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• The Success and Motivation of Academic Entrepreneurs in Hungary

  75-87

  Adam Novotny

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  This paper presents the results of an empirical study of 80 academic entrepreneurs in Hungary. It aims at analysing the relationship between the motivations for starting a firm and entrepreneurial success. The motivations studied are the prospects of higher income, the need for achievement, the need for independence and the benefits related to research. Success is examined from both objective and subjective perspectives. The indicators of objective success are the firm’s revenue, the change in the revenue, the number of employees and firm age. Subjective success refers to the academic entrepreneur’s self-evaluation. According to the findings, the strongest motivation for starting a spin-off firm is financial necessity, i.e. a dissatisfaction with the university salary. Except for financial need, all the motivations included in the study have a significant relationship with subjective success, but a weaker or no relationship with objective success. Research-related benefits, such as moving the research towards development, is a key entrepreneurial motive in the academic sector, as it is positively associated with subjective success, the revenue of the spin-off venture and its growth.

  Journal of Economic Literature (JEL) Classifications: L26, I23, O32