Impact of Venture Capital on the Growth of University Spin-Offs

María Jesús Rodríguez-Gulías (), David Rodeiro-Pazos () and Sara Fernández-López
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María Jesús Rodríguez-Gulías: University of Vigo
David Rodeiro-Pazos: University of Santiago de Compostela

Chapter Chapter 11 in Multiple Helix Ecosystems for Sustainable Competitiveness, 2016, pp 169-183 from Springer

Abstract: Abstract In recent decades, universities, as part of the triple helix, have assumed a role in contributing to economic development by transferring technology to society through, among other mechanisms, the creation of university spin-off firms (USOs). USOs usually face certain problems, namely a lack of funding and a low level of business management knowledge of their founders. Since USOs face these problems to a greater extent than other kinds of firms, venture capital might help them in gaining access to the lacking resources and exert a positive impact on their performance. This study addresses this issue, since knowing whether venture capital influences USOs’ performance could help policy makers to plan their supportive policies better for these firms. The firms’ performance is measured as sales growth. To answer our research question, we use a longitudinal dataset of 212 Spanish USOs over the period 2001–2010. The results show that venture capital partners have a positive effect on the USOs’ growth. Consequently, we encourage the Government and academic authorities to design several policies for improving USOs’ success.

Keywords: Venture Capital; Triple Helix; Firm Growth; European Patent Office; Industrial Partner (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:spr:innchp:978-3-319-29677-7_11

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DOI: 10.1007/978-3-319-29677-7_11

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