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l finanziamento delle imprese Spin-off. Un confronto fra Italia e Regno Unito

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Abstract

This paper aims at examining the university spin-off firms context at present in place in Italy, with particular attention to the relationship with the academic institutions and the problems of financing. In the latest years, more and more attention is devoted to investigate the emergence of the university spin-off phenomenon. There is an increasing focus on universities’ entrepreneurial orientation and their ability to exploit and transfer scientific knowledge to the commercial sector. The present paper is based on a series of interviews held during the period May-July 2005 in several university spin-off firms in Milan, Bologna, Padova and Genova. The paper is divided in two parts. In the first one, after a theoretical background on the spin-off literature, it follows a general description of the United Kingdom context and the Italian university spin-off firms framework and their characteristics. The second part is focused on an analysis of the spin-off firms interviewed. The results highlight positive and negative factors in the relationship between university institutions and spin-off firms. Furthermore, the relationships with banks and venture capitalists are investigated. The interviews highlighted a lack of competencies in the financial sector and a general negative opinion on venture capital. Italian university spin-off firms have difficulties in negotiating good conditions with banks and are afraid to trust in venture capitalists. Besides, Italy doesn’t have an effective business angels network and it lacks seed capital. Therefore they prefer to count on the classical three Fs, “family, friends and fools”, to raise capital for their business. Notwithstanding, Italian university spin-off firms are characterised by a very high know-how background and a great desire of independence. In conclusion, Italy is just at the beginning in developing the university spin-off phenomenon. Most universities emanated spin-off regulations only in recent years. There is significant potential for the Italian university spin-off firms to play a bigger, more enhanced role in the creation of new jobs in the future, and in supporting technology transfer.

Suggested Citation

  • Elisa Salvador, 2006. "l finanziamento delle imprese Spin-off. Un confronto fra Italia e Regno Unito," CERIS Working Paper 200612, CNR-IRCrES Research Institute on Sustainable Economic Growth - Torino (TO) ITALY - former Institute for Economic Research on Firms and Growth - Moncalieri (TO) ITALY.
    • Handle: RePEc:csc:cerisp:200612
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    1. Alessandro Sembenelli & Laura Rondi & Fabio Schiantarelli & Brian Sack, 1993. "Firms' Financial And Real Responses To Business Cycle Shocks And Monetary Tightening: Evidence For Large And Small Italian Companies," CERIS Working Paper 199305, CNR-IRCrES Research Institute on Sustainable Economic Growth - Torino (TO) ITALY - former Institute for Economic Research on Firms and Growth - Moncalieri (TO) ITALY.
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    Cited by:

    1. Giovanna Mariani & Davide Morelli & Leonardo Bartoloni, 2019. "Managing uncertainty in the start-up environment. Is a business plan an incentive or a limitation?," MANAGEMENT CONTROL, FrancoAngeli Editore, vol. 2019(1), pages 73-96.
    2. Cinzia COLAPINTO, 2009. "Technology transfer and innovation: the case of public Universities in Milan, Italy," Departmental Working Papers 2009-11, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
    3. Muscio, Alessandro & Quaglione, Davide & Ramaciotti, Laura, 2016. "The effects of university rules on spinoff creation: The case of academia in Italy," Research Policy, Elsevier, vol. 45(7), pages 1386-1396.

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    More about this item

    Keywords

    University spin-offs; Technology transfer; Venture capital;
    All these keywords.

    JEL classification:

    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior

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