Technology parks and entrepreneurial outcomes around the world
International Journal of Managerial Finance
ISSN: 1743-9132
Article publication date: 23 September 2013
Abstract
Purpose
The purpose of this paper is to study factors that affect the success of technology parks in terms of fostering entrepreneurial firm formation, growth, and financing.
Design/methodology/approach
Based on a new international dataset of technology parks (tech parks) from 13 countries (eight developing countries and five developed countries), the paper relates the success of technology transfer to the legal environment within which the tech park operates, as well as the characteristics of the tenants in the tech park and the services provided by the tech park.
Findings
The data indicate entrepreneurial success is more likely to be facilitated when there is better legal protection offered to companies in the jurisdiction within which the tech park is located, when there is a greater presence of foreign university- and government-affiliated companies in tech parks, and a smaller presence of foreign private companies in tech parks, particularly foreign subsidiaries. The data further indicate entrepreneurial success is more likely when tech park tenants have greater testing/analysis focus, and when tenants have less assembly- and service-focussed activities. Also, entrepreneurial success is more likely to be facilitated by tech parks with on- and off-site technology licensing offices that promote trade shows, provide access to funds for commercialization and distribute information on the R&D outcomes of tech park tenants.
Research limitations/implications
The data offer insights into efficient design of tech parks. Coarse measures from survey data are limitations yet offer scope for further examination in future research.
Originality/value
The paper provides guidance for entrepreneurs and their investors in terms of ways maximize value in terms of entrepreneurial growth and financing from selecting appropriate tech parks.
Keywords
Acknowledgements
The authors owe thanks to Jess Chua, Craig Wilson, Zhenyu Wu, and to the seminar participants at the Shanghai Institute for Foreign Trade Special Issue Conference for the International Journal of Managerial Finance, June 2012, for helpful comments and suggestions. A preliminary version of this paper was presented at HEC Tunis, December 2005.
Citation
Cumming, D. and Johan, S. (2013), "Technology parks and entrepreneurial outcomes around the world", International Journal of Managerial Finance, Vol. 9 No. 4, pp. 279-293. https://doi.org/10.1108/IJMF-02-2013-0018
Publisher
:Emerald Group Publishing Limited
Copyright © 2013, Emerald Group Publishing Limited