From Lab to Venture: Cognitive Factors Influencing Researchers' Decision to Start a Venture

Research in academic entrepreneurship has gained momentum in the last decades, mainly because of its contribution to technological innovations and national economies. However, little attention has been paid to the cognitive factors influencing the decision by researchers to create a venture. The purpose of this article is to draw on the tenets of entrepreneurial cognition and behavioural decision-making theories to explain why some researchers decide to become entrepreneurs. Our research analyses the difference in cognitive style and risk behaviour between academics that moved from research to spin-off ventures and academics that remain in the laboratory. Our results provide empirical evidence that higher self-efficacy and risk-taking behaviour are positively related to researchers' transition to academic spin-offs, while opportunity recognition skills were not observed to have significant effects. Taken together, these results emphasise the need for further research on cognitive and behavioural factors influencing the decision by researchers to start a venture.