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Academic spin-offs, formal technology transfer and capital raising

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  • Bart Clarysse
  • Mike Wright
  • Andy Lockett
  • Philippe Mustar
  • Mirjam Knockaert

Abstract

In this article we examine the influence of formal technology transfer from a public research organization (PRO) on the amount of capital a spin-off raises at start-up and the increase in capital post start-up. We examine these relationships using a unique sample of 135 spin-offs from PROs across five European countries. Our findings suggest that spin-offs with formal technology transfer start with a larger amount of capital but subsequently do not raise more capital than spin-offs without formal technology transfer. Copyright 2007 , Oxford University Press.

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Bibliographic Info

Article provided by Oxford University Press in its journal Industrial and Corporate Change.

Volume (Year): 16 (2007)
Issue (Month): 4 (August)
Pages: 609-640

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Handle: RePEc:oup:indcch:v:16:y:2007:i:4:p:609-640

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Cited by:
  1. Bradley, Samantha R. & Hayter, Christopher S. & Link, Albert N., 2013. "Models and Methods of University Technology Transfer," Working Papers, University of North Carolina at Greensboro, Department of Economics 13-10, University of North Carolina at Greensboro, Department of Economics.
  2. M. Knockaert & D. Ucbasaran & M. Wright & B. Clarysse, 2009. "How does Tacit Knowledge Transfer Influence Innovation Speed? The Case of Science Based Entrepreneurial Firms," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium, Ghent University, Faculty of Economics and Business Administration 09/554, Ghent University, Faculty of Economics and Business Administration.
  3. Knockaert, M. & Clarysse, B. & Wright, M. & Lockett, A., 2008. "Agency and similarity effects and the VC's attitude towards academic spin-out investing," Vlerick Leuven Gent Management School Working Paper Series, Vlerick Leuven Gent Management School 2008-22, Vlerick Leuven Gent Management School.
  4. Haeussler, Carolin & Colyvas, Jeannette A., 2011. "Breaking the Ivory Tower: Academic Entrepreneurship in the Life Sciences in UK and Germany," Research Policy, Elsevier, Elsevier, vol. 40(1), pages 41-54, February.
  5. Bruneel, Johan & D'Este, Pablo & Salter, Ammon, 2010. "Investigating the factors that diminish the barriers to university-industry collaboration," Research Policy, Elsevier, Elsevier, vol. 39(7), pages 858-868, September.
  6. Gunter Festel, 2013. "Academic spin-offs, corporate spin-outs and company internal start-ups as technology transfer approach," The Journal of Technology Transfer, Springer, Springer, vol. 38(4), pages 454-470, August.
  7. Grimaldi, Rosa & Kenney, Martin & Siegel, Donald S. & Wright, Mike, 2011. "30 years after Bayh-Dole: Reassessing academic entrepreneurship," Research Policy, Elsevier, Elsevier, vol. 40(8), pages 1045-1057, October.
  8. Clarysse, Bart & Tartari, Valentina & Salter, Ammon, 2011. "The impact of entrepreneurial capacity, experience and organizational support on academic entrepreneurship," Research Policy, Elsevier, Elsevier, vol. 40(8), pages 1084-1093, October.
  9. José L. González-Pernía & Ferran Vendrell-Herrero, 2011. "Does the intensity in R&D generate start-up’s growth?," ERSA conference papers, European Regional Science Association ersa10p483, European Regional Science Association.
  10. Massimo Colombo & Philippe Mustar & Mike Wright, 2010. "Dynamics of Science-based entrepreneurship," The Journal of Technology Transfer, Springer, Springer, vol. 35(1), pages 1-15, February.
  11. Elisa Salvador, 2011. "Are science parks and incubators good “brand names” for spin-offs? The case study of Turin," The Journal of Technology Transfer, Springer, Springer, vol. 36(2), pages 203-232, April.
  12. Junfu Zhang, 2009. "The performance of university spin-offs: an exploratory analysis using venture capital data," The Journal of Technology Transfer, Springer, Springer, vol. 34(3), pages 255-285, June.
  13. Damiano Bonardo & Stefano Paleari & Silvio Vismara, 2010. "The M&A dynamics of European science-based entrepreneurial firms," The Journal of Technology Transfer, Springer, Springer, vol. 35(1), pages 141-180, February.

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