Incentives and Funding as Parallel Mediators Between Entrepreneurial Intention and the Emergence of Academic Spin-Offs: A PLS-SEM Analysis

This research analyzes the mechanisms through which entrepreneurial intention (EI) contributes to the establishment of academic spin-offs (ASOs), considering the parallel mediating roles of incentives (IC) and funding (FZ). The conceptual framework combines insights from the Theory of Planned Behavior, the Resource-Based View, and the Entrepreneurial University perspective. Empirical evidence was obtained from a dataset comprising 100 A1 research groups affiliated with accredited public universities in Colombia. Data were examined through structural equation modeling using the partial least squares technique (PLS-SEM). The findings indicate that entrepreneurial intention does not exert a direct influence on the formation of academic spin-offs. Instead, its impact operates entirely through the mediating variables of incentives and funding, demonstrating a full mediation effect (VAF = 99%). Incentives account for approximately 61% of the total indirect effect and exhibit a strong effect size (ν = 0.09), whereas funding contributes 38% with a moderate magnitude (ν = 0.038). The study offers two main contributions. First, it empirically supports a full parallel mediation model within an emerging economy context. Second, it outlines relevant implications for public universities, highlighting the importance of reinforcing both financial and non-financial incentive systems, encouraging mentoring and support networks, and implementing innovative funding strategies aimed at facilitating the development of academic spin-offs.