Performance Of Spin-offs Research Articles

Unraveling University and Region Effect: A Variance Decomposition of Academic Spin-Off Performance

Unraveling University and Region Effect: A Variance Decomposition of Academic Spin-Off Performance

Strategic Orientation and New Product Development Performance of Academic Spin-Offs: The Importance of Team Cohesion and Team Heterogeneity

Prior studies have highlighted the importance of team heterogeneity and team cohesion in supporting academic spin-offs during their commercialization activities. However, there has been little insight into the role of strategic orientation, namely speed to market and product performance, in moderating the relationship between team characteristics and market performance in the new product development process. From the analysis of 105 academic spin-offs, this article suggests that team heterogeneity is more likely to support a strategic orientation focusing on product performance, whereas team cohesion supports both speed to market and product performance. This article provides both theoretical and practical recommendations for managing academic spin-offs for the development of new products, especially highlighting the importance of building a heterogeneous team while at the same time maintaining cohesion among team members.

From Academic Entrepreneurship to the Performance of Academic Spin-Offs: A Systematic Review of the International Gap and the Colombian Context

From Academic Entrepreneurship to the Performance of Academic Spin-Offs: A Systematic Review of the International Gap and the Colombian Context

The Role of Higher Education Institutions and Entrepreneurial Orientation in the Creation and Development of Academic Spinoffs

Academic spinoffs have received great attention in recent years as a means of transferring the knowledge generated by the research activities of higher education institutions (HEIs). Despite the contribution identified by the literature, there remains a lack of empirical evidence substantiating how the creation of academic spinoffs is enabled by entrepreneurial orientation (EO) and HEIs. This study theorises on the relevance of EO within the context of universities and how such an orientation may drive the founding and development of academic spinoffs. Based on a qualitative study, with 15 interviews from university rectors/presidents, faculty/school deans, degree program directors at Portuguese public HEIs, and founders of spinoffs, the results generate two relevant insights: (i) EO is relevant to the creation, growth, and performance of academic spinoffs, and (ii) personal fulfilment, the transfer of knowledge acquired in HEIs and the search for economic independence represent the main motivations for the creation of academic spinoffs. The findings are discussed to highlight their implications for theory, practice and policy-making.

Empirical evidence of the parent company's influence on spin-off: from creation to performance

Companies to adapt to today's society, characterized by continuous changes, adopt strategies to search for new opportunities, sometimes emerging business models, different from the parent company's business area. If they do not want to diversify their core business, they choose to create a new company that will be independent from the parent company, the spin-off. The aim of this study is to analyze and analyze the parent company's influence on spin-off performance, in terms of motivating factors for creation, transferred resources, relationship type and spin-off performance in the post-spin-off period. To achieve this objective, 31 surveys were analyzed, answered by workers who occupy management positions in spin-off companies in the USA and Canada. The statistical analysis of the data suggests that the concentration of the business area and the maximization of shareholder value are the main reasons for the creation of the spin-off. The most mentioned spin-off challenges are aggressive competition and efficient allocation of efficient resources. One of the characteristics of the spin-off is that it is an independent company, a fact that is not verified in the sample under analysis. However, the spin-off's performance does not change when it becomes independent.

Entrepreneurial team heterogeneity and performance of academic spin-offs: a pre and postfoundation analysis

ABSTRACT The present research identifies the drivers of the growth of academic spin-offs (ASOs). Empirical studies have found few successful cases of ASOs from a firm-level perspective; many companies fail, and others tend to remain small without making a meaningful contribution to local economic development. Consequently, analysing the factors affecting spin-off growth is important to understand their potential benefits for society. A large portion of studies focus on external drivers of ASO growth, while we concentrate on the internal dimension, analysing the effect of the heterogeneity of entrepreneurial teams on the performance of ASOs from a longitudinal perspective. Our paper investigates how ASO entrepreneurial team heterogeneity, both horizontal (cognitive) and vertical (status), and changes in entrepreneurial team heterogeneity between the prefoundation and postfoundation stages affect ASO performance. The results show that vertical heterogeneity in the composition of the prefoundation team is a driver of ASO performance over a shorter time horizon (one year) and more so if the average seniority of academics is low. Horizontal heterogeneity plays a negative moderating role. However, longer-term performance is more influenced by horizontal heterogeneity, implying slower growth after the spin-off foundation. These findings should provide important insights for both managers and Italian policy-makers.

Knowledge Transfer Linkages, Research Quality, and the Early Performance of Academic Spin-offs

The purpose of this study is to examine whether, and under which conditions, knowledge transfer from a public research organization (PRO) determines the early performance of academic spin-offs. Distinguishing between three different types of knowledge transfer linkages between a parent PRO and its spin-off firms (i.e., formal, informal, combinatory), we study the parent PRO’s research quality at the time of spin-off creation as a moderator of the knowledge transfer-performance link. The analysis is based on a sample of 133 companies spun off from German universities and public research institutes. The data reveal that formal, informal, and combinatory knowledge transfer positively predict the early performance of academic spin-offs. Performance effects of informal and combinatory knowledge transfer further depend on the research quality of the parent PRO.

Publish and Flourish? Academic Goals and the Performance of Academic Spin-Offs

Publish and Flourish? Academic Goals and the Performance of Academic Spin-Offs

Key Factors of AS Performance in Emerging Central and Eastern European Countries: Evidence from Romania

The concept of academic spin-off (AS) has witnessed an increase in attention due to its effectiveness in solving industry problems using core technology and knowledge from academia. Most studies based on US and western Europe experiences have presented the main key factors for academic spin-offs. The present study aims to address a literature gap regarding AS survival factor identification for central and eastern European countries, to relate resource groups with these key factors from a literature perspective, and to statistically investigate the long-term performance of academic spin-offs in Romania, an eastern European country that has only recently understood the opportunity academic spin-offs offer for national and regional development. Since EU programs are setting the scene for AS development, this research brings new insights for university strategic management to achieve sustainable regional growth by proposing a novelty spin-off key factor specific to central and eastern European countries: team competency in accessing government funds. Since these emerging economies face similar challenges regarding AS formation and development, statistical evidence from Romania is insightful and valuable. Data were collected on Romanian AS companies founded from 2006–2010, and eleven survival factors were investigated within a quantitative survey to understand which had a significant impact on AS performance. By using Pearson’s correlation matrix and a Cobb–Douglas nonlinear regression model, this study validated two research hypotheses that, in Romania, the quality of scientific support received from a university or research center during the development of a product and the competency of a team in accessing government funds were the most important factors having nonlinear influences on AS performance. Their positive and negative influences were furthermore discussed, and managerial implications were outlined.

Spinoffs’ alliance network growth beyond parental ties: performance diminishing, then performance enhancing

Spinoff firms are a common phenomenon in entrepreneurship where employees leave incumbent parent firms to found their own. Like other types of new firms, such new spinoffs face liabilities of newness and smallness. Previous research has emphasised the role of the initial endowments from their parent firm to overcome such liabilities. In this study, we argue and are the first to show, that, in addition to such endowments, growing an alliance network with firms other than their parents’ is also critical for spinoff performance. Specifically, we investigate the performance effect of alliance network growth in newly founded spinoffs using a longitudinal sample of 248 spinoffs and 3370 strategic alliances in the mining industry. Drawing on theory based on the resource adjustment costs of forming alliances, we posit and find a U-shaped relationship between the alliance network growth and spinoff performance, above and beyond the parent firm’s influence. We further hypothesise and find that performance effects become stronger with increased time lags between alliance network growth and spinoff performance, and when spinoffs delay growing their alliance networks. Implications for theory and practice are discussed.

The importance of team diversity for academic spinoff performance

This study examines how team diversity affects the performance of academic spinoffs. Building on the upper-echelon theory, we argue that different forms of diversity, namely profile diversity, cognitive distance, CEO non-duality, and the presence of a non-academic CEO may positively affect the early performance of academic spinoffs. Our hypotheses are tested on a sample of 307 Italian academic spinoffs founded between 2010 and 2014. Our results support the positive role of diversity in enhancing growth, but only for innovative academic spinoffs. The presence of a non-academic CEO is the only diversity measure that plays a direct positive role, regardless of company technological features.

The importance of team diversity for academic spinoff performance

The importance of team diversity for academic spinoff performance

Italian university spinoffs vs Italian innovative companies: a comparative analysis of profitability, liquidity and efficiency profile

This paper, as part of the PRIN "University spin-offs: competitiveness, attractiveness and value", intends to increase the knowledge on the performance of university spinoffs, studied until now especially for the dynamics of constitution and development that characterize them. The study attempts primarily to measure the financial performance of Italian university spinoffs and Italian innovative start-ups and SMEs. Furthermore, it aims to determine whether the Italian academic spinoffs's financial condition tends to be different respect to Italian innovative companies. In order to reach these objectives, the financial statement analysis, with financial ratios to ascertain profitability, liquidity and efficiency profile, and the t-test have been used. University spinoffs have higher value of ratios if compared to innovative startups and SMEs. Furthermore, t-test highlights the existence of significant differences in the profitability, liquidity, structure and efficiency profile between two groups of companies. Keywords: university spinoffs, innovative companies, financial performance, financial ratios DOI: 10.7176/RJFA/12-23-05 Publication date: December 31 st 2021

Do academic spin-offs outperform young innovative companies? A comparison of survival rates and growth

PurposeThis article investigates the distinctive characteristics and the performance of academic spin-offs within young innovative companies (YICs) supported by public regional agencies. Considering that academic spin-offs are characterized by high intensity in innovation and technology transfer, we raise the issue of their performance relative to other YICs.Design/methodology/approachThe authors focus on YICs which receive support from public or semi-public institutions at the early stage of their development as a reward for their innovative business ideas. The study is performed in two steps. First, the authors estimate the growth of the academic spin-offs within a set of YICs supported for fewer than 5 years. This estimation is based on data gathered in 2014. Second, the authors investigate the survival of these supported YICs with the Cox proportional hazards model, 5 years later, at the end of 2019.FindingsResults reveal that academic spin-offs are more able to capture resources in the early stages: These firms have more patents, more external funding and higher increases in the number of employees. The authors also demonstrate that academic spin-offs have the highest survival rates.Research limitations/implicationsThe drawback of the studies on ASOs is the limited sample. The main issue is related to survival analysis. Limitation of the sample sizes precludes from in-depth survival analyses, which may highlight fundamental differences in the development patterns of the firm.Practical implicationsThe study’s results provide evidence on how the identity of academic spin-offs based on technology transfer act as a positive signal to obtain legitimacy. It is of particular interest for entrepreneurs who can rely on trust provided by their parent institution to engage in negotiations with different stakeholders. Moreover, results give insights to policymakers on the usefulness to invest on academic spin-offs because of its outperforming results.Originality/valueThe results provide important insights for designing, conducting and monitoring policies that favor innovation. Moreover, it demonstrates to universities, research institutions and entrepreneurs engaged in technology transfer the economic and social usefulness of their approach.

MODERATING EFFECT OF MANAGERIAL AND PROFSSIONAL ASSISTANCE ON INNOVATION STRATEGY AND ACADEMIC SPIN-OFF MANAGEMENT

The university is required to commercialize the results of research and knowledge of the university through academic spin-off. Academic spin-off benefit for stimulating the economy, creating job growth and innovation. However, academic spin-off find difficulty in offering products and services to the market because of the lack of knowledge related to managerial and resource management. Means commonly used to overcome this obstacle is to establish a business incubator in the form of a centralized facility that provides access, support and university policy. Business Incubator helps new academic spin-off stand to better understand the market and to provide guidance in the initial phase of the establishment of academic spin-off. This study aimed to examine the moderating effect of the assistance provided university business incubator in the election strategy of innovation and academic spin-off performance. The study was conducted at 76 academic spin-off in Yogyakarta and Semarang. In this study developed a theoretical model by proposing three hypotheses to be tested using regression analysis. The survey results revealed that academic spin-off conduct exploitation strategy proved a positive influence on the performance of academic spin-off. Instead, academic spin-off conduct proven exploration strategy negatively affect academicspin-off performance. Furthermore, managerial and professional assistance as moderating variables are proven to be able to strengthen the relationship between innovation strategy and academic spin-off performance. Keywords: Academic Spin-off , Managerial and Professional Assistance, Academic Spin-offPerformance

Knowledge conversion capability and networks as drivers of innovation in Academic Spin-Offs

Abstract This paper aims to analyze the relevance of the three dimensions of the knowledge conversion capability (KCC) for the innovation performance of academic spin-offs (ASOs) at two stages of evolution, as well as, how academic and industry networks contribute to the development of these capacities in each stage. Results obtained on a sample of 167 Spanish ASOs show that: 1) the relevance of the KCC capacities varies with the critical innovation events - technical vs commercialization - ASOs face in each stage; and 2) ASOs must modify their networks in order to access the KCC capacities needed in each stage.

Long-run performance of corporate spin-offs and sell-offs: Evidence from the JSE limited

Long-run performance of corporate spin-offs and sell-offs: Evidence from the JSE limited

Analisis Perbandingan Kinerja Keuangan Bank Umum Syariah Hasil Spin-Off dan Hasil Akuisisi

This research is a study that compares the financial performance of Sharia Commercial Bank spin-off and acquisition. This research used BJB Syariah Bank and BNI Syariah Bank as a sample from Syariah Bank of spin-off result meanwhile Bank BRI Syariah, Bank BCA Syariah, and Bank Syariah Bukopin as sample from Sharia Public Bank of acquisition result. This research uses annual data for the period 2015-2017. Data analysis technique used is different test by using hypothesis test Independent Sample T-Test and the Mann Whitney U Test. The results of this study indicate that from the results of different tests there is no significant difference from the financial performance of the Islamic Commercial Banks resulting from spin-offs and the results of Acquisitions in financial ratios CAR, ROA, FDR, NPF, and BOPO.

Analisis Perbandingan Kinerja Keuangan Bank Umum Syariah Hasil Spin-Off dan Hasil Akuisisi

This research is a study that compares the financial performance of Sharia Commercial Bank spin-off and acquisition. This research used BJB Syariah Bank and BNI Syariah Bank as a sample from Syariah Bank of spin-off result meanwhile Bank BRI Syariah, Bank BCA Syariah, and Bank Syariah Bukopin as sample from Sharia Public Bank of acquisition result. This research uses annual data for the period 2015-2017. Data analysis technique used is different test by using hypothesis test Independent Sample T-Test and the Mann Whitney U Test. The results of this study indicate that from the results of different tests there is no significant difference from the financial performance of the Islamic Commercial Banks resulting from spin-offs and the results of Acquisitions in financial ratios CAR, ROA, FDR, NPF, and BOPO.

Does knowledge translation drive spin-offs away from the “valley of death”? A nonparametric analysis to support a banking perspective

PurposeThe purpose of this paper is to empirically test if the interaction between universities and spin-offs, as proxy of knowledge translation (KT), which is based in particular on negotiation, semantics and pragmatics, has a positive impact on spin-off performance – in terms of greater distance from the “valley of death” – and allows access to credit and financial instruments.Design/methodology/approachThe authors adopt an appropriate nonparametric conditional efficiency approach for panel data. The authors provide a unique picture of the innovation environment in Italy using an original dataset. These data provide information regarding the intensity of interaction between universities and spin-offs along with financial balance datasheet of the spin-offs. The nonparametric approach is particularly suitable for nonlinear relationships typical for this type of data.FindingsThe results of the analysis confirm that the translation of knowledge, based on negotiation of interests, semantics of the text and pragmatism, favored by the interaction between universities and spin-offs, improves the productivity performance of the spin-off by allowing them to move away from the “valley of death”. Therefore, universities must pay particular attention to the way they work with spin-offs by making use of the translation of knowledge, based on semantics and pragmatism, in order to encourage an understanding of knowledge, sharing of interests among the partners and stakeholders of the spin-off, often belonging to different backgrounds. These are processes that favor the transfer and development of research outcomes to the market, improving the spin-off competitiveness of the territory and strengthening relations with universities and their stakeholders (banks and financial intermediaries, local and national politicians, institutions and the community at large).Research limitations/implicationsImplications for research can be identified at policy and managerial level and refer to the effectiveness of the so called “Third Mission”, university entrepreneurship through the creation of profitable spin-offs which contribute to innovation, and to the socioeconomic development of the territory. In turn, spin-offs with good performances are more likely to have access to external financing to allow the growth of their business in the market. Further studies can investigate the organizational way of the universities that promote these virtuous results, distinguishing them by spin-off efficiency clusters.Practical implicationsFor universities, the results make it possible to envisage organizational processes to support spin-offs that are important both for compliance with the regulations and for the Third Mission. Researchers, teachers and PhD academics have the opportunity to exploit the results of their innovative research on the market. Spin-offs and start-up founders should note that the results of scientific transfer can create value for the firm and the territory. Useful information also derives for banks and financial intermediaries that intend to improve the credit risk assessment of the spin-offs during the loan assessment phase.Originality/valueThe value of the work entails in offering a unique overview of university innovation, through an original dataset and a robust methodology. By adopting a different approach, the contribution of KT at national level was assessed, measuring the impact on the technical performance and on the probability of survival of the companies. Originality of the paper lies not only in the approach but also in the fact that this is the first attempt to use the KT as a key factor for the economic sustainability from a financial perspective of start-up companies.