Click here to download

University spin-offs and their impact: longitudinal evidence from Italy
Journal Title: ECONOMIA E POLITICA INDUSTRIALE  
Author/s: Daniela Bolzani, Riccardo Fini, Rosa Grimaldi, Maurizio Sobrero 
Year:  2014 Issue: Language: English 
Pages:  27 Pg. 237-263 FullText PDF:  102 KB
DOI:  10.3280/POLI2014-004011
(DOI is like a bar code for intellectual property: to have more infomation:  clicca qui   and here 


The creation of university spin-off companies (USOs) is one of the most visible form of commercialization of university research. To date, there is scant and mixed evidence about USOs and their performance, thus producing a debate about their impact on the economy and society and about the legitimization of policies to support their development. In this paper, we address this gap by providing evidence about the growth strategies and performances of USOs in the Italian context. We analyze the population of nine hundred thirty-five USOs spin-off from Italian public universities since 2000, highlighting potential avenues for future research on this important topic.
Keywords: University spin-offs, USOs, academic entrepreneurship, growth strategies, performance
Jel Code: M13, L26, O32

  1. Algieri B., Aquino A., Succurro M. 2013. Technology transfer offices and academic spin-off creation: the case of Italy. Journal of Technology Transfer, 38 (4): 382-400,, 10.1007/s10961-011-9241-8DOI: 10.1007/s10961-011-9241-8
  2. AUTM (Association of University Technology Managers). 2002. AUTM Licensing Survey. AUTM: Northbrook.
  3. Balderi C., Patrono A., Piccaluga A. 2011. La ricerca pubblica e le sue perle: le imprese spin-off in Italia. Quaderni dell’Istituto di Management (Scuola Superiore di Sant’Anna) 1/2011.
  4. Baldini R., Fini R., Grimaldi R., Sobrero M. 2014. Organisational change and the institutionalization of university patenting activity in Italy. Minerva, 52 (1): 27-53,, 10.1007/s11024-013-9243-9DOI: 10.1007/s11024-013-9243-9
  5. Bax A., Corrieri S., Daniele C., Guarnieri L., Parente R., Piccaluga A., Ramaciotti L., Tiezzi R. 2014. Unire i puntini per completare il disegno dell’innovazione. Netval (Network per la valorizzazione della ricerca universitaria), published online.
  6. Bigliardi B., Galati F., Verbano C. 2013. Evaluating performance of university spinoff companies: lessons from Italy. Journal of Technology Management and Innovation, 8 (2): 178-188,, 10.4067/S0718-27242013000200015DOI: 10.4067/S0718-27242013000200015
  7. Bolzani D., Fini R., Grimaldi R., Santoni S., Sobrero M. 2014. Fifteen Years of Academic Entrepreneurship in Italy: Evidence from the Taste Project. Technical report of the TASTE project, published online.
  8. Buenstorf G. 2007. Evolution on the shoulders of giants: entrepreneurship and firm survival in the German laser industry. Review of Industrial Organization, 30 (3): 179-202,, 10.1007/s11151-007-9132-1.ClarysseB.,WrightM.,LockettA.,MustarP.,KnockaertM.2007.Academicspinoffs,formaltechnologytransferandcapitalraising.IndustrialandCorporateChange,16(4):609-640,doi:10.1093/icc/dtm019DOI: 10.1007/s11151-007-9132-1.ClarysseB.,WrightM.,LockettA.,MustarP.,KnockaertM.2007.Academicspinoffs,formaltechnologytransferandcapitalraising.IndustrialandCorporateChange,16(4):609-640,doi:10.1093/icc/dtm019
  9. Clarysse B., Wright M., Van de Velde E. 2011. Entrepreneurial origin, technological knowledge, and the growth of spin-off companies. Journal of Management Studies, 48 (6): 1420-1442,, 10.1111/j.1467-6486.2010.00991.xDOI: 10.1111/j.1467-6486.2010.00991.x
  10. Colombo M.G., D’Adda D., Piva E. 2010. The contribution of university research to the growth of academic start-ups: an empirical analysis. Journal of Technology Transfer, 35 (1): 113-140,, 10.1007/s10961-009-9111-9DOI: 10.1007/s10961-009-9111-9
  11. Colombo M.G., Quas A., Guerini M. 2012. IV rapporto RITA. Politecnico di Milano: Milano.
  12. Degroof J.J., Roberts E.B. 2004. Overcoming weak entrepreneurial infrastructures for academic spin-off ventures. Journal of Technology Transfer, 29 (3-4): 327-352,, 10.1023/B:JOTT.0000034126.23592.23DOI: 10.1023/B:JOTT.0000034126.23592.23
  13. Di Gregorio D., Shane S.A. 2003. Why do some universities generate more start-ups than others?. Research Policy, 32 (2): 209-227,, 10.1016/S0048-7333(02)00097-5DOI: 10.1016/S0048-7333(02)00097-5
  14. Djokovic D., Souitaris V. 2008. Spinouts from academic institutions: a literature review with suggestions for further research. Journal of Technology Transfer, 33 (3): 225-247,, 10.1007/s10961-006-9000-4DOI: 10.1007/s10961-006-9000-4
  15. Ensley M.D., Hmieleski K.M. 2005. A comparative study of new venture top management team composition, dynamics and performance between university based startups and independent start-ups. Research Policy, 34 (7): 1091-1105,, 10.1016/j.respol.2005.05.008DOI: 10.1016/j.respol.2005.05.008
  16. Etzkowitz H., Webster A., Gebhardt C., Terra B. 2000. The future of the university and the university of the future: evolution of ivory tower to entrepreneurial paradigm. Research Policy, 29 (2): 313-330,, 10.1016/S0048-7333(99)00069-4DOI: 10.1016/S0048-7333(99)00069-4
  17. Fini R., Grimaldi R., Sobrero M. 2009. Factors fostering academics to start up new ventures: an assessment of Italian founders’ incentives. Journal of Technology Transfer, 34 (4): 380-402,, 10.1007/s10961-008-9093-zDOI: 10.1007/s10961-008-9093-z
  18. Fini R., Lacetera N. 2010. Different yokes for different folks: individual preferences, institutional logics, and the commercialization of academic research, in Libecap G.D., Thursby M., Hoskinson S. (eds.) Spanning Boundaries and Disciplines: University Technology Commercialization in the Idea Age (Advances in the Study of Entrepreneurship, Innovation & Economic Growth). Emerald Group Publishing Limited: Bradford.
  19. Garnsey E., Heffernan P. 2005. High-technology clustering through spin-out and attraction: the Cambridge case. Regional Studies, 39 (8): 1127-1144,, 10.1080/00343400500328289DOI: 10.1080/00343400500328289
  20. Grandi A., Grimaldi R. 2005. Academics’ organizational characteristics and the generation of successful business ideas. Journal of Business Venturing, 20 (6): 821-845,, 10.1016/j.jbusvent.2004.07.002DOI: 10.1016/j.jbusvent.2004.07.002
  21. Grimaldi R., Kenney M., Siegel D., Wright M. 2011. 30 years after Bayh-Dole: reassessing academic entrepreneurship. Research Policy, 40 (8): 1045-1057,, 10.1016/j.respol.2011.04.005.HarrisonR.T.,LeitchC.2010.Voodooinstitutionorentrepreneurialuniversity?Spinoffcompanies,theentrepreneurialsystemandregionaldevelopmentintheUK.RegionalStudies,44(9):1241-1262,doi:10.1080/00343400903167912DOI: 10.1016/j.respol.2011.04.005.HarrisonR.T.,LeitchC.2010.Voodooinstitutionorentrepreneurialuniversity?Spinoffcompanies,theentrepreneurialsystemandregionaldevelopmentintheUK.RegionalStudies,44(9):1241-1262,doi:10.1080/00343400903167912
  22. Heirman A., Clarysse B. 2007. Which tangible and intangible assets matter for innovation speed in start-ups?. Journal of Product Innovation Management, 24 (4): 303-315,, 10.1111/j.1540-5885.2007.00253.xDOI: 10.1111/j.1540-5885.2007.00253.x
  23. Istat. 2008. La ricerca e sviluppo in Italia. Anno 2008, published online.
  24. Italia Startup. 2013. The Italian Startup Ecosystem: ‘Who’s Who’, published online.
  25. Kenney M., Patton D. 2009. Reconsidering the Bayh-Dole Act and the current university invention ownership model. Research Policy, 38 (9): 1407-1422,, 10.1016/j.respol.2009.07.007DOI: 10.1016/j.respol.2009.07.007
  26. Knight G.A., Cavusgil S.T. 1996. The born global firm: a challenge to traditional internationalization theory, in Cavusgil S.T., Madsen T. (eds.) Advances in International Marketing. JAI Press: Greenwich.
  27. Landry R., Amara N., Rherrad I. 2006. Why are some university researchers more likely to create spin-offs than others? Evidence from Canadian universities. Research Policy, 35 (10): 1599-1615,, 10.1016/j.respol.2006.09.020DOI: 10.1016/j.respol.2006.09.020
  28. Rothaermel F.T., Thursby M. 2005. Incubator firm failure or graduation?: the role of university linkages. Research Policy, 34 (7): 1076-1090,, 10.1016/j.respol.2005.05.012DOI: 10.1016/j.respol.2005.05.012
  29. Lindelof P., Lofsten H. 2005. Academic versus corporate new technology-based firms in Swedish science parks: an analysis of performance, business networks and financing. International Journal of Technology Management, 31 (3-4): 334-357.
  30. Litan R.E., Mitchell L., Reedy E.J. 2007. The university as innovator: bumps in the road. Issues in Science and Technology, 23 (4): 57-66.
  31. Lockett A., Siegel D., Wright M., Ensley M. 2005. The creation of spin-off firms at public research institutions: managerial and policy implications. Research Policy, 34 (7): 981-993,, 10.1016/j.respol.2005.05.010DOI: 10.1016/j.respol.2005.05.010
  32. McDougall P.P., Oviatt B.M., Shrader R.C. 2003. A comparison of international and domestic new ventures. Journal of International Entrepreneurship, 1 (1): 59-82,, 10.1023/A:1023246622972DOI: 10.1023/A:1023246622972
  33. Meyer-Frahmer F., Schmoch U. 1998. Science-based technologies: university-industry interactions in four fields. Research Policy, 27 (8): 835-851,, 10.1016/S0048-7333(98)00094-8DOI: 10.1016/S0048-7333(98)00094-8
  34. Moray N., Clarysse B. 2005. Institutional change and resource endowments to sciencebased entrepreneurial firms. Research Policy, 34 (7): 1010-1027,, 10.1016/j.respol.2005.05.016DOI: 10.1016/j.respol.2005.05.016
  35. Munari F., Toschi L. 2011. Do venture capitalists have a bias against investment in academic spin-offs? Evidence from the micro- and nanotechnology sector in the UK. Industrial and Corporate Change, 20 (2): 397-432,, 10.1093/icc/dtq053DOI: 10.1093/icc/dtq053
  36. Mustar P. 1997. Spin-off enterprises: how French academies create hi-tech companies: the condition for success or failure. Science and Public Policy, 24 (1): 37-43.
  37. Mustar P., Renault M., Colombo M.G., Piva E., Fontes M., Lockett A., Wright M., Clarysse B., Moray N. 2006. Conceptualising the heterogeneity of research based spin-offs: a multi-dimensional taxonomy. Research Policy, 35 (2): 289-308,, 10.1016/j.respol.2005.11.00.MustarP.,WrightM.,ClarysseB.2008.Universityspin-offfirms:lessonsfromtenyearsofexperienceinEurope.ScienceandPublicPolicy,35(2):67-80,doi:10.3152/030234208X282862DOI: 10.1016/j.respol.2005.11.00.MustarP.,WrightM.,ClarysseB.2008.Universityspin-offfirms:lessonsfromtenyearsofexperienceinEurope.ScienceandPublicPolicy,35(2):67-80,doi:10.3152/030234208X282862
  38. Nerkar A., Shane S. 2003. When do start-ups that exploit patented academic knowledge survive?. International Journal of Industrial Organization, 21 (9): 1391-1410,, 10.1016/S0167-7187(03)00088-2DOI: 10.1016/S0167-7187(03)00088-2
  39. O’Shea R.P., Chugh H., Allen T.J. 2008. Determinants and consequences of university spinoff activity: a conceptual framework. Journal of Technology Transfer, 33 (6): 653-666,, 10.1007/s10961-007-9060-0DOI: 10.1007/s10961-007-9060-0
  40. Perkmann M., Tartari V., McKelvey M., Autio E., Broström A., D’Este P., Fini R., Geuna A., Grimaldi R., Hughes A., Krabel S., Kitson M., Llerena P., Lissoni F., Salter A., Sobrero M. 2013. Academic engagement and commercialization: a review of the literature on university-industry relations. Research Policy, 42 (2): 423-442,, 10.1016/j.respol.2012.09.007DOI: 10.1016/j.respol.2012.09.007
  41. Phan P., Siegel D.S. 2006. The effectiveness of university technology transfer: lessons learned, managerial and policy implications, and the road forward. Foundations and Trends in Entrepreneurship, 2 (2): 77-144.
  42. Pirnay F., Surlemont B., Nlemvo F. 2003. Toward a typology of university spin-offs. Small Business Economics, 21 (4): 355-369,, 10.1023/A:1026167105153DOI: 10.1023/A:1026167105153
  43. Rasmussen E., Mosey S., Wright M. 2011. The evolution of entrepreneurial competencies: a longitudinal study of university spin-off venture emergence. Journal of Management Studies, 48 (6): 1314-1345,, 10.1111/j.1467-6486.2010.00995.xDOI: 10.1111/j.1467-6486.2010.00995.x
  44. Rasmussen E., Bulanova O., Jensen A., Clausen T. 2012. The impact of science-based entrepreneurial firms. A literature review and policy synthesis. Bodø Graduate School of Business Report 3-2012.
  45. Rothaermel F.T., Agung S., Jiang L. 2007. University entrepreneurship: a taxonomy of the literature. Industrial and Corporate Change, 16 (4): 691-791,, 10.1093/icc/dtm023DOI: 10.1093/icc/dtm023
  46. Salter A., Tartari V., D’Este P., Neely A. 2010. The Republic of Engagement. Exploring UK Academic Attitudes to Collaborating with Industry and Entrepreneurship. Advanced Institute of Management Research (AIM): London.
  47. Sapienza H.J., Autio E., George G., Zahra S.A. 2006. A Capabilities perspective on the effects of early internationalization on firm survival and growth. Academy of Management Review, 31 (4): 914-933,, 10.5465/AMR.2006.22527465DOI: 10.5465/AMR.2006.22527465
  48. Shane S.A. 2004. Academic Entrepreneurship: University Spinoffs and Wealth Creation. Edward Elgar Publishing: Cheltenham.
  49. Shane S.A., Stuart T. 2002. Organizational endowments and the performance of university start-ups. Management Science, 48 (1): 154-170,, 10.1287/mnsc.48.1.154.14280DOI: 10.1287/mnsc.48.1.154.14280
  50. Siegel D., Veugelers R., Wright M. 2007. University commercialization of intellectual property: policy implications. Oxford Review of Economic Policy, 23 (4): 640-660,
  51. , 10.1093/oxrep/grm036.SmithH.L.,HoK.2006.MeasuringtheperformanceofOxforduniversity,OxfordBrookesuniversityandthegovernmentlaboratories’spin-offcompanies.ResearchPolicy,35(10):1554-1568,doi:10.1016/j.respol.2006.09.022DOI: 10.1093/oxrep/grm036.SmithH.L.,HoK.2006.MeasuringtheperformanceofOxforduniversity,OxfordBrookesuniversityandthegovernmentlaboratories’spin-offcompanies.ResearchPolicy,35(10):1554-1568,doi:10.1016/j.respol.2006.09.022
  52. SpinOuts. 2014. Spinouts 2014 Quarterly Journal. News, Comments and Analysis on Spinouts from UK HEIs, published online.
  53. Toole A.A., Czarnitzki D. 2009. Exploring the relationship between scientist human capital and firm performance: the case of biomedical academic entrepreneurs in the SBIR program. Management Science, 55 (1): 101-114,, 10.1287/mnsc.1080.0913DOI: 10.1287/mnsc.1080.0913
  54. UNICO. 2001. Annual Survey on University Technology Transfer Activities. NUBS: Nottingham.
  55. Unioncamere-Infocamere. 2014. Movimprese. Natalità e mortalità delle imprese italiane registrate presso le camere di commercio. Press release, published online.
  56. van Geenhuizen M., Soetano D. 2009. Academic spin-offs at different ages: A case study in search of key obstacles to growth. Technovation, 29 (10): 671-681,, 10.1016/j.technovation.2009.05.009DOI: 10.1016/j.technovation.2009.05.009
  57. Verspagen B. 2006. University research, intellectual property rights and European innovation systems. Journal of Economic Surveys, 20 (4): 607-632,, 10.1111/j.1467-6419.2006.00261.xDOI: 10.1111/j.1467-6419.2006.00261.x
  58. Visintin F., Pittino D. 2014. Founding team composition and early performance of university-based spin-off companies. Technovation, 34 (1): 31-43,, 10.1016/j.technovation.2013.09.004DOI: 10.1016/j.technovation.2013.09.004
  59. Vohora A., Wright M., Lockett A. 2004. Critical junctures in the development of university high-tech spinout companies. Research Policy, 33 (1): 147-175,, 10.1016/S0048-7333(03)00107-0DOI: 10.1016/S0048-7333(03)00107-0
  60. Wallmark J.T. 1997. Inventions and patents at universities: the case of Chalmers university of technology. Technovation, 17 (3): 127-139,, 10.1016/S0166-4972(97)00094-1DOI: 10.1016/S0166-4972(97)00094-1
  61. Walter A., Auer M., Ritter T. 2006. The impact of network capabilities and entrepreneurial orientation on university spin-off performance. Journal of Business Venturing, 21 (4): 541-567,, 10.1016/j.jbusvent.2005.02.005DOI: 10.1016/j.jbusvent.2005.02.005
  62. Wennberg K., Wiklund J., Wright M. 2011. The effectiveness of university knowledge spillovers: performance differences between university spinoffs and corporate spinoffs. Research Policy, 40 (8): 1128-1143,, 10.1016/j.respol.2011.05.014DOI: 10.1016/j.respol.2011.05.014
  63. Wright M., Birley S., Mosey S. 2004. Entrepreneurship and university technology transfer. The Journal of Technology Transfer, 29 (3-4): 235-246,, 10.1023/B:JOTT.0000034121.02507.f3DOI: 10.1023/B:JOTT.0000034121.02507.f3
  64. Wright M., Clarysse B., Mustar P., Lockett A. 2007. Academic Entrepreneurship in Europe. Edward Elgar Publishing: Cheltenham.
  65. Zahra S.A., Van de Velde E., Larrañeta B. 2007. Knowledge conversion capability and the performance of corporate and university spin-offs. Industrial and Corporate
  66. Change, 16 (4): 569-608,, 10.1093/icc/dtm018.ZhangJ.F.2009.Theperformanceofuniversityspin-offs:anexploratoryanalysisusingventurecapitaldata.JournalofTechnologyTransfer,34(3):255-285,doi:10.1007/s10961-008-9088-9DOI: 10.1093/icc/dtm018.ZhangJ.F.2009.Theperformanceofuniversityspin-offs:anexploratoryanalysisusingventurecapitaldata.JournalofTechnologyTransfer,34(3):255-285,doi:10.1007/s10961-008-9088-9

Daniela Bolzani, Riccardo Fini, Rosa Grimaldi, Maurizio Sobrero, in "ECONOMIA E POLITICA INDUSTRIALE " 4/2014, pp. 237-263, DOI:10.3280/POLI2014-004011

   

FrancoAngeli is a member of Publishers International Linking Association a not for profit orgasnization wich runs the CrossRef service, enabing links to and from online scholarly content