关键词: 基于科学, 新创企业, 死亡之谷, 组态分析

Abstract: In recent years, science-based start-ups have emerged in the fields such as biopharmaceuticals, nanotechnology, and new materials, benefiting from the convergence of scientific knowledge. These science-based start-ups play a pivotal role in translating fundamental scientific theories into practical applications, resulting in a consistent growth in their quantity and an escalating impact on the landscape of innovation. Nevertheless, due to their dependence on emerging scientific knowledge, many of these firms encounter the daunting "Valley of Death" as they traverse the gap between foundational scientific theories and product development. The process of science-based start-ups having traversed this "Valley of Death" is a complex systemic endeavor, where a single condition is insufficient to guarantee success. Moreover, interactions among critical conditions may exist, rendering previous reliance on quantitative models inadequate for accurately identifying their pathways to survival. To inform the formulation of informed science development policies, mitigate developmental risks, and facilitate the transition of these firms across the "Valley of Death," a diversified and holistic perspective is needed to assess their trajectories. Therefore, this study employed the fsQCA method to conduct a configurational analysis of 44 science-based start-ups in the United Kingdom.Based on a comprehensive literature review, we constructed an integrative analytical framework aimed at driving science-based start-ups to successfully traverse the "Valley of Death." Subsequently, a sample source of firms in the British biomedicine sector was selected, and a case information database for science-based start-ups was compiled using the data provided by REF 2014. Finally, the fsQCA method was applied to analyze the pathways taken by the science-based start-ups to traverse the "Valley of Death." The study revealed that the transition of science-based start-ups across the "Valley of Death" is the outcome of the complex interplay of multiple conditional variables. Three distinct patterns of drivers for enterprise survival emerge, characterized as being technology capability-driven, university-driven and funding-driven, with technology capability playing a central role, and funding-driving being the most prevalent pattern.From this study, we can draw the following conclusions. Firstly, technical capability directly impacts the survival and development of science-based start-ups, serving as the core competitive advantage of these firms. Secondly, the findings underscore the critical roles played by external funding and university collaborations in the early stages of development for science-based start-ups. Extensive financing provides the necessary financial resources to support research and development activities while also helping to mitigate the risks associated with commercializing novel technologies. Universities not only offer ample cutting-edge knowledge to these firms but also create an environment conducive to their survival.Thirdly, effective management practices are identified as a key factor in achieving business success. Strategic planning aids science-based start-ups in identifying market opportunities and pursuing them, while boards with complementary skills facilitate the acquisition of the correct skills and expertise necessary to support their growth. Finally, the study further emphasized the importance of increased financial support from the public sector for science-based start-ups. Policymakers can provide fiscal incentives and regulatory backing to encourage venture capital investment in science-based early-stage firms. This research has broadened the applicability of related theories, offering valuable insights for science-based start-ups seeking to traverse the "Valley of Death".

Key words: science-based, start-up, Valley of Death, configuration analysis