The performance of university spin-offs: an exploratory analysis using venture capital data |
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Authors: | Junfu Zhang |
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Affiliation: | (1) Department of Economics, Clark University, 950 Main Street, Worcester, MA 01610, USA |
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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. |
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Keywords: | University spin-off Academic entrepreneur Technology transfer Venture capital Entrepreneurship |
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