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

In: Multiple Helix Ecosystems for Sustainable Competitiveness

Author

Listed:
  • María Jesús Rodríguez-Gulías

    (University of Vigo)

  • David Rodeiro-Pazos

    (University of Santiago de Compostela)

  • Sara Fernández-López

    (University of Santiago de Compostela)

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.

Suggested Citation

  • María Jesús Rodríguez-Gulías & David Rodeiro-Pazos & Sara Fernández-López, 2016. "Impact of Venture Capital on the Growth of University Spin-Offs," Innovation, Technology, and Knowledge Management, in: Marta Peris-Ortiz & João J. Ferreira & Luís Farinha & Nuno O. Fernandes (ed.), Multiple Helix Ecosystems for Sustainable Competitiveness, chapter 0, pages 169-183, Springer.
    • Handle: RePEc:spr:innchp:978-3-319-29677-7_11
    DOI: 10.1007/978-3-319-29677-7_11
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    Cited by:

    1. Fernando ALMEIDA, 2018. "Insights And Perspectives From A Literature Review On University Spin-Offs," Management Research and Practice, Research Centre in Public Administration and Public Services, Bucharest, Romania, vol. 10(2), pages 27-40, June.
    2. María Jesús Rodríguez-Gulías & David Rodeiro-Pazos & Sara Fernández-López, 2017. "The effect of university and regional knowledge spillovers on firms’ performance: an analysis of the Spanish USOs," International Entrepreneurship and Management Journal, Springer, vol. 13(1), pages 191-209, March.

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