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Venture capital enters academia: an analysis of university-managed funds

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  • Annalisa Croce
  • Luca Grilli
  • Samuele Murtinu

    ()

Abstract

In recent years, a “third mission” pursued by universities, i.e. knowledge transfer to industry and society, has become more important as a determinant of enhancements in economic growth and social welfare. In the vast world of technology transfer practices implemented by universities, the establishment and management of university venture capital and private equity funds (UFs) is largely unknown and under-researched. The focus of this work is to provide a detailed description of this phenomenon from 1973 to 2010, in terms of which universities set-up UFs, their target industries and the investment stages of portfolio companies, which types of co-investors are involved in the deals, and which are the determinants of UFs’ ultimate performances. The picture offers us the opportunity to draw some implications about the relevance of UFs in different contexts (i.e. Europe and the United States) and provide to interested stakeholders with some useful guidelines for future development. Copyright Springer Science+Business Media New York 2014

Suggested Citation

  • Annalisa Croce & Luca Grilli & Samuele Murtinu, 2014. "Venture capital enters academia: an analysis of university-managed funds," The Journal of Technology Transfer, Springer, vol. 39(5), pages 688-715, October.
  • Handle: RePEc:kap:jtecht:v:39:y:2014:i:5:p:688-715
    DOI: 10.1007/s10961-013-9317-8
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    References listed on IDEAS

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    1. repec:kap:jtecht:v:43:y:2018:i:4:d:10.1007_s10961-018-9657-5 is not listed on IDEAS
    2. David B. Audretsch & Erik E. Lehmann & Stefano Paleari & Silvio Vismara, 2016. "Entrepreneurial finance and technology transfer," The Journal of Technology Transfer, Springer, vol. 41(1), pages 1-9, February.
    3. Alessandra Colombelli & Jackie Krafft & Marco Vivarelli, 2016. "To be born is not enough: the key role of innovative start-ups," Small Business Economics, Springer, vol. 47(2), pages 277-291, August.
    4. Alessandra Colombelli & Jackie Krafft & Marco Vivarelli, 2016. "Entrepreneurship and Innovation: New Entries, Survival, Growth," GREDEG Working Papers 2016-04, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), University of Nice Sophia Antipolis.
    5. Douglas Cumming & Sofia Johan, 2016. "Venture’s economic impact in Australia," The Journal of Technology Transfer, Springer, vol. 41(1), pages 25-59, February.
    6. Colombelli, Alessandra & Krafft, Jackie & Vivarelli, Marco, 2016. "New Firms and Post-Entry Performance: The Role of Innovation," Department of Economics and Statistics Cognetti de Martiis. Working Papers 201602, University of Turin.
    7. repec:eee:tefoso:v:127:y:2018:i:c:p:70-84 is not listed on IDEAS
    8. Christopher S. Hayter, 2016. "A trajectory of early-stage spinoff success: the role of knowledge intermediaries within an entrepreneurial university ecosystem," Small Business Economics, Springer, vol. 47(3), pages 633-656, October.
    9. repec:eee:tefoso:v:123:y:2017:i:c:p:35-44 is not listed on IDEAS
    10. Muscio, Alessandro & Quaglione, Davide & Ramaciotti, Laura, 2016. "The effects of university rules on spinoff creation: The case of academia in Italy," Research Policy, Elsevier, vol. 45(7), pages 1386-1396.
    11. Felipe Rojas & Elena Huergo, 2016. "Characteristics of entrepreneurs and public support for NTBFs," Small Business Economics, Springer, vol. 47(2), pages 363-382, August.
    12. Grilli, Luca & Murtinu, Samuele, 2014. "Government, venture capital and the growth of European high-tech entrepreneurial firms," Research Policy, Elsevier, vol. 43(9), pages 1523-1543.

    More about this item

    Keywords

    University-managed funds; University; Venture capital and private equity; Technology transfer; Third mission; Fund performance; G24; I23;

    JEL classification:

    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • I23 - Health, Education, and Welfare - - Education - - - Higher Education; Research Institutions

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