University Technology Transfer and the Contribution of University Spin-offs in Stimulating the Socio-economic Development of Regions

Abstract

Abstract The commercialization and dissemination of knowledge technologies developed in academia have increased the attention of policy makers as strategic components to support regional socio-economic and innovative development. The emerging models of the third and fourth university missions underline the critical function of commercializing the results of academic research, innovation and entrepreneurship for the growth and competitiveness of regional areas. This study aims to investigate, both from a theoretical and empirical point of view, the role of university spin-offs as a contribution to the socio-economic and innovative development of the regions in which they are located. To this end, the contributor analyzes a longitudinal sample of 952 university spin-offs located in 20 Italian administrative regions. The results from the empirical analysis show that the knowledge and technological production of the university spin-out process generate an affective and active role in the regional context, stimulating it innovative capacities and supporting their socio-economic development. JEL classification numbers: M21, O30, O32. Keywords: University technology transfer, University spin-offs, Regional economic development, Regional innovation.