Innovation by start-up firms: The role of the board of directors for knowledge spillovers |
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| Institution: | 1. Department of Strategy and Innovation, Copenhagen Business School, Denmark;2. École Polytechnique Fédérale de Lausanne, Switzerland;1. Institute of Economics, EMbeDS, Scuola Superiore Sant''Anna, Pisa, Italy;2. UNU-MERIT, Maastricht University, Netherlands and Brussels School of Governance, VUB, Belgium;1. Henley Business School, University of Reading, United Kingdom;2. Imperial College, University of London, United Kingdom;3. Department of Economics, Society and Politics, Carlo Bo University, Urbino, United Kingdom;1. Durham University Business School, Ustinov College, Millhill Ln, Durham DH1 3LB, Durham, United Kingdom;2. College of Economics and Management, Nanjing University of Aeronautics and Astronautics, Nanjing, 211106, China;3. Durham University Business School, Millhill Ln, Durham DH1 3LB, Durham, United Kingdom |
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| Abstract: | This paper investigates whether board directors interlocked with or employed by innovative firms affect start-up firms’ propensity to be innovators themselves. Drawing upon a sample of more than 50,000 Swedish start-up firms, we find that board connections to incumbent innovators have a causal impact on the new firms’ probability to apply for patents. The results are robust when controlling for industry, geography, firm age, as well as spillovers through worker and managerial mobility, external knowledge sourcing through patent disclosure, access to venture capital and board attributes. |
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| Keywords: | Start-ups Board of directors Knowledge spillovers Innovation Instrumental variables estimation |
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