Competing risk model for predicting stabilization period of university spin-off ventures

Joon Hyung Cho and So Young Sohn ()
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Joon Hyung Cho: Yonsei University
So Young Sohn: Yonsei University

International Entrepreneurship and Management Journal, 20 pages

Abstract: Abstract University spin-offs (USOs) are considered as a means of value creation derived from academic research. However, due to financial and managerial constraints, many USOs find it difficult to maintain their business and achieve stabilization. In this study, we investigate the factors affecting the time taken by USOs to reach their break-even point or to secure initial investment from venture capitals, whichever comes earlier. We specifically examine the effect of knowledge diversity, experiential knowledge, intellectual property, and the communication capacity of the USO founders on the time taken to reach stabilization. A competing risk model is applied to the survey data of USO founders in Korea. According to our findings, knowledge diversity, experiential knowledge, and communication capacity are significantly related to the time taken to reach the break-even point. Knowledge diversity, intellectual property, and communication capacity, on the other hand, are associated with the time taken to receive initial investment from venture capitals. Our study can contribute toward deriving strategies for USOs to increase their stabilization speed.

Keywords: University spin-off; Stabilization; Knowledge; Communication; Accelerated failure time model; Competing risk model (search for similar items in EconPapers)
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DOI: 10.1007/s11365-016-0422-7

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