The Evolution of Entrepreneurial Competencies: A Longitudinal Study of University Spin‐Off Venture Emergence

abstract This paper aims to better understand the development of entrepreneurial competencies to create new ventures within the non‐commercial academic environment. We build upon the evolutionary perspective considering where resources come from to help define these competencies and explain their paths of development. The study follows the creation and early growth of four university spin‐offs within the UK and Norway. We identified three competencies of opportunity refinement, leveraging, and championing that appeared crucial for the ventures to gain credibility. Although selected competencies were inherent within the academic founders, the specific competencies for venture creation had to be developed or acquired. This was achieved iteratively through entrepreneurial experience and accessing competencies from disparate actors such as industry partners and equity investors. Propositions are offered to guide future empirical research based upon our framework.