The impact of parent universities and institutional quality on academic spin-off companies: a longitudinal perspective

This article contributes to the literature on the explanatory factors which influence the various stages of academic spin-off (ASO) companies over time. In particular, the analysis offers a retrospective long-term overview of the role of parent universities and the quality of local institutions, in both launch- and growth-stage of ASOs. To do so, it examines a sample of 945 ASOs, established between 2004 and 2018, in 63 Italian public universities, drawing on a unique database which was built using the most comprehensive data available. Findings reveal two different scenarios linked to the launch- and growth-stage. As regards ASO creation, the initiatives and services provided by the parent university are important, while the quality of local institutions and the context play a marginal role. However, institutional quality and financial development are key determinants for the growth-stage, whereas university characteristics do not seem so important. Although ASOs have become a policy-driven target and it has long been argued that universities should further promote the growth of ASOs by investing increasing human and financial resources in them, much of this appears to be true only for a limited time frame of the ASO life cycle. Instead, a certain level of coordination and complementarity of efforts of parent universities and local institutions in both stages, as well as better understanding of the specific needs ASOs have in diverse moments of their life, could have more impact.