Why do university spin-offs attract more venture capitalists?
| Autor: | Pedro Ortín-Ángel, Ferran Vendrell-Herrero |
|---|---|
| Rok vydání: | 2021 |
| Předmět: |
Finance
Labour economics Technological firms Social venture capital Spin offs ComputingMilieux_THECOMPUTINGPROFESSION business.industry media_common.quotation_subject Control (management) Venture capital Intellectual property Skills management University spin-offs Debt Economics Empreses Innovacions tecnològiques Managerial skills Business and International Management Empreses Creació Empirical evidence business media_common |
| Zdroj: | Recercat. Dipósit de la Recerca de Catalunya instname Recercat: Dipósit de la Recerca de Catalunya Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya) Dipòsit Digital de Documents de la UAB Universitat Autònoma de Barcelona |
| Popis: | This paper provides empirical evidence that young university spin-offs are more likely to receive venture capital than other technological start-ups. In addition, this fact is explained mainly by the lack of managerial skills among the founders of certain university spin-offs. The data used has been obtained from a questionnaire answered by 64 Spanish technological firms founded between the years 1993 and 2005. Forty of the firms are university spin-offs; the remainder are independent technology-based start-ups. The results support the complementary-assets view that academic entrepreneurs use venture capitalists as a means of gaining access to managerial skills. These results are maintained even when we control for financial constraints, levels of debt and intellectual-property protection. Although these latter variables explain why certain high-tech firms are more likely to receive venture capital, we do not find statistical evidence that they explain the differences between university spin-offs and technological start-ups in terms of being backed by venture capitalists. The results therefore suggest that universities and policy makers can stimulate the creation and growth of university spin-offs by facilitating contact and trust between venture capitalists and academic entrepreneurs, mostly with respect to those cases in which there is a severe lack of managerial skills. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
|