Theories from the Lab: How Research on Science Commercialization can Contribute to Management Studies

• Author: Riccardo Fini,Johan Wiklund,Mike Wright,Einar Rasmussen
• Date: 01 July 2019
• DOI: http://doi.org/10.1111/joms.12424
• Published date: 01 July 2019

© 2018 John Wiley & Sons Lt d and Society for the Adva ncement of Management Stud ies

Theories from the Lab: How Research on Science

Commercialization can Contribute to Management

Studies

Riccardo Finia, Einar Rasmussenb, Johan Wiklundc and

Mike Wrightd

aUniversity of Bol ogna; bNord Univers ity Busi ness School; cSyracu se University; dImper ial College

Busine ss School

ABST RACT Universities and resea rch centres have long been used to study management issues.

A growing bod y of research has focuse d on how science can be effect ively commercialized,

emphasizing tech nology commercia lization activities, un iversity–industry coll aborations, and

academic entrepreneursh ip. While much of this work has documented empir ical relationsh ips,

our aim in th is introductory article of the spe cial issue is to show how research on science

commerciali zation may yield conceptual contributions to the f ield of management. Hence, we

first d iscuss the importance of context for theory de velopment. We then review how the science

commerciali zation context has been used for theory development, identify ing two facets used

to conceptuali ze science commercialization (i.e., manag ing the transition between in stitutional

contexts, and the mult iple goals and impact s of actors engaging in science commercia lization).

This forms the ba sis for discussing what makes th is context suited for theory development in

general management and for outl ining a future research agenda . We conclude by summarizi ng

the papers in the spec ial issue.

Keywo rds: entrepreneursh ip, management theory, organization theory, science

commercial ization, university

INTRODUCTION

The commercializat ion of science is a key process by which public investments in re-

search generate impacts both at f irm and broader societal levels , through the valorisa -

tion of lab-based inventions and technologies ( Fini et al., 2018b; Nelson, 2015; Pisano,

Journal of Man agement Studi es 56:5 July 2019

do i: 10 .1111/jo ms. 12424

Address for re prints: Riccard o Fini, Depa rtment of Management, School of Eng ineering and Architect ure,

University of Bolog na, Via Terracini 28, 40131, Bologna, Ital y (riccardo.fini@ unibo.it).

866 R. Fini et al.

© 2018 John Wiley & Sons Lt d and Society for the Adva ncement of Management Stud ies

2006). Science commercial ization is a driver of innovation in many industries and an

important part of innovat ion and technology management. Hence, more knowledge

about the use and impact of scientif ic research is important for understanding how fir ms

develop and maintain competitive adv antage. Science commerciali zation plays also a

role in creating societal i mpacts from new scientif ic inventions and knowledge (Fini

et al., 2018b), and for developing a better world (George et al., 2016). Given its poten-

tial importa nce, it represents a relevant context for developing conceptual insights with

large practical relevance and impact on business and society ( Birkinshaw et al., 2014).

To date, research on science commercialization is mainly empirically driven and has

adopted a variety of theoretical perspectives (Wright and Phan, 2018a; Zahra et al.,

2018). Hence, we see great potential in making more focused and conceptually driven

explanations of science commercialization. Given the body of work that has now devel-

oped, we believe we have reached a juncture where it is fruitful to ask how the context of

science commercialization can be an important arena for building and testing theories

relevant for the management field more broadly. Rather than asking how management

theory can inform science commercialization, we believe the time is ripe to ask how

science commercialization can inform management theory. Indeed, while science com-

mercialization represents a quite specific empirical context, the findings and theorizing

from this context can provide new theoretical insights of general interest. Many of the

phenomena central to management research are more prevalent and salient in science

commercialization than in other contexts. In addition, science commercialization brings

salience to the importance of context in research, an important consideration in relevant

and robust theorizing (Rousseau and Fried, 2001).

In this article, we first discuss the viability of using science commercialization as a con-

text for theory development in management and highlight some key aspects that can be

leveraged by scholars wishing to contribute to general management theorizing. Next, we

perform a literature review covering leading (empirical) management journals and iden-

tify two features that make science commercialization relevant for theory development.

Then, we build on these insights to outline a research agenda for theory development

in management. The article concludes with a summary of the papers included in the

special issue, offering some suggestions for further research.

THE IMP ORTANCE OF CONTEXT FOR T HEORY DEVELOPM ENT:

THE CASE OF SCIENCE COMME RCIAL IZATION

Management and organizat ion research increasingly emphasi ze that context – i.e., ‘the

conditions and circumsta nces that are relevant to an event or fact’ (Br itish Dictionar y)

– is important for theory development. Context is crucial for understa nding the who,

where, when, and why of a theory (Johns, 20 06). On the one hand, context provides

boundaries for the generalizabil ity of theorized relat ionships (Welter, 2011; Zahra and

Wright, 2011); on the other hand, it provides the link between abstract conceptual izing

and the real world. Using empirical dat a for theory development always raises ques-

tions about the trade-off bet ween the development of general theory with broad ap-

plications across dif ferent contexts and the development of more specific theoretical