A theoretical and empirical contribution for a better understanding of academic spin-offs’ growth patterns
AbstractThe aim of this paper is to contribute to the current debate about the growth patterns of academic spin-offs by focusing on the Italian context. In order to identify some growth determinants, we study the initial resource base, the firms’ market strategy and their network of relationships with the parent Public Research Organisations (PROs), by controlling for industry, competitive forces, local context, firms’ age and size. In consideration of the complexity of growth phenomena, we study three growth measures, namely employment, revenues and total asset growth. Our multivariate analysis shows that the bundle of initial assets lying at the heart of the firms’ growth prospects include the formal involvement of an industrial shareholder, the targeting of a large and broadly-defined market and the availability of a strong network of formal relationships with the parent PROs. On the contrary, the volume of the Intellectual Property Rights (IPRs) portfolio, the experience previously ripened by the promoting partners in R&D and production functions and the availability of informal support mechanisms from the parent PROs do impact negatively and significantly on growth processes with regard to total assets. Finally, the specific New Product Development (NPD) stage, the amount of the starting capital, the formal involvement of a Venture Capital (VC), the experience previously ripened by the promoting partners in commercial and managerial functions and the breadth of the target market do not significantly affect growth processes.
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Bibliographic InfoPaper provided by Scuola Superiore Sant'Anna of Pisa, Istituto di Management in its series Working Papers with number 201004.
Date of creation: 01 Apr 2010
Date of revision:
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-11-27 (All new papers)
- NEP-CSE-2010-11-27 (Economics of Strategic Management)
- NEP-ENT-2010-11-27 (Entrepreneurship)
- NEP-INO-2010-11-27 (Innovation)
- NEP-IPR-2010-11-27 (Intellectual Property Rights)
- NEP-SBM-2010-11-27 (Small Business Management)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Grandi, Alessandro & Grimaldi, Rosa, 2003. " Exploring the Networking Characteristics of New Venture Founding Teams," Small Business Economics, Springer, vol. 21(4), pages 329-41, December.
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