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.
This is a preview of subscription content, log in to check access.
Buy single article
Instant access to the full article PDF.
Price includes VAT for USA
Subscribe to journal
Immediate online access to all issues from 2019. Subscription will auto renew annually.
This is the net price. Taxes to be calculated in checkout.
Abor, J. Y. (2017). Entrepreneurial Finance for MSMEs. Basingstoke: Palgrave Macmillan.
Acevedo, M. F., Adey, M., Bruno, C., del Bufalo, G., Gazaniol, A., Lo, V., Metzger, G., Navarro Perez, B., van der Schans, D. and Thornary, B. (2016) France, Germany, Italy, Spain and the United Kingdom: Building Momentum in Venture Capital across Europe. Bpifrance, Cassa depositi e prestiti SpA, Instituto de Crédito Oficial, British Business Bank, KfW Bankengruppe.
Andrieu, G., & Groh, A. P. (2012). Entrepreneurs' financing choice between, independent and bank-affiliated venture capital firms. Journal of Corporate Finance, 18(5), 1143–1167.
Ardito, L., Messeni Petruzzelli, A., & Albino, V. (2015). From Technological Inventions to New Products: A Systematic Review and Research Agenda of the Main Enabling Factors. European Management Review, 12(3), 113–147.
Baeyens, K., Vanacker, T., & Manigart, S. (2006). Venture capitalists' selection process: the case of biotechnology proposals. International Journal of Technology Management, 34(1-2), 28–46.
Barney, J. B. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1), 99–120.
Becsky-Nagy, P. (2013). Growth and venture capital investment potential for university spin-offs in Hungary. APSTRACT: Applied Studies in Agribusiness and Commerce, 7(4-5), 31–38.
Bernstein, S., Giroud, X., & Townsend, R. R. (2016). The impact of venture capital monitoring. The Journal of Finance, 71(4), 1591–1622.
Bertoni, F., Colombo, M. G., & Grilli, L. (2011). Venture capital financing and the growth of high-tech start-ups: Disentangling treatment from selection effects. Research Policy, 40(7), 1028–1043.
Bertoni, F., Ferrer, M. A., & Martí, J. (2013). The different roles played by venture capital and private equity investors on the investment activity of their portfolio firms. Small Business Economics, 40(3), 607–633.
Bonardo, D., Paleari, S., & Vismara, S. (2009) When academia comes to market: does university affiliation reduce the uncertainty of IPOs?. Working Paper 09-2009, Department of Economics and Technology Management, University of Bergamo.
Botelho, A. J. J., & Almeida, M. (2011). Overcoming institutional shortcomings for academic spin-off policies in Brazil. International Journal of Technology Management and Sustainable Development, 9(3), 175–193.
Brander, J. A., Amit, R., & Antweiler, W. (2002). Venture capital syndication: Improved venture selection vs. the value-added hypothesis. Journal of Economics and Management Strategy, 11(3), 423–452.
Brander, J. A., Du, Q., & Hellmann, T. (2015). The effects of government-sponsored venture capital: international evidence. Review of Finance, 19(2), 571–618.
Bruining, H., & Wright, M. (2002). Entrepreneurial orientation in management buy-outs and the contribution of venture capital. Venture Capital: An International Journal of Entrepreneurial Finance, 4(2), 147–168.
Burchardt, J., Hommel, U., Kamuriwo, D. S., & Billitteri, C. (2016). Venture capital contracting in theory and practice: implications for entrepreneurship research. Entrepreneurship Theory and Practice, 40(1), 25–48.
Carayannis, E. G., & Rakhmatullin, R. (2014). The quadruple/quintuple innovation helixes and smart specialisation strategies for sustainable and inclusive growth in Europe and beyond. Journal of the Knowledge Economy, 5(2), 212–239.
Carpenter, R. E., & Petersen, B. C. (2002). Capital market imperfections, high-tech investment, and new equity financing. The Economic Journal, 112(477), F54–F72.
Chemmanur, T. J., Loutskina, E., & Tian, X. (2014). Corporate venture capital, value creation, and innovation. Review of Financial Studies, 27(8), 2434–2473.
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(4), 609–640.
Colombelli, A., Krafft, J., & Vivarelli, M. (2016). To be born is not enough: the key role of innovative start-ups. Small Business Economics, 47, 1–15.
Colombo, M. G., & Grilli, L. (2007). Funding gaps? Access to bank loans by high-tech start-ups. Small Business Economics, 29(1-2), 25–46.
Colombo, M. G., & Grilli, L. (2010). On growth drivers of high-tech start-ups: Exploring the role of founders' human capital and venture capital. Journal of Business Venturing, 25(6), 610–626.
Colombo, M. G., Cumming, D. J., & Vismara, S. (2016). Governmental venture capital for innovative young firms. The Journal of Technology Transfer, 41(1), 10–24.
Croce, A., Martí, J., & Murtinu, S. (2013). The impact of venture capital on the productivity growth of European entrepreneurial firms:‘Screening’or ‘value added’effect? Journal of Business Venturing, 28(4), 489–510.
Cumming, D., & Johan, S. (2008). Information asymmetries, agency costs and venture capital exit outcomes. Venture Capital, 10(3), 197–231.
Cumming, D. J., Grilli, L., & Murtinu, S. (2017). Governmental and independent venture capital investments in Europe: A firm-level performance analysis. Journal of Corporate Finance, 42, 439–459.
Czarnitzki, D., Rammer, C., & Toole, A. A. (2014). University spin-offs and the “performance premium”. Small Business Economics, 43(2), 309–326.
Del Giudice, M., Della Peruta, M. R., & Maggioni, V. (2013). Collective knowledge and organizational routines within academic communities of practice: an empirical research on science–entrepreneurs. Journal of the Knowledge Economy, 4(3), 260–278.
Denis, D. J. (2004). Entrepreneurial finance: an overview of the issues and evidence. Journal of Corporate Finance, 10(2), 301–326.
Di Tommaso, M. R., & Ramaciotti, L. (2010). Academic knowledge transfer to industry. Italy: spin-off practices and policies. International Journal of Healthcare Technology and Management, 11(5), 409–427.
Dushnitsky, G., & Lenox, M. J. (2005). When do incumbents learn from entrepreneurial ventures?: Corporate venture capital and investing firm innovation rates. Research Policy, 34(5), 615–639.
Dutta, S., & Folta, T. B. (2016). A comparison of the effect of angels and venture capitalists on innovation and value creation. Journal of Business Venturing, 31(1), 39–54.
Etzkowitz, H., Webster, A., Gebhardt, C., & Terra, B. R. C. (2000). The future of the university and the university of the future: evolution of ivory tower to entrepreneurial paradigm. Research Policy, 29(2), 313–330.
Fernández-Alles, M., Camelo-Ordaz, C., & Franco-Leal, N. (2015). Key resources and actors for the evolution of academic spin-offs. The Journal of Technology Transfer, 40(6), 976–1002.
Ferrary, M. (2010). Syndication of venture capital investment: The art of resource pooling. Entrepreneurship Theory and Practice, 34(5), 885–907.
Fini R., & Grimaldi, R. (2016) Process approach to academic entrepreneurship: evidence from the globe. World Scientific Publishing, Forthcoming.
Fini, R., Fu, K., Mathisen, M. T., Rasmussen, E., & Wright, M. (2016). Institutional determinants of university spin-off quantity and quality: a longitudinal, multilevel, cross-country study. Small Business Economics, 48, 1–31.
Franco, M., & Haase, H. (2015). University–industry cooperation: Researchers’ motivations and interaction channels. Journal of Engineering and Technology Management, 36, 41–51.
Franklin, S. J., Wright, M., & Lockett, A. (2001). Academic and surrogate entrepreneurs in university spin-out companies. The Journal of Technology Transfer, 26(1-2), 127–141.
Freel, M. S. (2007). Are small innovators credit rationed? Small Business Economics, 28(1), 23–35.
Fried, V. H., & Hisrich, R. D. (1994). Toward a model of venture capital investment decision making. Financial Management, 23, 28–37.
Gantenbein, P., & Engelhardt, J. (2012). The role of investors for early-stage companies. International Journal of Entrepreneurial Venturing, 4(3), 276–289.
Geoghegan, W., O'Kane, C., & Fitzgerald, C. (2015). Technology transfer offices as a nexus within the triple helix: the progression of the university's role. International Journal of Technology Management, 68(3-4), 255–277.
Gompers, P. A. (1995). Optimal investment, monitoring, and the staging of venture capital. The Journal of Finance, 50(5), 1461–1489.
Gompers, P., & Lerner, J. (2001). The venture capital revolution. The Journal of Economic Perspectives, 15(2), 145–168.
Gorman, M., & Sahlman, W. A. (1989). What do venture capitalists do? Journal of Business Venturing, 4(4), 231–248.
Grilli, L., & Murtinu, S. (2014). Government, venture capital and the growth of European high-tech entrepreneurial firms. Research Policy, 43(9), 1523–1543.
Grimaldi, R., Kenney, M., Siegel, D. S., & Wright, M. (2011). 30 years after Bayh–Dole: Reassessing academic entrepreneurship. Research Policy, 40(8), 1045–1057.
Grimpe, C., & Hussinger, K. (2013). Formal and informal knowledge and technology transfer from academia to industry: Complementarity effects and innovation performance. Industry and Innovation, 20(8), 683–700.
Groh, A. P., von Liechtenstein, H., & Lieser, K. (2010). The European venture capital and private equity country attractiveness indices. Journal of Corporate Finance, 16(2), 205–224.
Gu, Q., & Lu, X. (2014). Unraveling the mechanisms of reputation and alliance formation: A study of venture capital syndication in China. Strategic Management Journal, 35(5), 739–750.
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(9), 1241–1262.
Heirman, A., & Clarysse, B. (2004). How and why do research-based start-ups differ at founding? A resource-based configurational perspective. The Journal of Technology Transfer, 29(3-4), 247–268.
Hellmann, T., & Puri, M. (2000). The interaction between product market and financing strategy: The role of venture capital. The Review of Financial Studies, 13(4), 959–984.
Henderson, R., Jaffe, A. B., & Trajtenberg, M. (1998). Universities as a source of commercial technology: a detailed analysis of university patenting, 1965–1988. The Review of Economics and Statistics, 80(1), 119–127.
Hindle, K., Yencken, J., & O’Connor, A. (2011). An entrepreneurship policy framework for high-growth firms: navigating between policies for picking winners and market failure. International Journal of Entrepreneurial Venturing, 3(4), 324–343.
Iacobucci, D., & Micozzi, A. (2015). How to evaluate the impact of academic spin-offs on local development: an empirical analysis of the Italian case. The Journal of Technology Transfer, 40(3), 434–452.
Jelfs, P. (2016). Financial performance analysis of spin-off companies from a UK 'regional' university: a case study of the University of Birmingham. International Journal of Entrepreneurship and Small Business, 29(2), 271–286.
Kaplan, S. N., & Stromberg, P. (2001) Venture capitalists as principals: Contracting, screening, and monitoring. Working paper 8202, National Bureau of Economic Research.
Knockaert, M., Lockett, A., Clarysse, B., & Wright, M. (2006). Do human capital and fund characteristics drive follow-up behaviour of early stage high-tech VCs? International Journal of Technology Management, 34(1-2), 7–27.
Krugman, P. (1979). A model of innovation, technology transfer, and the world distribution of income. Journal of Political Economy, 87(2), 253–266.
Lee, C., Lee, K., & Pennings, J. M. (2001). Internal capabilities, external networks, and performance: a study on technology-based ventures. Strategic Management Journal, 22(6-7), 615–640.
Lerner, J. (1995). Venture capitalists and the oversight of private firms. The Journal of Finance, 50(1), 301–318.
Li, Y., & Zahra, S. A. (2012). Formal institutions, culture, and venture capital activity: A cross-country analysis. Journal of Business Venturing, 27(1), 95–111.
Lindsey, L. (2008). Blurring firm boundaries: The role of venture capital in strategic alliances. The Journal of Finance, 63(3), 1137–1168.
Lissoni, F., Llerena, P., McKelvey, M., & Sanditov, B. (2008). Academic patenting in Europe: new evidence from the KEINS database. Research Evaluation, 17(2), 87–102.
Lockett, A., Siegel, D., Wright, M., & Ensley, M. D. (2005). The creation of spin-off firms at public research institutions: Managerial and policy implications. Research Policy, 34(7), 981–993.
Manigart, S., & Sapienza, H. (2000). Venture capital and growth. In D. Sexton & H. Landström (Eds.), Handbook of Entrepreneurship (pp. 241–258). Oxford: Blackwell Publishers.
Meglio, O., Destri, A. M. L., & Capasso, A. (2016) Fostering Dynamic Growth in New Ventures through Venture Capital: Conceptualizing Venture Capital Capabilities. Long Range Planning, Forthcoming.
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(5), 964–986.
Mosey, S., & Wright, M. (2007). From human capital to social capital: A longitudinal study of technology-based academic entrepreneurs. Entrepreneurship Theory and Practice, 31(6), 909–935.
Mowery, D. C. (2011) Learning from one another? International policy “emulation” and university–industry technology transfer. Industrial and Corporate Change, Forthcoming.
Mustar, P., Wright, M., & Clarysse, B. (2008). University spin-off firms: lessons from ten years of experience in Europe. Science and Public Policy, 35(2), 67–80.
Ni, H., Luan, T., Cao, Y., & Finlay, D. C. (2014). Can venture capital trigger innovation? New evidence from China. International Journal of Technology Management, 65(1-4), 189–214.
Nicotra, M., Romano, M., & Del Giudice, M. (2014). The Evolution Dynamic of a Cluster Knowledge Network: the Role of Firms' Absorptive Capacity. Journal of the Knowledge Economy, 5(1), 70–93.
O’Shea, R. P., Allen, T. J., Chevalier, A., & Roche, F. (2005). Entrepreneurial orientation, technology transfer and spinoff performance of US universities. Research Policy, 34(7), 994–1009.
O’Shea, R. P., Chugh, H., & Allen, T. J. (2008). Determinants and consequences of university spinoff activity: a conceptual framework. The Journal of Technology Transfer, 33(6), 653–666.
OECD (2012) Education at a Glance 2012, OECD Indicators.
Oliveira, M. A., Ferreira, J. J. P., Ye, Q., & Van Geenhuizen, M. (2013) Spin-up: A comprehensive program aimed to accelerate university spin-off growth. In Proceedings of the 8th European Conference on Innovation and Entrepreneurship (ECIE 2013) (Vol. 1, pp. 34–44).
Ortín-Ángel, P., & Vendrell-Herrero, F. (2010). Why do university spin-offs attract more venture capitalists? Venture Capital, 12(4), 285–306.
Ozmel, U., Reuer, J. J., & Gulati, R. (2013). Signals across multiple networks: How venture capital and alliance networks affect interorganizational collaboration. Academy of Management Journal, 56(3), 852–866.
Pattnaik, P. N., & Pandey, S. C. (2016). Revisiting University Spinoffs: Conceptual Advancements and Theoretical Underpinnings. International Journal of Innovation and Technology Management, 13(1), 1–13.
Penrose, E. T. (1959). The theory of the growth of the firm. Oxford: Basil Blackwell.
Perez, M. P., & Sánchez, A. M. (2003). The development of university spin-offs: early dynamics of technology transfer and networking. Technovation, 23(10), 823–831.
Perkmann, M., Tartari, V., McKelvey, M., Autio, E., Broström, A., D’Este, P., & Krabel, S. (2013). Academic engagement and commercialisation: A review of the literature on university–industry relations. Research Policy, 42(2), 423–442.
Petruzzelli, A. M. (2011). The impact of technological relatedness, prior ties, and geographical distance on university–industry collaborations: A joint-patent analysis. Technovation, 31(7), 309–319.
Philpott, K., Dooley, L., O'Reilly, C., & Lupton, G. (2011). The entrepreneurial university: Examining the underlying academic tensions. Technovation, 31(4), 161–170.
Radosevich, R. (1995). A model for entrepreneurial spin–offs from public technology sources. International Journal of Technology Management, 10(7-8), 879–893.
Ragozzino, R., & Blevins, D. P. (2016). Venture-Backed Firms: How Does Venture Capital Involvement Affect Their Likelihood of Going Public or Being Acquired? Entrepreneurship Theory and Practice, 40(5), 991–1016.
Rasmussen, E. (2008). Government instruments to support the commercialization of university research: Lessons from Canada. Technovation, 28(8), 506–517.
Rasmussen, E., & Borch, O. J. (2010). University capabilities in facilitating entrepreneurship: A longitudinal study of spin-off ventures at mid-range universities. Research Policy, 39(5), 602–612.
Rasmussen, E., & Sørheim, R. (2012). How governments seek to bridge the financing gap for university spin-offs: Proof-of-concept, pre-seed, and seed funding. Technology Analysis & Strategic Management, 24(7), 663–678.
Rasmussen, E., & Wright, M. (2015). How can universities facilitate academic spin-offs? An entrepreneurial competency perspective. The Journal of Technology Transfer, 40(5), 782–799.
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(6), 1314–1345.
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(1), 92–106.
Rodeiro-Pazos, D., Fernández-López, S., Otero-González, L., & Rodríguez-Sandiás, A. (2012). A resource-based view of university spin-off activity: New evidence from the Spanish case. Revista Europea de Dirección y Economía de la Empresa, 21(3), 255–265.
Rodríguez-Gulías, M. J., Rodeiro-Pazos, D., & Fernández-López, S. (2016a). The regional effect on the innovative performance of university spin-offs: a multilevel approach. Journal of the Knowledge Economy, 7(4), 869–889.
Rodríguez-Gulías, M. J., Rodeiro-Pazos, D., & Fernández-López, S. (2016b) Impact of venture capital on the growth of university spin-offs. In M. Peris-Ortiz, J. Ferreira, L. Farinha, N. Fernandes (Eds.), Multiple helix ecosystems for sustainable competitiveness. Innovation, Technology, and Knowledge Management. Cham: Springer. https://doi.org/10.1007/978-3-319-29677-7_11.
Rodríguez-Gulías, M. J., Rodeiro-Pazos, D., & Fernández-López, S. (2017). The effect of university and regional knowledge spillovers on firms’ performance: an analysis of the Spanish USOs. International Entrepreneurship and Management Journal, 13(1), 191–209.
Rosenbusch, N., Rauch, A., & Bausch, A. (2013). The Mediating Role of Entrepreneurial Orientation in the Task Environment–Performance Relationship A Meta-Analysis. Journal of Management, 39(3), 633–659.
Rossi, M. (2015). The role of venture capital funds in financing innovation in Italy. Constraints and challenges for innovative small firms. International Journal of Globalisation and Small Business, 7(2), 162–180.
Sahlman, W. A. (1990). The structure and governance of venture-capital organizations. Journal of Financial Economics, 27(2), 473–521.
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, 40–51.
Schuh, G., & Drescher, T. (2014). Systematic leverage of technological assets: A case study for automated tissue engineering. Journal of Engineering and Technology Management, 32, 76–96.
Shane, S. (2002). Executive forum: university technology transfer to entrepreneurial companies. Journal of Business Venturing, 17(6), 537–552.
Shane, S. A. (2004). Academic entrepreneurship: University spinoffs and wealth creation. Cheltenham: Edward Elgar Publishing.
Siegel, D. S., Waldman, D., & Link, A. (2003). Assessing the impact of organizational practices on the relative productivity of university technology transfer offices: an exploratory study. Research Policy, 32(1), 27–48.
Smith, H. L., & Ho, K. (2006). Measuring the performance of Oxford University, Oxford Brookes University and the government laboratories’ spin-off companies. Research Policy, 35(10), 1554–1568.
Soetanto, D., & Van Geenhuizen, M. (2015). Getting the right balance: university networks’ influence on spin-offs’ attraction of funding for innovation. Technovation, 36, 26–38.
Sorenson, O., & Stuart, T. E. (2001). Syndication networks and the spatial distribution of venture capital investments. American Journal of Sociology, 106(6), 1546–1588.
Sørheim, R., Øystein Widding, L., Oust, M., & Madsen, Ø. (2011). Funding of university spin-off companies: a conceptual approach to financing challenges. Journal of Small Business and Enterprise Development, 18(1), 58–73.
Swamidass, P. M. (2013). University startups as a commercialization alternative: lessons from three contrasting case studies. The Journal of Technology Transfer, 38(6), 788–808.
Thursby, J. G., Jensen, R., & Thursby, M. C. (2001). Objectives, characteristics and outcomes of university licensing: A survey of major US universities. The Journal of Technology Transfer, 26(1-2), 59–72.
Tobar, M. (2004) Análisis de experiencias y factores claves en la formación de empresas tecnológicas universitarias. In Seminario internacional gestión de empresas tecnológicas universitarias. Barcelona.
Van Burg, E., Romme, A. G. L., Gilsing, V. A., & Reymen, I. M. (2008). Creating University Spin-Offs: A Science-Based Design Perspective. Journal of Product Innovation Management, 25(2), 114–128.
Vincett, P. S. (2010). The economic impacts of academic spin-off companies, and their implications for public policy. Research Policy, 39(6), 736–747.
Visintin, F., & Pittino, D. (2014). Founding team composition and early performance of university—Based spin-off companies. Technovation, 34(1), 31–43.
Vohora, A., Wright, M., & Lockett, A. (2004). Critical junctures in the development of university high-tech spinout companies. Research Policy, 33(1), 147–175.
Wadhwa, A., Phelps, C., & Kotha, S. (2016). Corporate venture capital portfolios and firm innovation. Journal of Business Venturing, 31(1), 95–112.
Wennberg, K., Wiklund, J., & Wright, M. (2011). The effectiveness of university knowledge spillovers: performance differences between university spinoffs and corporate spinoffs. Research Policy, 40(8), 1128–1143.
Widding, L. O., Mathisen, M. T., & Madsen, O. (2009). University-affiliated venture capital funds: Funding of university spin-off companies. International Journal of Technology Transfer and Commercialisation, 8(2-3), 229–245.
Wright, M. (2014). Academic entrepreneurship, technology transfer and society: where next? The Journal of Technology Transfer, 39(3), 322–334.
Wright, M., Lockett, A., Clarysse, B., & Binks, M. (2006). University spin-out companies and venture capital. Research Policy, 35(4), 481–501.
Wright, M., Hmieleski, K. M., Siegel, D. S., & Ensley, M. D. (2007). The role of human capital in technological entrepreneurship. Entrepreneurship Theory and Practice, 31(6), 791–806.
Yagüe, R. M., & March, I. (2011). Performance analysis of research spin-offs in the Spanish biotechnology industry. Journal of Business Research, 65(12), 1782–1789.
Zhang, J. (2009). The performance of university spin-offs: an exploratory analysis using venture capital data. The Journal of Technology Transfer, 34(3), 255–285.
About this article
Cite this article
Rodríguez-Gulías, M.J., Rodeiro-Pazos, D., Fernández-López, S. et al. The role of venture capitalist to enhance the growth of Spanish and Italian university spin-offs. Int Entrep Manag J 14, 1111–1130 (2018). https://doi.org/10.1007/s11365-017-0489-9
- University spin-offs
- Venture capital
- Firm growth
- Panel data