Corporate spin-offs’ success factors: management lessons from a comparative empirical analysis with research-based spin-offs

Abstract

Are the success factors of Research-based spin-offs (RBSO) transferable to the context of Corporate spin-offs (CSO)? We posit that certain success factors are independent from the spin-off’s institutional background and are viable for both types of ventures. This study provides comparative, comprehensive and concrete evidence on the performance of both types of entrepreneurial venturing. Our comparative approach, taking in RBSOs and CSOs at the same time, contains a comprehensive set of success factors and provides concrete results in the form of management lessons for spin-offs in general. We apply logistic regression and non-parametric propensity score matching and use data from a RBSO sample and a CSO sample from Germany. We find that factors such as age, starting size, the introduction of regional and national market novelties as well as business contacts with the parent are success factors for both kinds of spin-offs and therefore highly relevant for both types, independent of the context from which they emanate.