Does Academic Scientist Really Spur the Gale of Innovation in New High-tech ventures?

The paper examines the role of academic scientists as a means to source externally new high-tech ventures and the effects on innovative output and market alliances. Empirical evidence based on a unique dataset of Italian biotech ventures partially support our propositions that new ventures derive benefits by involving academic scientists in the development of innovation. We found that: (i) new biotech firms with academic collaboration tend to have more R&D spending when they have more knowledge base; (ii) academic collaboration is more crucial for products under development than patents; (iii) younger and larger biotech firms are more involved in strategic alliances with customers, while younger and smaller biotech firms are more involved in strategic alliances with other biotech firms.