Abstract
The importance of academic spin-offs as a possible driver of economic and social development is now widely recognized, and their University of origin is a significant variable. The paper analyses the role of specific resources provided by university of origin in the spin-off growth process: technology transfer office, university brand and incubator presence. The research method is qualitative. It’s based on the analysis of four high-tech academic spin-offs created in University of Turin and already on the market. In particular investigation process analyzes the role of the three cited resources in overcoming obstacles faced by the spin offs in their various development phases and identifies key resources to overcome them. Therefore the article provides important managerial implications on the role that the University of origin should have in the academic spin-offs growth.
References
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Akerlof, G. (1970), “The market for lemons: quality uncertainty and the market mechanism”, Quarterly Journal of Economics, 85, 488-500.
Algieri, B., Aquino, A. and Succurro, M. (2013), “Technology transfer offices and academic spin-off creation: the case of Italy”, The Journal of Technology Transfer, 38(4), 382-400.
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Bruderl, J. and Schussler, R. (1990), “Organizational Mortality: the Liability of Newness and Adolescence”, Administrative Science Quarterly, 35, 530–547.
Carlsson, B. and Fridh, A. C. (2002), “Technology Transfer in the United States Universities”, Journal of Evolutionary Economics, 12(1-2), 199-232.
Cesaroni F. and Piccaluga A. (2015), “The activities of university knowledge trasnfer offices: towards the third mission in Italy”, Journal of Technology Transfer, DOI 10.1007/s10961-015-9401-3.
Churchill, N. C. and Lewis, V. L. (1983), “The Five Stages of Small Business Growth”, Harvard Business Review, May-June, 61(3), 30-39.
Clarysse, B., Tartari, V. and Salter, A. (2011a). “The impact of entrepreneurial capacity, experience and organizational support on academic entrepreneurship”, Research Policy, 40(8), 1084-1093.
Clarysse, B., Wright, M., Lockett, A., van de Elde, E. and Vohora, A. (2005), “Spinning out new ventures: a typology of incubation strategies from European research institutions”, Journal of Business Venturing, 20(2), 183–216.
Clarysse B., Wright, M. and van De Velde, E. (2011b), “Entrepreneurial origin, technological knowledge, and the growth of spin-offs companies”, Journal of Management Studies, 48(6), 1420-1442.
Cooper, A. C., (1985), “The role of incubator organizations in the founding of growth-oriented firms”, Journal of Business Venturing, 1(1), 75-86.
Di Gregorio, D. and Shane, S. (2003), “Why some universities generate more TLO start-ups than others?”, Research Policy, 32(2), 209-227.
Djokovic, D. and Souitaris, V. (2006), “Spinouts from academic institutions: a literature review with suggestions for further research”, The Journal of Technology Transfer, 33(3), 225–247.
Dyer, W.G. and Wilkins, A.L. (1991), “Better Stories, Not Better Constructs, to Generate Better Theory: A Rejoinder to Eisenhardt”, The Academy of Management Review, 16(3), 613-619.
Edmondson, A. C. and McManus, S. E. (2007), “Methodological fit in management field research”, The Academy of Management Review, 32(4), 1246-1264.
Eisenhardt, K. M. (1989), “Building theories from case study research”, Academy of Management Review, 14(4), 532-550.
Fichman, M. and Levinthal, D.A. (1991), “Honeymoons and the Liability of Adolescence: A New Perspective on Duration Dependence in Social and Organizational Relationship”, Academy of Management Review, 16(2), 442-468.
Gomez Gras, M., Galiana Lapera, D. R., Ignacio Mira Solves, I., Verdu´ Jover, A. J. And Sancho Azuar, J. (2008), “An empirical approach to the organizational determinants of spin-off creation in European universities”, International Entrepreneurship and Management Journal, 4(2), 187-198.
Gübeli, M.H. and Doloreux, D. (2005), "An empirical study of university spin-off development", European Journal of Innovation Management, 8(3), 269-282.
Iacobucci, D., Lazzeri, F., Micozzi, A. and Piccaluga, A. (2014), “University Entrepreneurial Orientation, Technology Transfer Offices and Academic Spin-Offs: An Empirical Analysis of Their Relations”. Paper Presented At Eu-SPRI Early Career Researcher Conference - Entrepreneurship For Societal Challenges Ancona, Italy, 21st – 23rd May.
Judson, K. M., Aurand T.W., Gorchels, L. and Gordon G.L. (2009), “Building a University Brand from Within: University Administrators' Perspectives of Internal Branding”, Service Marketing Quarterly, 30, 54-68.
Lee B., Collier, P.M. and Cullen J. (2007), “Reflections on the use of case studies in the accounting, management and organizational disciplines”, Qualitative Research in Organizations and Management: An International Journal, 2(3), 169-178.
Lockett, A., Siegel, D., Wright, M. and Ensley M. D. (2005), “The creation of spin-off firms at public research institutions: Managerial and policy implications”, Research Policy, 34(7), 981-993.
Lockett, A., Wright, M. and Franklin, S. (2003). “Technology transfer and universities’ spinout strategies”, Small Business Economics, 20(2), 185-200.
Lockett, A. and Wright, M. (2005), “Resources, Capabilities, Risk capital and the creation of University Spin-Out Companies” , Research Policy, 34(7), 1043-1057.
Markmand, G., Gianiodis, P., Phan, P. and Balkin, D. (2005), “Innovation speed: Transferring university technology to market”. Research Policy, 34, 1058–1075.
McAdam, M. and Marlow, S. (2008) "A preliminary investigation into networking activities within the university incubator", International Journal of Entrepreneurial Behavior & Research, 14(4), 219-241.
Mian, S. A. (1996), “Assessing value-added contributions of university technology business incubators to tenant firms”, Research Policy, 25, 325-335.
Muscio, A. (2010), “What Drives The University Use of Technology Transfer Offices? Evidence from Italy”, The Journal Of Technology Transfer, 35(2), 181–202.
Mustar, P., Clarysse, B. and Wright, M. (2007), “University spin-off firms in Europe: What have we learnt from ten years experience?” Position paper, Prime General Conference, 2007.
Netval (2015), http://www.netval.it/static/media/uploads/files/Rapporto_Netval_20141.pdf
O’Shea, R., Allen, T., Chevalier, A. and Roche, F. (2005), “Entrepreneurial Orientation, Technology Transfer and Spin-Off Performances Of U.S. Universities”, Research Policy, 34(7), 994-1009.
O’Shea, R., Chugh, H. and Allen, T. (2008), “Determinants and consequences of university spinoff activity: a conceptual framework”, The Journal of Technology Transfer, 33(6), 653-666.
Philpott, K., Dooley, L., O’Reilly, C. and Lupton, G. (2011), “The entrepreneurial university: examining the underlying academic tensions”, Technovation 31(4), 161-170.
Piccaluga, A. and Balderi, C. (2006), “Consistenza ed evoluzione delle imprese spin-off della ricerca pubblica in Italia”, Research Report. Atti del Workshop ”Finanza & Innovazione”, Finlombarda. Milano, 25 Settembre.
Pirnay, F., Surlemont, B. and Nlemvo, F. (2003), “Toward a typology of university spin-offs”, Small Business Economics, 21(4), 355-369.
Rasmussen, E., Mosey, S. and Wright M. (2011), “The evolution of entrepreneurial competencies: A longitudinal study of university spin‐off venture emergence”, Journal of Management Studies, 48(6), 1314-1345.
Rothaermel, F. T., Agung, S. D. and Jiang, L. (2007), “University entrepreneurship: a taxonomy of the literature”, Industrial and Corporate Change, 16(4), 691-791.
Rothaermel, F. and Thursby, M. (2005), “University-incubator firm knowledge flows: assessing their impact on incubator firm performance”, Research Policy 34(3), 305-324.
Salvador, E. (2010), “Are science parks and incubators good “brand names” for spin-offs? The case study of Turin”, The Journal of Technology Transfer, 36(2), 203-232.
Shane, S. and Stuart, T. (2002), “Organizational Endowments and the Performance of University Start-ups”, Management Science, 48(1), 154-170.
Siegel, D. S., Wright, M. and Lockett, A. (2007), “The Rise of the Entrepreneurial Activities at Universities: Organizational and Societal Implications”, Industrial and Corporate Change, 16(4), 489-504.
Sohl, J. (2003), “The Private Equity Market in the USA: Lessons from Volatility”, Venture Capital, 5(1), 29-46.
Stinchcombe, A. L. (1965), “Organizations and Social Structure”, in J. March (ed.), Handbook of Organizations, Chicago, Randy McNally.
Torero, M., Darby, M. R. and Zucker, L. G. (2001). “The importance of intellectual human capital in the birth of the semiconductor industry”. Working paper, UCLA Anderson School, Los Angeles, CA.
Uberbacher, F. (2014), “Legitimation of new ventures: A review and research programme”, Journal of Management Studies, 51(4), 667-698.
van Geenhuizen, M. and Soetanto, D. P. (2009), “Academic spin-offs at different ages: a case study in search of key obstacles to growth”, Technovation, 29(10), 671-681.
Vohora, A., Wright M. and Lockett, A. (2004), “Critical Junctures in the Development of University High-tech Spinout Companies", Research Policy, 33(1), 147-175.
Walter, A., Auer, M. and Ritter, T. (2006), “The Impact of Network Capabilities and Entrepreneurial Orientation on University Spin-off Performance”, Journal of Business Venturing, 21(4), 541-567.
Wennberg, K., Wiklund, J. and Wright, M. (2011), “The effectiveness of university knowledge spillovers: performance differences between university spinoffs and corporate spinoffs”, Research Policy, 40(8), 1128-1143.
Wernerfelt, B. (1984), “A resource‐based view of the firm”, Strategic Management Journal, 5(2), 171-180.
Yin, R. (1984), Case Study Research, CA: Sage Publications, Beverly Hills.
Zucker, L. G., Darby, M. R. and Armstrong J. S. (2002), “Commercializing Knowledge: University Science, Knowledge Capture, and Firm Performance in Biotechnology”, Management Science”, 48(1), 138-153
Akerlof, G. (1970), “The market for lemons: quality uncertainty and the market mechanism”, Quarterly Journal of Economics, 85, 488-500.
Algieri, B., Aquino, A. and Succurro, M. (2013), “Technology transfer offices and academic spin-off creation: the case of Italy”, The Journal of Technology Transfer, 38(4), 382-400.
Barney, J. B. (1991), “Firm resources and sustained competitive advantage”, Journal of Management, 17(1), 99-120.
Barney, J. B. (2006), Gaining and Sustaining Competitive Advantage (3rd ed.), Englewood Cliffs (NJ): Prentice Hall.
Boh, W.F., De-Haan, U. and Strom, R., “University technology transfer through entrepreneurship: faculty and students in spin-offs”, Journal of Technology Transfer, DOI 10.1007/s10961-015-9399-6
Brockhaus, R. H. (1980), “Risk Taking Propensity of Entrepreneurs”, Academy of Management Journal, 23(3), 509-520
Bruderl, J. and Schussler, R. (1990), “Organizational Mortality: the Liability of Newness and Adolescence”, Administrative Science Quarterly, 35, 530–547.
Carlsson, B. and Fridh, A. C. (2002), “Technology Transfer in the United States Universities”, Journal of Evolutionary Economics, 12(1-2), 199-232.
Cesaroni F. and Piccaluga A. (2015), “The activities of university knowledge trasnfer offices: towards the third mission in Italy”, Journal of Technology Transfer, DOI 10.1007/s10961-015-9401-3.
Churchill, N. C. and Lewis, V. L. (1983), “The Five Stages of Small Business Growth”, Harvard Business Review, May-June, 61(3), 30-39.
Clarysse, B., Tartari, V. and Salter, A. (2011a). “The impact of entrepreneurial capacity, experience and organizational support on academic entrepreneurship”, Research Policy, 40(8), 1084-1093.
Clarysse, B., Wright, M., Lockett, A., van de Elde, E. and Vohora, A. (2005), “Spinning out new ventures: a typology of incubation strategies from European research institutions”, Journal of Business Venturing, 20(2), 183–216.
Clarysse B., Wright, M. and van De Velde, E. (2011b), “Entrepreneurial origin, technological knowledge, and the growth of spin-offs companies”, Journal of Management Studies, 48(6), 1420-1442.
Cooper, A. C., (1985), “The role of incubator organizations in the founding of growth-oriented firms”, Journal of Business Venturing, 1(1), 75-86.
Di Gregorio, D. and Shane, S. (2003), “Why some universities generate more TLO start-ups than others?”, Research Policy, 32(2), 209-227.
Djokovic, D. and Souitaris, V. (2006), “Spinouts from academic institutions: a literature review with suggestions for further research”, The Journal of Technology Transfer, 33(3), 225–247.
Dyer, W.G. and Wilkins, A.L. (1991), “Better Stories, Not Better Constructs, to Generate Better Theory: A Rejoinder to Eisenhardt”, The Academy of Management Review, 16(3), 613-619.
Edmondson, A. C. and McManus, S. E. (2007), “Methodological fit in management field research”, The Academy of Management Review, 32(4), 1246-1264.
Eisenhardt, K. M. (1989), “Building theories from case study research”, Academy of Management Review, 14(4), 532-550.
Fichman, M. and Levinthal, D.A. (1991), “Honeymoons and the Liability of Adolescence: A New Perspective on Duration Dependence in Social and Organizational Relationship”, Academy of Management Review, 16(2), 442-468.
Gomez Gras, M., Galiana Lapera, D. R., Ignacio Mira Solves, I., Verdu´ Jover, A. J. And Sancho Azuar, J. (2008), “An empirical approach to the organizational determinants of spin-off creation in European universities”, International Entrepreneurship and Management Journal, 4(2), 187-198.
Gübeli, M.H. and Doloreux, D. (2005), "An empirical study of university spin-off development", European Journal of Innovation Management, 8(3), 269-282.
Iacobucci, D., Lazzeri, F., Micozzi, A. and Piccaluga, A. (2014), “University Entrepreneurial Orientation, Technology Transfer Offices and Academic Spin-Offs: An Empirical Analysis of Their Relations”. Paper Presented At Eu-SPRI Early Career Researcher Conference - Entrepreneurship For Societal Challenges Ancona, Italy, 21st – 23rd May.
Judson, K. M., Aurand T.W., Gorchels, L. and Gordon G.L. (2009), “Building a University Brand from Within: University Administrators' Perspectives of Internal Branding”, Service Marketing Quarterly, 30, 54-68.
Lee B., Collier, P.M. and Cullen J. (2007), “Reflections on the use of case studies in the accounting, management and organizational disciplines”, Qualitative Research in Organizations and Management: An International Journal, 2(3), 169-178.
Lockett, A., Siegel, D., Wright, M. and Ensley M. D. (2005), “The creation of spin-off firms at public research institutions: Managerial and policy implications”, Research Policy, 34(7), 981-993.
Lockett, A., Wright, M. and Franklin, S. (2003). “Technology transfer and universities’ spinout strategies”, Small Business Economics, 20(2), 185-200.
Lockett, A. and Wright, M. (2005), “Resources, Capabilities, Risk capital and the creation of University Spin-Out Companies” , Research Policy, 34(7), 1043-1057.
Markmand, G., Gianiodis, P., Phan, P. and Balkin, D. (2005), “Innovation speed: Transferring university technology to market”. Research Policy, 34, 1058–1075.
McAdam, M. and Marlow, S. (2008) "A preliminary investigation into networking activities within the university incubator", International Journal of Entrepreneurial Behavior & Research, 14(4), 219-241.
Mian, S. A. (1996), “Assessing value-added contributions of university technology business incubators to tenant firms”, Research Policy, 25, 325-335.
Muscio, A. (2010), “What Drives The University Use of Technology Transfer Offices? Evidence from Italy”, The Journal Of Technology Transfer, 35(2), 181–202.
Mustar, P., Clarysse, B. and Wright, M. (2007), “University spin-off firms in Europe: What have we learnt from ten years experience?” Position paper, Prime General Conference, 2007.
Netval (2015), http://www.netval.it/static/media/uploads/files/Rapporto_Netval_20141.pdf
O’Shea, R., Allen, T., Chevalier, A. and Roche, F. (2005), “Entrepreneurial Orientation, Technology Transfer and Spin-Off Performances Of U.S. Universities”, Research Policy, 34(7), 994-1009.
O’Shea, R., Chugh, H. and Allen, T. (2008), “Determinants and consequences of university spinoff activity: a conceptual framework”, The Journal of Technology Transfer, 33(6), 653-666.
Philpott, K., Dooley, L., O’Reilly, C. and Lupton, G. (2011), “The entrepreneurial university: examining the underlying academic tensions”, Technovation 31(4), 161-170.
Piccaluga, A. and Balderi, C. (2006), “Consistenza ed evoluzione delle imprese spin-off della ricerca pubblica in Italia”, Research Report. Atti del Workshop ”Finanza & Innovazione”, Finlombarda. Milano, 25 Settembre.
Pirnay, F., Surlemont, B. and Nlemvo, F. (2003), “Toward a typology of university spin-offs”, Small Business Economics, 21(4), 355-369.
Rasmussen, E., Mosey, S. and Wright M. (2011), “The evolution of entrepreneurial competencies: A longitudinal study of university spin‐off venture emergence”, Journal of Management Studies, 48(6), 1314-1345.
Rothaermel, F. T., Agung, S. D. and Jiang, L. (2007), “University entrepreneurship: a taxonomy of the literature”, Industrial and Corporate Change, 16(4), 691-791.
Rothaermel, F. and Thursby, M. (2005), “University-incubator firm knowledge flows: assessing their impact on incubator firm performance”, Research Policy 34(3), 305-324.
Salvador, E. (2010), “Are science parks and incubators good “brand names” for spin-offs? The case study of Turin”, The Journal of Technology Transfer, 36(2), 203-232.
Shane, S. and Stuart, T. (2002), “Organizational Endowments and the Performance of University Start-ups”, Management Science, 48(1), 154-170.
Siegel, D. S., Wright, M. and Lockett, A. (2007), “The Rise of the Entrepreneurial Activities at Universities: Organizational and Societal Implications”, Industrial and Corporate Change, 16(4), 489-504.
Sohl, J. (2003), “The Private Equity Market in the USA: Lessons from Volatility”, Venture Capital, 5(1), 29-46.
Stinchcombe, A. L. (1965), “Organizations and Social Structure”, in J. March (ed.), Handbook of Organizations, Chicago, Randy McNally.
Torero, M., Darby, M. R. and Zucker, L. G. (2001). “The importance of intellectual human capital in the birth of the semiconductor industry”. Working paper, UCLA Anderson School, Los Angeles, CA.
Uberbacher, F. (2014), “Legitimation of new ventures: A review and research programme”, Journal of Management Studies, 51(4), 667-698.
van Geenhuizen, M. and Soetanto, D. P. (2009), “Academic spin-offs at different ages: a case study in search of key obstacles to growth”, Technovation, 29(10), 671-681.
Vohora, A., Wright M. and Lockett, A. (2004), “Critical Junctures in the Development of University High-tech Spinout Companies", Research Policy, 33(1), 147-175.
Walter, A., Auer, M. and Ritter, T. (2006), “The Impact of Network Capabilities and Entrepreneurial Orientation on University Spin-off Performance”, Journal of Business Venturing, 21(4), 541-567.
Wennberg, K., Wiklund, J. and Wright, M. (2011), “The effectiveness of university knowledge spillovers: performance differences between university spinoffs and corporate spinoffs”, Research Policy, 40(8), 1128-1143.
Wernerfelt, B. (1984), “A resource‐based view of the firm”, Strategic Management Journal, 5(2), 171-180.
Yin, R. (1984), Case Study Research, CA: Sage Publications, Beverly Hills.
Zucker, L. G., Darby, M. R. and Armstrong J. S. (2002), “Commercializing Knowledge: University Science, Knowledge Capture, and Firm Performance in Biotechnology”, Management Science”, 48(1), 138-153
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