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TEG Seminar Series 2007: Professor Gordon Murray

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We are delighted to announce that the second of this term’s Technology Enterprise Group seminars will be given by Professor Gordon Murray, Chair of Management (Entrepreneurship) at the School of Business & Economics at the University of Exeter. The details of his talk are as follows:

Title: “Taking the Long View: the survival & growth of ‘adolescent’ high-tech firms in Germany and the UK, 1997-2003”

Date: Wednesday 16th May Time: 14:00 – 15:00 Location: Seminar Room A, Institute for Manufacturing, Mill Lane, Cambridge. Click for map

It would be very helpful if you could send me an email to let me know if you plan to attend this event so that we can prepare enough handouts.

Abstract: Reviewers of empirical studies on the performance of high-tech, young firms repeatedly bemoan the fact that the majority of such studies are cross-sectional in design rather than organised to collect repeated observations over a protracted time period. The present panel study, based on a collaboration between the University of Exeter and the Centre for European Economic Research (ZEW, Mannheim) and funded by the Anglo-German Foundation, looks at the genesis and growth of a cohort of 600 independent young firms started in Germany and the UK between 1987 and 1996. The study seeks to explore those issues that influence the growth and survival of these firms a majority of which had internationalised within their first three years of existence. Contemporary issues including the absence of continued growth firms (aka “gazelles”), otherwise termed “The European Paradox” are also explored.

  • Cowling, M, Fryges, H., Licht, G and Murray, G. C. 2007. The Survival & Growth of ‘Adolescent’ High-Tech Firms in Germany and the UK, 1997-2003. London & Berlin: Anglo-German Foundation.

Biography: Gordon Murray ( holds a Chair of Management (Entrepreneurship) at the School of Business & Economics at the University of Exeter. He worked for both international corporations and government before changing career and becoming an academic in his early 40s. He has been on the faculty of Warwick and London Business Schools before moving to the School of Business and Economics at the University of Exeter in 2003. Since 1989, he has researched, lectured and consulted internationally in the two related areas of New Technology-based Firms and the international development of the formal and informal Venture Capital Industry. Dr. Murray has conducted policy-focused research for the UK, German, Finnish, Irish and other European governments, the Australian Commonwealth and the European Commission, in addition to undertaking consulting commissions for several corporations, the British and European Venture Capital Associations, banks and other financial service providers. He has published in several academic journals as well as writing book chapters, official reports, policy analyses etc. focusing on the means by which the growth of entrepreneurial young firms can best be supported.

Particular long-term interests include how national venture capital industries have evolved over time; fund performance issues; and in trans-Atlantic and pan-European comparisons of venture capital support for, especially, start-ups and other early stage, technology investments. The strategic logic of corporate venture capital is a contemporary research interest with colleagues at Helsinki University of Technology and London Business School. With colleagues at the Centre for European Economic Research in Mannheim, a group of 600 high tech start ups have been tracked for twelve years with the support of the Anglo German Foundation for the Study of Industrial Society. He is presently participating in an Anglo-German review of the financing of young Bio-technology companies with colleagues at the University of Munich. He is the sole UK recipient of the 2005 Norface competitive European grant and is currently organising three international research seminars in London, Helsinki and Berlin The seminars which are co-funded by the European Investment Fund and the Small Business Service will involve some sixty senior government policy makers and internationally known academics on the theme of the public role in the genesis and growth of high potential young (knowledge-based) firms.

Recent policy based work includes a formal review in 2002 of the early-stage, venture capital support programme (FII) of the Finnish Ministry of Trade and Industry; an external assessment of the Icelandic early stage VC fund in 2003; a seminar series on Australian early stage programmes in 2004; a review of VC fund opportunities for the Finnish government research agency SITRA in 2005; an evaluation (with PWC ) of the early-stage VC programme of Enterprise Ireland in 2005; and a review of the public financing of young innovative companies in Finland in 2007 with Mikko Jaaskelainen and Markku Maula for the Finnish Ministry of Trade and Industry.

Dr. Murray is a senior adviser on policy related issues concerning the financing and growth of high potential young firms to the UK government’s Small Business Service and is a member of the Small Business Investment Task Force ( He is particularly involved in policy programmes to address the provision of risk capital to early stage, high potential businesses. He has also advised the European Commission on the financing of high growth young firms (Gazelles Expert Group) and is a member of the Professional Chamber of the Enterprise Policy Group (DG Enterprise) ( as well as having served on the Risk Capital Expert Group (DG Research). From 1999 to 2003, he was the only academic member of the High-Tech Committee of the British Venture Capital Association.

Organisers: Thomas M. Bohné and Paul P. Hwang

This talk is part of the Technology Enterprise Group (TEG) Seminar Series series.

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