To what extent is the likelihood that a Technology-Based Firm – TBF – turns into a Technology-Based and Highly Innovative Firm – TB&InnF – is influenced by technical capabilities or managerial capabilities and education background? We analyse this question using a novel data panel assembled for 326 Spanish industrial firms, along the period 1998–2014. Our findings show the probability of becoming a TB&InnF growths when firms are able to accumulate a high endowment of knowledge and technological capabilities, and a managerial team with experience, a strong power position and previous technical or managerial education background. Results also indicate the CEO's educational profile in management is preferable to a pure technical background by facilitating the transformation into a TB&InnF, because it complements better with the firm's knowledge and technological capabilities by facilitating the transformation of a scientific or technological project into a successful entrepreneurial innovation, which creates new value. These findings make a clear distinction between TBF and TB&InnF, put in question the traditional definition of TB&InnF, exclusively focused toward R + D activity, and valorise the importance of a CEO with both a broader vision that combines technologies, products, markets and people, with the ability to sense and seize new opportunities.

以技术为基础的公司（TBF）转变为以技术为基础的，高度创新的公司（TB＆InnF）的可能性在多大程度上受到技术能力或管理能力以及教育背景的影响？我们使用一个新颖的数据面板来分析这个问题，该面板是为326家西班牙工业公司在1998-2014年间组装的。我们的研究结果表明，当企业能够积累高知识和技术能力以及具有经验，强大权力地位和先前技术或管理教育背景的管理团队时，成为TB＆InnF增长的可能性。结果还表明，CEO的管理教育背景比单纯的技术背景更为可取，因为它可以促进向首席执行官的转变。TB＆InnF，因为它通过促进将科学或技术项目转化为成功的创业创新而创造了新的价值，从而更好地补充了公司的知识和技术能力。这些发现使TBF之间有明显的区别TB＆InnF，把有问题的传统定义TB＆InnF，专门致力于向R + d活性，valorise既具有CEO的重要性更广阔的视野，结合技术，产品，市场和人，具有感知和抓住新机会的能力。