Main Event - Thomas Hellmann (Saïd Business School - University of Oxford)
Abstract
Thomas’s research focuses on entrepreneurial finance, entrepreneurship, innovation and public policy. Thomas holds a BA from the London School of Economics and a PhD from Stanford University, where he wrote his thesis under Professor Joseph Stiglitz (winner of the Nobel Prize in Economics, 2001). He previously was faculty at the Graduate School of Business (Stanford, USA), and at the Sauder School of Business (University of British Columbia, Canada). He also held visiting positions at Harvard Business School, Wharton, the Hoover Institution, INSEAD and the University of New South Wales. In his upcoming presentation, Thomas will discuss research conducted with colleagues on the impact of university spin-out ownership on fundraising outcomes. Their analysis combines formal theory with detailed data from UK spin-outs. Using an instrumental variable approach based on precedence set by earlier spin-outs, they find that a 10% increase in university ownership reduces the likelihood of securing venture capital by 3% per year. This negative effect is most pronounced in less science-intensive spin-outs and those led by scientists transitioning into entrepreneurial roles. Additionally, a 10% increase in university ownership is associated with a 5% decrease in the rate of spin-out formation.
Social event will follow at: 18:30 (post-seminar)
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Complimentary aperitivo at Deep Milano, Via Galvano Fiamma, 5. A Young Scholar Initiative (YSI) event.
Note: For organizational efficiency, registration is important. Upon registration, you will receive an entry form to allow immediate access to the seminar premises on the day of the event. The complimentary aperitivo has limited space, available on a first-come, first-served basis, with registered seminar attendees receiving priority. However, participation in the seminar remains possible also without registration and the aperitivo will be, in the worst case, at the at the expense of the participants.
