تأسیس ترکیب گروه و عملکرد اولیه شرکتهای اسپین اف مبتنی بر دانشگاه

The existing literature on the performance of USOs studies these companies as any other high-tech start up, overlooking the peculiarities related to the presence of academic personnel in the entrepreneurial/management team. The aim of this paper is to fill this gap by analysing the relationship between founding teams and USO performance through a multi-level approach to the team demography. In particular, we try to account for some of the peculiar features which may shape the functioning of USO founding teams and arise mostly from the need to properly balance the scientific and commercial orientation with one another. The empirical analysis, carried out on a sample of 103 Italian USOs, shows that founding teams with a composition that promotes simultaneously differentiation and integration of academic and non-academic profiles, exhibit superior levels of performance in terms of growth.