شرکت های اسپین ـ آف دانشگاهی در مقابل دیگر شرکت های نوفنآوری بنیاد: مجموع تفاوت بهره وری عامل در ابتدا و تکامل

Previous empirical research suggests that university spin-offs under-perform in economic terms compared to other new technology-based firms (NTBFs) in their early years. The usual explanations suggest a lower capabilities endowment of university spin-offs compared to other NTBFs. Using a longitudinal Spanish dataset we compare the evolution of firms′ total factor productivity (capabilities endowment) in both kinds of firm. Productivity grew faster in university spin-offs and their initial underperformance disappeared after 2 or 3 years of operation. The evidence therefore suggests that university spin-offs have lower initial substantive capabilities but greater dynamic capabilities than independent NTBFs. Possible explanations are discussed.

University spin-off companies, those new technology-based firms created with the support of a university by some of its members, have received increasing attention in the last two decades by policy makers and managers of higher education institutions, particularly in the US and Europe. These initiatives directly implied the commitment of public resources to stimulate the development of university spin-offs (Geuna et al., 2003, Lockett et al., 2005 and Mustar and Wright, 2010), and opened a research stream aimed at identifying and evaluating the specific factors that facilitate the success and development of university spin-offs. Djokovic and Soutaris (2008) or Mustar et al. (2006) provide excellent summaries of this literature. Underlying this growing interest is the idea that higher education institutions have entrepreneurial capabilities that are underused and which can increase the wealth creation and competitiveness of the economy.

This paper presents evidence to suggest that university spin-offs have less aggregate substantive capabilities at the outset but more aggregate dynamic capabilities than other NTBFs. Evidence for other contexts is needed to reinforce our results. A higher learning capability of academic entrepreneurs seems to be the theoretical explanation that is the most consistent with the evidence available, but the results are far from conclusive. Further research is needed to provide better tests of the explanations set out here and to develop new theoretical explanations.