Success of research-based spin-offs. State-of-the-art and guidelines for further research

Abstract

The topic of this paper is research-based spin-offs from public organisations. The initial point is a discussion about the economic benefit of such companies. The paper investigates factors influencing the generation, development, and growth of research-based spin-offs built on scientific know-how or research results. An analysis of previous empirical studies allows the identification of three main groups of success factors, concerning the founder, the environment, and the later company itself. Based on Gartner’s framework of new venture creation—used as a structure-building tool and substitute of entrepreneurial theory—we give an overview of entrepreneurial success factors. We also identify inconsistencies and gaps in empirical evidence and guidelines for further research. Particular explanation seems to be necessary for incentives, ideas, and incubation environments, all having an impact on formation and performance of spin-offs.