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Internal funding, debt and external equity: which of these effectively improve the growth of university spin-offs?

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  • Christian Corsi
  • Antonio Prencipe

Abstract

The paper aims to explore the impact of different financing sources on the growth of university spin-offs (USOs). It hypothesises that both internal finance and debt finance have little to no positive effect on the growth of USOs. Whereas, equity finance is expected to have a stronger positive impact, especially in the form of private equity/venture capital. A panel sample of 621 Italian USOs was investigated over the 2004-2013 period. The results show a small positive impact from internal funding on USOs growth. Debt funding seems to have no impact, while external equity finance has a weak role, even when obtained from venture capital/private equity. The findings provide evidence that the USOs have financial constraints limiting their growth.

Suggested Citation

  • Christian Corsi & Antonio Prencipe, 2018. "Internal funding, debt and external equity: which of these effectively improve the growth of university spin-offs?," International Journal of Entrepreneurial Venturing, Inderscience Enterprises Ltd, vol. 10(6), pages 638-662.
    • Handle: RePEc:ids:ijeven:v:10:y:2018:i:6:p:638-662
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    Cited by:

    1. Klaudia Bracio & Marek Szarucki, 2020. "Mixed Methods Utilisation in Innovation Management Research: A Systematic Literature Review and Meta-Summary," JRFM, MDPI, vol. 13(11), pages 1-27, October.

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