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Impact of public seed-funding on academic spin-offs

Author

Listed:
  • Mark R. Ayoub

    (Maastricht University)

  • Sandra Gottschalk

    (Centre for European Economic Research)

  • Bettina Müller

    (Centre for European Economic Research)

Abstract

In the entrepreneurial economy of today, it is not the multinational firms which are the predominant driver in the creation of new knowledge, but the individual entrepreneur. Correspondingly, new ventures of small size are leading in commercializing new knowledge and transferring it to the market. This economic shift has been reflected by broad entrepreneurship policies, which aim at supporting the individual on the challenge of a high-growth start-up. However, prior experience shows that uniform entrepreneurship policies do not address the individual needs in different countries and ecosystems adequately. In this paper, we study the performance of academic spin-offs that received public funding from the German EXIST Business Start-Up Grant, a support program which aims at increasing the number of innovative start-ups from academia. Using a control group matching approach, we provide evidence that these start-ups are smaller by two full time equivalent employees, generate 1.7 times higher losses and have a nearly three times lower return on capital than science-based entrepreneurial firms with comparable characteristics in the first 5 years after foundation. We interpret these results to be primarily caused by the inferior financial contracting structure of the program compared to private venture capital funding and by the resulting adverse selection and incentive effects on the entrepreneurs. The evidence calls for rethinking public interventions in a national system of entrepreneurship.

Suggested Citation

  • Mark R. Ayoub & Sandra Gottschalk & Bettina Müller, 2017. "Impact of public seed-funding on academic spin-offs," The Journal of Technology Transfer, Springer, vol. 42(5), pages 1100-1124, October.
  • Handle: RePEc:kap:jtecht:v:42:y:2017:i:5:d:10.1007_s10961-016-9476-5
    DOI: 10.1007/s10961-016-9476-5
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    Cited by:

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    2. Joaquín M. Azagra-Caro & Carlos Benito-Amat & Ester Planells-Aleixandre, 2022. "Academic artists’ engagement and commercialisation," The Journal of Technology Transfer, Springer, vol. 47(4), pages 1273-1296, August.
    3. Zoltán J. Acs & David B. Audretsch & Erik E. Lehmann & Georg Licht, 2017. "National systems of innovation," The Journal of Technology Transfer, Springer, vol. 42(5), pages 997-1008, October.
    4. Aleksandar Giga & Alexandra Graddy-Reed & Andrea Belz & Richard J. Terrile & Fernando Zapatero, 2022. "Helping the Little Guy: the impact of government awards on small technology firms," The Journal of Technology Transfer, Springer, vol. 47(3), pages 846-871, June.
    5. Fini, Riccardo & Perkmann, Markus & Kenney, Martin & Maki, Kanetaka M., 2023. "Are public subsidies effective for university spinoffs? Evidence from SBIR awards in the University of California system," Research Policy, Elsevier, vol. 52(1).
    6. Fasano, Francesco & Rocca, Maurizio La & Cariola, Alfio & Passarelli, Mariacarmela, 2023. "Banking relationship and research spin-offs’ life cycle: The Italian experience," Research in International Business and Finance, Elsevier, vol. 65(C).
    7. Mueller, Christoph E., 2023. "Explaining the stage of product in pre-seed academic startup ventures: An empirical analysis using monitoring data from a German startup support program," Journal of Business Venturing Insights, Elsevier, vol. 19(C).
    8. Rodeiro-Pazos, David & Fernández-López, Sara & Rodríguez-Gulías, María Jesús & Dios-Vicente, Adrián, 2021. "Size and survival: An analysis of the university spin-offs," Technological Forecasting and Social Change, Elsevier, vol. 171(C).
    9. 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.

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    Keywords

    Academic spin-off; Economic policy; Matching-analysis; Technology transfer; Venture capital;
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    JEL classification:

    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • C40 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - General

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