Abstract
The central role of knowledge for firms’ innovation and growth has heightened interest in where new ventures source their most critical input -- knowledge. We focus on spin-out firms. Some studies propose that these firms inherit knowledge from parents, whereas others argue that startups obtain knowledge from geographic neighbors. We argue that spin-outs obtain knowledge both from parent(s) and from geographic neighbors, and that the use of this knowledge varies systematically as the venture matures. Our results show that both knowledge inheritance and geographic proximity affect the knowledge sourcing behavior of new ventures. Furthermore, geographic proximity dampens the relationship between inheritance and knowledge sourcing. Finally, these effects depend upon the age of the startup. We examine these effects in a sample of American semiconductor firms over 21 years.
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