基于科学的新创企业跨越“死亡之谷”研究

A study of the science-based start-ups having traversed the"Valley of Death"

近年来,基于生物医药、纳米、新材料等科学集聚领域建立起的新创企业崛起。由于这类企业的知识基础源于发展中的科学,不可预知的风险增加了其生存难度,生存驱动路径和机制亟待探讨。本研究提出了基于科学的新创企业跨越“死亡之谷”的整合分析框架,并运用fsQCA方法对英国44个基于科学的新创企业案例进行组态分析。研究发现:(1)基于科学的新创企业跨越“死亡之谷”是多个条件变量复杂作用的结果,企业存活的驱动模式有3种,分别是技术能力主导驱动型、大学主导驱动型和融资主导驱动型,技术能力在其中发挥核心作用,融资驱动型分布最普遍;(2)在基于科学的企业成立初期,大部分企业的专利和产品很少,支撑这些企业存活的主要是融资和大学的资源投入:广泛的融资能够分担研发不确定性带来的风险,维持企业的正常运营;大学不仅为企业提供了充足的前沿知识,也为企业创造了一个良好的生存环境;(3)基于科学的新创企业需要紧跟科学前沿,也需要提高管理技能,企业更需要发展技能互补的董事会。研究拓宽了相关理论的适用范围,为基于科学的新创企业跨越“死亡之谷”提供了借鉴经验。

In recent years,science-based start-ups have emerged in the fields such as biopharmaceuticals,nanotechnology,and new materials,benefiting from the convergence of scientific knowledge.These science-based start-ups play a pivotal role in translating fundamental scientific theories into practical applications,resulting in a consistent growth in their quantity and an escalating impact on the landscape of innovation.Nevertheless,due to their dependence on emerging scientific knowledge,many of these firms encounter the daunting"Valley of Death"as they traverse the gap between foundational scientific theories and product development.The process of science-based start-ups having traversed this"Valley of Death"is a complex systemic endeavor,where a single condition is insufficient to guarantee success.Moreover,interactions among critical conditions may exist,rendering previous reliance on quantitative models inadequate for accurately identifying their pathways to survival.To inform the formulation of informed science development policies,mitigate developmental risks,and facilitate the transition of these firms across the"Valley of Death,"a diversified and holistic perspective is needed to assess their trajectories.Therefore,this study employed the fsQCA method to conduct a configurational analysis of 44 science-based start-ups in the United Kingdom.Based on a comprehensive literature review,we constructed an integrative analytical framework aimed at driving science-based start-ups to successfully traverse the"Valley of Death."Subsequently,a sample source of firms in the British biomedicine sector was selected,and a case information database for science-based start-ups was compiled using the data provided by REF 2014.Finally,the fsQCA method was applied to analyze the pathways taken by the science-based start-ups to traverse the"Valley of Death."The study revealed that the transition of science-based start-ups across the"Valley of Death"is the outcome of the complex interplay of multiple conditional variables.Three distinct patterns of drivers for enterprise survival emerge,characterized as being technology capability-driven,university-driven and funding-driven,with technology capability playing a central role,and funding-driving being the most prevalent pattern.From this study,we can draw the following conclusions.Firstly,technical capability directly impacts the survival and development of science-based start-ups,serving as the core competitive advantage of these firms.Secondly,the findings underscore the critical roles played by external funding and university collaborations in the early stages of development for science-based start-ups.Extensive financing provides the necessary financial resources to support research and development activities while also helping to mitigate the risks associated with commercializing novel technologies.Universities not only offer ample cutting-edge knowledge to these firms but also create an environment conducive to their survival.Thirdly,effective management practices are identified as a key factor in achieving business success.Strategic planning aids science-based start-ups in identifying market opportunities and pursuing them,while boards with complementary skills facilitate the acquisition of the correct skills and expertise necessary to support their growth.Finally,the study further emphasized the importance of increased financial support from the public sector for science-based start-ups.Policymakers can provide fiscal incentives and regulatory backing to encourage venture capital investment in science-based early-stage firms.This research has broadened the applicability of related theories,offering valuable insights for science-based start-ups seeking to traverse the"Valley of Death".