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.
Do venture capitalists have a bias against investment in academic spinoffs? Evidence from the MNT sector in the UK / MUNARI F.; TOSCHI L.. - STAMPA. - (2008), pp. 249-254. (Intervento presentato al convegno XiX riunione scientifica annuale Associazione Italiana Ingegneria Gestionale tenutosi a Palermo nel 23-24 ottobre 2008).
Do venture capitalists have a bias against investment in academic spinoffs? Evidence from the MNT 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.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
