In Search of High Growth: Mapping out Academic Spin-Off´s Performance in Catalonia
This exploratory study gives an overview of the
evolution of the main financial and performance indicators of the
Academic Spin-Off’s and High Growth Academic Spin-Off’s in year
3 and year 6 after its creation in the region of Catalonia in Spain. The
study compares and evaluates results of these different measures of
performance and the degree of success of these companies for each
University.
We found that the average Catalonian Academic Spin-Off is small
and have not achieved the sustainability stage at year 6. On the
contrary, a small group of High Growth Academic Spin-Off’s
exhibits robust performance with high profits in year 6. Our results
support the need to increase selectivity and support for these
companies especially near year 3, because are the ones that will bring
wealth and employment. University role as an investor has rigid
norms and habits that impede an efficient economic return from their
ASO investment.
Universities with high performance on sales and employment in
year 3 not always could sustain this growth in year 6 because their
ASO’s are not profitable. On the contrary, profitable ASO exhibit
superior performance in all measurement indicators in year 6. We
advocate the need of a balanced growth (with profits) as a way to
obtain subsequent continuous growth.
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medium size enterprises and regional development, pp. 140–160.
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technology-based firms-academic-industry links, innovations and
markets”. Research Policy, 31, pp. 859-876, 2002.
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International Journal of Technology & Globalisation, 1(1), 64-77.
[18] A. D. Meyers & S. Pruthi, “Academic entrepreneurship, entrepreneurial
universities and biotechnology” Journal of Commercial Biotechnology,
17, pp. 349 – 357, 2011
[19] Smilor, R. Gibson, D. V. & Dietrich, G. B. “Spin-out Companies:
Technology Start-ups from UT-Austin”, Journal of Business Venturing,
nº. 5 (1), pp. 63-76, 1990.
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Economic Development”, Faculty Entrepreneurs, and Technology
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[21] E. Roberts & D. Malone, “Policies and Structures for Spinning Off New
Companies from Research and Development Organizations”, R&D
Management 26 (1), 1996.
[22] S. E. G Carayannis, E. M Rogers, K. Kurihara, & M. M. Allbritton
“High Technology spin-offs: From government R&D laboratories and
research universities”, Technovation, nº. 18 (1), pp. 1-11, 1998.
[23] J. Degroof, & E. Roberts, “Overcoming Weak Entrepreneurial
Infrastructures for Academic Spin-Off Ventures”, Journal of Technology
Transfer, nº. 29, pp. 327-352, 2004.
[24] A. Lockett, M. Wright, & S. Franklin, “Technology transfer and
universities, spin-out strategies”, Small Business Economics, nº.20 (2),
pp. 185, 2003.
[25] R. Stankiewicz, “Academic Entrepreneurs: Developing University-
Industry Relations”, London: Frances Pinter Publishers, 1986.
[26] R. Stankiewicz, “Spin-off companies from universities”, Science and
Public Policy, nº. 21(2), pp. 99-107, 1994.
[27] F.T. Rothaermel, D.A. Shanti, and L. Jiang, 2007) “University
entrepreneurship: a taxonomy of the literature” Industrial and
Corporate Change, Volume 16, Number 4, pp. 691–791
[28] D. Djokovic, & V. Souitaris, “Spinouts from academic institutions: a
literature review with suggestions for further research”. J. Technol
Transfer 2008) 33:225–247, 2008.
[29] M. Perkmann, et al., “Academic engagement and commercialization: A
review of the literature on university–industry relations”, Research
Policy 42, pp. 423– 442, 2013
[30] S. Shane, “Encouraging university entrepreneurship. The effect of the
Bayh–Dole Act on university patenting in the United States”, Journal of
Business Venturing, nº. 19 (1), pp. 127-151, 2004
[31] B. Callan, “Generating Spin-Offs: Evidence from the OECD” Science
Technology Industry Review. Special Issue on Fostering High Tech
Spin-Offs: A Public Strategy for Innovation 26, 13–56, 2001.
[32] M. J. Bray & J. N. Lee, “University Revenues from Technology
Transfer: Licensing Fees vs Equity Positions”, Journal of Business
Venturing, nº. 15(5–6), pp. 385-392, 2000.
[33] P. Condom, & P. Barceló, “Modelos de apoyo a la creación de spinoffs”,
Iniciativa emprendedora, nº 41, Octubre-Noviembre-Diciembre
2003, Deusto, pp. 34-53, 2003.
[34] Red OTRI survey, “Informe de la encuesta de investigación y
transferencia de conocimiento 2011 de las universidades españolas”,
2011.
[35] C. Camisón & I. March, “Estrategias de cooperación y de innovación
con soporte territorial y parques tecnológicos: un estudio empírico”,
Revista Europea de Dirección y Economía de la Empresa, Vol. 4, nº 1,
pp. 11-33, 1995.
[36] D. Rodeiro, La creación de empresas en el entorno universitario
español y la determinación de su estructura financiera, Tesis doctoral,
Universidad de Santiago de Compostela, 2008.
[37] J.M. Beraza & A. Rodríguez, “Estructuras de intermediación para la
transferencia de conocimiento universitario: las oficinas de transferencia
tecnológica”, Revista Propiedad intelectual, Año IX, nº 13, pp. 152-176,
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(1st ed.). Cádiz: Fundación Universidad Empresa de la Provincia de
Cádiz, 2004.
[39] A. Corduras et al., “The relationship between university support to
Entrepreneurship with entrepreneurial activity in Spain: A Gem data
based analysis” Int Adv Econ Res, 14:395–406, 2008.
[40] A. Lockett, M. Wright & S. Franklin, “Technology transfer and
universities, spin-out strategies”, Small Business Economics, nº.20 (2),
pp. 185, 2003.
[41] A. Lockett, M. Wright & A. Vohora, “Resources, capabilities, risk
capital and the creation of university spin-out companies”, SPRUScience
and Technology Policy Research, University of Sussex
documents, 2004.
[42] A. Lockett & M. Wright, “Resources, capabilities, risk capital and the
creation of university spin-out companies”, Research Policy, nº. 34 (7),
pp. 1043-1057, 2005.
[43] R. P. O´Shea, T. J. Allen, A. Chevalier & F. Roche, “Entrepreneurial
orientation, technology transfer and spin-off performance of U.S.
universities”, Research Policy, nº. 34 (7), pp. 994-1009, 2005.
[44] J. Powers & P. McDougall, “University start-up formation and
technology licensing with firms that go public: a resource based view of
academic entrepreneurship”, Journal of Business Venturing, nº. 20 (3),
pp. 291-311, 2005.
[45] D. Di Gregorio & S. Shane, “Why do some universities generate more
start-ups than others?”, Research Policy, nº. 32, pp. 209-227, 2003.
[46] A. N. Link & J. T. Scott, “Opening the ivory tower's door: An analysis
of the determinants of the formation of U.S. university spin-off
companies”, Research Policy, nº. 34 (7), pp. 1106-1112, 2005.
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universidades españolas”, VII Congreso Nacional de Economía, Europa
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septiembre, 2005.
[48] B. Y. Montañez, “Factores condicionantes de la creación de spin-off
universitarias: un estudio exploratorio”, III Jornada de Precomunicaciones
a Congresos de Economía y Administración de
Empresas, 29 junio, Barcelona, 2006.
[49] Red OTRI, “Indicadores en transfererncia de conocimiento” Cuadernos
técnicos RedOTRI, 2010.
[50] J. M. Beraza, A. Rodríguez, “Types of spin-offs in a university context:
a classification proposal” Cuadernos de Gestión, Vol. 12 - N.º 1, pp. 39-
57, 2012.
[51] D. S. Siegel, D. Waldman, L. Atwater & A. N. Link, “Commercial
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@article{"International Journal of Business, Human and Social Sciences:69678", author = "F. Guspi and E. García", title = "In Search of High Growth: Mapping out Academic Spin-Off´s Performance in Catalonia", abstract = "This exploratory study gives an overview of the
evolution of the main financial and performance indicators of the
Academic Spin-Off’s and High Growth Academic Spin-Off’s in year
3 and year 6 after its creation in the region of Catalonia in Spain. The
study compares and evaluates results of these different measures of
performance and the degree of success of these companies for each
University.
We found that the average Catalonian Academic Spin-Off is small
and have not achieved the sustainability stage at year 6. On the
contrary, a small group of High Growth Academic Spin-Off’s
exhibits robust performance with high profits in year 6. Our results
support the need to increase selectivity and support for these
companies especially near year 3, because are the ones that will bring
wealth and employment. University role as an investor has rigid
norms and habits that impede an efficient economic return from their
ASO investment.
Universities with high performance on sales and employment in
year 3 not always could sustain this growth in year 6 because their
ASO’s are not profitable. On the contrary, profitable ASO exhibit
superior performance in all measurement indicators in year 6. We
advocate the need of a balanced growth (with profits) as a way to
obtain subsequent continuous growth.
", keywords = "Academic Spin-Off (ASO), University
Entrepreneurship, Entrepreneurial University, high growth, New
Technology Based Companies (NTBC), University Spin-Off.", volume = "9", number = "4", pages = "1276-12", }
