Journal Article

Academic spin-offs, formal technology transfer and capital raising

Bart Clarysse, Mike Wright, Andy Lockett, Philippe Mustar and Mirjam Knockaert

in Industrial and Corporate Change

Volume 16, issue 4, pages 609-640
Published in print August 2007 | ISSN: 0960-6491
Published online August 2007 | e-ISSN: 1464-3650 | DOI: https://dx.doi.org/10.1093/icc/dtm019
Academic spin-offs, formal technology transfer and capital raising

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In this article we examine the influence of formal technology transfer from a public research organization (PRO) on the amount of capital a spin-off raises at start-up and the increase in capital post start-up. We examine these relationships using a unique sample of 135 spin-offs from PROs across five European countries. Our findings suggest that spin-offs with formal technology transfer start with a larger amount of capital but subsequently do not raise more capital than spin-offs without formal technology transfer.

Journal Article.  12178 words.  Illustrated.

Subjects: Industrial History ; Business History ; Innovation ; Technological Change; Research and Development ; Industry Studies

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