In this paper, we provide original empirical evidence, based on a sample of 255 new ventures operating in the micro and nanotechnology (MNT) sector in the United Kingdom, on the ability of academic spin-offs to attract venture capital financing. We analyze whether venture capitalists have a bias against investing in academic spin-offs due to high levels of risk and monitoring costs. Our results suggest that this bias does not exist in the case of MNT, although spin-offs from universities with high institutional prestige have a significantly higher likelihood to receive VC financing as compared to other academic and non-academic start-ups.

Munari F., Toschi L. (2008). HOW DO ACADEMIC SPIN-OFFS ATTRACT VC FINANCING? EVIDENCE FROM THE MICRO AND NANOTECHNOLOGY SECTOR IN THE UK. BEIJING : Intellectual Property Publishing House.

HOW DO ACADEMIC SPIN-OFFS ATTRACT VC FINANCING? EVIDENCE FROM THE MICRO AND NANOTECHNOLOGY SECTOR IN THE UK

MUNARI, FEDERICO;TOSCHI, LAURA
2008

Abstract

In this paper, we provide original empirical evidence, based on a sample of 255 new ventures operating in the micro and nanotechnology (MNT) sector in the United Kingdom, on the ability of academic spin-offs to attract venture capital financing. We analyze whether venture capitalists have a bias against investing in academic spin-offs due to high levels of risk and monitoring costs. Our results suggest that this bias does not exist in the case of MNT, although spin-offs from universities with high institutional prestige have a significantly higher likelihood to receive VC financing as compared to other academic and non-academic start-ups.
2008
Proceedings of the Academy of Innovation and Entrepreneurship 2008
481
487
Munari F., Toschi L. (2008). HOW DO ACADEMIC SPIN-OFFS ATTRACT VC FINANCING? EVIDENCE FROM THE MICRO AND NANOTECHNOLOGY SECTOR IN THE UK. BEIJING : Intellectual Property Publishing House.
Munari F.; Toschi L.
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11585/70466
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