Complex technological knowledge and value creation in science-to-industry technology transfer projects: The moderating effect of absorptive capacity

This study seeks to enhance the understanding of the interplay between complex knowledge, absorptive capacity in terms of both absorptive capabilities and prior knowledge, and value creation. Drawing on a database of 127 science-to-industry R&D projects in technology-based markets, our study results show the inherent relevance of complexity and absorptive capabilities for value creation. Contrary to expectations, prior knowledge has no significant effect on value creation per se. Instead, the impact of complex technological knowledge on value creation is enhanced at high levels of both prior knowledge and absorptive capabilities. The findings suggest that following a well-worn path leads to competence traps, whereas knowledge-related learning capabilities enable a firm to deal with dynamic environments. The findings have implications for managerial decisions and theory regarding how value can be created from complex knowledge in technology transfer settings. (C) 2015 Elsevier Inc. All rights reserved.