Building the First Business Relationships: Incubatees in University Business Incubators (UBIs)

Ma ía Redondo* and Ca men Cama e o Building he Fi s Business Rela ionships: Incuba ees in Uni e si y Business Incuba o s (UBIs) h ps://doi.o g/10.1515/e j-2018-0259 Recei ed Oc obe 17, 2018; accep ed Ma ch 11, 2020 Abs ac : Uni e si y Business Incuba o s (UBIs) a e ideal spaces o suppo ing and de eloping no ice en ep eneu s and hei businesses. In he cu en s udy, we explo e whe he such incuba o s can also be conside ed an ideal space o building dyadic ela ionships be ween incuba ees based on us and knowl- edge exchange, and whe he his can encou age commi men in he ela ion- ship. To his end, we p opose ha he pe cep ion o sha ed alues om he academic wo ld may os e such us . Fu he mo e, pe cei ing he e may be supplemen a y and complemen a y esou ces encou ages he exchange o knowledge, he speci ic esou ce on which UBI businesses a e based. A he same ime, empa hy be ween academic incuba ees leads o ela ional commi - men being ein o ced. Keywo ds: business- o-business ela ionships, incuba o s, exchange o knowledge, us , commi men 1 In oduc ion Business incuba o s a e a eas c ea ed o suppo i ms ha a e aking hei i s s eps, and a e designed o p omo e en ep eneu ial ini ia i es. This business suppo ini ia i e is p esen in he wo ld o uni e si y h ough Uni e si y Business Incuba o s (UBIs), since hey encou age ans e o echnology and scien i ic knowledge, os e en ep eneu ship, and he ma ke ing o cu ing edge esea ch (Locke and W igh 2005). *Co esponding au ho : Ma ía Redondo, Uni e si y o Valladolid, Depa men o Business and Ma ke ing, Valladolid, Spain, E-mail: [email p o ec ed]. h ps://o cid.o g/0000-0001- 5999-5872 Ca men Cama e o: Uni e si y o Valladolid, Depa men o Business and Ma ke ing, Valladolid, Spain, E-mail: [email p o ec ed] En ep. Res. J. 2022; 12(4): 597–627 Uni e si y spin-o s in ol e en ep eneu s om academia and a e based on knowledge. Ye he knowledge hey possess is no always enough o make a business iable and success ul. An en ep eneu ’s indi idual knowledge may p o e insu icien unless i is coupled wi h ha o o he companies o en e- p eneu s. In ac , exchanging knowledge and esou ces is needed o c ea e a company and his equi es linking up wi h new ac o s (Ca e , Ga ne , and Reynold 1996). Rela ionships can s eng hen he sus ainabili y o a business, added o which i s access o he ma ke accele a es. This is he con ex in which UBIs become an enabling en i onmen o en ep eneu s o engage in e- la ionships wi h o he incuba ees in an e o o exchange knowledge. In con as o he ma ke , incuba o s ac as p o ec ed en i onmen s, pa icula ly o en ep eneu s om he academic o scien ific wo ld who may lack business expe ience. The ein, indi iduals sha e spaces, ac i i ies, and his can encou age con ac be ween hem. In sho , incuba o s cons i u e a p i ileged en i onmen o s a ing up ela ionships among new en ep eneu s, whe e many ansac ion cos s ha would o he wise be incu ed in he ma ke ( h ough sea ching o in o ma ion and e alua ing o he en ep eneu s o agen s) a e elimina ed. Despi e hese supposed ad an ages, me e p oximi y and con ac may no necessa ily lead o ela ionships be ween en ep eneu s. En ep eneu s loca ed in UBIs (incuba ees) come om he wo ld o academia and hei businesses a e based on knowledge. Incuba ees may be eluc an o exchange knowledge o ea o oppo unis ic beha iou o plagia ism o inno a i e ideas. In addi ion, heya elikely oha eacqui edcompa ableexpe ienceandknowledgegi en hei simila academic backg ound. On he o he hand, hey ha e e y ew signals wi h which o e alua e o he incuba ees. While in he ma ke , i ms can be e alua ed by esul s, epu a ion o p e ious exchanges, no el en ep eneu s can only be assessed in e ms o objec i es, alues, o knowledge. This may lead o ejec ing o no being in e es ed in engaging in ela ionships wi h o he academic incuba ees. Resea ch in o incuba o s has ocused mainly on explo ing hei success ac o s (Rubens, Jackson, and And ews 2011), hei de elopmen (B uneel e al. 2012; McAdam and McAdam 2008; Schwa z 2012), and di e en kinds o incuba o (Coope 1985; Schwa z and Ho nych 2010). Howe e , ew s udies ha e conce ned hemsel es wi h desc ibing o explo ing he ela ionships es ablished be ween en ep eneu s wo king in such incuba o s (Ahmad and Ingle 2011; McAdam and Ma low 2008; Redondo-Ca e e o and Cama e o-Izquie do 2017; Redondo and Cama e o 2019), despi e he eno mous in e es in ela ionships among en ep e- neu s exp essed in ela ionship ma ke ing li e a u e and in ne wo k ma ke ing 598 M. Redondo and C. Cama e o li e a u e, and he pa icula ea u es ha go e n ela ionships in business in- cuba o s. In pa icula , he suppo se ices ha incuba o s p o ide o hei incuba ees include hose which connec en ep eneu s o hei pee s, and wi h o he s ake- holde s (Be gek and No man 2008; B uneel e al.2012; E eleens e al. 2017; Redondo and Cama e o 2017, 2019; Spigel 2017). The ole o incuba o s as in e media ies in c ea ing ne wo k ela ionships and sol ing weak ne wo k p oblems has also been s udied ( an Rijnsoe e 2020; an Weele e al. 2018a). Ye he mechanisms con- ce ning how incuba o s d i e ne wo king emain unde de eloped (E eleens, an Rijnsoe e , and Nies en2017; Theodo akopoulos, Kakabadse, and McGowan 2014). The li e a u e has conside ed he ole ha ne wo ks play o indi idual nascen companies (Te Wal e al. 2016; Wi 2004), ye i has ailed o come up wi h a comp ehensi e ne wo k app oach on issues such as why ce ain incuba o s, as pa o en ep eneu ial ecosys ems, can make aluable connec ions and e- la ionships, while o he s a e unable o do so (Al edalen and Boschma 2017). Empi ically, he e a e no s udies ocussing on dyadic ela ionships be ween incuba o s. Mo eo e , e en he mechanism known as pee coupling, which e e s o ac i i ies ha inc ease oppo uni ies o con ac be ween en ep eneu s, has sca cely been explo ed ( an Rijnsoe e 2020). These ac i i ies include coaching, wo kshops and o he ac ions ha help incuba ees o acqui e capaci ies and e- sou ces o manage ela ionships (Nies en and Jolink 2015; Schilke and Goe zen 2010). Howe e , ela ionships a e s onge be ween en ep eneu s when hey a e small and a e loca ed in homogeneous wo king communi ies such as incuba o s ( an Weele, S einz, and an Rijnsoe e 2018b). In his con ex , we a emp o add ess he ollowing esea ch ques ions: A e UBIs p opi ious spaces o building dyadic ela ionships be ween en ep eneu s? Wha ac o s can build ela ionships based on us , exchange o knowledge and commi men ? A e conduc ing he cu en s udy, as a summa y, esul s indica e ha ; (1) he alues sha ed be ween incuba ees in luence he de elopmen o us ; (2) com- plemen a y and, pa icula ly, supplemen a y esou ces acili a e he exchange o knowledge; and (3) empa hy be ween en ep eneu s, and a ela ionship based on us and exchange o knowledge, can gene a e ela ional commi men . Thep esen esea ch makes a wo old con ibu ion o he ela ionship ma ke ing and esou ces app oaches. Fi s , i inds empi ical e idence o he an eceden s and de elopmen o dyadic ela ionships be ween en ep eneu s in a speci ic con ex : UBIs. Incuba o s o e a p o ec ed en i onmen , hus acili a ing con ac s be ween companies, bu whe e he p e ious business expe ience o no ice en ep eneu s is sca ce o non-exis en and whe e he usual signals ( he o he pa y’s epu a ion, p e ious exchanges, e c.) o es ablishing a ela ionship based on us wi h o he s Building he Fi s Business Rela ionships 599 en ep eneu s a e absen . Second, supplemen a y (common o bo h pa ies) and complemen a y esou ces ake he ela ionships ha a e o ged beyond he incu- ba ion pe iod. The case o supplemen a y esou ces is especially no ewo hy. In- cuba ion is an en i onmen in which he ypes o esou ces ha en ep eneu s possess a e simila in he sense ha hey usually ha e he speci ic knowledge bu lack ma ke expe ience. While his seems o limi he ad an ages o in e ac ion and collabo a ion, bo h supplemen a i y and complemen a i y o his speci ic knowl- edge may p o e alid o building ela ionships in nascen businesses. 2 Theo e ical F amewo k and Hypo heses De elopmen Rela ionship ma ke ing has been conside ed in nume ous indus ies and in eme ging con ex s (Khojas ehpou and Johns 2014). Howe e , he e a e s ill o he applica ion scena ios, including ela ionships in he field o incuba o s. In he p esen sec ion, and o he analysis o he dyadic ela ionships es ablished be- ween incuba ees, we ask he ollowing ques ions: Which ela ional a iables define and cha ac e ize he ela ionship be ween incuba ees? Wha a e he bases o us and commi men in he case o incuba ees who lack any p e ious business ela ionships? 2.1 Commi men - us Binomial Be ween Incuba ees Acco ding o he commi men - us heo y (Mo gan and Hun 1994), us and commi men a e he mos p ominen elemen s in a ela ionship. T us is he belie o con ic ion abou he in en ions o he o he pa y wi hin a ela ionship. In a business- o-business con ex , us has been defined as he belie ha ano he company will engage in ac ions which will esul in posi i e esul s o he o me , and ha said company will no unde ake unexpec ed ac ions which migh p o e nega i e (Ande son and Na us 1990). This e e s o he o he company no showing oppo unis ic beha iou and o i ulfilling i s obliga ions (Dye and Chu 2003; Leonidou, Palihawadana, and Theodosiou 2006). Commi men is also a widely s udied a iable in ma ke ing (Jap and Ganesan 2000; Mo gan and Hun 1994; Siguaw, Simpson, and Bake 1998), and is a cen al axis in he discipline. Rela- ionship commi men in business ela ionships was defined by Mo gan and Hun (1994, p. 23) as “an exchange pa ne belie ing ha an ongoing ela ionship wi h ano he is so impo an as o wa an maximum e o s a main aining i ”. In o de o s eng hen a ela ionship, pledges mus be made and ag eemen s eached, bu 600 M. Redondo and C. Cama e o sac ifices and pe se e ance a e also necessa y o make such ela ionships e ec i e (Mu phy, Laczniak, and Wood 2007). Fulfilling p omises is impo an in he e- la ionships be ween companies and in he ela ions wi h he a ious agen s wi h whom hey in e ac , as a means o achie e o he objec i es (G ön oos 1994). A e e iewing he li e a u e on he ela ional field in incuba o s, we ha e de ec ed ha al hough us in ano he incuba ee, o be ween he membe s o he ne wo k in which he incuba o is in ol ed, has indeed been s udied, commi men is a a i- able ha has no specifically been add essed in he con ex o ela ions be ween incuba ees. The e o e, in he con ex o incuba o s, we define incuba ees’ ela- ionship commi men as hei in en ion o in es in he ela ionship wi h o he incuba ees and he willingness o main ain i in he long- e m. Acco ding o he us -commi men heo y, us plays a c i ical ole in building and de eloping long- e m ela ionships (Mo gan and Hun 1994). T us also gene a es compe i i e ad an ages, since i imp o es in o ma ion sha ing ou ines (Robson, Ka sikeas, and Bello 2008; Zahee , McE ily, and Pe one 1998), acili a es ag eemen s and he c ea ion o posi i e expec a ions conce ning u u e con ibu ions o he ela ionship (Tomkins 2001), hus ein o cing he ela ionship be ween fi ms (Johanson and Ma sson 1987). Al hough he e is ag eemen wi h ega d o us being a basic ing edien o building ela ionships, in he li e a u e on ela ionship ma ke ing as well as s a- egic alliances (e. g., K ishnan, Geyskens, and S eenkamp 2016; Nielsen 2011; Pu anam and Vannes e 2009), one gap we ha e ound in business ela ionship esea ch is ha he commi men - us binomial has no been explo ed in he con ex o incuba ees. In ac , he ela ionship be ween us and commi men is al eady an axiom o ela ionship ma ke ing. Thus, i does no equi e a hypo he ical app oach. We p opose ha he us -commi men pa h is also essen ial when desc ibing he ela ionships be ween academic en ep eneu s in incuba o s. In he field o incu- ba ion, us is a de e minan a iable in ela ionship building (McAdam and Ma low 2008), and is mo e e ec i e han o mal mechanisms such as con ac s (Bølling o and Ulhøi 2005; Vedel and Gaba e 2014). Mo eo e , lack o us is one obs acle as indeed is he lack o knowledge o o he incuba ees. Bo h hinde in- o ma ion and knowledge sha ing in UBIs, since incuba ees do no always eel su e ha any in o ma ion sha ed wi h o he enan s will be ea ed confiden ially (Coope , Hamel, and Connaugh on 2012). This leads hem o ea ha any exchange o in o ma ion and knowledge may p o e de imen al o hei own in e es s. Building he Fi s Business Rela ionships 601 2.2 Knowledge Exchange in UBIs: A Media o Be ween T us and Commi men The link be ween UBIs and knowledge is clea , and wha uni e si ies a e aiming o achie e by c ea ing hem is o sp ead scien i ic and echnological knowledge (Jones-E ans and Klo s en 1998; Radose ich 1995). In o de o accomplish his, incuba o s encou age he c ea ion o new knowledge-based companies (G imaldi and G andi 2001; Heydeb eck, Klo s en, and Maie 2000). One key ea u e o he knowledge used by uni e si y spin-o s is ha , in mos cases, i is a he emb yonic phase o he de elopmen o a echnology, i.e., p oo o concep o ini ial p o o ype (Cla ysse, W igh , and Van de Velde 2011). Mo eo e , a key eason o c ea ing companies in academia is o incuba e he echnology o u he de elopmen and comme cializa ion (Feldman e al. 2002; Jensen and Thu sby 2001; Ka ila and Shane 2005; Lowe and Ziedonis 2006). Knowledge exchange is he p ocess whe eby he knowledge possessed by an indi idual can be unde s ood, abso bed and used by o he indi iduals (Ipe 2003). I is a key ac o in he di e en phases o he en ep eneu ial p ocess, bu espe- cially du ing he ac ual c ea ion o a business i sel (Ga ne 1988), and in i s fi s yea s o li e (Reube and Fische 1999). Knowledge exchange as a esul o in e - fi m ela ionships can be a sou ce o compe i i e ad an age (Powell, Kopu , and Smi h-Doe 1996) and unique business oppo uni ies (Uzzi 1997). Compe i i e ad an ages de i e om company-le el esou ces as well as capabili ies ha a e di ficul o eplica e, and which a e specific o dyadic and ne wo k ela ionships (Dye and Singh 1998; Lane and Luba kin 1998). By building he specific asse s o he ela ionship, sha ing knowledge ou ines and e ec i e mechanisms o i , knowledge can no only be acqui ed, bu also exploi ed (Yli-Renko, Au io, and Sapienza 2001). Hence, dyadic ela ionships be ween incuba ees in UBIs p o ide an oppo - uni y o exchange knowledge (sha ing know-how, expe ience, o echnical knowledge) and o de elop compe i i e ad an ages in he ea ly s ages o a busi- ness. This exchange o knowledge be ween incuba ees can be e alua ed in e ms o magni ude, o o al amoun o knowledge exchange, and asymme y, o unbal- anced knowledge exchange. The dis inc ion be ween magni ude and asymme y was p oposed by Gundlach and Cado e (1994) as he wo p ope ies o he in e - dependency be ween pa ne s. While magni ude o o al in e dependence e e s o he sum o each fi m’s dependence on i s pa ne , asymme y e e s o he di e - ence be ween he fi m’s dependence on i s pa ne and he pa ne ’s dependence on he fi m (Geyskens e al. 1996). These wo dimensions can be ansla ed o he case o knowledge exchange be ween incuba ees. Knowledge exchange can be 602 M. Redondo and C. Cama e o cha ac e ized by high o low le els o o al knowledge ans e , ha is, he magni ude o knowledge exchange. Knowledge exchange can also be cha ac e ized by he le el o asymme y in oduced when one pa ne can ecei e mo e knowl- edge om ano he incuba ee han he knowledge hey a e able o gi e, o ice e sa. Indeed, in a si ua ion o knowledge exchange, knowledge ecei e s a e usually cha ac e ized by hei abso p i e capaci y; ha is, he abili y o ecognise he alue o ex e nal in o ma ion and o assimila e i (Cohen and Le in hal 1990). Thus, we e e o abso p i e asymme y in knowledge exchange as he si ua ion in which an incuba ee ecei es mo e knowledge om ano he incuba ee han he knowledge hey hemsel es ans e . In he con ex o incuba o ela ionships, we p opose ha he magni ude and he asymme y o knowledge exchange media es he ela ionship be ween us and commi men . Fi s , us encou ages he pa ies o be mo e willing o gi e and o ecei e use ul knowledge, he eby educing he cos s o knowledge exchange (Le in and C oss 2004). In he con ex o in e -o ganiza ional ela ionships, exis ing li e a u e e eals ha us ende s knowledge ans e less cos ly, such ha knowledge- seeking o ganiza ions in a us ing ela ionship a e mo e willing o abso b pa - ne s’knowledge (Kim e al. 2012). Li e a u e on pe sonal ela ionships has also emphasized ha mu ual help among pee s eme ges when he in e ac ion be ween indi iduals is high and he links be ween hem become mo e in ense: in e pe - sonal us among eam membe s inc eases he mo i a ion o wo k oge he as well as he le els o helping beha iou (De Jong, Van de Veg , and Molleman 2007). Analysis o he join ac ion o knowledge and ela ionships has shown ha when exchanging di ficul knowledge (in ol ing complex and scien ific knowledge, as in ou case s udy), a s ong us -based ela ionship is needed o success ul ans e (Le in and C oss 2004). In o de o ans e know-how and o he specific knowledge, incuba ees need o ha e confidence in hei pa ne , ha is, o belie e ha hey will no engage in oppo unis ic beha iou s. The e o e, we can con end ha us be ween incuba ees will inc ease he magni ude o knowledge exchange. Mo eo e , incuba ees who us hei pa ne will be eady o gi e mo e han hey ecei e since hey will no eel ulne able o oppo unism and because hey can see i as a way o in es in a po en ial long- e m ela ionship. Pa ne s in a high- us ela ionship a e mo e bene olen and mo e open o alue c ea ion h ough he exchange o knowledge (Kim e al. 2012). In his sense, Whi ehead e al. 2016 main ain ha he knowledge sou ce may be cha ac e ized by i s dis ibu i e capabili y, i.e., he abili y o ans e ele an knowledge o a known ecipien in o de o igge posi i e pe o mance. They find ha he mo e dis ibu i e capabili y a pa ne has, he mo e likely hey a e o engage in collabo a i e ac i i ies. Following his easoning, in he ela ionships be ween Building he Fi s Business Rela ionships 603 incuba ees, hose who a e us ing incuba ees will ag ee o ans e as much knowledge as hey ecei e, and indeed e en mo e han hey ecei e. Since us ing incuba ees a e less a aid o oppo unism, hey will ag ee o dis ibu e hei knowledge, he eby educing he po en ial o abso p i e asymme y. We hus posi ha us in he pa ne has a nega i e e ec on abso p i e asymme y. Hence, H1. T us in he pa ne has a posi i e influence on he magni ude o knowledge exchange (H1a) and a nega i e influence on abso p i e asymme y (H1b). Second, he exchange o knowledge be ween incuba ees will in luence he commi men acqui ed, since knowledge exchange is an indica o o he pa ies’ goodwill and capabili ies, as well as a way o signalling ha he ela ionship can lead o a consolida ion o he businesses. When he p ocess o knowledge ex- change begins, he e is an in es men in building a ela ionship, since he en e- p eneu s “open he doo s”o hei knowledge o o he en ep eneu s. In ha momen , hey place hei knowledge in a si ua ion o ulne abili y ha only makes sense unde he expec a ion o a s able long- e m ela ionship. Business- o-business li e a u e has demons a ed ha when o al in e depen- dence be ween pa ne s in a ela ionship inc eases, he e o s o a oid con lic s and main ain (o s eng hen) he ela ionship a e g ea e since hey ha e mu ual in e es s and ha e mo e o lose i he pa ne ship ends (Geyskens e al. 1996; Kuma e al. 1995). Simila ly, he g ea e he amoun o knowledge exchanged, he lowe he in en ion o end he ela ionship ha has s a ed in he incuba o since i may be a win-win oppo uni y (Kuma e al. 1995). Indeed, one p ima y mo i a ion o de eloping B2B ela ionships is ha ing access o he pa ne ’s aluable esou ces. In con as , asymme ic in e dependence is seen as a dys unc ional ai o he ela ionship because o he exploi a ion oppo uni ies ha can esul om he imbalance (Geyskens e al. 1996; Kuma e al. 1995). Less dependen pa ne s ha e ela i e powe (and, he e o e, he abili y o achie e hei goals h ough hei dominance o e he o he pa ne ), ye hey ha e li le mo i a ion o become a ached o he o he pa ne . The less dependen pa ne may choose o wi hhold suppo and may also exi he ela ionship mo e easily and a a lowe cos han he mo e dependen pa ne (De Jong e al.2007). Themo e dependen pa ne , howe e , has mo e mo i a ion o con inue, bu in a ulne able posi ion. Nyaga e al. (2013) no e ha powe asymme y inc eases isks andchallenges o he weake pa y when i lacks any e ec i e mechanisms o moni o he s onge pa ne ’spe o mance. In he con ex o knowledge exchange be ween incuba ees, he amoun o knowledge exchanged may be asymme ical. When incuba ees ecei e mo e knowledge han hey ans e –abso p i e asymme y – hey will be in a p o i able (bu dependen ) posi ion and will display a g ea e willingness o commi o he ela ionship. When a pa ne is in a weake posi ion in he ela ionship because 604 M. Redondo and C. Cama e o hey a e dependen upon he o he pa ne ’s knowledge, hey will comply wi h he s onge pa ne ’s eques s o ea o losing business (Nyaga e al. 2013). Howe e , when hey gi e mo e knowledge han hey ecei e, hey will be less dependen on he pa ne ’s knowledge and will be mo e willing o abandon he ela ionship i his scena io is unlikely o change o i hey a e a aid o oppo unis ic beha iou . As a esul , hey will be less likely o commi o a long- e m ela ionship. The e o e, H2. The magni ude o knowledge exchange (H2a) and abso p i e asymme y (H2b) ha e a posi i e influence on he ela ional commi men . To sum up, hypo heses H1 and H2 es ablish a media ing e ec o exchange o knowledge (pa ial media ion) on he us -commi men ela ionship. T us in o he incuba ees is a p e equisi e o incuba ees o become in ol ed in exchanges o knowledge. When hese exchanges succeed, he e is an exp ess desi e o con inue and o in es in main aining he ela ionship long e m. 2.3 Incuba ees’A ini y: Sha ed Values and Empa hy En ep eneu s who a e in UBIs come om he academic wo ld, and a e in he same incipien momen a he p o essional le el: s a ing o build a business based on knowledge. As explained abo e, incuba ees may be in e es ed in es ablishing con ac s and ela ionships wi h one ano he , and in sha ing common expe iences and conce ns. Howe e , p oblems may a ise when deciding who o us and o wha ex en (K ishna 2000), especially when incuba ees lack ex e nal signals, such as a company’s epu a ion in he ma ke . Said ea can dec ease among incuba ees hanks o ce ain common aspec s, as well as he equency o he con ac s, coupled wi h he ac ha hey know who is behind each business and whe e o find hem. Acco ding o S igli z (2000), us can be acqui ed h ough equen in e ac ions o e a pe iod o ime ia human ac ions. In sho , he ela- ionship be ween incuba ees is a ou ed when hey sha e o unde s and he si - ua ion hey a e expe iencing and he alues ha go e n hei beha iou . This a i ude is summed up in wo a iables: empa hy and sha ed alues. Acco ding o he commi men - us heo y, business ela ionships a e buil , among o he ac o s, on he sha ed alues be ween pa ne s (Mo gan and Hun 1994). In he field o in e -fi m ela ionships, i has been ound ha fi ms engage in e- la ionships when hey iden i y wi h o he fi ms wi h whom hey a e compa ible (Mo gan and Hun 1999; Wei z and Jap 1995). This compa ibili y e e s o he le el o cong uence o he cul u e and o ganiza ional capaci ies be ween companies and o he compa ibili y be ween objec i es (Sa ka e al. 2001). Simila ly, in e ac ion be- ween fi ms is g ea e when hey a e alike, sha e he same business field, ma ke s o Building he Fi s Business Rela ionships 605 Table :Measu emen o a iables and desc ip i e s a is ics. Mean S.D. Loadings Empa hy I ha e li le di ficul y in “pu ing mysel in o o he people’s shoes”. . Sha ed alues(α=.;CR=.; AVE = .) This en ep eneu : His/he alues and beha iou al no ms a e cong uen wi h mine . . .*** His/he philosophy/app oach o business is compa ible wi h mine . . .*** His/he goals and objec i es a e compa ible wi h mine . . .*** Complemen a y esou ces(α=.;CR=.; AVE = .) This en ep eneu : Has di e en esou ces o mine ha a e e y p ecious o me . . .*** His/he esou ces a e necessa y o achie e my goals . . .*** Has di e en and complemen a y esou ces o mine . . .*** His/he esou ces, combined wi h mine, enable me o achie e mo e sa is ac o y esul s . . .*** Supplemen a y esou ces(α=.;CR=.; AVE = .) This en ep eneu : Has simila esou ces o mine, bu ne e heless hey a e e y p ecious o me . . .*** Has simila esou ces o mine, bu supplemen a y o mine . . .*** His/he esou ces a e simila o mine, bu when combined, allow me o achie e mo e sa is ac o y esul s . . .*** T us in he incuba ee(α=.;CR=; AVE = .) This en ep eneu : He/she is hones and u h ul . . .*** The in o ma ion he/she exchanges wi h me is eliable . . .*** He/she hones ly communica es any p oblem ha may a ec me . . .*** He/she is willing o p o ide assis ance and suppo when ci cum- s ances so equi e . . .*** I belie e ha he/she ac s in my bes in e es . . .*** In gene al, he/she is a pe son who honou s his/he commi men s . . .*** He/she is compe en and e ec i e . . .*** Knowledge exchange –Magni ude(α=.;CR=.; AVE = .) Knowledge ans e ed I acqui e echnical knowledge and a emendous amoun o know- how . . .*** I lea n om his/he knowledge . . .*** I assimila e he knowledge ha he/she gi es me and i con ibu es o he de elopmen o my s a -up . . .*** Th ough me, he o he en ep eneu : Acqui es echnical knowledge and a emendous amoun o know- how . . .*** Lea ns om my knowledge . . .*** 612 M. Redondo and C. Cama e o To e idence he homogenei y be ween Spanish and Du ch incuba ees, we pe o med a es o means o each i em ( - es o means o independen samples). Specifically, Spanish incuba ees ga e highe sco es o indica o s measu ing empa hy. Fo hei pa , he Du ch awa ded highe sco es o complemen a i y and supplemen a i y o esou ces, us and exchange o knowledge. In he ligh o hese esul s, i can be a fi med ha he wo samples display a high deg ee o homo- genei y. In o de o examine whe he common me hod a iance (CMV) is a p ob- lem, we pe o med Ha man’s one- ac o es (Podsako e al. 2003). Since he e was no single ac o accoun ing o he majo i y o he co a iance among he measu es, we concluded ha he possible impac o common me hod bias is no significan in his esea ch. 4 Analysis and Resul s Pa ial leas squa es (PLS) was used o pe o m he join es ima ion o he measu ing model and he s uc u al model. Speci ically, we used Sma PLS 3.2 (Ringle, Wende and Becke 2015). To calcula e he significance o he ac o loadings and he es ima ed coe ficien s, boo s apping was applied o 1,000 sub- samples. This analy ical echnique allows o es ima ions wi h a modes sample size and complex s uc u al equa ion models (i.e., wi h mul iple dependen and independen a iables measu ed wi h se e al indica o s). Table 2 p o ides in o - ma ion conce ning he ou comes o he eliabili y and alidi y analysis o he Table :(con inued) Mean S.D. Loadings Assimila es he knowledge ha I gi e him/he and con ibu es o he de elopmen o his/he s a -up . . .*** Knowledge exchange –(abso p i e) Asymme y Ra io knowledge ecei ed /knowledge ans e ed . . – Rela ional commi men (α=.;CR=.; AVE = .) I in end o s eng hen ou ela ionship o e ime . . .*** I in end o con inue ou ela ionship o a long ime . . .*** I am commi ed o sha ing ideas and knowledge wi h him/he . . .*** Time limi a(= No; = Yes) . . – Time in incuba iona Ra io be ween mon hs in he incuba o /maximum no. o mon hs allowed . . – (***) p < .. aWe ob ained his in o ma ion om  incuba o s. Building he Fi s Business Rela ionships 613 measu emen scales used. C onbach’s alpha (α), composi e eliabili y (CR), and a e age a iance ex ac ed (AVE) alues a e gi en (all well abo e he ecom- mended h esholds: α> 0.7; CR > 0.7 and AVE > 0.6). Consequen ly, he eliabili y o he measu emen scales is confi med. The ac o loadings a e abo e 0.7 o all i ems, hus confi ming he con e gen alidi y o he measu emen scales. In o de o e alua e disc iminan alidi y, we i s ollowed he c i e ion o Fo nell and La cke (1981). Table 3 shows he co ela ion ma ix be ween la en cons uc s. The main diagonal includes he squa e oo alues o he AVE o each cons uc . Compa ing each squa e oo wi h he co ela ions in he co esponding ow and column will indica e whe he he e is disc iminan alidi y amongs he la en a iables. This condi ion is me in all cases. A u he indica o o disc im- inan alidi y is he he e o ai -mono ai (HTMT) a io o co ela ions, p oposed by Hensele , Ringle, and Sa s ed (2015). This a io eflec s he a e age o he co e- la ions o indica o s in cons uc s which measu e di e en phenomena, compa ed o he a e age o he co ela ions o indica o s wi hin he same cons uc (Hensele e al. 2015). In o de o e alua e disc iminan alidi y h ough HTMT, co ela ions should no exceed 0.85 (Cla k and Wa son 1995; Kline 2011). The alues co e- sponding o he a io o HTMT co ela ions o each pai o cons uc s a e included abo e he p incipal diagonal o he co ela ion ma ix. As can be seen, only he a io be ween us and ela ional commi men is a he c i ical limi , wi h a alue o 0.819, while i ually all he emaining alues a e well below said limi . Taking all o his in o accoun , disc iminan alidi y amongs all he a ious la en con- s uc s conside ed in he esea ch is shown o exis . Table 4 sums up he model es ima ion. Findings suppo he us -commi men heo y. Resul s show ha us in he o he incuba ee has a posi i e impac on commi men o a long- e m ela ionship. The link be ween us and commi men is once again bo ne ou . Howe e , he e ec o us on exchange o knowledge is no global. The magni ude o he knowledge exchanged does no inc ease when one pa ne us s he o he (H1a is ejec ed). Mo eo e , us in he o he pa ne c ea es asymme y in he way knowledge is exchanged. The g ea e he us in he o he pa ne , he g ea e he abso p i e asymme y, i.e., he g ea e he knowledge ecei ed in ela ion o he knowledge acqui ed. Thus, hypo hesis H1b is ejec ed. Con a y o ou p oposal, us in he pa ne inc eases he knowledge abso bed o he de imen o he knowledge ans e ed. Hypo heses H2a and H2b conjec u ed a di ec and posi i e ela ionship be ween knowledge exchange (magni ude and asymme y, espec i ely) and commi men in he ela ionship wi h o he incuba- ees, and he esul s o eme ge would appea o p o ide empi ical suppo o his belie . Bo h he amoun o knowledge exchanged and he abso p i e asymme y; ha is, ecei ing mo e knowledge in he ela ionship han he knowledge 614 M. Redondo and C. Cama e o Table :Co ela ion ma ix and disc iminan alidi y. ()()()()()()()()()()() () Empa hy n.a. . . . . . . . . . . () Sha ed alues −. . . . . . . . . . . () Complemen a y esou ces −. . . . . . . . . . . () Supplemen a y esou ces −. . . . . . . . . . . () T us in he incuba ee −. . . . . . . . . . . () Knowledge-Magni ude −. . . . . . . . . . . () Knowledge-Asymme y −. . . . . . n.a. . . . . () Rela ional commi men . . . . . . . . . . . () Coun y −. −. . . . . −. . n.a. . . () Time in incuba ion . −. . −. −. . −. . −. n.a. . () Limi o ime −. −. . −. −. −. . −. −. . n.a. Diagonal alues indica e he squa e oo o he AVE. Unde he main diagonal a e he Pea son co ela ions and abo e he main diagonal he HTMT a io o co ela ions. n.a. No applicable. Building he Fi s Business Rela ionships 615 ans e ed o he pa ne , ha e a posi i e influence on he in en ion o main ain he ela ionship in he long e m. The e ec s o he a ini y ac o s a e con i med. Hypo hesis H3 is suppo ed, such ha we a e able o s a e ha he pe cep ion o sha ed alues be ween incuba ees posi i ely impac s on he us be ween hem. Empa hy, pe cei ed as an indi idual’s gene al ai , also encou ages commi men o he ela ion. As a esul , hypo hesis H4 is con i med. As ega ds he cha ac e is ics o he incuba ees’ esou ces, he posi i e e ec o complemen a i y on he magni ude o he knowledge exchanged can be accep ed (hypo hesis H5). Simila ly, supplemen a y esou ces de e mine he global exchange o knowledge (hypo hesis H6). Finally, he exis ence o a ime limi and he ime spen in incuba ion we e included as con ol a iables ha migh a ec ela ional commi men in en ion. 85% o incuba ees we e able o s ay in he incuba o o a limi ed pe iod (be ween Table :Model es ima ion. P oposed hypo heses PLS es ima e P alues HaT us →Knowledge exchange (magni ude) . . HbT us →Knowledge exchange (abso p i e asymme y) .*. T us →Rela ional commi men .*** . HaKnowledge exchange (magni ude)→Rela ional commi men .** . HbKnowledge exchange (abso p i e asymme y)→Rela ional commi men .*** . HSha ed alues →T us .*** . HEmpa hy →Rela ional commi men .** . HComplemen a y esou ces →Knowledge exchange (magni ude) .*** . HSupplemen a y esou ces →Knowledge exchange (magni ude) .*** . Con ol e ec s Coun ya→Empa hy -.*. Coun y →Sha ed alues -. . Coun y →Complemen a y esou ces . . Coun y →Supplemen a y esou ces .** . Coun y →T us . . Coun y →Rela ional commi men .** . Coun y →Knowledge exchange (magni ude) -. . Coun y →Knowledge exchange (abso p i e asymme y) -. . Time in incuba ion (%)→Rela ional commi men . . Time limi b→Rela ional commi men .*. (*) p < .; (**) p < .: (***) p < .. a= Spain; = The Ne he lands b= No; = Yes. 616 M. Redondo and C. Cama e o one and six yea s) and showed a g ea e in en ion o consolida e he ela ionship hey had buil du ing incuba ion. The e ec o he pe cen age o ime spen in incuba ion is signi ican a a 90% con idence le el and indica es ha ela ional commi men is g ea e when he ime spen is longe . In o he wo ds, incuba ees who a e close o lea ing he incuba o a e eage o main ain he ela ionships hey ha e s a ed. The coun y in which he UBI is loca ed was included so as o ule ou i s e ec om he o e all model. The loca ion is linked o h ee a iables in he model. Speci ically, lowe le els o empa hy and highe le els o ela ional commi men and supplemen a i y o esou ces in ela ions we e in e idence in he Ne he lands. These esul s migh be due o cul u al aspec s such as g ea e encou agemen o indi idualism, p oac i e ini ia i e, dynamism and a clea business ision. Table 5 shows he indi ec and o al e ec s on ela ional commi men . These esul s show ha he indi ec and o al e ec s o sha ed alues, complemen a i y and supplemen a i y on commi men a e significan . When incuba ees sha e alues, as a esul o finding hemsel es a he same s a ing poin in hei busi- ness, hey end o commi long- e m, h ough inc eased us . In u n, comple- men a i y and supplemen a i y in he esou ces hey possess can boos hei commi men owa ds main aining a long- e m ela ionship h ough he exchange o knowledge. In o he wo ds, us and exchange o knowledge ac as media o s be ween complemen a i y and supplemen a i y o esou ces and ela ional commi men be ween incuba ees. 5 Discussion In he cu en wo k, we seek o explain which de e minan s lead o he de elop- men o ela ionships be ween incuba ees and how hey a e cha ac e ized in his Table :Indi ec and o al e ec s on ela ional commi men . Va iables Indi ec e ec To al e ec Empa hy .** Sha ed alues .*** .*** Complemen a y esou ces .*.* Supplemen a y esou ces .*.* Knowledge exchange (magni ude) .** Knowledge exchange (abso p i e asymme y) .*** T us . .*** (*) p < .; (**) p < .: (***) p < .. Building he Fi s Business Rela ionships 617 speci ic con ex , whe e he e a e no p e ious business ela ionships o signals such as epu a ion in he ma ke . The main esul s o ou s udy a e he ollowing: (1) he us -commi men binomial is he main elemen de ining ela ionships be ween incuba ees; (2) complemen a y and supplemen a y esou ces a e he bases o knowledge ex- change in us -commi men ela ionships; and (3) commi men in he ela ionship is de e mined by empa hy, he exis ence o us and he exchange o knowledge be ween pa ies. Speci ically, empa hy be ween incuba ees, as a esul o being en ep eneu s in he same business incuba o , encou ages ela ional commi men be ween hem. Indi iduals a e eage o main ain a business ela ionship wi h o he incuba ees only because hey sha e a common si ua ion and eel hey mus help each o he . And how does con idence in he pa ne eme ge? When enan s o a UBI sha e alues and s anda ds o conduc (since bo h pa ies a e scien i ic and speak he same language) as well as goals and objec i es (because hey pu sue simila and compa ible business objec i es) a basis o us is es ablished among hem. In sho , dyadic ela ionships be ween incuba ees a e mo e likely o eme ge when he e is mu ual unde s anding. One ele an inding o his s udy is he key ole played by knowledge ex- change in he ela ionships be ween en ep eneu s. Knowledge exchange medi- a es he ela ionship be ween us and ela ional commi men . When one incuba ee us s ano he , he o me is p edisposed o ecei e knowledge om he la e , e en mo e han he knowledge ans e ed, hus inc easing he asymme y in he knowledge exchange. This abso p i e asymme y, ha is, ecei ing mo e han gi ing, is a eason o main ain he ela ionship. The o he mo i a ion is he amoun o knowledge ans e ed be ween membe s. In his case, he magni ude o he exchange depends bo h on he complemen a y and he supplemen a y e- sou ces o he pa ies. The exis ence o complemen a y esou ces s ands ou as being key o ela ionships be ween en ep eneu s wi hin business incuba o s. Knowledge exchange may eme ge be ween en ep eneu s who seek o ob ain complemen a y bene i s by in eg a ing hei unc ional specializa ion. Since en- ep eneu s loca ed in business incuba o s ha e ha dly any p e ious expe ience and a e p edisposed o build a ne wo k o ela ionships, inding pa ne s who can o e complemen a y esou ces allows hem o acqui e he skills and capabili ies hey lack o p omo e hei business. Mo eo e , ou esea ch shows ha in he speci ic con ex o academic incuba o s, en ep eneu s wi h simila esou ces a e no pe cei ed as i als, al hough bo h can o e he same solu ion (in he o m o a p oduc o se ice) o he same cus ome . UBIs’collabo a i e (and no in e nally compe i i e) en i onmen , coupled wi h he cha ac e is ics o academic en e- p eneu s, leads hose who ha e simila esou ces o build ela ionships ha las 618 M. Redondo and C. Cama e o beyond he incuba ion pe iod. These ela ionships low e en mo e om he beginning due o sha ing knowledge om he same sec o o ac i i y and p o es- sional language. Hence, he pe cep ion o supplemen a y esou ces be ween enan s leads o us , exchange o knowledge and, ul ima ely, o ela ionship building. This is because academic en ep eneu s ocus mo e on science han on economic p o i , con a y o wha migh be expec ed om ma ke en ep eneu s. Mo eo e , ela ionships be ween i ms wi h supplemen a y esou ces allow o he igh size equi ed o gene a e inno a ions. Finally, he decision o op o UBIs o wo di e en Eu opean coun ies, he Ne he lands and Spain, was no andom. The Ne he lands is a coun y wi h a longe and mo e inno a i e adi ion o incuba o s and en ep eneu ship compa ed o Spain. Wi h he de elopmen o ou esea ch, we expec ed o ind empi ical di e ences be ween bo h and we in oduced he coun y as a con ol a iable. Speci ically, we ound ha in he Ne he lands he e a e highe le els o ela ionships be ween incuba ees wi h supplemen a y esou ces, and on he pa o he ins i u ions (uni e si y and manage ) he e is g ea e p omo ion o en e- p eneu ial ini ia i e. 5.1 Theo e ical and Manage ial Implica ions The main heo e ical con ibu ion o ou s udy o u u e esea ch de i es om gaining a be e concep ual unde s anding o dyadic and in e nal ela ionships in he scope o UBIs h ough ela ionship ma ke ing and he esou ce-based iew. Mo e speci ically, we con ibu e o he li e a u e by (1) linking UBIs (spaces whe e en ep eneu s s ay o a limi ed pe iod o ime) o he ela ionship ma ke ing app oach; (2) enabling a be e unde s anding o he an eceden s o ela ionships be ween academic incuba ees (sha ed alues, complemen a y and supplemen a y esou ces); and (3) measu ing he cha ac e iza ion o hese speci ic ela ionships in e ms o us , ela ional commi men and exchange o knowledge. Some manage ial implica ions eme ge om his s udy, especially o incu- ba o manage s. Fi s ly, he e a e implica ions o he selec ion policy conce ning he adequa e mix o incuba ees sha ing he incuba o . The ecommenda ion is a balance be ween incuba ees wi h complemen a y esou ces and incuba ees wi h supplemen a y esou ces. Di e si y, in o he wo ds, he coexis ence o incuba ees wi h di e en academic backg ounds o di e en abili ies in business a eas (such as enginee ing, design, p oduc ion, ma ke ing, e c.), allows hem o sha e skills and o imp o e hei capabili ies be o e en u ing ou in o he ma ke . Howe e , communali ies, namely he coexis ence o incuba ees wi h supplemen a y e- sou ces (simila academic backg ounds o simila abili ies in business a eas), a e Building he Fi s Business Rela ionships 619 also ecommended o le e aging business po en ial. En ep eneu s can join o ces o ob ain esul s in speci ic esea ch a eas and, he e o e, inc ease he scope o hei business p ojec s. Despi e his emphasis on he possibili y o incuba ees’consolida ing e- la ionships no only om hei complemen a y knowledge, bu also om hei supplemen a y knowledge, i should be emembe ed ha supplemen a y asse s and common knowledge may pose a handicap. When membe s o a eam possess simila knowledge, hey un he isk o echnological deple ion and a lowe p ob- abili y o signi ican ad ances (Fleming 2001). Mo e specifically, wi h ega d o he uni e si y en i onmen , when eam membe s ha e simila backg ounds and a e in he same depa men , hei pe o mance asa eam may be a enua ed by a endency o seek solu ions using a discipline-specific amewo k (Hende son 1995). Secondly, in o de o os e sha ed alues and collec i e social capi al, incu- ba o manage s should encou age and suppo he eeling and sense o iden i y among incuba ees, h ough join ac i i ies, spaces designed o in e ac ions, o by p oposing common goals. When incuba ees sha e s anda ds o conduc and alues (i.e., being an academic en ep eneu ), he mu ual unde s anding, empa hy and, ul ima ely, he con idence ha allows in e ac ion and knowledge exchange, will p o e easie . 5.2 Limi a ions and Fu he Resea ch Some limi a ions should be men ioned. The esul s canno easily be gene alised since hey ocus on UBIs. Mo eo e , he sample size is small (al hough i is jus i ied by he small numbe o UBIs in Spain and he Ne he lands), despi e which he s udy does ep esen a la ge pe cen age o cases. Fu u e s udies migh analyse he case o incuba o s wi h o he cha ac e is ics, such as a g ea e di e si y o incuba ee p o ile, g ea e p e ious business expe ience, o incuba o s de o ed o a common indus y (cul u e, high- echnology, e c.). I may be wo h con as ing he model in o he ypes o incuba o so as o analyse whe he he exchange o knowledge occu s in any incuba ion con ex be ween knowledge-in ensi e com- panies. Should his be he case, he main ques ion would be whe he esou ces (pa icula ly, supplemen a y esou ces) p o e de e minan o he exchange, and whe he ou indings a e mani es ed in he same e ms. Mo eo e , we only conside he poin o iew o one pa o he dyad. Thus, i would be in e es ing o collec da a om bo h sides in o de o ob ain an o e all iew o he ela ionship and o compa e di e en pe cep ions. In addi ion, we canno o e look he ac ha each ela ionship mus be seen and analysed no as an exogenous phenomenon, bu wi hin he con ex in which i eme ges. Fu u e 620 M. Redondo and C. Cama e o s udies migh also conside con ex ual ac o s and o he ela ionships ha in lu- ence he dyad. Ou s udy analyses one momen in ime in he ela ionships, al hough i is impo an o emembe ha ela ionships a e dynamic, such ha he ac o s which igge said ela ionship migh e ol e o e ime. Fo ins ance, ini ial empa hy may disappea a e yea s o ela ionships and knowledge asymme y is unlikely o las o e e . Hence, he dynamics o incuba ees’ ela ionships need o be s udied: Wha happens when incuba ees lea e he UBI? How long do he ela ionships buil in he UBI las ? Do incuba ees main ain sha ed alues o empa hy once ou side? As o he cha ac e is ics o he ela ionship be ween incuba ees, only ac o s ha encou age i ha e been s udied. Howe e , i would be in e es ing o explo e which ac o s o occu ences lead o ela ionship ailu e. In pa icula , cases in which a emp s ha e been made o exchange knowledge and which ha e ul i- ma ely ailed o succeed also me i inqui y, as do cases in which exchange was achie ed, bu whe e he consequences may ha e p o ed nega i e o one o he pa ies in ol ed. The e o e, he in luence o ailed expe iences on how en ep e- neu s build new ela ionships ( he use o con ac s o he p e e ence o sho - e m ela ionships) should be in es iga ed. Addi ionally, i may be o in e es o s udy “c i ical momen s”in o de o gauge he igge ing ac o s which lead o he b eakdown o he ela ionship. Acknowledgemen : This wo k was suppo ed by he Jun a de Cas illa y León (Spain) [p ojec e e ences VA112P17 and VA085G18] and by he Minis y o Economy, Indus y, and Compe i i eness (Spain) [p ojec e e ence ECO2017-86628-P]. 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