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 transferReferences
AIFI (2001), “Relazione tra ricerca universitaria e venture capital: casi internazionali e prospettive italiane”, Collana Capitale di rischio e impresa, Quaderno n. 9, AIFI, Milano.
AIFI (2001a), “Incubatori privati: realtà internazionale e modello italiano”, Collana Capitale di rischio e impresa, Quaderno n. 10, AIFI, Milano.
AIFI (2004), “Manifesto per sostenere la nascita e lo sviluppo di nuove imprese high-tech”, Quaderni sull’Investimento nel Capitale di Rischio, n. 3, AIFI, Milano.
Balconi M., Breschi S., Lissoni F. (2002), Il Trasferimento di Conoscenze Tecnologiche dall’Università all’Industria in Italia: Nuova Evidenza sui Brevetti di Paternità dei Docenti,
Dipartimento di Economia Politica e Metodi Quantitativi, Università degli Studi di Pavia.
Benneworth P., Charles D. (2004), “University spin-off policies and economic development in less successful regions: learning from two decades of policy practice”, articolo presentato alla
conferenza Regionalization of Innovation Policy – Options and Experiences, Berlino, 4-5 giugno.
Bracchi G. (2005), “Lo sviluppo del Private Equity in Italia: opportunità e criticità”, convegno annuale AIFI, Milano, 4 aprile 2005.
Callegati E., Grandi S., Napier G. (2005), “Business Incubation and Venture Capital. An International Survey on Synergies and Challenges”, Joint IPI/IKED Working Paper.
Caroli M. G. (1999, 2003), Il Marketing Territoriale, Franco Angeli, Milano.
Chiesa V., Piccaluga A. (1998), “La nascita di imprese ad alta tecnologia. Gli spin-off della ricerca: un meccanismo di trasferimento delle conoscenze dalle complesse problematiche di
gestazione e gestione”, Impresa & Stato, n. 43, febbraio.
Chiesa V., Piccaluga A. (2000), “Exploitation and diffusion of public research: the case of academic spin-off companies in Italy”, R&D Management, vol. 30, n. 4.
Clarysse B., Lockett A., Quince T., Van de Velde E. (2002), “Spinning off new ventures: a typology of facilitating services”, Institute for the Promotion of Innovation by Science and
Technology in Flanders, IWT-Observatory, Innovation, Science, Technology, n. 41.
Degroof J. J., Roberts E. (2003), “Spinning-off new ventures from academic institutions in areas with weak entrepreneurial infrastructure: insights on the impact of spin-off processes on the
growth-orientation of ventures”, MIT Sloan School of Management, Working Paper 4311-03.
Degroof J. J., Roberts E. (2004), “Overcoming weak entrepreneurial infrastructures for academic spin-off ventures”, MIT, Industrial Performance Center, Working Paper Series, MIT-IPC-04-005.
Di Gregorio D., Shane S. (2003), “Why Do Some Universities Generate More Start-Ups than Others?”, Research Policy, n. 32, pp. 209–227.
Druilhe C., Garnsey E. (2004), “Do Academic Spin-Outs Differ and Does it Matter?”, Journal of Technology Transfer, vol. 29, pp. 269–285.
DTI (1993), Realising our potential: a strategy for science, engineering and technology, CM 225, London, HM Treasury, DTI.
DTI (2003), The Lambert Review of Business-University Collaboration, final report, London, DTI.
DTI (2003a) Competing in the Global Economy – the Innovation Challenge, London, DTI Economics Paper, n. 7.
DTI (2004), The Science & Innovation Investment Framework 2004-2014, London, HM Treasury, DTI, DfES.
Ensley M. D., Hmieleski K. M. (2005), “A comparative study of new venture top management team composition, dynamics and performance between university-based and
independent start-ups”, Research Policy, n. 34, pp. 1091–1105.
Eurobarometer (2005), SME Access to Finance, Flash Eurobarometer 174, European Commission.
European Trend Chart on Innovation (2002), The changing role of public support to academic spin-offs, Policy Benchmarking Workshop, 19-20 February 2002, European Commission, Enterprise Directorate-General Innovation/SMEs Programme.
Franklin S. J., Wright M., Lockett A. (2001), “Academic and Surrogate Entrepreneurs in University Spin-out Companies”, Journal of Technology Transfer, vol. 26, n. 1-2, pp. 127–141.
Franzoni C., (2004), “Organizing the Offices for Technology Transfer”, Working Paper Ceris-CNR, n. 15.
Gervasoni A. (2005), “Il Mercato Italiano del Private Equity e Venture Capital nel 2004”, convegno annuale AIFI, Milano, 4 aprile 2005.
Goktepe D., Etzkowitz H. (2005), “Towards an Assisted Linear Model of Innovation: an Exploratory Study of Technology Transfer Offices in the USA”, articolo presentato alla
conferenza: TripleHelix5, the Capitalization of Knowledge: cognitive, economic, social & cultural aspects, 18-21 maggio.
Harding R. (2004), “The government and university research in post-1945 Britain”, paper presented at the University of Glasgow’s conference, 10-11 September 2004, Governing University research: historical comparative perspectives, organised by the Europe-Japan Social
Science Research Centre.
HEFCE (2005), Higher Education-Business and Community Interaction Survey 2002-2003”, London, HEFCE.
Lockett A., Murray G., Wright M. (2002), “Do UK Venture Capitalists still have a Bias against Investment in New Technology Firms?”, in Research Policy, n. 31, pp. 1009–1030.
Lockett A., Siegel D., Wright M., Ensley M. (2005), “The creation of spin-off firms at public research institutions: managerial and policy implications”, Research Policy, n. 34, pp. 981–993.
Lockett A., Wright M. (2005), “Resources, capabilities, risk capital and the creation of university spin-out companies”, Research Policy, n. 34, pp. 1043–1057.
Lockett A., Wright M., Franklin S. (2003), “Technology Transfer and Universities’Spin-Out Strategies”, Small Business Economics, vol. 20, n. 2, pp. 185–200.
Mansani L. (1998), “Sono piccole, ma cresceranno? Gli ostacoli finanziari, il ruolo delle banche e le nuove prospettive per l’espansione delle imprese spin-off”, Impresa & Stato, n. 43.
Minshall T., Wicksteed B. (2005), University spin-out companies: starting to fill the evidence gap. A report on a pilot research project commissioned by the Gatsby Charitable Foundation,
Cambridge, St. John’s Innovation Centre Ltd., SQW Ltd.
Moray N., Clarysse B. (2005), “Institutional change and resource endowments to science-based entrepreneurial firms”, Research Policy, n. 34, pp. 1010–1027.
Murray F. (2004), “The Role of Academic Inventors in Entrepreneurial Firms: Sharing the Laboratory Life”, Research Policy, n. 33, pp. 643–659.
Murray G. (1999), “Early-stage Venture Capital Funds, Scale Economies and Public Support”, Venture Capital, vol. 1, n. 4, pp. 351 – 384.
Murray G., Lott J. (1995), “Have UK Venture Capitalists a Bias against Investment in New Technology-Based Firms?”, Research Policy, n. 24, pp. 283 – 299.
O’Shea R. P., Allen T. J., Chevalier A., Roche F. (2005), “Entrepreneurial orientation, technology transfer and spinoff performance of U.S. universities”, Research Policy, n. 34, pp.
994 – 1009.
Pirnay F. (1998), “Spin-off et essaimage: de quoi s’agit-il? Une revue de la litterature”, 4 ème Colloque International Francophone sur la PME, Metz-Nancy, 22-24 October.
Pirnay F., Surlemont B., Nlemvo F. (2003), “Toward a Typology of University Spin-offs”, Small Business Economics, n. 21, pp. 355–369.
Powers J. B., McDougall P. (2005), “Policy orientation effects on performance with licensing to start-ups and small companies”, Research Policy, n. 34, pp. 1028–1042.
Roberts E. (1991), “High Stakes for High-Tech Entrepreneurs: Understanding Venture Capital Decision Making”, Sloan Management Review, pp. 9–20.
Shane S. (2004), Academic Entrepreneurship. University Spinoffs and Wealth Creation, Cheltenham, UK: Edward Elgar.
Thursby J., Thursby M. (2002), “Who Is Selling the Ivory Tower? Sources of Growth in University Licensing”, Management Science, vol. 48, n. 1, pp. 90–104.
UNICO (2004), UK University Commercialisation Survey: Financial Year 2003, UNICO, Experìan.
Wright M., Birley S., Mosey S. (2004), “Entrepreneurship and University Technology Transfer”, Journal of Technology Transfer, vol. 29, n. 3-4, pp. 235 – 246.
Wright M., Vohora A., Lockett A. (2004), “The Formation of High-Tech University Spinouts: The Role of Joint Ventures and Venture Capital Investors”, Journal of Technology Transfer, vol. 29, n. 3-4, pp. 287–310.
AIFI (2001a), “Incubatori privati: realtà internazionale e modello italiano”, Collana Capitale di rischio e impresa, Quaderno n. 10, AIFI, Milano.
AIFI (2004), “Manifesto per sostenere la nascita e lo sviluppo di nuove imprese high-tech”, Quaderni sull’Investimento nel Capitale di Rischio, n. 3, AIFI, Milano.
Balconi M., Breschi S., Lissoni F. (2002), Il Trasferimento di Conoscenze Tecnologiche dall’Università all’Industria in Italia: Nuova Evidenza sui Brevetti di Paternità dei Docenti,
Dipartimento di Economia Politica e Metodi Quantitativi, Università degli Studi di Pavia.
Benneworth P., Charles D. (2004), “University spin-off policies and economic development in less successful regions: learning from two decades of policy practice”, articolo presentato alla
conferenza Regionalization of Innovation Policy – Options and Experiences, Berlino, 4-5 giugno.
Bracchi G. (2005), “Lo sviluppo del Private Equity in Italia: opportunità e criticità”, convegno annuale AIFI, Milano, 4 aprile 2005.
Callegati E., Grandi S., Napier G. (2005), “Business Incubation and Venture Capital. An International Survey on Synergies and Challenges”, Joint IPI/IKED Working Paper.
Caroli M. G. (1999, 2003), Il Marketing Territoriale, Franco Angeli, Milano.
Chiesa V., Piccaluga A. (1998), “La nascita di imprese ad alta tecnologia. Gli spin-off della ricerca: un meccanismo di trasferimento delle conoscenze dalle complesse problematiche di
gestazione e gestione”, Impresa & Stato, n. 43, febbraio.
Chiesa V., Piccaluga A. (2000), “Exploitation and diffusion of public research: the case of academic spin-off companies in Italy”, R&D Management, vol. 30, n. 4.
Clarysse B., Lockett A., Quince T., Van de Velde E. (2002), “Spinning off new ventures: a typology of facilitating services”, Institute for the Promotion of Innovation by Science and
Technology in Flanders, IWT-Observatory, Innovation, Science, Technology, n. 41.
Degroof J. J., Roberts E. (2003), “Spinning-off new ventures from academic institutions in areas with weak entrepreneurial infrastructure: insights on the impact of spin-off processes on the
growth-orientation of ventures”, MIT Sloan School of Management, Working Paper 4311-03.
Degroof J. J., Roberts E. (2004), “Overcoming weak entrepreneurial infrastructures for academic spin-off ventures”, MIT, Industrial Performance Center, Working Paper Series, MIT-IPC-04-005.
Di Gregorio D., Shane S. (2003), “Why Do Some Universities Generate More Start-Ups than Others?”, Research Policy, n. 32, pp. 209–227.
Druilhe C., Garnsey E. (2004), “Do Academic Spin-Outs Differ and Does it Matter?”, Journal of Technology Transfer, vol. 29, pp. 269–285.
DTI (1993), Realising our potential: a strategy for science, engineering and technology, CM 225, London, HM Treasury, DTI.
DTI (2003), The Lambert Review of Business-University Collaboration, final report, London, DTI.
DTI (2003a) Competing in the Global Economy – the Innovation Challenge, London, DTI Economics Paper, n. 7.
DTI (2004), The Science & Innovation Investment Framework 2004-2014, London, HM Treasury, DTI, DfES.
Ensley M. D., Hmieleski K. M. (2005), “A comparative study of new venture top management team composition, dynamics and performance between university-based and
independent start-ups”, Research Policy, n. 34, pp. 1091–1105.
Eurobarometer (2005), SME Access to Finance, Flash Eurobarometer 174, European Commission.
European Trend Chart on Innovation (2002), The changing role of public support to academic spin-offs, Policy Benchmarking Workshop, 19-20 February 2002, European Commission, Enterprise Directorate-General Innovation/SMEs Programme.
Franklin S. J., Wright M., Lockett A. (2001), “Academic and Surrogate Entrepreneurs in University Spin-out Companies”, Journal of Technology Transfer, vol. 26, n. 1-2, pp. 127–141.
Franzoni C., (2004), “Organizing the Offices for Technology Transfer”, Working Paper Ceris-CNR, n. 15.
Gervasoni A. (2005), “Il Mercato Italiano del Private Equity e Venture Capital nel 2004”, convegno annuale AIFI, Milano, 4 aprile 2005.
Goktepe D., Etzkowitz H. (2005), “Towards an Assisted Linear Model of Innovation: an Exploratory Study of Technology Transfer Offices in the USA”, articolo presentato alla
conferenza: TripleHelix5, the Capitalization of Knowledge: cognitive, economic, social & cultural aspects, 18-21 maggio.
Harding R. (2004), “The government and university research in post-1945 Britain”, paper presented at the University of Glasgow’s conference, 10-11 September 2004, Governing University research: historical comparative perspectives, organised by the Europe-Japan Social
Science Research Centre.
HEFCE (2005), Higher Education-Business and Community Interaction Survey 2002-2003”, London, HEFCE.
Lockett A., Murray G., Wright M. (2002), “Do UK Venture Capitalists still have a Bias against Investment in New Technology Firms?”, in Research Policy, n. 31, pp. 1009–1030.
Lockett A., Siegel D., Wright M., Ensley M. (2005), “The creation of spin-off firms at public research institutions: managerial and policy implications”, Research Policy, n. 34, pp. 981–993.
Lockett A., Wright M. (2005), “Resources, capabilities, risk capital and the creation of university spin-out companies”, Research Policy, n. 34, pp. 1043–1057.
Lockett A., Wright M., Franklin S. (2003), “Technology Transfer and Universities’Spin-Out Strategies”, Small Business Economics, vol. 20, n. 2, pp. 185–200.
Mansani L. (1998), “Sono piccole, ma cresceranno? Gli ostacoli finanziari, il ruolo delle banche e le nuove prospettive per l’espansione delle imprese spin-off”, Impresa & Stato, n. 43.
Minshall T., Wicksteed B. (2005), University spin-out companies: starting to fill the evidence gap. A report on a pilot research project commissioned by the Gatsby Charitable Foundation,
Cambridge, St. John’s Innovation Centre Ltd., SQW Ltd.
Moray N., Clarysse B. (2005), “Institutional change and resource endowments to science-based entrepreneurial firms”, Research Policy, n. 34, pp. 1010–1027.
Murray F. (2004), “The Role of Academic Inventors in Entrepreneurial Firms: Sharing the Laboratory Life”, Research Policy, n. 33, pp. 643–659.
Murray G. (1999), “Early-stage Venture Capital Funds, Scale Economies and Public Support”, Venture Capital, vol. 1, n. 4, pp. 351 – 384.
Murray G., Lott J. (1995), “Have UK Venture Capitalists a Bias against Investment in New Technology-Based Firms?”, Research Policy, n. 24, pp. 283 – 299.
O’Shea R. P., Allen T. J., Chevalier A., Roche F. (2005), “Entrepreneurial orientation, technology transfer and spinoff performance of U.S. universities”, Research Policy, n. 34, pp.
994 – 1009.
Pirnay F. (1998), “Spin-off et essaimage: de quoi s’agit-il? Une revue de la litterature”, 4 ème Colloque International Francophone sur la PME, Metz-Nancy, 22-24 October.
Pirnay F., Surlemont B., Nlemvo F. (2003), “Toward a Typology of University Spin-offs”, Small Business Economics, n. 21, pp. 355–369.
Powers J. B., McDougall P. (2005), “Policy orientation effects on performance with licensing to start-ups and small companies”, Research Policy, n. 34, pp. 1028–1042.
Roberts E. (1991), “High Stakes for High-Tech Entrepreneurs: Understanding Venture Capital Decision Making”, Sloan Management Review, pp. 9–20.
Shane S. (2004), Academic Entrepreneurship. University Spinoffs and Wealth Creation, Cheltenham, UK: Edward Elgar.
Thursby J., Thursby M. (2002), “Who Is Selling the Ivory Tower? Sources of Growth in University Licensing”, Management Science, vol. 48, n. 1, pp. 90–104.
UNICO (2004), UK University Commercialisation Survey: Financial Year 2003, UNICO, Experìan.
Wright M., Birley S., Mosey S. (2004), “Entrepreneurship and University Technology Transfer”, Journal of Technology Transfer, vol. 29, n. 3-4, pp. 235 – 246.
Wright M., Vohora A., Lockett A. (2004), “The Formation of High-Tech University Spinouts: The Role of Joint Ventures and Venture Capital Investors”, Journal of Technology Transfer, vol. 29, n. 3-4, pp. 287–310.
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