Growth Of Academic Spin-offs Research Articles

A glimpse at team composition and intention to grow in academic spin-offs

ABSTRACT Starting from the description of the main traits of the academic environment within which this peculiar form of new venture is born, the authors question—in light of the presented results about the growth rates of a national sample of academic spin-offs—whether and how the intention to grow expressed by the academic entrepreneur influences the composition of the team, and more specifically the integration of nonacademic knowledge and experience—as a vector of a higher growth rate within the target market. In particular, the research question to be answered is: Does the integration of nonacademic team members in the early stages tie with a higher intention to grow of the academic entrepreneur? The contribution is configured as a work in progress, and it introduces an advancement about team formation process. Implications for practitioners relate to the key role of team composition in fostering growth of academic spin-offs.

An empirical analysis of the relationship between university investments in Technology Transfer Offices and academic spin‐offs

The aim of this paper is to analyze the role of university Technology Transfer Offices (TTOs) in contributing to the creation and the performance of academic spin‐offs (ASOs). More specifically, it investigates the relationship between resources invested in TTOs in term of employees and the creation and growth of ASOs. The empirical analysis refers to Italy, where since 1999 academicians have been allowed to be actively involved in setting up companies for the ‘industrial use of research’. We used data on ASOs and resources invested by Italian universities in TTOs during the 2002–2011 period to investigate if and to what extent such investments contributed to the birth and growth of ASOs. We also controlled the results using information on university and on local context, in which university is located. The results of the empirical analysis show that in a first phase academicians reacted more promptly than universities to the opportunities offered by the new legislation, which may in part be due to the organizational rigidity that characterizes Public Administration in Italy. However, the empirical analysis also shows that after this initial phase the size of the TTOs (in terms of employees) has had a positive influence on the number of new ASOs (i.e. birth), but not on the performance of ASOs (i.e. growth), which is influenced by both long‐term investments in research (i.e. the quality of research results) and other variables linked to the regional and national contexts, such as the presence of incubators or the level of economic development. Our results regard a widely studied topic and should provide incremental findings for the community of entrepreneurship scholars and relevant implications for policy makers and TTO managers.

The Relevance of the Economic Environment to the Development and Growth of Academic Spin-Offs. A Panel Approach

The importance of academic research ("AR") to economic growth is widely accepted but quantification of incremental impacts, and their attribution to any one country's expenditures, is difficult. Yet quantitative justification of government AR funding is highly desirable. We therefore attempt to quantify one impact which can be directly and causally attributed to one country's funding: spin-off companies.
 
 Although there is great interest in the new knowledge economy, less favoured regions seem permanently disadvantaged because they lack a critical mass of knowledge capital to initiate accumulation, growth and economic development processes. This is a problem for policy-makers seeking to promote economic growth and territorial cohesion in such regions. This paper seeks to develop four empirical models of how Academic spin-off companies can improve their economic performances. The economic benefits that such companies bring are explored, to identify those elements which can potentially upgrade regional economies through knowledge accumulation, which are termed ‘building up territorial knowledge pools’.
 
 We argue that the impacts of valid and ongoing policies in support of the Third Mission represent incremental contributions to the ROI of academic spin-offs, much greater (also on a updated base). The impacts therefore provide a quantitative justification for public investment, allowing much more important (but less quantifiable) long-term benefits be considered as a "free" bonus.

Neither absent nor too present: the effects of the engagement of parent universities on the performance of academic spin-offs

There is a lack of studies regarding the impact of parent-child relationships on the growth of academic spin-offs (ASOs). The aim of this paper is to investigate whether the presence of the parent university can affect a new venture’s ability to create value after the spin-off is founded. We analyze the engagement of parent universities by examining their different roles in ownership structures and on boards of directors, and we test theoretical hypotheses using a sample of 194 Italian ASOs. Overall, our findings suggest that “neither absent nor too present” is the strategy that the parent university should adopt to support the growth of its spin-offs. These findings contribute to extending the parent-child approach to studies of ASO performance. We provide suggestions for ownership and board composition decisions after spin-off to help universities configure ex ante appropriate actions for the growth of new ventures.

New venture creation in academia: preconditions and drivers for the emergence of academic spin-offs

Purpose of the paper : This study aims to explore determinants for the emergence of academic spin-offs (ASOs). We analyzed individual, institutional and infrastructural factors that lead to the emergence of ASOs and their influence on the business model choice of firms in their start-up phase. Methodology : The analysis is based on quantitative and qualitative methods; the field of research is the life sciences faculty of the University of Siena. Findings : Consultancy by researchers is a positive predictor of the propensity to create a business. Quality and quantity of scientific production are associated positively but only up to a certain threshold, beyond which academics have less inclination for entrepreneurship. University department size plays a decisive role: scarcity of resources may limit the emergence and growth of ASOs. Science parks and university-industry liaison structures play a crucial role in the emergence and survival of new businesses. The resources, competence and motivation of the founders are the main determinants of the choice of business model of ASOs during the start-up phase. Research limitations : The analysis regarded one medium-sized university and a single (albeit large) scientific field, i.e. life sciences. Managerial implications: The results can help managers assess ex ante which university careers potentially lead to the emergence of ASOs. Originality of the paper : Few prior studies have considered qualitative and quantitative empirical evidence on factors influencing the emergence of ASOs and the choice of business model during the start-up phase.

The Role of Academic Spin-offs in Entrepreneurial Innovation and Regional Development. The Apulia Case

a recession context, characterized from a slowing down of the productive activity and from an increment of the unemployment rate, regional development policies of local authorities should consider initiatives apt to stimulate enterprise creation. This paper focuses on the role of academic spin-offs in generating entrepreneurial opportunities for regional development. After an introduction about the importance of networks among universities for technology transfer and development of academic spin-offs and definition of relevant literature on entrepreneurship and processes of identification, evaluation and exploitation of entrepreneurial opportunities to create new business, the paper moves to the analysis of the enabling conditions for promoting the birth of new academic spin-offs. In particular, we investigate how business innovation could take place from patents and research at the university level, in order to contribute to the economic development of a region. Academic spin offs represents an important mechanism for technology transfer from universities and research institutions to the real economy. The paper highlights the results obtained in Apulia Region, which started in 2007 a network called “Rete ILO Apulia” (where ILO stands for Industrial Liaison Office), with the aim of putting together the efforts of Apulia universities and research institutes (ENEA and CNR), providing them a set of resources and capabilities for technological transfer and entrepreneurial innovation. This project has financed the birth of several spin-offs academic from 2007 to 2012, which have been examined at the end of the paper. The main hypothesis of the paper is that the sustainable growth of academic spin offs in this region contributed to the development of the Apulia area and entrepreneurial innovation.

The Impact of Facilitators Support on Navigating Critical Junctures in High-tech Academic Spin-offs

A recent debate on academic spin offs address question whether facilitators’ support helps to overcome slow growth of academic spin-offs. In contrast to most studies that focused on facilitator’s s...