Abstract
This paper investigates the factors determining the survival of university spin-offs (USOs). In the past few decades, public administrations and universities have supported this university-based entrepreneurship as a way to transfer technology. For this reason, it is necessary to know whether these firms contribute to value and job creation. In the empirical section, we compare a sample of 469 USOs with 469 non-USOs. Our results show a negative relation between academic inception and firm survival when we control for firm age. Furthermore, we investigate the determinants of the USOs' survival and whether they differ from those of non-USOs. We find that size and asset efficiency affect the USOs' survival. These results lead us to establish some recommendations for decisions-makers, which might be extended to other countries at a similar stage of experience as Spain in USOs activity.
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