Enablers of exit through trade sale: the case of early-stage research-based spin-offs

Abstract A significant share of new technology-based ventures exit through trade sale at an early stage firm development. While is important route for entrepreneurs and investors, a potential source innovations technology acquiring firms, we have limited knowledge about the factors that help to effectively achieve sale. We employ unique dataset tracking population research-based spin-offs in Norway conduct in-depth case studies nine sales. Building on 52 interviews other secondary data, inductively develop propositions outlining three dimensions lead successful sale—potential synergies, credible alternatives, uncertainty reduction. show these enablers sales are not only linked focal venture but also related idiosyncratic dyad with buyer, reflecting both likelihood Consequently, our study contributes literatures entrepreneurial academic entrepreneurship by mapping under-explored area as mode. Plain English Summary Potential synergies alternatives increase spin-offs’ sale, depends how reduction managed. firms. Research-based often acquired during their stages development large corporations. track Norwegian depth. Our findings concerning importance synergy potential, implications buyers they can complete Since scientific research critical society, policymakers form interesting ideas influencing sales, potentially commercialization research.