Abstract

This paper focuses on venture team characteristics with respect to human and social capital dimensions. Three major groups have been investigated such as founders, top management and board of directors. Data have been obtained using personal interviews with 185 product-oriented academic spin-offs within nine European countries. The results show a significant positive but diminishing impact of team heterogeneity venture success, as well as a positive impact from legal expertise in the board of directors. Several implications are addressed dealing with an appropriate team composition, on both top management and board of director level as well as the importance to pay attention to the team development process.

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