Complements or substitutes? The role of universities and local context in supporting the creation of academic spin-offs

Riccardo Fini (), Rosa Grimaldi, Simone Santoni and Maurizio Sobrero ()

Research Policy, 2011, vol. 40, issue 8, 1113-1127

Abstract: In this paper, we analyze the extent to which University-Level Support Mechanisms (ULSMs) and Local-Context Support Mechanisms (LCSMs) complement or substitute for each other in fostering the creation of academic spin-offs. Using a sample of 404 companies spun off from the 64 Italian Science, Technology, Engineering, and Mathematics universities (STEM universities) over the 2000-2007 period, we show that the ULSMs' marginal effect on universities' spin-off productivity may be positive or negative depending on the contribution offered by different LCSMs. Specifically, in any given region, ULSMs complement the legislative support offered to high-tech entrepreneurship whereas they have a substitution effect with regard to the amount of regional social capital, regional financial development, the presence of a regional business incubator, regional public R&D expenses as well as the level of innovative performance in the region. Results support the idea that regional settings' idiosyncrasies should be considered for universities to develop effective spin-off support policies. This paper contributes to the debate on the evaluation of economic policies supporting entrepreneurship.

Keywords: Academic; entrepreneurship; Academic; spin-offs; University-level; support; mechanisms; Local-context; support; mechanisms; Technology; transfer (search for similar items in EconPapers)
Date: 2011
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (121)

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