tensions needs to be overcome prior to an acquisition event, our dialectical model complements the dominant focus on post-integration activities in the acquisition literature.
Social Science Research Network, 2016
The creation of spin-off firms from universities is seen as an important mechanism for the commer... more The creation of spin-off firms from universities is seen as an important mechanism for the commercialization of research, and hence the overall contribution from universities to technological development and economic growth. Governments and universities are seeking to develop framework conditions that are conductive to spinoff creation. The most prevalent of such initiatives are legislative changes at national level and the establishment of Technology Transfer Offices (TTO) at university level. The effectiveness of such initiatives is debated, but empirical evidence is limited. In this paper we analyze the full population of universities in Italy, Norway, and the UK; three countries adopting differing approaches to framework conditions, to test whether national and university level initiatives have an influence on the number of spin-offs created and the quality of these spin-offs. Building on institutional theory and using multi-level analysis, we find that changes in the institutional framework conditions at both national and university level are conductive to the creation of more spin-offs, but that the increase in quantity is at the expense of the quality of these firms. Hence, the effect of such top-down changes in framework conditions on the economic impact from universities seems to be more symbolic than substantive.
Journal of Management Studies, Jun 6, 2023
New ventures often pursue both economic and social goals, known as goal hybridity. Yet, we know l... more New ventures often pursue both economic and social goals, known as goal hybridity. Yet, we know less about how organizational goal hybridity influences the performance and governance of new ventures. Goal hybridity is common among academic spin‐offs (ASOs) seeking to commercialize scientific research from universities. We hypothesize that ASOs’ goal hybridity influences their subsequent performance and their governance structure. We also hypothesize that ASOs who enrol multiple stakeholders with investment goals aligned with their hybrid goals outperform the ASOs who do not. By combining several data sources, we follow Norwegian ASOs longitudinally and find that goal hybridity explains their subsequent performance differences, such that ASOs relying on both economic and social aspects of their business when formulating their goals outperform those who rely purely on economic or social goals. We also find that ASOs with hybrid goals outperform when they enrol multiple stakeholders who are aligned with their hybrid goals. Our findings have implications for theorizing in hybridity, stakeholder enrolment, and the organizational goals literatures. We also provide a fuller understanding on performance heterogeneity of ASOs, and we offer a set of practice and policy implications to academic entrepreneurship and public‐private partnership literatures.
Technological Forecasting and Social Change, Dec 1, 2022
Academy of Management Proceedings, 2021
... schemes Einar Rasmussen, Odd Jarl Borch and Roger Sørheim INTRODUCTION The formation of spin-... more ... schemes Einar Rasmussen, Odd Jarl Borch and Roger Sørheim INTRODUCTION The formation of spin-off companies from research organizations is seen as one of the most effective ways of commercializing new knowledge and technology (Bray and Lee, 2000; Brett et al ...
Academy of Management Proceedings, 2015
The creation of spin-off firms from universities are seen as an important mechanism for the comme... more The creation of spin-off firms from universities are seen as an important mechanism for the commercialization of research, and hence the overall contribution from universities to technology develop...
Handbook of Universities and Regional Development, 2019
The creation of university spin-off firms is seen as an important mechanism for generating econom... more The creation of university spin-off firms is seen as an important mechanism for generating economic and societal impacts from universities and for the transfer of university knowledge into application in society. Spin-offs tend to be localized near their parent university, and therefore may be particularly important for generating regional contributions from universities. However, the importance of spin-offs for regional development is debated and there seems to be no universal recipe for how to facilitate their regional impacts. This Chapter provides a conceptual discussion of research-based evidence on how university spin-offs may lead to regional impacts. Several levels of analysis and both direct and indirect impacts are considered. It is very rare that university spin-offs by themselves grow into firms with significant regional impacts. Rather, the impacts of university spin-offs appears to be more subtle, by indirectly contributing to the development of businesses and society at the regional level. Hence, instead of asking ‘how substantial is the impact of university spin-offs?’, the Chapter concludes that it would be more relevant to ask ‘in what way do spin-offs contribute to regional stakeholders such as their parent university, regional businesses and industry, as well as the society more generally’. The Chapter points at a number of research opportunities and discusses how policy can harness the regional impacts of spin-offs.
Academy of Management Proceedings, 2018
Scholars have yet to, beyond a few exceptions, empirically focus on the role of women in academic... more Scholars have yet to, beyond a few exceptions, empirically focus on the role of women in academic entrepreneurship, the establishment of spinoff companies based on technologies derived from univers...
Frontiers of entrepreneurship research, 2017
The Changing Global Economy and its Impact on International Entrepreneurship
Entrepreneurship Theory and Practice, May 26, 2022
Larger firms are increasingly acquiring innovative new ventures at an early stage. Despite signif... more Larger firms are increasingly acquiring innovative new ventures at an early stage. Despite significant integration challenges with these acquisitions, the elongated pre-acquisition process of aligning buyers’ and sellers’ different objectives is rarely studied. By studying nine academic spin-off acquisitions, we develop a three-phase model outlining the temporal dynamics of the pre-acquisition process. In each phase—namely, strategic fit, synergy confidence, and deal structure—a specific buyer-seller tension emerges. By showing how each of these tensions needs to be overcome prior to an acquisition event, our dialectical model complements the dominant focus on post-integration activities in the acquisition literature.
Social Science Research Network, 2016
The creation of spin-off firms from universities is seen as an important mechanism for the commer... more The creation of spin-off firms from universities is seen as an important mechanism for the commercialization of research, and hence the overall contribution from universities to technological development and economic growth. Governments and universities are seeking to develop framework conditions that are conductive to spinoff creation. The most prevalent of such initiatives are legislative changes at national level and the establishment of Technology Transfer Offices (TTO) at university level. The effectiveness of such initiatives is debated, but empirical evidence is limited. In this paper we analyze the full population of universities in Italy, Norway, and the UK; three countries adopting differing approaches to framework conditions, to test whether national and university level initiatives have an influence on the number of spin-offs created and the quality of these spin-offs. Building on institutional theory and using multi-level analysis, we find that changes in the institutional framework conditions at both national and university level are conductive to the creation of more spin-offs, but that the increase in quantity is at the expense of the quality of these firms. Hence, the effect of such top-down changes in framework conditions on the economic impact from universities seems to be more symbolic than substantive.
Journal of Management Studies, Jun 6, 2023
New ventures often pursue both economic and social goals, known as goal hybridity. Yet, we know l... more New ventures often pursue both economic and social goals, known as goal hybridity. Yet, we know less about how organizational goal hybridity influences the performance and governance of new ventures. Goal hybridity is common among academic spin‐offs (ASOs) seeking to commercialize scientific research from universities. We hypothesize that ASOs’ goal hybridity influences their subsequent performance and their governance structure. We also hypothesize that ASOs who enrol multiple stakeholders with investment goals aligned with their hybrid goals outperform the ASOs who do not. By combining several data sources, we follow Norwegian ASOs longitudinally and find that goal hybridity explains their subsequent performance differences, such that ASOs relying on both economic and social aspects of their business when formulating their goals outperform those who rely purely on economic or social goals. We also find that ASOs with hybrid goals outperform when they enrol multiple stakeholders who are aligned with their hybrid goals. Our findings have implications for theorizing in hybridity, stakeholder enrolment, and the organizational goals literatures. We also provide a fuller understanding on performance heterogeneity of ASOs, and we offer a set of practice and policy implications to academic entrepreneurship and public‐private partnership literatures.
Technological Forecasting and Social Change, Dec 1, 2022
Academy of Management Proceedings, 2021
... schemes Einar Rasmussen, Odd Jarl Borch and Roger Sørheim INTRODUCTION The formation of spin-... more ... schemes Einar Rasmussen, Odd Jarl Borch and Roger Sørheim INTRODUCTION The formation of spin-off companies from research organizations is seen as one of the most effective ways of commercializing new knowledge and technology (Bray and Lee, 2000; Brett et al ...
Academy of Management Proceedings, 2015
The creation of spin-off firms from universities are seen as an important mechanism for the comme... more The creation of spin-off firms from universities are seen as an important mechanism for the commercialization of research, and hence the overall contribution from universities to technology develop...
Handbook of Universities and Regional Development, 2019
The creation of university spin-off firms is seen as an important mechanism for generating econom... more The creation of university spin-off firms is seen as an important mechanism for generating economic and societal impacts from universities and for the transfer of university knowledge into application in society. Spin-offs tend to be localized near their parent university, and therefore may be particularly important for generating regional contributions from universities. However, the importance of spin-offs for regional development is debated and there seems to be no universal recipe for how to facilitate their regional impacts. This Chapter provides a conceptual discussion of research-based evidence on how university spin-offs may lead to regional impacts. Several levels of analysis and both direct and indirect impacts are considered. It is very rare that university spin-offs by themselves grow into firms with significant regional impacts. Rather, the impacts of university spin-offs appears to be more subtle, by indirectly contributing to the development of businesses and society at the regional level. Hence, instead of asking ‘how substantial is the impact of university spin-offs?’, the Chapter concludes that it would be more relevant to ask ‘in what way do spin-offs contribute to regional stakeholders such as their parent university, regional businesses and industry, as well as the society more generally’. The Chapter points at a number of research opportunities and discusses how policy can harness the regional impacts of spin-offs.
Academy of Management Proceedings, 2018
Scholars have yet to, beyond a few exceptions, empirically focus on the role of women in academic... more Scholars have yet to, beyond a few exceptions, empirically focus on the role of women in academic entrepreneurship, the establishment of spinoff companies based on technologies derived from univers...
Frontiers of entrepreneurship research, 2017
The Changing Global Economy and its Impact on International Entrepreneurship