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Spinouts from academic institutions: a literature review with suggestions for further research
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- Annelore Huyghe & Mirjam Knockaert & Mike Wright & Evila Piva, 2014. "Technology transfer offices as boundary spanners in the pre-spin-off process: the case of a hybrid model," Small Business Economics, Springer, vol. 43(2), pages 289-307, August.
- Donato Iacobucci & Alessandra Micozzi, 2015. "How to evaluate the impact of academic spin-offs on local development: an empirical analysis of the Italian case," The Journal of Technology Transfer, Springer, vol. 40(3), pages 434-452, June.
- Damiano Bonardo & Stefano Paleari & Silvio Vismara, 2010. "The M&A dynamics of European science-based entrepreneurial firms," The Journal of Technology Transfer, Springer, vol. 35(1), pages 141-180, February.
- Juan Pablo Diánez-González & Carmen Camelo-Ordaz, 2016. "How management team composition affects academic spin-offs’ entrepreneurial orientation: the mediating role of conflict," The Journal of Technology Transfer, Springer, vol. 41(3), pages 530-557, June.
- Giuliano Sansone & Daniele Battaglia & Paolo Landoni & Emilio Paolucci, 2021. "Academic spinoffs: the role of entrepreneurship education," International Entrepreneurship and Management Journal, Springer, vol. 17(1), pages 369-399, March.
- Donato Iacobucci & Alessandra Micozzi, 2012. "How to evaluate the impact of academic spin-offs on regional development," Working Papers 1204, c.MET-05 - Centro Interuniversitario di Economia Applicata alle Politiche per L'industria, lo Sviluppo locale e l'Internazionalizzazione.
- Giulio Cainelli & Donato Iacobucci & Alessandra Micozzi, 2015. "Determinants of territorial differences in entrepreneurial rates. An empirical analysis of Italian local systems," Working Papers 1502, c.MET-05 - Centro Interuniversitario di Economia Applicata alle Politiche per L'industria, lo Sviluppo locale e l'Internazionalizzazione, revised Feb 2015.
- Valérie François & Pascal Philippart, 2019.
"A university spin-off launch failure: explanation by the legitimation process,"
The Journal of Technology Transfer, Springer, vol. 44(4), pages 1188-1215, August.
- Valérie François & Pascal Philippart, 2017. "A university spin-off launch failure: explanation by the legitimation process," Post-Print hal-01745283, HAL.
- Konstantinos Pitsakis & Vangelis Souitaris & Nicos Nicolaou, 2015. "The Peripheral Halo Effect: Do Academic Spinoffs Influence Universities' Research Income?," Journal of Management Studies, Wiley Blackwell, vol. 52(3), pages 321-353, May.
- Zarrabeitia Bilbao, Enara & Ruiz de Arbulo López, Patxi & Díaz de Basurto Uraga, Pablo, 2015. "Euskal herriko unibertsitatearen eragina spin-offen sortze- eta garapen-prozesuan," Revista de Dirección y Administración de Empresas, Universidad del País Vasco - Escuela Universitaria de Estudios Empresariales de San Sebastián.
- Uhlbach, Wolf-Hendrik & Tartari, Valentina & Kongsted, Hans Christian, 2022. "Beyond scientific excellence: International mobility and the entrepreneurial activities of academic scientists," Research Policy, Elsevier, vol. 51(1).
- Cantu-Ortiz, Francisco J. & Galeano, Nathalíe & Mora-Castro, Patricia & Fangmeyer, James, 2017. "Spreading academic entrepreneurship: Made in Mexico," Business Horizons, Elsevier, vol. 60(4), pages 541-550.
- Alejandro Bengoa & Amaia Maseda & Txomin Iturralde & Gloria Aparicio, 2021. "A bibliometric review of the technology transfer literature," The Journal of Technology Transfer, Springer, vol. 46(5), pages 1514-1550, October.
- Thomas Åstebro & Pontus Braunerhjelm & Anders Broström, 2013.
"Does academic entrepreneurship pay?,"
Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 22(1), pages 281-311, February.
- Braunerhjelm, Pontus & Broström, Anders & Åstebro, Thomas, 2012. "Does Academic Entrepreneurship Pay?," Working Papers 2012:20, Swedish Entrepreneurship Forum.
- Thomas Astebro & Pontus Braunerhjelm & Anders Broström, 2013. "Does academic entrepreneurship pay?," Post-Print hal-00786650, HAL.
- Braunerhjelm, Pontus & Broström, Anders & Åstebro, Thomas, 2012. "Does Academic Entrepreneurship Pay?," Working Paper Series in Economics and Institutions of Innovation 289, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies.
- Astebro , Thomas B. & Braunerhjelm, Pontus & Broström , Anders, 2012. "Does Academic Entrepreneurship Pay?," HEC Research Papers Series 970, HEC Paris.
- Mark R. Ayoub & Sandra Gottschalk & Bettina Müller, 2017. "Impact of public seed-funding on academic spin-offs," The Journal of Technology Transfer, Springer, vol. 42(5), pages 1100-1124, October.
- Annelore Huyghe & Mirjam Knockaert, 2015. "The influence of organizational culture and climate on entrepreneurial intentions among research scientists," The Journal of Technology Transfer, Springer, vol. 40(1), pages 138-160, February.
- Bergmann, Heiko & Geissler, Mario & Hundt, Christian & Grave, Barbara, 2018. "The climate for entrepreneurship at higher education institutions," Research Policy, Elsevier, vol. 47(4), pages 700-716.
- B. Urban & J. Chantson, 2019. "Academic entrepreneurship in South Africa: testing for entrepreneurial intentions," The Journal of Technology Transfer, Springer, vol. 44(3), pages 948-980, June.
- Shinya Suzuki & Hiroyuki Okamuro, 2016.
"Determinants of Academic Startups’ Orientation toward International Business Expansion,"
Administrative Sciences, MDPI, vol. 7(1), pages 1-20, December.
- SUZUKI, Shinya & 鈴木, 真也 & OKAMURO, Hiroyuki & 岡室, 博之, 2015. "Determinants of Academic Startup's Orientation toward International Business Expansion," CCES Discussion Paper Series 55, Center for Research on Contemporary Economic Systems, Graduate School of Economics, Hitotsubashi University.
- Ricardo Moutinho & Manuel Au-Yong-Oliveira & Arnaldo Coelho & José Pires Manso, 2016. "Determinants of knowledge-based entrepreneurship: an exploratory approach," International Entrepreneurship and Management Journal, Springer, vol. 12(1), pages 171-197, March.
- Christopher Hayter, 2015. "Public or private entrepreneurship? Revisiting motivations and definitions of success among academic entrepreneurs," The Journal of Technology Transfer, Springer, vol. 40(6), pages 1003-1015, December.
- Massimo G. Colombo & Massimiliano Guerini & Cristina Rossi-Lamastra & Andrea Bonaccorsi, 2022. "The “first match” between high-tech entrepreneurial ventures and universities: the role of founders’ social ties," The Journal of Technology Transfer, Springer, vol. 47(1), pages 270-306, February.
- Thomas Brenner, 2014.
"Science, Innovation and National Growth,"
Working Papers on Innovation and Space
2014-03, Philipps University Marburg, Department of Geography.
- Brenner, Thomas, 2015. "Science, Innovation and National Growth," VfS Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 112873, Verein für Socialpolitik / German Economic Association.
- Åstebro, Thomas & Bazzazian, Navid & Braguinsky, Serguey, 2012.
"Startups by recent university graduates and their faculty: Implications for university entrepreneurship policy,"
Research Policy, Elsevier, vol. 41(4), pages 663-677.
- Thomas B. Astebro & Navid Bazzazian & Serguey Braguinsky, 2012. "Startups by recent university graduates and their faculty: Implications for university entrepreneurship policy," Post-Print hal-00715486, HAL.
- Stefan Hossinger & Jörn Block & Xiangyu Chen & Arndt Werner, 2023. "Venture creation patterns in academic entrepreneurship: the role of founder motivations," The Journal of Technology Transfer, Springer, vol. 48(1), pages 68-125, February.
- Fini, Riccardo & Grimaldi, Rosa & Meoli, Azzurra, 2020. "The effectiveness of university regulations to foster science-based entrepreneurship," Research Policy, Elsevier, vol. 49(10).
- Fritjof Karnani, 2013. "The university’s unknown knowledge: tacit knowledge, technology transfer and university spin-offs findings from an empirical study based on the theory of knowledge," The Journal of Technology Transfer, Springer, vol. 38(3), pages 235-250, June.
- Manuel Acosta & Daniel Coronado & M. Ángeles Martínez, 2018. "Does technological diversification spur university patenting?," The Journal of Technology Transfer, Springer, vol. 43(1), pages 96-119, February.
- Mario BENASSI & Matteo LANDONI & Francesco RENTOCCHINI, 2017. "University Management Practices and Academic Spin-offs," Departmental Working Papers 2017-11, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
- Morales-Gualdrón, Silvia Teresa, 2020. "A look at the evolution of the academic spin-offs creation in Iberoamerican countries: the cases of Spain and Colombia," TEC Empresarial, School of Business, Costa Rica Institute of Technology (ITCR), vol. 14(2), pages 32-46.
- Prokop, Daniel, 2021. "University entrepreneurial ecosystems and spinoff companies: Configurations, developments and outcomes," Technovation, Elsevier, vol. 107(C).
- Juan Jesus Arenas & Domingo González, 2018. "Technology Transfer Models and Elements in the University-Industry Collaboration," Administrative Sciences, MDPI, vol. 8(2), pages 1-17, June.
- Hyejin Jung & Byung-Keun Kim, 2018. "Determinant factors of university spin-off: the case of Korea," The Journal of Technology Transfer, Springer, vol. 43(6), pages 1631-1646, December.
- Marius Tuft Mathisen & Einar Rasmussen, 2019. "The development, growth, and performance of university spin-offs: a critical review," The Journal of Technology Transfer, Springer, vol. 44(6), pages 1891-1938, December.
- Francisco Javier Miranda & Antonio Chamorro & Sergio Rubio, 2018. "Re-thinking university spin-off: a critical literature review and a research agenda," The Journal of Technology Transfer, Springer, vol. 43(4), pages 1007-1038, August.
- María Elena Gómez-Miranda & Isabel Román-Martínez, 2016. "Las spin-off universitarias españolas: análisis económico-financiero y factores que condicionan su cifra de negocios," Hacienda Pública Española / Review of Public Economics, IEF, vol. 217(2), pages 131-155, June.
- Donato Iacobucci & Alessandra Micozzi & Andrea Piccaluga, 2015. "An empirical analysis of the relationship between university investments in the Technology Transfer Offices and academic spin-offs," Working Papers 1504, c.MET-05 - Centro Interuniversitario di Economia Applicata alle Politiche per L'industria, lo Sviluppo locale e l'Internazionalizzazione, revised Feb 2015.
- Cyrine Ben-Hafaïedh & Alessandra Micozzi & Pierpaolo Pattitoni, 2018.
"Academic spin-offs’ entrepreneurial teams and performance: a subgroups approach,"
The Journal of Technology Transfer, Springer, vol. 43(3), pages 714-733, June.
- Cyrine Ben-Hafaïedh & Alessandra Micozzi & Pierpaolo Pattitoni, 2017. "Academic spin-offs’ entrepreneurial teams and performance: a subgroups approach," Post-Print hal-01744886, HAL.
- Michele Meoli & Silvio Vismara, 2016. "University support and the creation of technology and non-technology academic spin-offs," Small Business Economics, Springer, vol. 47(2), pages 345-362, August.
- Alberto Gherardini & Alberto Nucciotti, 2017. "Yesterday’s giants and invisible colleges of today. A study on the ‘knowledge transfer’ scientific domain," Scientometrics, Springer;Akadémiai Kiadó, vol. 112(1), pages 255-271, July.
- Ekaterina Bjørnåli & Arild Aspelund, 2012. "The role of the entrepreneurial team and the board of directors in the internationalization of academic spin-offs," Journal of International Entrepreneurship, Springer, vol. 10(4), pages 350-377, December.
- Joern H. Block & Christian O. Fisch & Mirjam van Praag, 2017.
"The Schumpeterian entrepreneur: a review of the empirical evidence on the antecedents, behaviour and consequences of innovative entrepreneurship,"
Industry and Innovation, Taylor & Francis Journals, vol. 24(1), pages 61-95, January.
- Joern H. Block & Christian O. Fisch & Mirjam van Praag, 2016. "The Schumpeterian Entrepreneur: A Review of the Empirical Evidence on the Antecedents, Behavior, and Consequences of Innovative Entrepreneurship," Tinbergen Institute Discussion Papers 16-072/VII, Tinbergen Institute.
- Olga Mikhailova & Per Ingvar Olsen, 2016. "Internationalization of an academic invention through successive science-business networks: The case of TAVI," Journal of International Entrepreneurship, Springer, vol. 14(3), pages 441-471, September.
- Loredana Lucci, 2022. "Meso e macro determinants of the entrepreneurial success in university spin-offs," Advances in Management and Applied Economics, SCIENPRESS Ltd, vol. 12(1), pages 1-4.
- Helmut Fryges & Mike Wright, 2014.
"The origin of spin-offs: a typology of corporate and academic spin-offs,"
Small Business Economics, Springer, vol. 43(2), pages 245-259, August.
- H. Fryges & M. Wright, 2013. "The origin of spin-offs – A typology of corporate and academic spin-offs," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 13/864, Ghent University, Faculty of Economics and Business Administration.
- 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.
- Stefan Marc Hossinger & Xiangyu Chen & Arndt Werner, 2020. "Drivers, barriers and success factors of academic spin-offs: a systematic literature review," Management Review Quarterly, Springer, vol. 70(1), pages 97-134, February.
- Margit Kirs & Veiko Lember & Erkki Karo, 2021. "Technology transfer in economic periphery: Emerging patterns and policy challenges," Review of Policy Research, Policy Studies Organization, vol. 38(6), pages 677-706, November.
- Huan Li & Xi Yang & Xinlan Cai, 2022. "Academic spin-off activities and research performance: the mediating role of research collaboration," The Journal of Technology Transfer, Springer, vol. 47(4), pages 1037-1069, August.
- Bradford Barham & Jeremy Foltz & Ana Paula Melo, 2020.
"Academic Engagement, Commercialization, and Scholarship: Empirical Evidence from Agricultural and Life Scientists at US Land Grant Universities,"
NBER Chapters, in: Economics of Research and Innovation in Agriculture, pages 179-208,
National Bureau of Economic Research, Inc.
- Bradford L. Barham & Jeremy D. Foltz & Ana Paula Melo, 2020. "Academic Engagement, Commercialization, and Scholarship: Empirical Evidence from Agricultural and Life Scientists at U.S. Land-grant Universities," NBER Working Papers 26688, National Bureau of Economic Research, Inc.
- Dorner, Matthias & Fryges, Helmut & Schopen, Kathrin, 2017.
"Wages in high-tech start-ups – Do academic spin-offs pay a wage premium?,"
Research Policy, Elsevier, vol. 46(1), pages 1-18.
- Dorner, Matthias & Fryges, Helmut & Schopen, Kathrin, 2015. "Wages in high-tech start-ups: Do academic spin-offs pay a wage premium?," ZEW Discussion Papers 15-038, ZEW - Leibniz Centre for European Economic Research.
- Dorner, Matthias & Fryges, Helmut & Schopen, Kathrin, 2015. "Wages in high-tech start-ups - do academic spin-offs pay a wage premium?," IAB-Discussion Paper 201517, Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany].
- Pasi Hirvonen & Päivi Eriksson & Tero Montonen, 2021. "Me, You and the Big Picture: Top Academic Managers’ Narratives of Entrepreneurship," South Asian Journal of Business and Management Cases, , vol. 10(1), pages 101-110, April.
- Huyghe, Annelore & Knockaert, Mirjam & Obschonka, Martin, 2016. "Unraveling the “passion orchestra” in academia," Journal of Business Venturing, Elsevier, vol. 31(3), pages 344-364.
- Helmut Fryges & Bettina Müller & Michaela Niefert, 2014.
"Job machine, think tank, or both: what makes corporate spin-offs different?,"
Small Business Economics, Springer, vol. 43(2), pages 369-391, August.
- Fryges, Helmut & Müller, Bettina & Niefert, Michaela, 2013. "Job machine, think tank, or both: What makes corporate spinoffs different?," ZEW Discussion Papers 13-093, ZEW - Leibniz Centre for European Economic Research.
- Cáceres Carrasco, F. Rafael & Aceytuno, María Teresa, 2015. "Academic spin-offs incubation strategies: the case of the Andalusian region," Cuadernos de Gestión, Universidad del País Vasco - Instituto de Economía Aplicada a la Empresa (IEAE).
- Pinto, Hugo & Cruz, Ana & Gonçalves, Ana, 2011. "Hard Working Ant: An Eco-Tourism Spin-Off Creation Tale," Spatial and Organizational Dynamics Discussion Papers 2011-11, CIEO-Research Centre for Spatial and Organizational Dynamics, University of Algarve.
- Gilsing, V.A. & van Burg, E. & Romme, A.G.L., 2010. "Policy principles for the creation and success of corporate and academic spin-offs," Other publications TiSEM 4f828c53-0ac2-4ea7-9f90-4, Tilburg University, School of Economics and Management.
- Kamilla Kohn Rådberg & Hans Löfsten, 2023. "Developing a knowledge ecosystem for large-scale research infrastructure," The Journal of Technology Transfer, Springer, vol. 48(1), pages 441-467, February.
- Francesca Zanier, 2018. "Universit?, terza missione e sviluppo economico: le spin-off accademiche italiane," PRISMA Economia - Societ? - Lavoro, FrancoAngeli Editore, vol. 2018(1-2), pages 46-68.
- Daniel Prokop & Piers Thompson, 2023. "Defining networks in entrepreneurial ecosystems: the openness of ecosystems," Small Business Economics, Springer, vol. 61(2), pages 517-538, August.
- Andrea Setti, 2020. "Linking science-based firms with performance factors: An integrative systematic review of literature," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 9(2), pages 09-42, March.
- Heiko Bergmann & Christian Hundt & Rolf Sternberg, 2016. "What makes student entrepreneurs? On the relevance (and irrelevance) of the university and the regional context for student start-ups," Small Business Economics, Springer, vol. 47(1), pages 53-76, June.
- Massimo Colombo & Liliana Doganova & Evila Piva & Diego D’Adda & Philippe Mustar, 2015. "Hybrid alliances and radical innovation: the performance implications of integrating exploration and exploitation," The Journal of Technology Transfer, Springer, vol. 40(4), pages 696-722, August.
- Juan Pablo Diánez-González & Carmen Camelo-Ordaz & Mariluz Fernández-Alles, 2021. "Drivers and implications of entrepreneurial orientation for academic spin-offs," International Entrepreneurship and Management Journal, Springer, vol. 17(2), pages 1007-1035, June.
- Robert Huggins & Daniel Prokop & Piers Thompson, 2020. "Universities and open innovation: the determinants of network centrality," The Journal of Technology Transfer, Springer, vol. 45(3), pages 718-757, June.
- Giuseppe Criaco & Tommaso Minola & Pablo Migliorini & Christian Serarols-Tarrés, 2014. "“To have and have not”: founders’ human capital and university start-up survival," The Journal of Technology Transfer, Springer, vol. 39(4), pages 567-593, August.
- Tania Babina & Alex Xi He & Sabrina T. Howell & Elisabeth Ruth Perlman & Joseph Staudt, 2020.
"The Color of Money: Federal vs. Industry Funding of University Research,"
NBER Working Papers
28160, National Bureau of Economic Research, Inc.
- Tania Babina & Alex Xi He & Sabrina T. Howell & Elisabeth Ruth Perlman & Joseph Staudt, 2021. "The Color of Money: Federal vs. Industry Funding of University Research," Working Papers 21-26, Center for Economic Studies, U.S. Census Bureau.
- Christian Sandström & Karl Wennberg & Martin W. Wallin & Yulia Zherlygina, 2018. "Public policy for academic entrepreneurship initiatives: a review and critical discussion," The Journal of Technology Transfer, Springer, vol. 43(5), pages 1232-1256, October.
- Iacobucci, Donato & Perugini, Francesco, 2023. "Innovation performance in traditional industries: Does proximity to universities matter," Technological Forecasting and Social Change, Elsevier, vol. 189(C).
- Marina Van Geenhuizen & Qing Ye & Manuel Au-Yong-Oliveira, 2015. "University spin-off firms? internationalization: Importance of skills," ERSA conference papers ersa15p644, European Regional Science Association.
- Michael P. Ciuchta & Yan Gong & Anne S. Miner & Chaim Letwin & Anthony Sadler, 2016. "Imprinting and the progeny of university spin-offs," The Journal of Technology Transfer, Springer, vol. 41(5), pages 1113-1134, October.
- Lavinia Maria Mihali & Sabina Potra & Luisa Izabel Dungan & Romeo Negrea & Adrian Cioabla, 2022. "Key Factors of AS Performance in Emerging Central and Eastern European Countries: Evidence from Romania," Sustainability, MDPI, vol. 14(14), pages 1-24, July.
- Oscarina Conceição & Ana Paula Faria, 2014. "Determinants of research-based spin-offs survival," NIPE Working Papers 21/2014, NIPE - Universidade do Minho.
- Zellmer-Bruhn, Mary E. & Forbes, Daniel P. & Sapienza, Harry J. & Borchert, Patricia S., 2021. "Lab, Gig or Enterprise? How scientist-inventors form nascent startup teams," Journal of Business Venturing, Elsevier, vol. 36(1).
- Peter Jelfs & Helen Lawton Smith, 2021. "Financial performance studies of university spin-off companies (USOs) in the West Midlands," The Journal of Technology Transfer, Springer, vol. 46(6), pages 1949-1972, December.
- Müller, Kathrin, 2010.
"Academic spin-off's transfer speed--Analyzing the time from leaving university to venture,"
Research Policy, Elsevier, vol. 39(2), pages 189-199, March.
- Kathrin Müller, 2008. "Academic Spin-Off's Transfer Speed - Analyzing the Time from Leaving University to Venture," DRUID Working Papers 08-07, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
- Ming Chu Leung & John A. Mathews, 2011. "Origins and dynamics of university spin-offs: the case of Hong Kong," International Journal of Transitions and Innovation Systems, Inderscience Enterprises Ltd, vol. 1(2), pages 175-201.
- Colombo, Massimo G. & Piva, Evila, 2020. "Start-ups launched by recent STEM university graduates: The impact of university education on entrepreneurial entry," Research Policy, Elsevier, vol. 49(6).
- Saemundsson, Rognvaldur J. & Candi, Marina, 2017. "Absorptive capacity and the identification of opportunities in new technology-based firms," Technovation, Elsevier, vol. 64, pages 43-49.
- Diego Matricano & Luigi Guadalupi & Valerio Aniello Tutore & Francesco Andreottola & Mario Sorrentino, 2012. "The Creation of Academic Spin-offs: Evidences from Italy," DSI Essays Series, DSI - Dipartimento di Studi sull'Impresa, vol. 27.
- Markus A. Kirchberger & Larissa Pohl, 2016. "Technology commercialization: a literature review of success factors and antecedents across different contexts," The Journal of Technology Transfer, Springer, vol. 41(5), pages 1077-1112, October.
- Navid Bazzazian & Thomas Astebro, 2011. "Universities, Entrepreneurship and Local Economic Development," ERSA conference papers ersa10p822, European Regional Science Association.
- Lee, Kyootai & Jung, Hyun Ju, 2024. "What makes universities build academic spin-offs more successfully? A theory-based triangulation of quantitative studies based on meta-analyses," Journal of Business Venturing Insights, Elsevier, vol. 21(C).
- Anne Miner & Yan Gong & Michael Ciuchta & Anthony Sadler & John Surdyk, 2012. "Promoting university startups: international patterns, vicarious learning and policy implications," The Journal of Technology Transfer, Springer, vol. 37(2), pages 213-233, April.