IDEAS home Printed from https://ideas.repec.org/a/ibn/ibrjnl/v12y2019i11p30-37.html
   My bibliography  Save this article

Can the External Environment Generate Better Economic Performance in Academic Spin-Offs?

Author

Listed:
  • Ivano De Turi
  • Margaret Antonicelli

Abstract

The strategic stimulus to economic development is innovation. It was defined by Schumpeter as the commercial or industrial application of something new (product, process, production method). New product developments grew out of process innovation, particularly the development of components made from new materials, and the techniques to produce them the value of process innovation is proportional to the level of output produced by a given firm. Based on this we can distinguish two different life cycles: the life cycle of product technology and life cycle process technology. It’s appropriate to understand if and how long these innovation processes lead to positive economic results. The innovation capabilities are the driver of long-term success. The relation should remain significant beyond short-term earnings or become even greater for earnings of a longer-term. The length of a firm’s innovation cycle appears to be a determinant of the relationship between enhanced innovation capabilities and future earnings. The paper proposes a framework to evaluate the impact of academic spin-offs at the local level. Spin-off creation is the most complex way of commercializing academic research but has the highest potential impact on the local context. We develop a framework that takes into account the direct and indirect impacts of spin-offs. In the empirical part of the paper, we apply this framework to a sample of Italian spin-offs between 2001 and 2017. The empirical analysis shows that measured in quantitative terms, the impact of spin-offs on the local economy is quite small. Using the selected variables, It's possible to affirm that the presence of business incubators represents an element capable of positively influencing the performance of academic spin-offs. innovation, entrepreneurship, technology transfer, econometric approach, panel model, academic spin-off

Suggested Citation

  • Ivano De Turi & Margaret Antonicelli, 2019. "Can the External Environment Generate Better Economic Performance in Academic Spin-Offs?," International Business Research, Canadian Center of Science and Education, vol. 12(11), pages 30-37, November.
  • Handle: RePEc:ibn:ibrjnl:v:12:y:2019:i:11:p:30-37
    as

    Download full text from publisher

    File URL: http://www.ccsenet.org/journal/index.php/ibr/article/download/0/0/41050/42414
    Download Restriction: no

    File URL: http://www.ccsenet.org/journal/index.php/ibr/article/view/0/41050
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Vohora, Ajay & Wright, Mike & Lockett, Andy, 2004. "Critical junctures in the development of university high-tech spinout companies," Research Policy, Elsevier, vol. 33(1), pages 147-175, January.
    2. Chirila Lavinia Florentina, 2013. "Regional Development And Innovation In Romania. Challenges And Perspectives," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 234-242, July.
    3. Soetanto, Danny & Jack, Sarah, 2016. "The impact of university-based incubation support on the innovation strategy of academic spin-offs," Technovation, Elsevier, vol. 50, pages 25-40.
    4. James H. Stock & Mark W. Watson, 2005. "Implications of Dynamic Factor Models for VAR Analysis," NBER Working Papers 11467, National Bureau of Economic Research, Inc.
    5. Siegel, Donald S. & Waldman, David & Link, Albert, 2003. "Assessing the impact of organizational practices on the relative productivity of university technology transfer offices: an exploratory study," Research Policy, Elsevier, vol. 32(1), pages 27-48, January.
    6. Clarysse, Bart & Wright, Mike & Lockett, Andy & Van de Velde, Els & Vohora, Ajay, 2005. "Spinning out new ventures: a typology of incubation strategies from European research institutions," Journal of Business Venturing, Elsevier, vol. 20(2), pages 183-216, March.
    7. Junfu Zhang, 2009. "The performance of university spin-offs: an exploratory analysis using venture capital data," The Journal of Technology Transfer, Springer, vol. 34(3), pages 255-285, June.
    8. María Jesús Rodríguez-Gulías & Sara Fernández-López & David Rodeiro-Pazos, 2016. "Growth determinants in entrepreneurship: A longitudinal study of Spanish technology-based university spin-offs," Journal of International Entrepreneurship, Springer, vol. 14(3), pages 323-344, September.
    9. Wennberg, Karl & Wiklund, Johan & Wright, Mike, 2011. "The effectiveness of university knowledge spillovers: Performance differences between university spinoffs and corporate spinoffs," Research Policy, Elsevier, vol. 40(8), pages 1128-1143, October.
    10. Jeffrey G. Covin & Dennis P. Slevin, 1991. "A Conceptual Model of Entrepreneurship as Firm Behavior," Entrepreneurship Theory and Practice, , vol. 16(1), pages 7-26, October.
    11. Stock, James H. & Watson, Mark, 2011. "Dynamic Factor Models," Scholarly Articles 28469541, Harvard University Department of Economics.
    12. Y. Zhou & T. Minshall & C. Hampden-Turner, 2010. "Building Innovation Capabilities: An Inquiry Into The Dynamic Growth Process Of University Spin-Outs In China," International Journal of Innovation and Technology Management (IJITM), World Scientific Publishing Co. Pte. Ltd., vol. 7(03), pages 273-302.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Margaret Antonicelli & Ivano De Turi, 2020. "Do the Innovation Index of the Regions and the Sectors of Belonging Affect the Performance of the ASOs?," International Business Research, Canadian Center of Science and Education, vol. 13(9), pages 113-113, September.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Ivano De Turi & Antonello Garzoni, 2018. "The Impact of the External Environment on the Growth of the Italian Academic Spin-Offs: A Cross-Sectional Analysis," International Journal of Business and Management, Canadian Center of Science and Education, vol. 13(8), pages 1-16, June.
    2. Marius Tuft Mathisen & Einar Rasmussen, 2019. "The development, growth, and performance of university spin-offs: a critical review," The Journal of Technology Transfer, Springer, vol. 44(6), pages 1891-1938, December.
    3. Stefan Marc Hossinger & Xiangyu Chen & Arndt Werner, 2020. "Drivers, barriers and success factors of academic spin-offs: a systematic literature review," Management Review Quarterly, Springer, vol. 70(1), pages 97-134, February.
    4. Christopher S. Hayter & Andrew J. Nelson & Stephanie Zayed & Alan C. O’Connor, 2018. "Conceptualizing academic entrepreneurship ecosystems: a review, analysis and extension of the literature," The Journal of Technology Transfer, Springer, vol. 43(4), pages 1039-1082, August.
    5. Christian Sandström & Karl Wennberg & Martin W. Wallin & Yulia Zherlygina, 2018. "Public policy for academic entrepreneurship initiatives: a review and critical discussion," The Journal of Technology Transfer, Springer, vol. 43(5), pages 1232-1256, October.
    6. K. Poehlmann & R. Helm & O. Mauroner & J. Auburger, 2021. "Corporate spin-offs’ success factors: management lessons from a comparative empirical analysis with research-based spin-offs," Review of Managerial Science, Springer, vol. 15(6), pages 1767-1796, August.
    7. Yagüe-Perales, Rosa M. & March-Chordà, Isidre, 2012. "Performance analysis of research spin-offs in the Spanish biotechnology industry," Journal of Business Research, Elsevier, vol. 65(12), pages 1782-1789.
    8. Good, Matthew & Knockaert, Mirjam & Soppe, Birthe & Wright, Mike, 2019. "The technology transfer ecosystem in academia. An organizational design perspective," Technovation, Elsevier, vol. 82, pages 35-50.
    9. María Jesús Rodríguez-Gulías & David Rodeiro-Pazos & Sara Fernández-López & Christian Corsi & Antonio Prencipe, 2018. "The role of venture capitalist to enhance the growth of Spanish and Italian university spin-offs," International Entrepreneurship and Management Journal, Springer, vol. 14(4), pages 1111-1130, December.
    10. Mauro Sciarelli & Giovanni Catello Landi & Lorenzo Turriziani & Mario Tani, 2021. "Academic entrepreneurship: founding and governance determinants in university spin-off ventures," The Journal of Technology Transfer, Springer, vol. 46(4), pages 1083-1107, August.
    11. Marco Ferretti & Salvatore Ferri & Raffaele Fiorentino & Adele Parmentola & Alessandro Sapio, 2019. "Neither absent nor too present: the effects of the engagement of parent universities on the performance of academic spin-offs," Small Business Economics, Springer, vol. 52(1), pages 153-173, January.
    12. F. I. Vega-Gómez & F. J. Miranda González & J. Pérez-Mayo, 2020. "Analyzing the Effects of Institutional- and Ecosystem-Level Variables on University Spin-Off Performance," SAGE Open, , vol. 10(2), pages 21582440209, June.
    13. Mario BENASSI & Matteo LANDONI & Francesco RENTOCCHINI, 2017. "University Management Practices and Academic Spin-offs," Departmental Working Papers 2017-11, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
    14. Nora Hesse, 2013. "Longer is not necessarily better - University Career Level and Job Creation of Academic Entrepreneurs in Germany," ERSA conference papers ersa13p960, European Regional Science Association.
    15. Rasmussen, Einar & Borch, Odd Jarl, 2010. "University capabilities in facilitating entrepreneurship: A longitudinal study of spin-off ventures at mid-range universities," Research Policy, Elsevier, vol. 39(5), pages 602-612, June.
    16. Manuel Portugal Ferreira & Nuno R. Reis & Roberta M. Paula & Claudia Frias Pinto, 2017. "Structural and longitudinal analysis of the knowledge base on spin-off research," Scientometrics, Springer;Akadémiai Kiadó, vol. 112(1), pages 289-313, July.
    17. Becsky Nagy Patricia, 2014. "Growth And Venture Capital Investment In Technology-Based Small Firms The Case Of Hungary," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 828-836, July.
    18. Prokop, Daniel, 2021. "University entrepreneurial ecosystems and spinoff companies: Configurations, developments and outcomes," Technovation, Elsevier, vol. 107(C).
    19. Soetanto, Danny & van Geenhuizen, Marina, 2019. "Life after incubation: The impact of entrepreneurial universities on the long-term performance of their spin-offs," Technological Forecasting and Social Change, Elsevier, vol. 141(C), pages 263-276.
    20. Nair, Sujith & Blomquist, Tomas, 2021. "Exploring docility: A behavioral approach to interventions in business incubation," Research Policy, Elsevier, vol. 50(7).

    More about this item

    Keywords

    innovation; entrepreneurship; technology transfer; econometric approach; panel model; academic spin-off;
    All these keywords.

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ibn:ibrjnl:v:12:y:2019:i:11:p:30-37. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Canadian Center of Science and Education (email available below). General contact details of provider: https://edirc.repec.org/data/cepflch.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.