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The purpose of this paper is to explore the extent to which various theories of capital structure “fit” in the case of new technology‐based firms.

This study uses data from the Kauffman Firm Survey, a longitudinal data set of over 4,000 firms in the USA. Descriptive statistics and multivariate results are provided.

The authors' findings reveal that new technology‐based firms demonstrate different financing patterns than firms that are not technology‐based.

Although some support was found for both the Pecking Order and Life Cycle theories, the results also indicate that technology‐based entrepreneurs are both willing and able to raise substantial amounts of capital from external sources.

Technology‐based entrepreneurs need external sources of equity, in particular, in order to launch and grow their firms.

To the authors' knowledge, this is the first article to test specific theories of capital structure using a large sample of new technology‐based firms in the USA.

The purpose of this paper is to analyse technology‐based entrepreneurship and its importance for economic growth. Firstly, it discusses the concept of technology‐based entrepreneurship, and, secondly, it moves on to question if the phenomenon is important for regional growth. New technology‐based firms (NTBFs) can influence economic growth both directly, by their own growth, and indirectly, for example, by providing specialised input to other firms. Quite frequently those indirect effects are established within a regional context.

This paper contributes knowledge about the relatively successful Swedish case. Based on several of the author's earlier studies, some empirical data are used to illustrate some characteristics of the Swedish case. The background and origin of Swedish NTBFs, as well as the growth of these firms, are discussed. Since, technology‐based entrepreneurship is a strongly regional phenomena special attention will be paid to one of Sweden's major regions; the Gothenburg region.

The paper shows that the number of technology‐based new firms corresponds to a small share of general entrepreneurship. Technology‐based entrepreneurship is a highly regional phenomenon, where local large firms are important for the training and breeding of future entrepreneurs. Spin‐off processes are likely to enhance regional knowledge development and learning processes because it involves the diffusion and sharing of technological and managerial expertise within the region.

The results suggests that a country like Sweden, with high R&D spendings and innovative activities, should be encouraged to increase its entrepreneurial activities in order to benefit even further from its R&D and technology development.

Is of value by adding to the knowledge on technology‐intensive firms – how they tend to grow, how frequent they are and their role in economic growth.

The purpose of this paper is to disclose the commonalities and differences among business owners of technology‐based firms in Germany. The paper addresses both single entrepreneurs as well as entrepreneurial teams regarding gender.

The paper examines firm characteristics and firm success variables in light of gender. Data were sourced from 593 firms in very‐high‐tech‐manufacturing, 886 firms in high‐tech manufacturing, and 4.822 firms in technology‐based service industries.

Results confirm the supposed gender gap in the technology industry. Whereas firm characteristics such as firm size, number of employees, and revenues are correlated to gender, firm success appears to be independent of these.

This paper focuses on the analysis of firm characteristics and gender variables. Due to the data sample, it contributes to the understanding of gender, as well as firm success and characteristics of German technology‐based firms.

The quantitative nature of this study contributes to reducing the scarcity of existing studies in the field of women entrepreneurship in technology‐based industries in Germany. It offers insights into the gender and entrepreneurial team characteristics of these firms.

To satisfy the demand of initial investor for above-average capital return and the expectation of entrepreneurial management to establish their own business, this paper aims to explore a dynamic equity allocation model in which the shareholding ratio of the technology-based entrepreneurial firm changes with its growth and profit. Based on the dynamic equity allocation model, the authors design a financing structure which not only ensures timely and adequately obtaining the fund but also avoids equity dilution and safeguards the integrity of equity.

The paper selects high-tech companies listed in China as the sample for empirical research to identify the role of stock incentive and uses model deduction to find the equitable quantized benchmark for entrepreneurial management equity allocation. The study uses capital exclusivity as an entry point to perform theoretical analysis and demonstrates how the equity allocation of a technology-based entrepreneurial firm changes dynamically as the presentation speed of entrepreneurial management’s human capital exclusivity accelerates. The paper then constructs a conceptual model to design the financing structure of the technology-based entrepreneurial firm.

The study finds that stock incentive upwardly regulates debt financing and downwardly regulates equity financing. Based on characteristics of technology-based entrepreneurial firms, the paper suggests that the immediate surplus capital increment can signify the increasing presentation speed of human capital exclusivity, and it is proposed as an equitable quantized benchmark for equity allocation to entrepreneurial management. Based on the dynamic equity allocation model, the paper designs an internal equity and external debt financing structure.

The conclusions enrich the theoretical foundation for entrepreneurial management to participate in residual claim and provide practical guidance for equity allocation and financing structure design in the context of mass entrepreneurship and innovation. The paper also sets up a conceptual framework for solving two major issues of the technology-based entrepreneurial firm: timely acquisition of external funding and lasting maintenance of entrepreneurial management stability.

Analyzing the association between the entrepreneur’s background and product innovation, this paper aims to propose that some entrepreneur’s features are associated with the product innovation in incubated companies.

The study involved 95 technology-based firms incubated in Brazil. Questionnaires were sent to 461 technology-based incubated firms of the state, of which 112 have responded; however, only 95 met the established criteria, which was analyzed by logistic regression.

It was found that companies whose entrepreneurs have technical academic education closer to the Exact Sciences promote more innovation in products, regardless the size of their companies. In addition, in smaller firms, besides the technical background closer to the Exact Sciences, the entrepreneur's experience in the company also showed positive association regarding the intensity with which such firms innovate in products.

Results indicate that entrepreneurs who were selected taking into account their technical background closer to the Exact Sciences are more likely to contribute to the product innovation in their companies. Therefore, investing in their businesses will also increase the likelihood of success in the efficient allocation of the incubator resources.

The originality of this paper is reflected by the presentation of relations between entrepreneur’s background and product innovation in technology-based incubated firms in an emerging economy, highlighting the value of some characteristics of entrepreneur’s background to promote product innovation.

Analisando a associação entre o background do empreendedor e a inovação em produtos, este artigo propõe que algumas características do empreendedor estão associadas com a inovação de produtos em empresas incubadas.

O estudo envolveu 95 empresas de base tecnológica no Brasil. Questionários foram enviados para 461 empresas incubadas de base tecnológica no estado de São Paulo, das quais 112 responderam. Contudo, apenas 95 satisfizeram os critérios estabelecidos na pesquisa, as quais foram analisadas por meio da regressão logística.

Foi identificado que empresas cujos empreendedores possuem formações acadêmicas mais próximas das ciências exatas promovem mais inovações em produtos, independentemente do tamanho da organização. Além disso, em empresas menores, além da formação acadêmica próxima das ciências exatas, a experiência do empreendedor na empresa também mostrou associação positiva com relação à intensidade com a qual tais empresas inovam em produtos.

Os resultados indicam que os empreendedores selecionados, com formação técnica mais próxima das ciências exatas, têm maior probabilidade de contribuir para a inovação de produtos em suas empresas. Portanto, investir nesses negócios aumentará a chance de sucesso na alocação eficiente dos recursos da incubadora.

A originalidade do artigo consiste na apresentação de relações entre o background do empreendedor e a inovação de produtos, em empresas de base tecnológica incubadas, em um país emergente. Isto realça o valor de algumas características do empreendedor para promover a inovação de produtos.

Analizando la asociación entre el fondo del emprendedor y la innovación en productos, este artículo propone que algunas características del emprendedor están asociadas con la innovación de productos en empresas incubadas.

El estudio involucró a 95 empresas de base tecnológica en Brasil. Los cuestionarios se enviaron a 461 empresas incubadas de base tecnológica en el estado de São Paulo, de las cuales 112 respondieron. Sin embargo, sólo 95 cumplieron los criterios establecidos en la investigación, que se analizaron a través de la regresión logística.

Se ha identificado que las empresas cuyos emprendedores poseen formaciones académicas más cercanas a las ciencias exactas promueven más innovaciones en productos, independientemente del tamaño de la organización. Además, en empresas menores, además de la formación académica cercana a las ciencias exactas, la experiencia del emprendedor en la empresa también mostró asociación positiva con relación a la intensidad con la que dichas empresas innovan en productos.

Los resultados indican que los emprendedores seleccionados, tomando en consideración su formación técnica más cercana a las ciencias exactas, son más probables de contribuir con la innovación de productos en sus empresas. Por lo tanto, invertir en estos negocios aumentará la probabilidad de éxito en la asignación eficiente de los recursos de la incubadora.

La originalidad del documento es reflejada por la presentación de relaciones entre el fondo del emprendedor y la innovación de productos en empresas incubadas de base tecnológica en una economía emergente, resaltando el valor de algunas características del fondo del emprendedor para promover la innovación de productos.

In acquisitions of technology-based firms the focus is typically on the technology and the target firm's engineers and scientists. But a firm is a social entity with a range of important internal and external relationships that are essential to the exploitation of existing capabilities, and the development of new ones. These relationships need to be maintained, subsequent to acquisition, to preserve the target firm's ability to innovate and compete. I argue for the importance of the target firm's relationships with its customers, and show that the degree to which the acquisition creates or destroys value for the target firm's customers is a significant predictor of acquisition success.

The purpose of this paper is to develop a framework to link founding team and start‐up competitive advantage in the context of the Taiwanese technology‐based ventures.

The paper analyzes 211 start‐ups of the technology‐based sector and verifies the relationship between entrepreneur resources, trust, founding team partners' commitments, and start‐up competitive advantage.

In technology‐based start‐ups, the competitive advantage of a start‐up is determined by the founding team partners' commitments and the resources an entrepreneur has.

This study is retrospective which relies on technology‐based founding team members as the primary research subjects, some respondents may observe the performance of their start‐ups today and then make attributions about the past to explain that performance.

Utilizations of personal networks are important in the early stage of technology‐based start‐ups; through networking and using trust, an entrepreneur can gain the critical resources and competitive advantage required in the development of a business.

In technology‐based start‐ups, trust, not the resources an entrepreneur has, is an effective way by which entrepreneurs can win founding team partners' commitments.

Intellectual capital (IC) is essential to the success of new technology-based firms. However, young firms only possess some of the resources and capabilities needed to develop, produce and market their innovative products and services. Hence, many form alliances to access complementary resources. This paper investigates the signaling effect of technology-based start-ups’ stock of IC on alliance formation.

This study analyzes primary data concerning specific classes of IC and the alliances formed. Data were collected from founders of 233 technology-based new ventures in the USA. Hypotheses were tested via hierarchical linear regression.

This study demonstrates that firms' IC, in the form of founders with doctorates and patents, is positively related to the classes of alliances formed. These stocks of IC send signals about credibility to the market for alliance partners, enabling the firms to form alliances and gain access to complementary resources. The number of founders with doctorates was positively related to R&D alliances and alliance partners in a similar place in the value chain as the focal firm. In contrast, the number of patents was positively related to total alliances, production-oriented alliances and alliances considered upstream from the focal firm.

This paper collects retrospective data from founders of technology-based new ventures. The research contributes to the literature with its results that founder human capital and patent portfolios are essential for technology-based firms' innovation and growth. However, little research has investigated how firms' possession of IC facilitates alliance formation. This paper investigates this connection explicitly.

The present study develops a multi-theoretic framework of the mechanisms of value creation in interorganizational relationships and of the key factors influencing those mechanisms. The integrative use of several theories in building the model is justified by numerous studies suggesting that a multi-theoretic approach is required to understand the complexity of interorganizational relationships (Gulati, 1998; Osborn & Hagedoorn, 1997; Park et al., 2002). We believe that the relationships between start-up companies and their corporate investors, with each party holding a diversity of strategic and financial objectives, are not less complex than other potential interorganizational relationships. They may therefore also require ideas from several theories to be properly understood. In this study, we build the models applying primarily the resource-based and the knowledge-based views, as well as social capital theory. Ideas from other theoretical approaches are used to complement these theories.

The purpose of this study is to investigate the capabilities and roles of three types of actors, specifically technology-based start-ups, incumbent firms and intermediaries, in co-constructing a network for development and commercialization of an emerging technology. In particular, the research aims to understand how the roles played by network actors evolve during the development and commercialization process and what operational and dynamic capabilities are developed by actors through collaboration.

A single longitudinal case study methodology was applied to analyse roles and operational and dynamic capabilities developed in a network setting by multiple parties over time.

The findings indicate that actors need to take on new roles to be successful when dealing with an emerging technology in a network context and they need to develop certain dynamic capabilities to enact these roles. The study categorizes roles and capabilities of network actors through various stages of collaboration. Actors developed sensing capabilities in the pre-collaboration stage which drove joint new product development. During the collaboration, seizing capabilities were developed where resource commitment and alignment of resources among actors were essential. Capabilities gained through commercialization and large-scale production were predominantly transforming capabilities where actors realigned their structure and had positive impact on capability development in the wider network.

Using data of a single case data may limit the applicability of the findings, which calls for future research.

The findings inform managers’’ and policymakers’ strategies related to participation in networks for development and commercialization of emerging technologies. The research provides insights about the role of large and small firms as well as intermediary organizations in development of nanotechnology and highlights that all network actors need to develop and utilize dynamic capabilities in all areas of sensing, seizing and transforming over time to be able to innovate and successfully commercialize a new product.

The research investigates evolution of operational and dynamic capabilities and roles of multiple actors over time in collaborative networks for development and commercialization of an emerging technology. Building on the dynamic capabilities concept, the study broadens our understanding of the evolution of these capabilities in a network setting and elaborates how capability development is linked to changes in roles.