15 Pages Posted: 5 Dec 2010 Last revised: 1 May 2013
Date Written: December 2, 2010
In this paper, we analyze the extent to which University-Level Support Mechanisms (ULSMs) and Local-Context Support Mechanisms (LCSMs) complement or substitute for each other in fostering the creation of academic spin-offs. Using a sample of 404 companies spun off from the 64 Italian Science, Technology, Engineering, and Mathematics universities (STEM universities) over the 2000-2007 period, we show that the ULSMs’ marginal effect on universities' spin-off productivity may be positive or negative depending on the contribution offered by different LCSMs. Specifically, in any given region, ULSMs complement the legislative support offered to high-tech entrepreneurship whereas they have a substitution effect with regard to the amount of regional social capital, regional financial development, the presence of a regional business incubator, regional public R&D expenses as well as the level of innovative performance in the region. Results support the idea that regional settings’ idiosyncrasies should be considered for universities to develop effective spin-off support policies. This paper contributes to the debate on the evaluation of economic policies supporting entrepreneurship.
Keywords: Academic entrepreneurship, Academic spin-offs, University-level support mechanisms, Local-context support mechanisms, Technology transfer
JEL Classification: M13, O3
Suggested Citation: Suggested Citation
Fini, Riccardo and Grimaldi, Rosa and Santoni, Simone and Sobrero, Maurizio, Complements or Substitutes? The Role of Universities and Local Context in Supporting the Creation of Academic Spin-offs (December 2, 2010). Research Policy, Vol. 40, pp. 1113–1127, 2011. Available at SSRN: https://ssrn.com/abstract=1719019
By Scott Stern