The role of venture capitalist to enhance the growth of Spanish and Italian university spin-offs
| Autor: | María Jesús Rodríguez-Gulías, Christian Corsi, David Rodeiro-Pazos, Antonio Prencipe, Sara Fernández-López |
|---|---|
| Jazyk: | angličtina |
| Rok vydání: | 2018 |
| Předmět: |
Entrepreneurship
Universities Management Information Systems Skills management University spin-offs Market economy Management of Technology and Innovation 0502 economics and business University spin-offs USO Universities Venture capital Firm growth Cross-country Panel data Spain Italy 050207 economics Potential mechanism Firm growth Panel data Cross country Spin offs 05 social sciences Limiting Venture capital USO Italy Spain Cross-country Business 050203 business & management |
| Popis: | The establishment of spin-offs to commercialise university knowledge/technology is a potential mechanism to promote economic and innovative development. Nevertheless, University Spin-Offs (USOs) are usually resource-constrained, especially in obtaining funding, limiting their growth. Venture Capital (VC) investors play an important role in the financing and the improvement of their managerial skills, which are critical for firm growth. This paper aims to explore both the effect of VC partners on the USOs’ growth and the cross-national differences in the role played by them. To study both issues, we empirically analysed 516 Spanish and 904 Italian USOs created by 50 Spanish and 57 Italian universities, respectively, and observed them between 2005 and 2013. The results showed different effects in the Spanish and Italian cases. While in Spain the presence of VC partners positively affects the USOs’ growth, in Italy there is not a significant effect. This evidence calls for systematic policies by public administrations and universities to foster USO growth. |
| Databáze: | OpenAIRE |
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