Why do university spin-offs attract more venture capitalists?
Ortín Ángel, Pedro 1968 (Universitat Autònoma de Barcelona. Departament d'Empresa)
Vendrell Herrero, Ferran (Instituto Vasco de Competitividad. Orkestra)

Data:	2014
Resum:	This paper provides empirical evidence that young university spin-offs are more likely to receive venture capital than other technological start-ups. In addition, this fact is explained mainly by the lack of managerial skills among the founders of certain university spin-offs. The data used has been obtained from a questionnaire answered by 64 Spanish technological firms founded between the years 1993 and 2005. Forty of the firms are university spin-offs; the remainder are independent technology-based start-ups. The results support the complementary-assets view that academic entrepreneurs use venture capitalists as a means of gaining access to managerial skills. These results are maintained even when we control for financial constraints, levels of debt and intellectual-property protection. Although these latter variables explain why certain high-tech firms are more likely to receive venture capital, we do not find statistical evidence that they explain the differences between university spin-offs and technological start-ups in terms of being backed by venture capitalists. The results therefore suggest that universities and policy makers can stimulate the creation and growth of university spin-offs by facilitating contact and trust between venture capitalists and academic entrepreneurs, mostly with respect to those cases in which there is a severe lack of managerial skills.
Ajuts:	Ministerio de Educación y Ciencia SEJ2007-67895-C04-02
Drets:	Aquest material està protegit per drets d'autor i/o drets afins. Podeu utilitzar aquest material en funció del que permet la legislació de drets d'autor i drets afins d'aplicació al vostre cas. Per a d'altres usos heu d'obtenir permís del(s) titular(s) de drets.
Llengua:	Anglès
Document:	Article ; recerca ; Versió acceptada per publicar
Matèria:	Empreses ; Creació ; Innovacions tecnològiques ; Venture capital ; University spin-offs ; Technological firms ; Managerial skills
Publicat a:	Venture capital : an international journal of entrepreneurial finance, Vol. 12 Núm. 4 (2014) , ISSN 1369-1066

DOI: 10.1080/13691066.2010.486166

Postprint 30 p, 394.1 KB

El registre apareix a les col·leccions:
Articles > Articles de recerca
Articles > Articles publicats