Analysis of the survival determinants of University Spin-Offs in a crossnational sample

Abstract

An understanding of the dynamics related to university spin-off’s survival is a critical point for many scholars and policy makers, especially in the technology transfer process. Drawing on the population and organizational ecology perspectives and the resource-based view of the firm, this paper aims to investigate the survival determinants of University Spin-Offs (USOs). After applying event analysis techniques in a crossnational dataset of 1,275 Italian and Spanish USOs over the period 2005-2013, the findings show that firm size, firm age, industrial partners, and firm efficiency positively influence USOs’ survival, whereas patent activity decreases USOs’ chances to survive. Additionally, a U-shaped relationship between financial leverage and USOs’ survival emerges. Based on the emerging evidence, some policy and managerial implications are provided in order to help USOs to cross their “Valley of Death”.