Is academic spin-off financing a matter of business and growth models? The Spanish case
International Journal of Entrepreneurial Behavior & Research
ISSN: 1355-2554
Article publication date: 23 December 2021
Issue publication date: 1 March 2022
Abstract
Purpose
This study investigates the relationship between the development of academic spin-offs (ASOs) and the type of financing involved, by considering three research questions: How do ASOs differ in terms of financing? To what extent and for what reasons do ASOs differ in their financing? How do business and growth models dictate the selection of different sorts of financing arrangement?
Design/methodology/approach
The study employs a grounded-theory, qualitative approach based on 39 Spanish ASOs.
Findings
There is a heterogeneity of ASO financing, and the selection of financial resources is related to the business and growth model of the ASO. Furthermore, there are some critical junctures for financing within each group of ASOs.
Research limitations/implications
The study advances the understanding of the determinants of ASOs, specifically with respect to financing, business models and growth orientation. The Spanish context used here may not permit the global generalisation of the results; nevertheless, this study is a response to calls to consider the effect of regional context on ASOs.
Practical implications
Knowing the heterogeneity of ASOs in terms of financing and how business and growth models determines the selection of distinct financing sources help financial planning, investment decisions and the design of programmes and policies, which can be relevant for both ASOs and their stakeholders (investors, universities and governments).
Originality/value
This study provides a comprehensive view of ASO financing, confirming a heterogeneity, not only in terms of financing but also in some critical junctures that presage a change from one type of financing to another.
Keywords
Acknowledgements
The authors gratefully acknowledge the contributions of all the academic spin-offs participating in the study to better understand their financing, business and growth models. The authors are also grateful for the helpful recommendations from the TTOs during the data collection.Funding: The authors acknowledge the University of Málaga, Cátedra Andalucía Emprende 2018–2020 (funding received by the Government of Andalucía – Consejería de Economía, Conocimiento, Empresas y Universidad) and Cátedra de Emprendimiento Sostenible 2020–2021 (funding received by Promálaga).
Citation
Martínez-Martínez, S.L., Ventura, R., Cisneros Ruiz, A.J. and Diéguez-Soto, J. (2022), "Is academic spin-off financing a matter of business and growth models? The Spanish case", International Journal of Entrepreneurial Behavior & Research, Vol. 28 No. 2, pp. 386-411. https://doi.org/10.1108/IJEBR-02-2021-0127
Publisher
:Emerald Publishing Limited
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