Academic spin-offs, formal technology transfer and capital raising

Bart Clarysse, Mike Wright, Andy Lockett, Philippe Mustar and Mirjam Knockaert

Industrial and Corporate Change, 2007, vol. 16, issue 4, 609-640

Abstract: In this article we examine the influence of formal technology transfer from a public research organization (PRO) on the amount of capital a spin-off raises at start-up and the increase in capital post start-up. We examine these relationships using a unique sample of 135 spin-offs from PROs across five European countries. Our findings suggest that spin-offs with formal technology transfer start with a larger amount of capital but subsequently do not raise more capital than spin-offs without formal technology transfer. Copyright 2007 , Oxford University Press.

Date: 2007
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