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EnglishIn 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.
| Titolo: | Do venture capitalists have a bias against investment in academic spinoffs? Evidence from the MNT sector in the UK | |
| Autore/i: | MUNARI, FEDERICO; TOSCHI, LAURA | |
| Autore/i Unibo: | ||
| Anno: | 2008 | |
| Titolo del libro: | Missione produttiva e crescita economica del Paese | |
| Pagina iniziale: | 249 | |
| Pagina finale: | 254 | |
| 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. | |
| Data prodotto definitivo in UGOV: | 5-feb-2009 | |
| Appare nelle tipologie: | 4.01 Contributo in Atti di convegno |
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