The development, growth, and performance of university spin-offs: a critical review

  • Marius Tuft MathisenEmail author
  • Einar Rasmussen


The literature examining university spin-offs is expanding rapidly. While most studies have examined the antecedents of spin-off creation at universities, the impact of spin-offs commercializing university research cannot be properly assessed without considering how these firms develop, grow, and perform over time. This study provides a systematic review of a recent research stream addressing the development, growth, and performance of university spin-offs. By critically analyzing 105 research papers published since 2000, this paper makes two main contributions. First, we present a conceptual framework outlining the variety of outcomes used in the literature to assess the development, growth and performance of university spin-offs, as well as the determinants of these outcomes at different levels of analysis. Second, we critically assess gaps in the extant literature and discuss promising directions for future research. We conclude that the university spin-off phenomenon provides an excellent empirical context for conducting research that contributes to more general theoretical discussions related to entrepreneurship, innovation and management.


Academic entrepreneurship Academic spin-offs Firm growth Literature review Research-based spin-offs University entrepreneurship University spin-offs New venture growth Venture performance 

JEL Classification

M13 L26 L25 O32 O33 



We are grateful for helpful comments on earlier versions of this manuscript from the editors and three anonymous referees. Also, we would like to thank Karl Wennberg, Claire Leitch, Øyvind Bjørgum, Øystein Widding and Roger Sørheim. The manuscript was prepared as part of the Ph.D. thesis of the first author. All responsibility for errors of thought or fact remains with the authors.


  1. Agrawal, A. (2001). University-to-industry knowledge transfer: Literature review and unanswered questions. International Journal of Management Reviews, 3, 285–302.CrossRefGoogle Scholar
  2. Aldridge, T., & Audretsch, D. B. (2010). Does policy influence the commercialization route? Evidence from National Institutes of Health funded scientists. Research Policy, 39, 583–588.CrossRefGoogle Scholar
  3. Ambos, T. C., & Birkinshaw, J. (2010). How do new ventures evolve? An inductive study of archetype changes in science-based ventures. Organization Science, 21, 1125–1140.CrossRefGoogle Scholar
  4. Amezcua, A. S., Grimes, M. G., Bradley, S. W., & Wiklund, J. (2013). Organizational sponsorship and founding environments: A contingency view on the survival of business-incubated firms, 1994–2007. Academy of Management Journal, 56, 1628–1654.CrossRefGoogle Scholar
  5. Astebro, T. (2003). The return to independent invention: Evidence of unrealistic optimism, risk seeking or skewness loving? Economic Journal, 113, 226–239.CrossRefGoogle Scholar
  6. Astebro, T., Bazzazian, N., & Braguinsky, S. (2012). Startups by recent university graduates and their faculty: Implications for university entrepreneurship policy. Research Policy, 41, 663–677.CrossRefGoogle Scholar
  7. Astebro, T., Braunerhjelm, P., & Brostrom, A. (2013). Does academic entrepreneurship pay? Industrial and Corporate Change, 22, 281–311.CrossRefGoogle Scholar
  8. Bathelt, H., Kogler, D. F., & Munro, A. K. (2010). A knowledge-based typology of university spin-offs in the context of regional economic development. Technovation, 30, 519–532.CrossRefGoogle Scholar
  9. Bekkers, R., Gilsing, V., & van der Steen, M. (2006). Determining factors of the effectiveness of IP-based spin-offs: Comparing the Netherlands and the US. Journal of Technology Transfer, 31, 545–566.CrossRefGoogle Scholar
  10. Benneworth, P., & Charles, D. (2005). University spin-off policies and economic development in less successful regions: Learning from two decades of policy practice. European Planning Studies, 13, 537–557.CrossRefGoogle Scholar
  11. Bigdeli, A. Z., Li, F., & Shi, X. H. (2016). Sustainability and scalability of university spinouts: A business model perspective. R & D Management, 46, 504–518.CrossRefGoogle Scholar
  12. Bjornali, E. S., & Gulbrandsen, M. (2010). Exploring board formation and evolution of board composition in academic spin-offs. Journal of Technology Transfer, 35, 92–112.CrossRefGoogle Scholar
  13. Bjornali, E. S., Knockaert, M., & Erikson, T. (2016). The impact of top management team characteristics and board service involvement on team effectiveness in high-tech start-ups. Long Range Planning, 49, 447–463.CrossRefGoogle Scholar
  14. Boh, W. F., De-Haan, U., & Strom, R. (2016). University technology transfer through entrepreneurship: Faculty and students in spinoffs. Journal of Technology Transfer, 41, 661–669.CrossRefGoogle Scholar
  15. Bonardo, D., Paleari, S., & Vismara, S. (2010). The M&A dynamics of European science-based entrepreneurial firms. Journal of Technology Transfer, 35, 141–180.CrossRefGoogle Scholar
  16. Bonardo, D., Paleari, S., & Vismara, S. (2011). Valuing university-based firms: The effects of academic affiliation on IPO performance. Entrepreneurship Theory and Practice, 35, 755–776.CrossRefGoogle Scholar
  17. Bower, D. J. (2003). Business model fashion and the academic spinout firm. R & D Management, 33, 97–106.CrossRefGoogle Scholar
  18. Bozeman, B. (2000). Technology transfer and public policy: A review of research and theory. Research Policy, 29, 627–655.CrossRefGoogle Scholar
  19. Cattaneo, M., Meoli, M., & Vismara, S. (2015). Cross-border M&As of biotech firms affiliated with internationalized universities. Journal of Technology Transfer, 40, 409–433.CrossRefGoogle Scholar
  20. Chiesa, V., & Piccaluga, A. (2000). Exploitation and diffusion of public research: The case of academic spin-off companies in Italy. R & D Management, 30, 329–339.CrossRefGoogle Scholar
  21. Clarysse, B., & Moray, N. (2004). A process study of entrepreneurial team formation: The case of a research-based spin-off. Journal of Business Venturing, 19, 55–79.CrossRefGoogle Scholar
  22. Clarysse, B., Wright, M., Lockett, A., Mustar, P., & Knockaert, M. (2007). Academic spin-offs, formal technology transfer and capital raising. Industrial and Corporate Change, 16, 609–640.CrossRefGoogle Scholar
  23. Clarysse, B., Wright, M., Lockett, A., Van de Velde, E., & Vohora, A. (2005). Spinning out new ventures: A typology of incubation strategies from European research institutions. Journal of Business Venturing, 20, 183–216.CrossRefGoogle Scholar
  24. Clarysse, B., Wright, M., & Van de Velde, E. (2011). Entrepreneurial origin, technological knowledge, and the growth of spin-off companies. Journal of Management Studies, 48, 1420–1442.CrossRefGoogle Scholar
  25. Clausen, T. H., & Rasmussen, E. (2013). Parallel business models and the innovativeness of research-based spin-off ventures. Journal of Technology Transfer, 38, 1–14.CrossRefGoogle Scholar
  26. Coad, A., Frankish, J., Roberts, R. G., & Storey, D. J. (2013). Growth paths and survival chances: An application of Gambler’s Ruin theory. Journal of Business Venturing, 28, 615–632.CrossRefGoogle Scholar
  27. Colombo, M. G., D’Adda, D., & Piva, E. (2010). The contribution of university research to the growth of academic start-ups: An empirical analysis. Journal of Technology Transfer, 35, 113–140.CrossRefGoogle Scholar
  28. Colombo, M. G., Doganova, L., Piva, E., D’Adda, D., & Mustar, P. (2015). Hybrid alliances and radical innovation: The performance implications of integrating exploration and exploitation. Journal of Technology Transfer, 40, 696–722.CrossRefGoogle Scholar
  29. Colombo, M. G., & Piva, E. (2012). Firms’ genetic characteristics and competence-enlarging strategies: A comparison between academic and non-academic high-tech start-ups. Research Policy, 41, 79–92.CrossRefGoogle Scholar
  30. Conceicao, O., Fontes, M., & Calapez, T. (2012). The commercialisation decisions of research-based spin-off: Targeting the market for technologies. Technovation, 32, 43–56.CrossRefGoogle Scholar
  31. Corolleur, C. D. F., Carrere, A., & Mangematin, V. (2004). Turning scientific and technological human capital into economic capital: The experience of biotech start-ups in France. Research Policy, 33, 631–642.CrossRefGoogle Scholar
  32. Crawford, G. C., Aguinis, H., Lichtenstein, B., Davidsson, P., & McKelvey, B. (2015). Power law distributions in entrepreneurship: Implications for theory and research. Journal of Business Venturing, 30, 696–713.CrossRefGoogle Scholar
  33. Criaco, G., Minola, T., Migliorini, P., & Serarols-Tarrés, C. (2014). “To have and have not”: Founders’ human capital and university start-up survival. Journal of Technology Transfer, 39, 1–27.CrossRefGoogle Scholar
  34. Czarnitzki, D., Rammer, C., & Toole, A. A. (2014). University spin-offs and the “performance premium”. Small Business Economics, 43, 309–326.CrossRefGoogle Scholar
  35. Degroof, J. J., & Roberts, E. B. (2004). Overcoming weak entrepreneurial infrastructures for academic spin-off ventures. Journal of Technology Transfer, 29, 327–352.CrossRefGoogle Scholar
  36. Delmar, F., McKelvie, A., & Wennberg, K. (2013). Untangling the relationships among growth, profitability and survival in new firms. Technovation, 33, 276–291.CrossRefGoogle Scholar
  37. Dianez-Gonzalez, J. P., & Camelo-Ordaz, C. (2016). How management team composition affects academic spin-offs’ entrepreneurial orientation: The mediating role of conflict. Journal of Technology Transfer, 41, 530–557.CrossRefGoogle Scholar
  38. Diez-Vial, I., & Montoro-Sanchez, A. (2016). How knowledge links with universities may foster innovation: The case of a science park. Technovation, 50–51, 41–52.CrossRefGoogle Scholar
  39. Djokovic, D., & Souitaris, V. (2008). Spinouts from academic institutions: A literature review with suggestions for further research. Journal of Technology Transfer, 33, 225–247.CrossRefGoogle Scholar
  40. Druilhe, C., & Garnsey, E. (2004). Do academic spin-outs differ and does it matter? Journal of Technology Transfer, 29, 269–285.CrossRefGoogle Scholar
  41. Ensley, M. D., & Hmieleski, K. A. (2005). A comparative study of new venture top management team composition, dynamics and performance between university-based and independent start-ups. Research Policy, 34, 1091–1105.CrossRefGoogle Scholar
  42. Epure, M., Prior, D., & Serarols, C. (2016). Assessing technology-based spin-offs from university support units. Regional Studies, 50, 411–428.CrossRefGoogle Scholar
  43. Etzkowitz, H. (2002). MIT and the rise of entrepreneurial science. London: Routledge.Google Scholar
  44. Federico, J. S., & Capelleras, J. L. (2015). The heterogeneous dynamics between growth and profits: The case of young firms. Small Business Economics, 44, 231–253.CrossRefGoogle Scholar
  45. Fernandez-Alles, M., Camelo-Ordaz, C., & Franco-Leal, N. (2015). Key resources and actors for the evolution of academic spin-offs. Journal of Technology Transfer, 40, 976–1002.CrossRefGoogle Scholar
  46. Fini, R., Fu, K., Mathisen, M. T., Rasmussen, E., & Wright, M. (2017). Institutional determinants of university spin-off quantity and quality: A longitudinal, multilevel, cross-country study. Small Business Economics, 48, 361–391.CrossRefGoogle Scholar
  47. Fini, R., Lacetera, N., & Shane, S. (2010). Inside or outside the IP system? Business creation in academia. Research Policy, 39, 1060–1069.CrossRefGoogle Scholar
  48. Fini, R., Rasmussen, E., Siegel, D., & Wiklund, J. (2018). Rethinking the commercialization of public science: From entrepreneurial outcomes to societal impacts. Academy of Management Perspectives, 32, 4–20.CrossRefGoogle Scholar
  49. Fisher, G., Kotha, S., & Lahiri, A. (2016). Changing with the times: An integrated view of identity, legitimacy, and new venture lifce cycles. Academy of Management Review, 41, 383–409.CrossRefGoogle Scholar
  50. Fontes, M. (2005). The process of transformation of scientific and technological knowledge into economic value conducted by biotechnology spin-offs. Technovation, 25, 339–347.CrossRefGoogle Scholar
  51. Franklin, S. J., Wright, M., & Lockett, A. (2001). Academic and surrogate entrepreneurs in university spin-out companies. Journal of Technology Transfer, 26, 127–141.CrossRefGoogle Scholar
  52. Fryges, H., & Wright, M. (2014). The origin of spin-offs: A typology of corporate and academic spin-offs. Small Business Economics, 43, 245–259.CrossRefGoogle Scholar
  53. Fuller, A. W., & Rothaermel, F. T. (2012). When stars shine: The effects of faculty founders on new technology ventures. Strategic Entrepreneurship Journal, 6, 220–235.CrossRefGoogle Scholar
  54. Gans, J. S., & Stern, S. (2003). The product market and the market for “ideas”: Commercialization strategies for technology entrepreneurs. Research Policy, 32, 333–350.CrossRefGoogle Scholar
  55. Garnsey, E., & Heffernan, P. (2005). High-technology clustering through spin-out and attraction: The Cambridge case. Regional Studies, 39, 1127–1144.CrossRefGoogle Scholar
  56. Geuna, A., & Muscio, A. (2009). The governance of university knowledge transfer: A critical review of the literature. Minerva, 47, 93–114.CrossRefGoogle Scholar
  57. Gilsing, V. A., van Burg, E., & Romme, A. G. L. (2010). Policy principles for the creation and success of corporate and academic spin-offs. Technovation, 30, 12–23.CrossRefGoogle Scholar
  58. Grandi, A., & Grimaldi, R. (2003). Exploring the networking characteristics of new venture founding teams. Small Business Economics, 21, 329–341.CrossRefGoogle Scholar
  59. Greenhalgh, T., & Peacock, R. (2005). Effectiveness and efficiency of search methods in systematic reviews of complex evidence: Audit of primary sources. British Medical Journal, 331, 1064–1065.CrossRefGoogle Scholar
  60. Grimaldi, R., Kenney, M., Siegel, D. S., & Wright, M. (2011). 30 years after Bayh–Dole: Reassessing academic entrepreneurship. Research Policy, 40, 1045–1057.CrossRefGoogle Scholar
  61. Gubitta, P., Tognazzo, A., & Destro, F. (2016). Signaling in academic ventures: The role of technology transfer offices and university funds. Journal of Technology Transfer, 41, 368–393.CrossRefGoogle Scholar
  62. Gulbrandsen, M. (2011). Research institutes as hybrid organizations: Central challenges to their legitimacy. Policy Sciences, 44, 215–230.CrossRefGoogle Scholar
  63. Gurdon, M. A., & Samsom, K. J. (2010). A longitudinal study of success and failure among scientist-started ventures. Technovation, 30, 207–214.CrossRefGoogle Scholar
  64. Hall, B., Helmers, C., Rogers, M., & Sena, V. (2014). The choice between formal and informal intellectual property: A review. Journal of Economic Literature, 52, 375–423.CrossRefGoogle Scholar
  65. Harrison, R. T., & Leitch, C. (2010). Voodoo institution or entrepreneurial university? Spin-off companies, the entrepreneurial system and regional development in the UK. Regional Studies, 44, 1241–1262.CrossRefGoogle Scholar
  66. Hayter, C. S. (2011). In search of the profit-maximizing actor: Motivations and definitions of success from nascent academic entrepreneurs. Journal of Technology Transfer, 36, 340–352.CrossRefGoogle Scholar
  67. Hayter, C. S. (2013). Conceptualizing knowledge-based entrepreneurship networks: Perspectives from the literature. Small Business Economics, 41, 899–911.CrossRefGoogle Scholar
  68. Hayter, C. S. (2015). Social networks and the success of university spin-offs: Toward an agenda for regional growth. Economic Development Quarterly, 29, 3–13.CrossRefGoogle Scholar
  69. Hayter, C. S. (2016a). Constraining entrepreneurial development: A knowledge-based view of social networks among academic entrepreneurs. Research Policy, 45, 475–490.CrossRefGoogle Scholar
  70. Hayter, C. S. (2016b). A trajectory of early-stage spinoff success: The role of knowledge intermediaries within an entrepreneurial university ecosystem. Small Business Economics, 47, 633–656.CrossRefGoogle Scholar
  71. Hayter, C. S., Lubynsky, R., & Maroulis, S. (2016). Who is the academic entrepreneur? The role of graduate students in the development of university spinoffs. The Journal of Technology Transfer, 42, 1–18.Google Scholar
  72. Hayter, C. S., Nelson, A. J., Zayed, S., & O’Connor, A. C. (2018). Conceptualizing academic entrepreneurship ecosystems: A review, analysis and extension of the literature. The Journal of Technology Transfer, 43, 1–44.CrossRefGoogle Scholar
  73. Heblich, S., & Slavtchev, V. (2013). Parent universities and the location of academic startups. Small Business Economics, 42, 1–15.CrossRefGoogle Scholar
  74. Hindle, K., & Yencken, J. (2004). Public research commercialisation, entrepreneurship and new technology based firms: An integrated model. Technovation, 24, 793–803.CrossRefGoogle Scholar
  75. Hirai, Y., Watanabe, T., & Inuzuka, A. (2013). Empirical analysis of the effect of Japanese university spinoffs’ social networks on their performance. Technological Forecasting and Social Change, 80, 1119–1128.CrossRefGoogle Scholar
  76. Jacobsson, S., Lindholm-Dahlstrand, A., & Elg, L. (2013). Is the commercialization of European academic R&D weak? A critical assessment of a dominant belief and associated policy responses. Research Policy, 42, 874–885.CrossRefGoogle Scholar
  77. Johansson, M., Jacob, M., & Hellström, T. (2005). The strength of strong ties: University spin-offs and the significance of historical relations. Journal of Technology Transfer, 30, 271–286.CrossRefGoogle Scholar
  78. Karnani, F. (2013). The university’s unknown knowledge: Tacit knowledge, technology transfer and university spin-offs findings from an empirical study based on the theory of knowledge. Journal of Technology Transfer, 38, 235–250.CrossRefGoogle Scholar
  79. Kassicieh, S. (2011). Benefits from using surrogate entrepreneurs in technology commercialization. International Journal of Innovation and Technology Management, 8, 521–534.CrossRefGoogle Scholar
  80. Kirchberger, M. A., & Pohl, L. (2016). Technology commercialization: A literature review of success factors and antecedents across different contexts. The Journal of Technology Transfer, 41, 1–36.CrossRefGoogle Scholar
  81. Klofsten, M. (2005). New venture ideas: An analysis of their origin and early development. Technology Analysis & Strategic Management, 17, 105–119.CrossRefGoogle Scholar
  82. Knockaert, M., Bjornali, E. S., & Erikson, T. (2015). Joining forces: Top management team and board chair characteristics as antecedents of board service involvement. Journal of Business Venturing, 30, 420–435.CrossRefGoogle Scholar
  83. Knockaert, M., Spithoven, A., & Clarysse, B. (2010). The knowledge paradox explored: What is impeding the creation of ICT spin-offs? Technology Analysis & Strategic Management, 22, 479–493.CrossRefGoogle Scholar
  84. Knockaert, M., Ucbasaran, D., Wright, M., & Clarysse, B. (2011). The relationship between knowledge transfer, top management team composition, and performance: The case of science-based entrepreneurial firms. Entrepreneurship Theory and Practice, 35, 777–803.CrossRefGoogle Scholar
  85. Kochenkova, A., Grimaldi, R., & Munari, F. (2016). Public policy measures in support of knowledge transfer activities: A review of academic literature. Journal of Technology Transfer, 41, 407–429.CrossRefGoogle Scholar
  86. Lawton Smith, S. H., & Ho, K. (2006). Measuring the performance of Oxford University, Oxford Brookes University and the government laboratories’ spin-off companies. Research Policy, 35, 1554–1568.CrossRefGoogle Scholar
  87. Lawton Smith, H., Romeoa, S., & Bagchi-Senb, S. (2008). Oxfordshire biomedical university spin-offs: An evolving system. Cambridge Journal of Regions, Economy and Society, 1, 303–319.CrossRefGoogle Scholar
  88. Lehoux, P., Daudelin, G., Williams-Jones, B., Denis, J. L., & Longo, C. (2014). How do business model and health technology design influence each other? Insights from a longitudinal case study of three academic spin-offs. Research Policy, 43, 1025–1038.CrossRefGoogle Scholar
  89. Leitch, C. M., & Harrison, R. T. (2005). Maximising the potential of university spin-outs: The development of second-order commercialisation activities. R & D Management, 35, 257–272.CrossRefGoogle Scholar
  90. Lejpras, A. (2014). How innovative are spin-offs at later stages of development? Comparing innovativeness of established research spin-offs and otherwise created firms. Small Business Economics, 43, 327–351.CrossRefGoogle Scholar
  91. Lerner, J. (2004). The university and the start-up: Lessons from the past two decades. Journal of Technology Transfer, 30, 49–56.CrossRefGoogle Scholar
  92. Leyden, D. P., Link, A. N., & Siegel, D. S. (2014). A theoretical analysis of the role of social networks in entrepreneurship. Research Policy, 43, 1157–1163.CrossRefGoogle Scholar
  93. Lofsten, H., & Lindelof, P. (2005). R&D networks and product innovation patterns—Academic and non-academic new technology-based firms on Science Parks. Technovation, 25, 1025–1037.CrossRefGoogle Scholar
  94. Lowe, R. A., & Ziedonis, A. A. (2006). Overoptimism and the performance of entrepreneurial firms. Management Science, 52, 173–186.CrossRefGoogle Scholar
  95. Lubik, S., & Garnsey, E. (2016). Early business model evolution in science-based ventures: The case of advanced materials. Long Range Planning, 49, 393–408.CrossRefGoogle Scholar
  96. Lubik, S., Garnsey, E., Minshall, T., & Platts, K. (2013). Value creation from the innovation environment: Partnership strategies in university spin-outs. R & D Management, 43, 136–150.CrossRefGoogle Scholar
  97. Lundqvist, M. A. (2014). The importance of surrogate entrepreneurship for incubated Swedish technology ventures. Technovation, 34, 93–100.CrossRefGoogle Scholar
  98. Maine, E., & Garnsey, E. (2006). Commercializing generic technology: The case of advanced materials ventures. Research Policy, 35, 375–393.CrossRefGoogle Scholar
  99. Mathisen, M. T. (2017). The growth of research-based spin-offs: Unleashing the value of academic entrepreneurship. Trondheim: Department of Industrial Economics and Technology Management, Norwegian University of Science and Technology.Google Scholar
  100. McKelvie, A., & Wiklund, J. (2010). Advancing firm growth research: A focus on growth mode instead of growth rate. Entrepreneurship Theory and Practice, 34, 261–288.CrossRefGoogle Scholar
  101. McMullen, J. S., & Dimov, D. (2013). Time and the entrepreneurial journey: The problems and promise of studying entrepreneurship as a process. Journal of Management Studies, 50, 1481–1512.Google Scholar
  102. Mcqueen, D. H., & Wallmark, J. T. (1982). Spin-off companies from chalmers-university-of-technology. Technovation, 1, 305–315.CrossRefGoogle Scholar
  103. Meoli, M., Paleari, S., & Vismara, S. (2013). Completing the technology transfer process: M&As of science-based IPOs. Small Business Economics, 40, 227–248.CrossRefGoogle Scholar
  104. Meyer, M. (2003). Academic entrepreneurs or entrepreneurial academics? Research-based ventures and public support mechanism. R & D Management, 33, 107–115.CrossRefGoogle Scholar
  105. Miozzo, M., & DiVito, L. (2016). Growing fast or slow?: Understanding the variety of paths and the speed of early growth of entrepreneurial science-based firms. Research Policy, 45, 964–986.CrossRefGoogle Scholar
  106. Moray, N., & Clarysse, B. (2005). Institutional change and resource endowments to science-based entrepreneurial firms. Research Policy, 34, 1010–1027.CrossRefGoogle Scholar
  107. Mosey, S., & Wright, M. (2007). From human capital to social capital: A longitudinal study of technology-based academic entrepreneurs. Entrepreneurship Theory and Practice, 31, 909–935.CrossRefGoogle Scholar
  108. Mueller, C., Westhead, P., & Wright, M. (2012). Formal venture capital acquisition: can entrepreneurs compensate for the spatial proximity benefits of South East England and ‘star’ golden-triangle universities? Environment and Planning A, 44, 281–296.CrossRefGoogle Scholar
  109. Munari, F., Pasquini, M., & Toschi, L. (2015). From the lab to the stock market? The characteristics and impact of university-oriented seed funds in Europe. Journal of Technology Transfer, 40, 948–975.CrossRefGoogle Scholar
  110. Munari, F., & Toschi, L. (2011). Do venture capitalists have a bias against investment in academic spin-offs? Evidence from the micro- and nanotechnology sector in the UK. Industrial and Corporate Change, 20, 397–432.CrossRefGoogle Scholar
  111. Murray, F. (2004). The role of academic inventors in entrepreneurial firms: Sharing the laboratory life. Research Policy, 33, 643–659.CrossRefGoogle Scholar
  112. Mustar, P., Renault, M., Colombo, M. G., Piva, E., Fontes, M., Lockett, A., et al. (2006). Conceptualising the heterogeneity of research-based spin-offs: A multi-dimensional taxonomy. Research Policy, 35, 289–308.CrossRefGoogle Scholar
  113. Mustar, P., Wright, M., & Clarysse, B. (2008). University spin-off firms: Lessons from ten years of experience in Europe. Science and Public Policy, 35, 67–80.CrossRefGoogle Scholar
  114. Neck, H. M., Meyer, G. D., Cohen, B., & Corbett, A. C. (2004). An entrepreneurial system view of new venture creation. Journal of Small Business Management, 42, 190–208.CrossRefGoogle Scholar
  115. Nelson, A. J. (2014). From the ivory tower to the startup garage: Organizational context and commercialization processes. Research Policy, 43, 1144–1156.CrossRefGoogle Scholar
  116. Nerkar, A., & Shane, S. (2003). When do start-ups that exploit patented academic knowledge survive? International Journal of Industrial Organization, 21, 1391–1410.CrossRefGoogle Scholar
  117. Nicolaou, N., & Birley, S. (2003a). Academic networks in a trichotomous categorisation of university spinouts. Journal of Business Venturing, 18, 333–359.CrossRefGoogle Scholar
  118. Nicolaou, N., & Birley, S. (2003b). Social networks in organizational emergence: The university spinout phenomenon. Management Science, 49, 1702–1725.CrossRefGoogle Scholar
  119. Nikiforou, A., Zabara, T., Clarysse, B., & Gruber, M. (2018). The role of teams in academic spin-offs. Academy of Management Perspectives, 32, 78–103.CrossRefGoogle Scholar
  120. Niosi, J. (2006). Success factors in Canadian academic spin-offs. Journal of Technology Transfer, 31, 451–457.CrossRefGoogle Scholar
  121. O’Gorman, C., Byrne, O., & Pandya, D. (2008). How scientists commercialise new knowledge via entrepreneurship. Journal of Technology Transfer, 33, 23–43.CrossRefGoogle Scholar
  122. Ortin-Angel, P., & Vendrell-Herrero, F. (2014). University spin-offs vs. other NTBFs: Total factor productivity differences at outset and evolution. Technovation, 34, 101–112.CrossRefGoogle Scholar
  123. O’Shea, R. P., Chugh, H., & Allen, T. J. (2008). Determinants and consequences of university spinoff activity: A conceptual framework. Journal of Technology Transfer, 33, 653–666.CrossRefGoogle Scholar
  124. Patzelt, H., & Shepherd, D. A. (2009). Strategic entrepreneurship at universities: Academic entrepreneurs’ assessment of policy programs. Entrepreneurship Theory and Practice, 33, 319–340.CrossRefGoogle Scholar
  125. Perez, M. P., & Sanchez, A. M. (2003). The development of university spin-offs: Early dynamics of technology transfer and networking. Technovation, 23, 823–831.CrossRefGoogle Scholar
  126. Pirnay, F., Surlemont, B., & Nlemvo, F. (2003). Toward a typology of university spin-offs. Small Business Economics, 21, 355–369.CrossRefGoogle Scholar
  127. Pisano, G. P. (2010). The evolution of science-based business: Innovating how we innovate. Industrial and Corporate Change, 19, 465–482.CrossRefGoogle Scholar
  128. Powell, E. E., & Baker, T. (2017). In the beginning: identity processes and organizing in multi-founder nascent ventures. Academy of Management Journal, 60, 2381–2414.CrossRefGoogle Scholar
  129. Powers, J. B., & McDougall, P. P. (2005). University start-up formation and technology licensing with firms that go public: A resource-based view of academic entrepreneurship. Journal of Business Venturing, 20, 291–311.CrossRefGoogle Scholar
  130. Pries, F., & Guild, P. (2007). Commercial exploitation of new technologies arising from university research: Start-ups and markets for technology. R & D Management, 37, 319–328.CrossRefGoogle Scholar
  131. Rasmussen, E. (2011). Understanding academic entrepreneurship: Exploring the emergence of university spin-off ventures using process theories. International Small Business Journal, 29, 448–471.CrossRefGoogle Scholar
  132. Rasmussen, E., & Mathisen, M. T. (2017). Science-based entrepreneurial firms as real options: Assessing the outcomes of the Norwegian firm population from 1995 to 2012. In R. Fini & R. Grimaldi (Eds.), Process approach to academic entrepreneurship: Evidence from the globe. Singapore: World Scientific.Google Scholar
  133. Rasmussen, E., Moen, O., & Gulbrandsen, M. (2006). Initiatives to promote commercialization of university knowledge. Technovation, 26, 518–533.CrossRefGoogle Scholar
  134. Rasmussen, E., Mosey, S., & Wright, M. (2011). The evolution of entrepreneurial competencies: A longitudinal study of university spin-off venture emergence. Journal of Management Studies, 48, 1314–1345.CrossRefGoogle Scholar
  135. Rasmussen, E., Mosey, S., & Wright, M. (2014). The influence of university departments on the evolution of entrepreneurial competencies in spin-off ventures. Research Policy, 43, 92–106.CrossRefGoogle Scholar
  136. Rasmussen, E., Mosey, S., & Wright, M. (2015). The transformation of network ties to develop entrepreneurial competencies for university spin-offs. Entrepreneurship and Regional Development, 27, 430–457.CrossRefGoogle Scholar
  137. Rothaermel, F. T., Agung, S. D., & Jiang, L. (2007). University entrepreneurship: A taxonomy of the literature. Industrial and Corporate Change, 16, 691–791.CrossRefGoogle Scholar
  138. Rothaermel, F. T., & Thursby, M. (2005). Incubator firm failure or graduation? The role of university linkages. Research Policy, 34, 1076–1090.CrossRefGoogle Scholar
  139. Salvador, E. (2011). Are science parks and incubators good “brand names’’ for spin-offs? The case study of Turin. Journal of Technology Transfer, 36, 203–232.CrossRefGoogle Scholar
  140. Scholten, V., Omta, O., Kemp, R., & Elfring, T. (2015). Bridging ties and the role of research and start-up experience on the early growth of Dutch academic spin-offs. Technovation, 45–46, 40–51.CrossRefGoogle Scholar
  141. Schwienbacher, A. (2010). Venture capital exits. In D. J. Cumming (Ed.), Venture capital: Investment strategies, structures and policies. Hoboken: Wiley.CrossRefGoogle Scholar
  142. Shah, S. K., & Pahnke, E. C. (2014). Parting the ivory curtain: Understanding how universities support a diverse set of startups. Journal of Technology Transfer, 39, 780–792.CrossRefGoogle Scholar
  143. Shane, S. (2004). Academic entrepreneurship university spinoffs and wealth creation. Cheltenham: Edward Elgar Publishing.Google Scholar
  144. Shane, S., & Stuart, T. (2002). Organizational endowments and the performance of university start-ups. Management Science, 48, 154–170.CrossRefGoogle Scholar
  145. Soda, G., & Furlotti, M. (2017). Bringing tasks back in: An organizational theory of resource complementarity and partner selection. Journal of Management, 43, 348–375.CrossRefGoogle Scholar
  146. Soetanto, D., & Jack, S. (2016). The impact of university-based incubation support on the innovation strategy of academic spin-offs. Technovation, 50–51, 25–40.CrossRefGoogle Scholar
  147. Soetanto, D., & van Geenhuizen, M. (2015). Getting the right balance: University networks’ influence on spin-offs’ attraction of funding for innovation. Technovation, 36–37, 26–38.CrossRefGoogle Scholar
  148. Spigel, B. (2017). The relational organization of entrepreneurial ecosystems. Entrepreneurship Theory and Practice, 41, 49–72.CrossRefGoogle Scholar
  149. Steffensen, M., Rogers, E. M., & Speakman, K. (2000). Spin-offs from research centers at a research university. Journal of Business Venturing, 15, 93–111.CrossRefGoogle Scholar
  150. Stephan, A. (2014). Are public research spin-offs more innovative? Small Business Economics, 43, 353–368.CrossRefGoogle Scholar
  151. Sternberg, R. (2014). Success factors of university-spin-offs: Regional government support programs versus regional environment. Technovation, 34, 137–148.CrossRefGoogle Scholar
  152. Storey, D. J., & Tether, B. S. (1998). New technology-based firms in the European Union: An introduction. Research Policy, 26, 933–946.CrossRefGoogle Scholar
  153. Styhre, A. (2014). Coping with the financiers: Attracting venture capital investors and end-users in the biomaterials industry. Technology Analysis & Strategic Management, 26, 797–809.CrossRefGoogle Scholar
  154. Styles, C., & Genua, T. (2008). The rapid internationalization of high technology firms created through the commercialization of academic research. Journal of World Business, 43, 146–157.CrossRefGoogle Scholar
  155. Taheri, M., & van Geenhuizen, M. (2011). How human capital and social networks may influence the patterns of international learning among academic spin-off firms*. Papers in Regional Science. Scholar
  156. Thursby, J. G., & Thursby, M. C. (2002). Who is selling the Ivory Tower? Sources of growth in university licensing. Management Science, 48, 90–104.CrossRefGoogle Scholar
  157. Toole, A. A., & Czarnitzki, D. (2007). Biomedical academic entrepreneurship through the SBIR program. Journal of Economic Behavior & Organization, 63, 716–738.CrossRefGoogle Scholar
  158. Toole, A. A., & Czarnitzki, D. (2009). Exploring the relationship between scientist human capital and firm performance: The case of biomedical academic entrepreneurs in the SBIR program. Management Science, 55, 101–114.CrossRefGoogle Scholar
  159. Toole, A. A., & Czarnitzki, D. (2010). commercializing science: Is there a university “brain drain” from academic entrepreneurship? Management Science, 56, 1599–1614.CrossRefGoogle Scholar
  160. Treibich, T., Konrad, K., & Truffer, B. (2013). A dynamic view on interactions between academic spin-offs and their parent organizations. Technovation, 33, 450–462.CrossRefGoogle Scholar
  161. Van Burg, E., Gilsing, V. A., Reymen, I. M. M. J., & Romme, A. G. L. (2013). The formation of fairness perceptions in the cooperation between entrepreneurs and universities. Journal of Product Innovation Management, 30, 677–694.CrossRefGoogle Scholar
  162. van Geenhuizen, M., & Soetanto, D. P. (2009). Academic spin-offs at different ages: A case study in search of key obstacles to growth. Technovation, 29, 671–681.CrossRefGoogle Scholar
  163. Van Looy, B., Landoni, P., Callaert, J., van Pottelsberghe, B., Sapsalis, E., & Debackere, K. (2011). Entrepreneurial effectiveness of European universities: An empirical assessment of antecedents and trade-offs. Research Policy, 40, 553–564.CrossRefGoogle Scholar
  164. Vanacker, T., Manigart, S., & Meuleman, M. (2014). Path-dependent evolution versus intentional management of investment ties in science-based entrepreneurial firms. Entrepreneurship Theory and Practice, 38, 671–690.CrossRefGoogle Scholar
  165. Vanaelst, I., Clarysse, B., Wright, M., Lockett, A., Moray, N., & S’Jegers, R. (2006). Entrepreneurial team development in academic spinouts: An examination of team heterogeneity. Entrepreneurship Theory and Practice, 30, 249–271.CrossRefGoogle Scholar
  166. Vincett, P. S. (2010). The economic impacts of academic spin-off companies, and their implications for public policy. Research Policy, 39, 736–747.CrossRefGoogle Scholar
  167. Visintin, F., & Pittino, D. (2014). Founding team composition and early performance of university Based spin-off companies. Technovation, 34, 31–43.CrossRefGoogle Scholar
  168. Vohora, A., Wright, M., & Lockett, A. (2004). Critical junctures in the development of university high-tech spinout companies. Research Policy, 33, 147–175.CrossRefGoogle Scholar
  169. Walter, A., Auer, M., & Ritter, T. (2006). The impact of network capabilities and entrepreneurial orientation on university spin-off performance. Journal of Business Venturing, 21, 541–567.CrossRefGoogle Scholar
  170. Walter, A., Parboteeah, K. P., Riesenhuber, F., & Hoegl, M. (2011). Championship behaviors and innovations success: An empirical investigation of university spin-offs. Journal of Product Innovation Management, 28, 586–598.CrossRefGoogle Scholar
  171. Wennberg, K., Wiklund, J., & Wright, M. (2011). The effectiveness of university knowledge spillovers: Performance differences between university spinoffs and corporate spinoffs. Research Policy, 40, 1128–1143.CrossRefGoogle Scholar
  172. Wiklund, J., & Shepherd, D. (2003). Knowledge-based resources, entrepreneurial orientation, and the performance of small and medium-sized businesses. Strategic Management Journal, 24, 1307–1314.CrossRefGoogle Scholar
  173. Woolley, J. L. (2017). Origins and outcomes: The roles of spin-off founders and intellectual property in high-technology venture outcomes. Academy of Management Discoveries, 3, 64–90.CrossRefGoogle Scholar
  174. Wright, M., Clarysse, B., & Mosey, S. (2012). Strategic entrepreneurship, resource orchestration and growing spin-offs from universities. Technology Analysis & Strategic Management, 24, 911–927.CrossRefGoogle Scholar
  175. Wright, M., Lockett, A., Clarysse, B., & Binks, M. (2006). University spin-out companies and venture capital. Research Policy, 35, 481–501.CrossRefGoogle Scholar
  176. Wright, M., Vohora, A., & Lockett, A. (2004). The formation of high-tech university spinouts: The role of joint ventures and venture capital investors. Journal of Technology Transfer, 29, 287–310.CrossRefGoogle Scholar
  177. Yague-Perales, R. M., & March-Chorda, I. (2012). Performance analysis of research spin-offs in the Spanish biotechnology industry. Journal of Business Research, 65, 1782–1789.CrossRefGoogle Scholar
  178. Zahra, S. A., Van de Velde, E., & Larrañeta, B. (2007). Knowledge conversion capability and the performance of corporate and university spin-offs. Industrial and Corporate Change, 16, 569–608.CrossRefGoogle Scholar
  179. Zerbinati, S., Souitaris, V., & Moray, N. (2012). Nurture or nature? The growth paradox of research-based spin-offs. Technology Analysis & Strategic Management, 24, 21–35.CrossRefGoogle Scholar
  180. Zhang, J. F. (2009). The performance of university spin-offs: An exploratory analysis using venture capital data. Journal of Technology Transfer, 34, 255–285.CrossRefGoogle Scholar
  181. Zucker, L. G., Darby, M. R., & Brewer, M. B. (1998). Intellectual human capital and the birth of US biotechnology enterprises. American Economic Review, 88, 290–306.Google Scholar

Copyright information

© Springer Science+Business Media, LLC, part of Springer Nature 2019

Authors and Affiliations

  1. 1.Department of Industrial Economics and Technology ManagementNorwegian University of Science and TechnologyTrondheimNorway
  2. 2.Nord University Business SchoolBodøNorway

Personalised recommendations