University spin-offs are defined as firms founded by university employees. Using a large database on venture-backed start-up companies, I describe the characteristics of university spin-offs and investigate whether they perform differently than other firms. I find that venture-backed university spin-offs are concentrated in the biotechnology and information technology industries. Moreover, a spin-off tends to stay close to the university, suggesting that technology transfer through spin-offs is largely a local phenomenon. Multivariate regression analyses show that university spin-offs have a higher survival rate but are not significantly different from other start-ups in terms of the amount of venture capital raised, the probability of completing an initial public offering (IPO), the probability of making a profit, or the size of employment.
%0 Journal Article
%1 Zhang2008
%A Zhang, Junfu
%D 2008
%J The Journal of Technology Transfer
%K Academic capital entrepreneur,Entrepreneurship,Technology spin-off,Venture transfer,University
%N 3
%P 255--285
%R 10.1007/s10961-008-9088-9
%T The performance of university spin-offs: an exploratory analysis using venture capital data
%U http://www.springerlink.com/index/10.1007/s10961-008-9088-9
%V 34
%X University spin-offs are defined as firms founded by university employees. Using a large database on venture-backed start-up companies, I describe the characteristics of university spin-offs and investigate whether they perform differently than other firms. I find that venture-backed university spin-offs are concentrated in the biotechnology and information technology industries. Moreover, a spin-off tends to stay close to the university, suggesting that technology transfer through spin-offs is largely a local phenomenon. Multivariate regression analyses show that university spin-offs have a higher survival rate but are not significantly different from other start-ups in terms of the amount of venture capital raised, the probability of completing an initial public offering (IPO), the probability of making a profit, or the size of employment.
@article{Zhang2008,
abstract = {University spin-offs are defined as firms founded by university employees. Using a large database on venture-backed start-up companies, I describe the characteristics of university spin-offs and investigate whether they perform differently than other firms. I find that venture-backed university spin-offs are concentrated in the biotechnology and information technology industries. Moreover, a spin-off tends to stay close to the university, suggesting that technology transfer through spin-offs is largely a local phenomenon. Multivariate regression analyses show that university spin-offs have a higher survival rate but are not significantly different from other start-ups in terms of the amount of venture capital raised, the probability of completing an initial public offering (IPO), the probability of making a profit, or the size of employment.},
added-at = {2012-02-27T06:11:36.000+0100},
author = {Zhang, Junfu},
biburl = {https://www.bibsonomy.org/bibtex/28fb33c117953091b6a74d8140150d263/kamil205},
doi = {10.1007/s10961-008-9088-9},
file = {:Users/Miguel/Dropbox/Escola/Artigos/Zhang\_2008\_The performance of university spin-offs an exploratory analysis using venture capital data.pdf:pdf},
interhash = {952f70c57fd6f1503dc8ffabaa258b0c},
intrahash = {8fb33c117953091b6a74d8140150d263},
issn = {0892-9912},
journal = {The Journal of Technology Transfer},
keywords = {Academic capital entrepreneur,Entrepreneurship,Technology spin-off,Venture transfer,University},
month = apr,
number = 3,
pages = {255--285},
timestamp = {2012-02-27T06:11:48.000+0100},
title = {{The performance of university spin-offs: an exploratory analysis using venture capital data}},
url = {http://www.springerlink.com/index/10.1007/s10961-008-9088-9},
volume = 34,
year = 2008
}