Diapositiva 1

THE CREATION AND DEVELOPMENT OF UNIVERSITY-BASED COMPANIESEvidence from SpainDoctoral Thesis DissertationPablo Migliorini

2Doctoral Thesis Dissertation

THE CREATION AND DEVELOPMENT OF UNIVERSITY-BASED COMPANIESEvidence from Spain

Author: - Pablo MiglioriniSupervisors: - Christian Serarols i Tarrs, PhD - Josep Rialp i Criado, PhD

Business Economics DepartmentInternational Doctorate in Entrepreneurship and ManagementUniversitat Autnoma de BarcelonaBarcelona, SpainJuly 2015

July 20153OUTLINE INTRODUCTION CHAPTER 1: University-based companies. A prominent field for scholar research CHAPTER 2: Defining, classifying and characterizing university-based companies CHAPTER 3: Parent organizational determinants of university-based companies. A longitudinal study from Spain CHAPTER 4: Overcoming critical junctures in university-based companies. Evidence from Catalonia CHAPTER 5: Founders human capital and the survival of university-based companies CONCLUSION

July 20154Research Centers and Universities are leaving their traditional role of being mere fosters of knowledge, to become important agents of technology transfer to society through promotion and creation of Technology-based companies Mendez et al. (2014: 380)

Universities are widely recognized as a critical source of technological innovation and are heralded for the entrepreneurial ventures cultivated within their walls. ... Such firms - and the societal and economic benefits they create - are an important contribution of modern universities.Shah and Pahnke (2014: 780)INTRODUCTION

July 20155 INTRODUCTIONWhy UBC matter?For Parent Universities (PU) and their members: They facilitate the commercialization of PUs technologies (especially the ones that are uncertain and far from the markets). In the long-run, they are a more profitable way to commercialize PUs technologies than other more traditional technology transfer mechanisms (i.e. patents and licenses). They provide additional sources of income to parent universities (PU) and to university entrepreneurs (attract and retain people). They are a way to continue and further develop PUs research projects with external-private financing (retain PhD students).

July 20156 INTRODUCTIONWhy UBC matter?For the environment: They are knowledge intensive companies that foster technological development. They promote the creation of technological clusters (knowledge-spillovers effects). They are usually high-performing companies that generate significant economic value. They create highly qualified jobs. They are agents of innovation acting as positive role-models for the community.

July 20157 INTRODUCTIONMoreover, Iglesias et al. (2012: 240) argue that: University Spin-Off has become one of the most effective mechanisms for technology and research results transfer from academic research centres to the productive sector.

Following this expanding line of research, Ortin and Vendrell (2014: 101) confirm that: University spin-off companies, those new technology-based firms created with the support of a university by some of its members, have received increasing attention in the last two decades by policy makers and managers of higher education institutions, particularly in the US and Europe.

July 20158 INTRODUCTIONNumber of academic publications treating the University Entrepreneurship phenomenon (Google Scholar 2012)

July 20159 INTRODUCTIONOn the other hand, most of the University Entrepreneurship and UBC literature focuses on PU located near highly developed techno-clusters in countries as US, Canada, UK or Sweden with abundant entrepreneurial resources.In this sense, Vendrell and Ortin (2008: 67) argue that: Most of these lines still remain without analysing and the existing evidence comes basically from US and UK. The empirical research should foment new advances in the theoretical approach. Moreover, Vendrell and Ortin (2008: 77) concluded that: there is scarce evidence about the UBC creation process and outcomes outside the Anglo-Saxon world. Evidence from other countries and especially from Spain, could provide robustness to the propositions made based in diverse types of environments.

July 201510 INTRODUCTIONThus, the aim of this doctoral dissertation is:To increase our understanding of the UBC phenomenon outside the most commonly studied and technologically developed top-range environments.

Therefore, the general research question is: Which are the factors influencing the creation, development and survival of UBC from Parent Universities (PU) located outside top-range environments? Are these factors different between PU located in top and mid-range environments?

July 201511 INTRODUCTION

DESCRIPTION

UBC definition UBC taxonomies UBC characterization

CREATION

DEVELOPMENTIMPACT UBC creation process UBC creation determinant factors UBC impact process UBC impact determinant factors UBC development process UBC performance, growth and survivalSubtopics in UBC research:DESCRIPTIONCREATIONDEVELOPMENTIMPACTMACRO (Universities)Chap. 3MESO (Firms)Chap. 2Chap. 4Chap. 4MICRO (Individuals)Chap. 5

July 201512 INTRODUCTIONSpanish universities have started to provide UBC support programs with some delay compare to the rest of Europe.European universities give a greater attention to foster an entrepreneurial culture than Spanish universities.UK universities give a greater attention to the assessment of business ideas than Spanish universities.The number of business ideas to assess is significantly lower in Spanish universities than in the rest of Europe.European universities are more successful identifying business opportunities than Spanish universities.The Spanish university start-up contextBeraza and Rodriguez (2011)

July 201513 INTRODUCTIONThe Spanish university start-up contextSpanish universities dispose of a reduced number of people to support UBC creation compare to other European universities.The external networks for UBC support are less developed in Spanish universities compare to other European universities.The use of external resources to evaluate and promote business projects is significantly less common in Spanish universities than in the rest of Europe.The use of facilities and productive infrastructure by university members willing to create UBC is much less common in Spain than in the rest of Europe.Differently from the rest of Europe, Spanish universities rarely finance UBC using their own funds.Beraza and Rodriguez (2011)

July 201514 INTRODUCTIONThe existence of UBC support programs recently exists among Spanish universities and that the number of persons advocated to this task is reduced. Thus, the success and scope of the UBC support programs developed by Spanish universities remain limited.

Spanish universities have fewer resources to support UBC and they are less committed in UBC development than other European universities.The Spanish university start-up contextBeraza and Rodriguez (2011) concluded that:

July 201515CHAPTER 1: University-based companies. A prominent field for scholar researchProblem Statement:Research on university entrepreneurship appears to be moving at a faster rate in terms of citations garnered from mainstream journals than strategy research and other entrepreneurship research have historically, controlling for the stage of the development. (Rothaermel et al., 2007: 696). On the other hand, the literature about UBC is dispersed and is usually elusive to identify. Thus, it is a difficult task to provide a classification of the UBC literature (Pirnay et al., 2003; Mustar et al., 2006; Rothaermel et al., 2007; Djockovic and Souitaris, 2008).

July 201516CHAPTER 1: University-based companies. A prominent field for scholar researchProblem Statement:Moreover As the field of university entrepreneurship progresses, future research is invited to provide a more fine-grained analysis of productivity and impact of scholars (Rothaermel et al., 2007: 701).

In this sense, there is a requirement for university entrepreneurship studies using documents, authors and journals impact factors to measure research productivity or to describe the fields evolution.

July 201517CHAPTER 1: University-based companies. A prominent field for scholar researchObjectives : To disentangle the evolution of the UBC field of research. To rank UBC publications, authors and journals following their impact on the academic arena. To rigorously classify the fragmented UBC literature. To identify the state of the art in UBC academic research. To find the gaps in the UBC literature and propose future lines of research.

July 201518CHAPTER 1: University-based companies. A prominent field for scholar researchContributions: Comprehensive bibliometric study based on citation metrics (to rank publications, authors and journals in the University Entrepreneurship field of research). Use Google Scholar database as data source; thus considering in the analysis any type of academic document coming from a variety of authors, countries, journals and other sources. This broader research approach limits the academic endogeneity suffered in previous university entrepreneurship and technology transfer reviews (Bozeman, 2000; Agrawal, 2001; OShea et al., 2004; Mustar et al., 2006; Rothaermel et al., 2007; Djokovic and Souitaris, 2008; OShea et al., 2008; Yusof and Jain, 2010).

July 201519CHAPTER 1: University-based companies. A prominent field for scholar researchContributions: Differently from previous university entrepreneurship and technology transfer reviews, this study solely focuses on the UBC phenomenon, filtering-out any document treating UBC but indirectly (OShea et al., 2004; Djokovic and Souitaris, 2008; OShea et al., 2008) or treating other topics, as technology transfer or the entrepreneurial university (Bozeman, 2000; Agrawal, 2001; Mustar et al., 2006; Rothaermel et al., 2007; Yusof and Jain, 2010). We follow a quantitative methodology to rigorously classify the UBC academic literature.

July 201520CHAPTER 1: University-based companies. A prominent field for scholar researchMethodology: Bibliometric StudyGoogle Scholar database + Harzings publication search engine Publish or Perish, in its version 3.7.4631. List the 35 groups of validated keywords. Filtering process: more than 10 citations, eliminate repetitions, eliminate unrelated documents, etc. Total of 328 publications and 15596 cites. Annual evolution analysis of main variables. Rankings analysis based on citation metrics.

July 201521CHAPTER 1: University-based companies. A prominent field for scholar researchMethodology: Literature ReviewAUTHORSThe name of the authors: same order than in the paperJOURNALThe name of the journal or review where the paper has been publishedCOUNTRYCountry of the first author of the paper: country where first author did his/her researchYEARThe year of publication of the paperCITES/YEARThe number of papers citations divided by the number of years from publicationTOPICThe subtopic or focus of the paper: 1) UBC description, 2) UBC creation, 3) UBC development or 4) UBC impact.TYPEThe type of study: quantitative versus qualitative, exploratory versus explanatory and cross-sectional versus longitudinal.PERSPECTIVETheoretical framework and research approach: managerial, sociological, economic and psychological approach.LEVEL - UNITThe level or unit of analysis: micro (individual or team), meso (firm) and macro (university, region, country or industry).SIZEThe sample size: number of observations or cases included in the analysis.SCOPEThe sample scope: number and country of the universities of the sample.METHOD The methodology of analysis: case study, descriptive statistics, regression analysis, hazard models, parametric tests, etc.

July 201522CHAPTER 1: University-based companies. A prominent field for scholar researchMethodology: Literature Review In the second step of the review, we use optimal scaling procedure to run a Multiple Correspondence Analysis (MCA) in order to classify the UBC literature into homogenous categories. MCA requires categorical variables with mutually exclusive categories. Thus I had to codify the categories of each of the variables and set-up a new database with numerical categories of variables instead of text chains.

July 201523CHAPTER 1: University-based companies. A prominent field for scholar researchMethodology: Literature ReviewCATEGORYVARIABLE123456YEARBefore year 2001 Between year 2001 and year 2005Between year 2006 and 2009After year 2009CITES/YEARBetween 1 and 5Between 6 and 10 Between 11 and 20 More than 20COUNTRYUS, UK & CanadaRest of EuropeRest of the worldTOPICDescriptionCreation DevelopmentImpactCreation & DevelopTYPE 1QuantitativeQualitativeBoth TYPE 2Explanatory Exploratory Both TYPE 3Longitudinal Cross- sectional Both PERSPECTIVEManagerialSociologicalEconomicPsychologicalCombiNoneLEVELMicroMesoMacroA combinationSIZELess than 10Between 10 and 29Between 30 and 100More than 100SCOPEOne university aloneSeveral universities from the same countrySeveral universities from several countriesMETHODDescriptive Statistics, PCA, cluster and parametric testsCase Study Regression Analysis and non-parametric testsA combination

July 201524CHAPTER 1: University-based companies. A prominent field for scholar researchResults & Discussion: Bibliometric Study

July 201525CHAPTER 1: University-based companies. A prominent field for scholar researchResults & Discussion: Bibliometric Study

July 201526CHAPTER 1: University-based companies. A prominent field for scholar researchResults & Discussion: Bibliometric StudyRankCites/ yearFirst AuthorTitleYearType179,4ShaneAcademic entrepreneurship: University spinoffs and wealth creation2004Book268,3Di GregorioWhy do some universities generate more start-ups than others?2003Paper365,6RothaermelUniversity entrepreneurship: a taxonomy of the literature2007Paper462,9ShaneOrganizational endowments and the performance of university start-ups2002Paper547,3VohoraCritical junctures in the development of university high-tech spinout companies2004Paper639,7StuartWhen Do Scientists Become Entrepreneurs? The Social Structural Antecedents of Commercial Activity in the Academic Life Sciences2006Paper738,4O'sheaEntrepreneurial orientation, technology transfer and spinoff performance of US universities2005Paper837,8BercovitzAcademic entrepreneurs: Organizational change at the individual level2008Paper936,5WrightAcademic entrepreneurship in Europe2007Book1035,1LockettResources, capabilities, risk capital and the creation of university spin-out companies2005Paper

TOP PUBLICATIONS

July 201527CHAPTER 1: University-based companies. A prominent field for scholar researchResults & Discussion: Bibliometric StudyRankAuthor's family namePubli-cationsCites Cites / yearCites / year/publi1Shane62246253422Wright221796301143Lockett141610229164Stuart3873105355Clarysse13818138116Mustar8638105137Di Gregorio161568688Rothaermel3602105359Rogers3495361210Vohora34906120

TOP AUTHORS

July 201528CHAPTER 1: University-based companies. A prominent field for scholar researchResults & Discussion: Bibliometric StudyJOURNAL'S NAMEPAPERSCITESCITES / YEARCITES / YEAR/PAPERResearch policy29385056720Journal of Business Venturing12184719716The Journal of Technology Transfer2613712389Technovation1911391407Management science58639719Small Business Economics45826015R&D Management11569605Industrial and Corporate Change44148622Science and Public Policy6376325Entrepreneurship Theory and Practice6256569

TOP JOURNALS

July 201529CHAPTER 1: University-based companies. A prominent field for scholar researchResults & Discussion:13 top journals (ISI - JCR) with 2 or more UBC papers publishedJOURNALS' NAME (2012)N UBC PAPERS Cites/ year Cites/ year/ paper Last year paper Country Publisher Jcr 13 Jcr 5 years Journal of Business Venturing 12197162006USAELSEVIER3,274,57Research policy 29567202012Holland ELSEVIER2,604,00Entrepreneurship Theory and Practice 65692011USAWILEY-BLACKWELL2,473,81Management science 597192010USAINFORMS2,523,46Technovation1914072011Holland ELSEVIER2,703,20R&D Management116052012UKWILEY-BLACKWELL1,272,63Small Business Economics 460152003Holland SPRINGER1,642,62Industrial and Corporate Change 486222011UKOXFORD UNIV PRESS1,332,07Journal of Technology Transfer27262102012USASPRINGER1,301,89Entrepreneurship & Regional Development 21582006USATAYLOR & FRANCIS1,021,63Cambridge Journal of Economics 3622012UKCAMBRIDGE UNIV PRESS0,911,55European Planning Studies 41952012UKTAYLOR & FRANCIS1,001,10Science and Public Policy 63252009UKOXFORD UNIV PRESS0,98ND

July 201530CHAPTER 1: University-based companies. A prominent field for scholar researchResults & Discussion: Literature ReviewSUBTOPIC (article's focus)DescriptionCreationDevelopImpactCreation & developTotalQuantiQualiQuantiQualiQuantiQualiQuantiQualiQuantiQualiQuantiQualiLEVEL OF ANALYSISMULTI101221111064MACRO008201000285MESO641315200042213MICRO3091121102146Total10419818622185028

FINDING THE GAPS

July 201531CHAPTER 1: University-based companies. A prominent field for scholar research

Results & Discussion Literature ReviewCLASSIFYING THE UBC LITERATURE

July 201532CHAPTER 1: University-based companies. A prominent field for scholar researchConclusion: From the early 80s the UBC field of study raised the attention of scholars. This academic attention increased until the end of the first decade of the XXIst century. But apparently from 2010 there is a setback in the number of UBC documents published. On the other hand, the impact of published UBC documents reached its maximum between 2003 and 2004. From then onwards the number of cites/year and the number of cites/year/doc have radically decreased until 1/3 of 2003s values. The UBC field of study initiated in the early 80s, boomed between the year 1999 and the year 2005 and is in a declining stage from the year 2010 until today.

July 201533CHAPTER 1: University-based companies. A prominent field for scholar researchConclusion: 10 most influential UBC related publications: Shane (2004), DiGregorio and Shane (2003), Rothaermel et al. (2007), Shane and Stuart (2002), Vohora et al. (2004), Stuart and Ding (2006), OShea et al. (2005), Bercovitz and Feldman (2008), Wright et al. (2007) and Lockett and Wright (2005). 10 most influential UBC related authors: Shane, Wright, Lockett, Stuart, Clarysse, Mustar, DiGregorio, Rothaermel, Rogers and Vohora. 5 most active UBC related journals: Research Policy, Journal of Technology Transfer, Technovation, Journal of Business Venturing and R&D Management.

July 201534CHAPTER 1: University-based companies. A prominent field for scholar researchConclusion: The UBC literature may be classified into three main streams:Seminal UBC studies: studies exploring and describing the UBC phenomenon with no specific theoretical framework and using a small UBC sample usually coming from just one PU and published before the year 2000.Mainstream UBC literature: quantitative studies explaining the creation OR the development of UBC using a large UBC sample from several PU but from the same country. Usually published between the year 2000 and 2006.New avenues in UBC research: mixed type of studies adopting a multi-level and multi-country perspective to evaluate the impact of UBC. Usually published after 2006.

July 201535CHAPTER 1: University-based companies. A prominent field for scholar researchConclusion: The state of the art in UBC research includes quantitative and longitudinal studies trying to simultaneously explain the creation and development of UBC from a multi-level point of view, adopting multiple conceptual perspectives and using a large sample from several PU located in different countries.

The main gaps in the UBC literature include:Studies willing to evaluate the impact of UBC.Qualitative studies describing university entrepreneurs.Studies evaluating the effect of PU over UBC development.Studies adopting a multi-level approach.Studies simultaneously evaluating different UBC topics.

July 201536CHAPTER 2: Defining, classifying and characterizing university-based companiesProblem Statement:USOs are extraordinarily heterogeneous and their borders can vary significantly according to the perception of the practitioners and scholars. As a consequence, a general framework specifying the type of phenomenon under consideration is necessary to accumulate useful knowledge in this key field of research. Pirnay et al. (2003: 356)

July 201537CHAPTER 2: Defining, classifying and characterizing university-based companiesProblem Statement:Although the phenomenon of new ventures created at universities has been studied for more than forty years, academics have reached no agreement about what a university-based company is.

Moreover, the heterogeneity of this type of firms, while sometimes acknowledge in conceptual research is very rarely considered in empirical studies.

July 201538CHAPTER 2: Defining, classifying and characterizing university-based companiesObjectives:To identify commonalities among the different UBC definitions and typologies found in the literature and propose a coherent framework to define and classify UBC.To characterize and compare the different types of UBC identified in the first objective.

July 201539CHAPTER 2: Defining, classifying and characterizing university-based companiesContributions:Provide a conceptual framework to define and classify UBC.Provide a coherent, comprehensive and parsimonious definition and classification of the UBC phenomenon.Provide a detailed profile of each type of UBC.

July 201540CHAPTER 2: Defining, classifying and characterizing university-based companiesMethodology:Defining and classifying UBC I have reviewed a total of 130 research articles directly considering the UBC phenomenon. I used a list of validated keywords to look for UBC articles published at Google Scholar(R) database and selected those with more than 2 cites/year or more than 10 total citations. From the initial list, I have selected 26 articles that specifically focus in the issue of UBC definition and/or UBC typology. I have look for commonalities and differences among the UBC definitions and typologies found in the literature.

July 201541CHAPTER 2: Defining, classifying and characterizing university-based companiesMethodology:Characterizing UBC I have first contacted the responsible of the Technology Trampolines Network (XTT) at CIDEM for a list of companies created with the support of Catalonian universities (final list of 262 companies from 10 Catalonian PU). I have then reviewed the literature to identify key variables used to characterize UBC and developed a validated questionnaire to electronically survey the Catalonian population of 262 UBC (Snap Survey 9 online survey tool).

July 201542CHAPTER 2: Defining, classifying and characterizing university-based companiesMethodology:Characterizing UBC I used descriptive statistics to characterize the profile of firms created at Catalonian universities and their founding teams. I used SABI database to include missing data of the survey participants. Our final database has a total of 249 variables and 94 observations.

July 201543CHAPTER 2: Defining, classifying and characterizing university-based companiesResults & Discussion:Defining and classifying UBCDrawing on the literature reviewed I propose the following definition of the phenomenon under study: University-based companies (UBC) are new firms created inside the spatial and institutional context of a university (the Parent University, PU) which draw upon knowledge generated or circulated at the PU and with at least one member of the PU in their founding teams.

July 201544CHAPTER 2: Defining, classifying and characterizing university-based companiesResults & Discussion:Defining and classifying UBCThis definition is particularly eclectic because it includes companies: founded by any of the members of the PU (academics, students, graduates or staff personnel); based on some knowledge (codified or tacit, generic or specific); that was originally developed (or identified) inside the PUs context;transferred (in a formal or informal manner) from the parent organization to the new venture.

July 201545CHAPTER 2: Defining, classifying and characterizing university-based companiesResults & Discussion:Defining and classifying UBC On the other hand this UBC definition does not include firms founded exclusively by external or surrogate entrepreneur/s with no members of the PU in their founding teams. Moreover, we exclude spontaneous-occurring companies founded by PUs members but with neither the support nor the acknowledgement of their parent organizations.

July 201546CHAPTER 2: Defining, classifying and characterizing university-based companiesResults & Discussion:Defining and classifying UBCDrawing on the literature reviewed I propose a two-dimensional UBC typology with four homogenous and mutually exclusive categories: Academic spin-offs (ASO): firms founded by at least one academic from the PU and commercially exploiting a piece of technology formally transferred from the PU to the firm.Academic start-ups (ASU): firms founded by at least one academic from the PU and commercially exploiting some tacit knowledge informally transferred from the PU to the firm.University spin-offs (USO): firms with no academics from the PU in their founding teams and commercially exploiting a piece of technology formally transferred from the PU to the firm.University start-ups (USU): firms with no academics from the PU in their founding teams and commercially exploiting some tacit knowledge informally transferred from the PU to the firm.

July 201547CHAPTER 2: Defining, classifying and characterizing university-based companiesResults & Discussion:Defining and classifying UBCKNOWLEDGE TRANSFERPEOPLE TRANSFER

TYPE (4)U.S.U.TYPE (2)A.S.U.TYPE (3)U.S.O.TYPE (1)A.S.O.CODIFIEDFORMALTACITINFORMALNON ACADEMICACADEMIC

July 201548CHAPTER 2: Defining, classifying and characterizing university-based companiesResults & Discussion:Characterizing UBCDistribution of firms by type:

July 201549CHAPTER 2: Defining, classifying and characterizing university-based companiesResults & Discussion:Characterizing UBCYears old of firms:Months taken to constitute firms:

July 201550CHAPTER 2: Defining, classifying and characterizing university-based companiesResults & Discussion:Characterizing UBC UBC distribution by science branch:

July 201551CHAPTER 2: Defining, classifying and characterizing university-based companiesResults & Discussion:Characterizing UBC UBC distribution by starting facility:

July 201552CHAPTER 2: Defining, classifying and characterizing university-based companiesResults & Discussion:Characterizing UBC UBC distribution by source of initial financing:

July 201553CHAPTER 2: Defining, classifying and characterizing university-based companiesResults & Discussion:Characterizing UBC Average amount of subsidies obtained through the XTT and/or the PU during the first year of activity:

July 201554CHAPTER 2: Defining, classifying and characterizing university-based companiesResults & Discussion:Characterizing UBC Percentage of employees with PhD degree :

July 201555CHAPTER 2: Defining, classifying and characterizing university-based companiesResults & Discussion:Characterizing UBC Percentage annual growth in the number of employees between the first year of activity and the year 2007:

July 201556CHAPTER 2: Defining, classifying and characterizing university-based companiesConclusion: The results of the first part of this study allow researchers to be more specific about the object of analysis and facilitate the comparison of their empirical evidence with the results of other UBC studies. Moreover, researchers may find our typology useful as a framework to properly include UBC heterogeneity in their studies and disentangle the effects of university resources, capabilities and policies over each type of UBC. University managers and regional agents of socio-economic development may find the results of this study useful to properly target entrepreneurial support measures and programs.Defining and classifying UBC

July 201557CHAPTER 2: Defining, classifying and characterizing university-based companiesConclusion: USU are high risk ventures usually founded by current or graduate students with moderate growth potential and limited access to strategic resources from the PU. ASU are life-style companies, mainly business consultancy firms founded by academics with limited growth potential but a rather low risk of failure. USO are high growth new technology-based firms, mainly in computer science and engineering with limited access to PUs resources and therefore presenting some risk of failure. ASO are research-based companies founded by academics from the PU with good growth potential and a low failure risk but highly dependent on PUs support.Characterizing UBC

July 201558CHAPTER 2: Defining, classifying and characterizing university-based companiesConclusion: University managers and policy makers willing to foster the creation of high-growth UBC should focus their attention and efforts towards developing the necessary technological resources to support spin-off companies (formal technology transfer: ASO and USO) instead of start-up firms (informal tacit knowledge transfer: ASU and USU). In the same line, venture investors may find in USO an interesting line of equity investment with a high probability of making a good capital gain when exiting.Characterizing UBC

July 201559CHAPTER 2: Defining, classifying and characterizing university-based companies On the other side, venture investors looking for a low risk investment should focus their attention in academic UBC (ASO and ASU). Finally, university entrepreneurs willing to create USU have to consider (before setting-up the company) that they will have limited access to PUs resources/support and that most of the finance of the business is going to come from their owns or their relatives pockets.Conclusion:Characterizing UBC

July 201560CHAPTER 3: Parent organizational determinants of university-based companies. A longitudinal study from Spain In the literature I have found very few studies explaining parent organizational determinant factors of UBC creation using a quantitative and longitudinal methodology. Moreover, most of these studies focus on PU located in highly-developed technological environments with abundant entrepreneurial resources. Thus, the aim of this study is to empirically assess university-level determinant factors that significantly influence the rate of UBC creation by PU located outside top-range environments.Problem Statement and objective:

July 201561CHAPTER 3: Parent organizational determinants of university-based companies. A longitudinal study from SpainContributions: Include a unique dataset of Spanish research universities located outside top-range environments. This is important because weak economic and technological environments have different needs and respond differently to policies compare to world-class technology clusters. One of the first quantitative and longitudinal study covering a wide range of Spanish universities generating UBC.

July 201562CHAPTER 3: Parent organizational determinants of university-based companies. A longitudinal study from SpainContributions: Include a large set of university-level explanatory variables of start-up activity (resources, capabilities and institutions), enabling the authors and readers to have a more comprehensive view and understanding of the UBC phenomenon.

July 201563CHAPTER 3: Parent organizational determinants of university-based companies. A longitudinal study from SpainTheoretical Framework and research hypotheses:University Start-up Resources (H.1)UNIVERSITY START-UP ACTIVITY(+)University Start-up Capabilities (H.2)University Start-up Institutions (H.3)Resource Based ViewInstitutional Economic TheoryDynamic Capabilities perspective Physical resources - H.1(a) Technological resources - H.1(c) Human resources - H.1(b) Social resources - H.1(d)

Business development capabilities H.2(a) Start-up experience H.2(b)

(+) Formal institutions H.3(a) Informal institutions H.3(b)

(+)Conceptual frameworkMain hypothesisSecondary hypothesis

July 201564CHAPTER 3: Parent organizational determinants of university-based companies. A longitudinal study from SpainMethodology:Time period of field work From September 2011 to July 2012.Time frame of dataFrom the year 2004 to the year 2010 (included).Population of study48 state-owned in-person universities.Geographical scopeSpain.Sampling and data collection procedureValidated questionnaire sent by email to the heads of universities TTO (several follow-ups by email and telephone).Sample size16 universities and 7 years => 112 year observations.Response rate33%Confidence interval95%Sample proportion50% (maximum dispersion)Sample error20%

July 201565CHAPTER 3: Parent organizational determinants of university-based companies. A longitudinal study from SpainMethodology:FACTOR DOMAINFACTOR NAMEFACTOR ITEMS AND DESCRIPTIONFACTOR REFERENCESUSURPhysical Resources Presence of: a technology transfer office (TTO), a business incubator, an intellectual property protection office (IPPO) and a science park. Mian (1996, 1996a), DiGregorio and Shane (2003), Clarysse et al. (2005), Link and Scott (2005), Lockett and Wright (2005), O'Shea et al. (2005), O'Shea et al. (2007), Fini et al. (2009), Nosella and Grimaldi (2009), Rodeiro et al. (2010).USURHuman ResourcesNumber of full-time employees (FTE) working at the TTO and number of FTE working at the business incubator.DiGregorio and Shane (2003), Siegel et al. (2003), Clarysse et al. (2005), Lockett and Wright (2005), O'Shea et al. (2005), Nosella and Grimaldi (2009), Rodeiro et al. (2010).USURTechnological ResourcesNumber of national and international patent applications (or invention disclosures) done by the PU.Siegel et al. (2003), Clarysse et al. (2005), Lockett and Wright (2005), Powers and McDougall (2005), Fini et al. (2009), Nosella and Grimaldi (2009), Rodeiro et al. (2010).USURSocial ResourcesAvailability of a start-up equity investment network and availability of a network of R&D external agents.Lockett et al. (2003), Perez and Martinez (2003), Clarysse et al. (2005), Grandi and Grimaldi (2005), Johansson et al. (2005), Nosella and Grimaldi (2009).

July 201566CHAPTER 3: Parent organizational determinants of university-based companies. A longitudinal study from SpainMethodology:FACTOR DOMAINFACTOR NAMEFACTOR ITEMS AND DESCRIPTIONFACTOR REFERENCESUSUCBusiness Development Capabilities Quality of university start-up support services in opportunity recognition, IP protection, business plan development and start-up finance.Siegel et al. (2003), Clarysse et al. (2005), Lockett and Wright (2005), O'Shea et al. (2007), Fini et al. (2009), Nosella and Grimaldi (2009), Rasmussen and Borch (2010), Clarysse et al. (2011).USUCStart-up Experience Age of the TTO, age of the first UBC created and age of the university start-up program of PU.Siegel et al. (2003), Markman et al. (2004), Link and Scott (2005), Lockett and Wright (2005), O'Shea et al. (2005), Powers and McDougall (2005), O'Shea et al. (2007), Rodeiro et al. (2010).USUIFormal Institutions Availability of favourable start-up policies and incentive systems for UBC founders: leave of absence policy, day reduction policy and labour incompatibility policy.Roberts and Malone (1996), DiGregorio and Shane (2003), Siegel et al. (2003), Markman et al. (2004), Clarysse et al. (2005), Lockett and Wright (2005), Fini et al. (2009).USUIInformal Institutions Perceptions about PU's involvement during the start-up process, the priority given by PU to start-up activities, the availability of PU's start-up support services and the entrepreneurial attitude of the PU.Siegel et al. (2003), Markman et al. (2004), Lockett and Wright (2005), O'Shea et al. (2007), Fini et al. (2009).

July 201567CHAPTER 3: Parent organizational determinants of university-based companies. A longitudinal study from SpainMethodology:Model specificationUBCt = f ( USURt; USUCt; USUIt )

Yit = f (0 + 1 USURit + 2 USUCit + 3 USUIit + i + t) Seven-years Panel Data Regression (t) and 16 parent universities (i). The terms i and t represent university and year specific unobservable differences with explanatory power.

July 201568CHAPTER 3: Parent organizational determinants of university-based companies. A longitudinal study from SpainVARIABLEDefinitionTYPENMeanS.D.Min.Max.Hypo.YitNumber of UBC created by university i in year tnon-negative integers1122,303014Dep. Var.TTOitPresence of a Technology Transfer Office at university i in year t Binary (yes = 1; no = -1)1120,730,7-11H1.aIPPOitPresence of an Intellectual Property Protection Office at university i in year tBinary (yes = 1; no = -1)1120,820,6-11H1.aINCUBitPresence of a Business Incubator affiliated to university i in year tBinary (yes = 1; no = -1)1120,071-11H1.aOINCUBitPresence of other start-up incubation space in university i in year tBinary (yes = 1; no = -1)112-0,071-11H1.aPARKitPresence of Science Park affiliated to university i in year tBinary (yes = 1; no = -1)1120,271-11H1.aTTO_FTEitNumber of full-time employees of the TTO of university i in year tNon-negative continuous1121,322,3014H1.bINCUB_FTEitNumber of full-time employees of the Incubator of university i in year tNon-negative continuous1120,61105H1.bNAT_PATitNumber of national patents' applications of university i in year tNon-negative integers1128,327,9032H1.cINTER_PATitNumber of international patents' applications of university i in year tNon-negative integers1123,355,2025H1.cINVEST_NETitPresence of a start-up investment network affiliated to university i in year tBinary (yes = 1; no = -1)112-0,570,8-11H1.dR&D_NETitPresence of a R&D network affiliated to university i in year tBinary (yes = 1; no = -1)1120,071-11H1.dBUSOPP_SUPPitLevel of opportunity recognition support services of university i in year tLickert scale (min=1; max=7)1125,312,217H2.aIPP_SUPPitLevel of intellectual property protection services of university i in year tLickert scale (min=1; max=7)1125,132,317H2.aBUSPLAN_SUPPitLevel of business plan support services for members university i in year tLickert scale (min=1; max=7)1125,442,217H2.aPUBLIC_FINANitLevel of public start-up financing support services of university i in year tLickert scale (min=1; max=7)1124,912,317H2.aUBC_XPitAge in years of the first UBC created by university i in year tNon-negative integers11210,14,8321H2.bTTO_XPitAge in years of the Technology Transfer Office of university i in year tNon-negative integers1129,95,1321H2.bPROG_XPitAge in years of the UBC creation program of university i in year tNon-negative integers1129,695,1320H2.bLEAVE_ABSCitLeave of absence incentive policy for UBC founders in university i in year tBinary (yes = 1; no = -1)1120,231-11H3.aDAY_REDUCitDay reduction incentive policy for UBC founders in university i in year tBinary (yes = 1; no = -1)1120,161-11H3.aINCOMPAitLabour incompatibility policy for UBC founders in university i in year t.Binary (yes = 1; no = -1)112-0,210,5-11H3.aPRIOR_KTRANSFERitHow important are knowledge transfer activities for university i in year t?Lickert scale (min=1; max=7)1123,512,517H3.bUBC_SERVICESitHow available are the start-up support services offered by university i in year t?Lickert scale (min=1; max=7)1123,982,117H3.bPU_INVOLVEitHow much involved is university i in year t in the start-up creation process?Lickert scale (min=1; max=7)1123,372,117H3.bPU_ATTITUDEitHow entrepreneurial is the attitude of university i in year t?Lickert scale (min=1; max=7)1124,172,117H3.b

July 201569CHAPTER 3: Parent organizational determinants of university-based companies. A longitudinal study from SpainResults & Discussion:During the period 2004-2010, Spanish universities have created in average 2,3 UBC per year => consistent with: Rodeiro et al. (2010): found that the population of 47 Spanish in-person and state-owned universities have created in 2004 an average of 2,85 UBC (Rodeiro et al., 2010: Table 2). Nosella and Grimaldi (2009): found that that their sample of 37 Italian universities created in average 2,54 UBC during the year 2004 (Nosella and Grimaldi, 2009: Table 6). Fini et al. (2009): found that for their sample of 5 PU located in mid-range environments in Italy created an average of 2 UBC per year between the year 1999 and the year 2005. (Fini et al., 2009: Table 2).

July 201570CHAPTER 3: Parent organizational determinants of university-based companies. A longitudinal study from SpainResults & Discussion:Number of observations: 112 ; Number of groups: 7 Log likelihood = -184.54821 ; Prob > c2 = 0.0000 Wald c2 = 116.47 Prob >=chibar2=0.064 Likelihood-ratio test vs. pooled: chibar2 (01) = 2.31 Explanatory Variable Coeficient P>|z| HypothesisPhysical Start-up Resources -.2931315 0.193 1AHuman Start-up Resources -.0118739 0.895 1BTechnological Start-up Resources .6129425 0.000*** 1CSocial Start-up Resources .8803691 0.000*** 1DBusiness Development Capabilities .2988284 0.008** 2AStart-up Experience .2917401 0.001** 2BFormal Start-up Institutions .7864202 0.000*** 3AInformal Start-up Institutions .350083 0.000*** 3B_cons .6025058 0.301

July 201571CHAPTER 3: Parent organizational determinants of university-based companies. A longitudinal study from SpainResults & Discussion:University Start-up Resources (USUR) Physical USUR: not significant => The existence of a technology transfer office (TTO), a business incubator or a science/technology park is not significantly related to the rate of UBC creation by PU. => consistent with the results of previous UBC studies outside top-range environments (Fini et al., 2009; Nosella and Grimaldi, 2009; Rodeiro et al., 2010) and UBC studies at top-range environments (DiGregorio and Shane, 2003; Locket and Wright, 2005; OShea et al., 2005).

July 201572CHAPTER 3: Parent organizational determinants of university-based companies. A longitudinal study from SpainResults & Discussion:University Start-up Resources (USUR) Human USUR: not significant => the number of full-time employees (FTE) working at the PUs TTO is not significantly related to the rate of UBC creation by PU. => not consistent neither with the results of previous UBC studies outside top-range environments (Nosella and Grimaldi, 2009; Rodeiro et al., 2010) nor with UBC studies at top-range environments (DiGregorio and Shane, 2003; OShea et al., 2005).

July 201573CHAPTER 3: Parent organizational determinants of university-based companies. A longitudinal study from SpainResults & Discussion:University Start-up Resources (USUR) Technological USUR: significant => the number of national and international patents applications is positively related to the rate of UBC creation by PU. => consistent with Rodeiro et al. (2010) and previous UBC studies at top-range environments (DiGregorio and Shane, 2003; Siegel et al., 2003), but not consistent with Nosella and Grimaldi (2009) outside top-range environments.

July 201574CHAPTER 3: Parent organizational determinants of university-based companies. A longitudinal study from SpainResults & Discussion:University Start-up Resources (USUR) Social USUR: significant => the existence of entrepreneurial networks (financing and R&D networks) is positively related to the rate of UBC creation by PU. => consistent with Nosella and Grimaldi (2009) (outside top-range environments) and with Lockett et al. (2003) and with Siegel et al. (2003) (at top-range environments).

July 201575CHAPTER 3: Parent organizational determinants of university-based companies. A longitudinal study from SpainResults & Discussion:University Start-up Capabilities (USUC) Business Development Capabilities: significant => the existence and quality of UBC support services provided by PU (opportunity recognition, business plan, financing and IP protection services) is positively related to the rate of UBC creation by PU. => consistent with UBC studies outside top-range environments (Fini et al., 2009; Nosella and Grimaldi, 2009; Rasmussen and Borch, 2010) and UBC studies at top-range environments (Locket and Wright, 2005).

July 201576CHAPTER 3: Parent organizational determinants of university-based companies. A longitudinal study from SpainResults & Discussion:University Start-up Capabilities (USUC) Start-up Experience: significant => older TTO generate a higher rate of UBC than younger TTO. => consistent with UBC studies outside top-range environments (Rasmussen and Borch, 2010; Rodeiro et al., 2010) but mixed evidence in UBC studies at top-range environments (Siegel et al., 2003; Locket and Wright, 2005; OShea et al., 2005; Powers and McDougall, 2005).

July 201577CHAPTER 3: Parent organizational determinants of university-based companies. A longitudinal study from SpainResults & Discussion:University Start-up Institutions (USUI) Formal USUI: significant => PU with specific policies that facilitate business creation by their members (leave of absence, labour compatibility and work reduction incentives) generate a higher number of UBC per year than PU without them. => consistent with UBC studies outside top-range environments (Roberts and Malone, 1996; Degroof and Roberts, 2004; Clarysse et al., 2005; Nosella and Grimaldi, 2009) and with UBC studies at top-range environments (DiGregorio and Shane, 2003; Lockett and Wright, 2005; OShea et al., 2007).

July 201578CHAPTER 3: Parent organizational determinants of university-based companies. A longitudinal study from SpainResults & Discussion:University Start-up Institutions (USUI) Informal USUI: significant => perceptions about the attitude and behaviour of the PU towards new business creation and technology transfer activities will affect the rate of UBC creation by PUs members.=> consistent with previous UBC studies at top-range environments (OShea et al., 2007; Huyghe and Knockaert, 2015; Kalar and Antoncic, 2015) but no evidence from UBC studies outside top-range environments.

July 201579CHAPTER 3: Parent organizational determinants of university-based companies. A longitudinal study from SpainConclusion: Neither the existence of business creation support units (TTO or Business Incubator) nor the number of FTE advocated to new business creation support tasks appear to be important factors influencing university start-up activity outside top-range environments. On the other hand, the experience of PUs business creation officers and the quality of business creation support services offered by them positively influence university start-up activity outside top-range environments.

July 201580CHAPTER 3: Parent organizational determinants of university-based companies. A longitudinal study from SpainConclusion:=> It seems that university start-up activity outside top-range environments is driven more by qualitative factors (quality of support services or start-up experience of business creation officers) than by quantitative factors (number of business creation support units or number of business creation officers).

July 201581CHAPTER 3: Parent organizational determinants of university-based companies. A longitudinal study from SpainConclusion:It also seems that the positive effect of qualitative factors over university start-up activity outside top-range environments is conditioned by the presence of formal and informal start-up institutions (PUs UBC creation policies, perceptions about UBC creation by PUs members and PUs entrepreneurial attitude).

July 201582CHAPTER 4: Overcoming critical junctures in university-based companies. Evidence from CataloniaProblem Statement: The UBC creation and development process is itself complex, interactive and requiring some trial and error (Ndonzuau et al., 2002; Vohora et al., 2004; Vendrell and Ortin, 2008; Vendrell and Ortin, 2010). In this sense, Ndonzuau et al. (2002: 282/3) argue that: The process is neither straightforward nor spontaneous. Instead, it is strewn with numerous obstacles, difficulties, impediments, hindrances, and other sources of resistance.

July 201583CHAPTER 4: Overcoming critical junctures in university-based companies. Evidence from CataloniaObjective: In this study we do not aim at developing a new UBC creation and development model. Instead, we draw on the on work done in Vohora et al. (2004) to identify the resources, capabilities and institutional factors used by UBC (located outside top-range environments) in order to progress from one stage of development to the next one. The aim of this study is to shed some light on the UBC creation and development process outside the most commonly studied top-range environments.

July 201584CHAPTER 4: Overcoming critical junctures in university-based companies. Evidence from CataloniaResearch Questions:(i) What are the stages of creation and development of UBC located outside top-range environments? (ii) Which are the obstacles/difficulties that UBC have to face in order to progress from one stage of development to the next one?(iii) How do UBC overcome obstacles/difficulties in their development process outside top-range environments?

July 201585CHAPTER 4: Overcoming critical junctures in university-based companies. Evidence from CataloniaTheoretical FrameworkResearchOpportunity FramingPre-organizationSustainable ReturnsRe-orientationOpportunity RecognitionEntrepreneurial CommitmentCredibility ThresholdSustainability ThresholdSTAGE 1STAGE 2STAGE 3STAGE 4STAGE 5CRITICAL JUNCTURE 1CRITICAL JUNCTURE 4CRITICAL JUNCTURE 2CRITICAL JUNCTURE 3Vohora et al. (2004: 150 and 151): USOs move through a number of successive phases in their development in an iterative non-linear way. USOs develop ... over five distinct phases. USOs encounter critical junctures that must be overcome in order to make the transition from one phase of development to the next. Stage-Based Models of New Venture Development

July 201586CHAPTER 4: Overcoming critical junctures in university-based companies. Evidence from CataloniaTheoretical Framework We also draw on the Resource-Based View of the Firm, the Dynamic Capabilities Perspective and the Institutional Economic Theory to identify key factors facilitating UBC development process.

July 201587CHAPTER 4: Overcoming critical junctures in university-based companies. Evidence from Catalonia Research PropositionsProposition 1: UBC develop following an iterative non-linear path with five consecutive stages and four critical junctures that UBC have to overcome in order to progress from one stage of development to the next one.Proposition 2: UBC make use of their own and their parent universities resources and capabilities to progress from one stage of development to the next one.Proposition 3: While the support given by PU is especially important during the first stages of UBC development, it looses relevance during more advanced stages of UBC development.

July 201588CHAPTER 4: Overcoming critical junctures in university-based companies. Evidence from Catalonia Research PropositionsProposition 4: The key factors influencing the probability that UBC overcome the opportunity recognition critical juncture are: (i) PUs support; (ii) UBC founders social resources, industry knowledge and entrepreneurial capabilities and (iii) the commercial applicability of the research/technology developed by academic founders.Proposition 5: The key factors influencing the probability that UBC overcome the entrepreneurial commitment critical juncture are: (i) PUs support, PUs reward system and PUs policies; (ii) UBC founders social resources and (iii) the business project potential to grow, succeed and generate sustainable returns.

July 201589CHAPTER 4: Overcoming critical junctures in university-based companies. Evidence from Catalonia Research PropositionsProposition 6: The key factors influencing the probability that UBC overcome the credibility threshold critical juncture are: (i) UBC managers social resources and commercial capabilities and (ii) UBCs financial and organizational resources.Proposition 7: The key factors influencing the probability that UBC overcome the sustainability threshold critical juncture are: (i) UBC managers social resources and business adaptation capabilities and (ii) UBCs financial and technological resources.

July 201590CHAPTER 4: Overcoming critical junctures in university-based companies. Evidence from CataloniaMethodology: An exploratory, qualitative research methodology was adopted to obtain greater knowledge on the process by which university entrepreneurs create and develop their ventures. Via a multiple case study analysis we provide an in-depth exploration of each spin-off and give rich insights about the entrepreneurial process followed by UBC. This inductive approach allows for the correspondence between theory and data enriching the existing theoretical frameworks. In performing this study we followed procedures commonly recommended for conducting case study research (Eisenhardt, 1989; Yin, 1989).

July 201591CHAPTER 4: Overcoming critical junctures in university-based companies. Evidence from CataloniaMethodology: The multiple case study methodology allows a replication logic treating the analysis of cases as a series of independent observations (Eisenhardt and Graebner, 2007).=> This method facilitates to empirically contrast research propositions and allows for a partial generalization of research results.=> In this sense, we believe that the results of this study while not representative of every UBC creation and development process could be cautiously generalized to most UBC located outside top-range environments.

July 201592CHAPTER 4: Overcoming critical junctures in university-based companies. Evidence from CataloniaMethodology Data selection: We have used theoretical sampling to select suitable cases for this study. In this sense, companies were selected from two PU located outside top-range environments and described as inefficient or underdeveloped universities in terms of technology transfer and new venture creation activities (Beraza and Rodriguez, 2011; Berbegal et al., 2013; Sanchez-Barrioluengo, 2014). The UBC included in this study were selected looking for variety among stages of development and critical junctures. We selected cases following the criterion of population representativeness in terms sector of activity and UBC type.

July 201593CHAPTER 4: Overcoming critical junctures in university-based companies. Evidence from CataloniaMethodology 11 UBC under analysis:UBCPUYear IndustryType of FirmType of UBCMain ActivityPhase of DevelopmentAB-BIOTICS UAB2004BiotechRent-seekingASODevelopment and production of micro-organisms for the food industry. Re-orientationDAVANTISUAB2005ITRent-seekingUSODesign and manufacture intelligent security and video surveillance software.Re-orientationECOMUNICAT UAB2005Consumer ElectronicsLife-styleUSUDesign and manufacture electrical products in the field of artificial vision and wireless communication.Re-orientationHEXASCREEN UAB2005BiotechRent-seekingASODevelop, manufacture and commercialize equipment for the biotechnological and biomedical markets.Re-orientationPATATABRAVAUAB2006Web ContentLife-styleUSUThey have developed and now operate one of the biggest university online portals in Spain. Online content developer and manager.Sustainable Returns

July 201594CHAPTER 4: Overcoming critical junctures in university-based companies. Evidence from CataloniaMethodology 11 UBC under analysis:UBCPUYear IndustryType of FirmType of UBCMain ActivityPhase of DevelopmentUNIVET UAB2001BiotechLife-styleASODevelopment and commercialization of treatments against pets allergies and skin problems.Sustainable ReturnsX-RAY IMATEK UAB2006Electronic EquipmentRent-seekingASODesign and manufacture of digital pixel detectors for medical imaging.Pre-organizationAQSENSEUdG2004ITRent-seekingASODevelops and commercializes 3D image acquisition and processing technologies that allow high speed in-line production inspections.Pre-organizationEAP UdG2003ContentLife-styleASUContent developer and print-on-demand services. Editing and publishing services.Re-orientationMICROBIAL UdG2005BiotechRent-seekingASODesign, production and commercialization of detection tools for pathologic cells in water and food.Re-orientationSISLTECH UdG2003ITRent-seekingASODevelops and implements artificial intelligence systems for the control of complex environmental processes.Re-orientation

July 201595CHAPTER 4: Overcoming critical junctures in university-based companies. Evidence from CataloniaMethodology Data collection: From February 2008 to February 2009 a series of in-depth semi-structured interviews were held among UBC founders on site. We also conducted follow-up personal interviews and phone calls to clarify issues or doubts. For each interview we tape-recorded the conversation and then worked from the tape transcriptions. Primary data was recorded ensuring cross-case comparability (Bryman and Bell, 2007).

July 201596CHAPTER 4: Overcoming critical junctures in university-based companies. Evidence from CataloniaResults & Discussion: UBC development process While it seems that UBC develop in consecutive stages by overcoming critical obstacles, the number and location of these stages and obstacles may vary from case to case.=> Research Proposition 1 is only partially supported.

All UBC founders interviewed outlined the importance of personal and PUs resources, capabilities and institutional factors in the development process of their companies.=> Research Proposition 2 is fully supported.

July 201597CHAPTER 4: Overcoming critical junctures in university-based companies. Evidence from CataloniaResults & Discussion: PUs support during development process Most UBC declared that PUs support is key during the first stages of development Some UBC also mentioned that it was important to be a spin-off from locally prestigious academic institutions in order to gain market credibility and overcome the credibility threshold (a latter stage in the UBC development process). PUs support was also relevant for UBC willing to overcome the sustainability threshold (but in a minor degree)=> Research Proposition 3 is partially supported.

July 201598CHAPTER 4: Overcoming critical junctures in university-based companies. Evidence from CataloniaResults & Discussion: How UBC overcome Critical Junctures?Opportunity RecognitionEntrepreneurial CommitmentCredibility ThresholdSustainability ThresholdPUs supportPUs supportPUs support and name (prestige)PUs supportUBC founders entrepreneurial capabilitiesPUs labour policies and PUs policies concerning spin-off created by their membersUBC managers industry experience and social resourcesUBC managers capabilities to adapt the business model to the needs of the markets.UBC founders social resources and industry experiencePUs attitude towards technology transfer and entrepreneurial activitiesUBC managers business capabilitiesUBC technological resources (large and wide portfolio of technologies to offer)Access to successful role models in university entrepreneurshipUBC founders social resourcesUBC technological resourcesTechnological resources of the new venture (degree of innovation and commercial application)The sales and profits prospects of the new ventureUBC organizational resourcesUniversity support and entrepreneurial mentality

July 201599CHAPTER 4: Overcoming critical junctures in university-based companies. Evidence from CataloniaResults & Discussion: How UBC overcome Critical Junctures? Proposition 4 (opportunity recognition) is fully supported. Proposition 5 (entrepreneurial commitment) is fully supported. Proposition 6 (credibility threshold) is partially supported. Proposition 7 (sustainability threshold) is partially supported.

July 2015100CHAPTER 4: Overcoming critical junctures in university-based companies. Evidence from CataloniaConclusion: UBC outside top-range environments (TRE) develop following the model proposed in Vohora et al. (2004) but with 4 or 5 consecutive stages and overcoming 3 or 4 critical junctures located at the interstice of stages.=> As many of the UBC created outside TRE are not based on previous academic research, the first phase of UBC development identified in Vohora et al. (2004) (the research phase) is not always present in the development process of UBC outside TRE.

July 2015101CHAPTER 4: Overcoming critical junctures in university-based companies. Evidence from CataloniaConclusion: In the same line, some UBC located outside TRE do not have to pass the first critical juncture identified in Vohora et al. (2004) (opportunity recognition). => Some UBC located outside TRE do not recognize any particular business opportunity but they start their venture projects directly at the second development phase identified in Vohora et al. (2004) (opportunity framing).

July 2015102CHAPTER 4: Overcoming critical junctures in university-based companies. Evidence from CataloniaConclusion: For UBC located outside TRE, PUs support is key to overcome the first two critical junctures (opportunity recognition and entrepreneurial commitment). PUs support is still important to overcome the credibility threshold but it seems to loose some relevance during the last critical juncture and development stage (sustainability).=> PU located outside TRE should concentrate their supporting efforts during the first stages of UBC development but they have to continue supporting them during their latter development stages.

July 2015103CHAPTER 4: Overcoming critical junctures in university-based companies. Evidence from CataloniaConclusion: These findings are consistent with previous UBC studies from outside TRE, emphasizing the importance of PUs support all along the UBC development process (Beraza and Rodriguez, 2011). On the other hand, UBC studies from TRE emphasize that the support provided by PU is almost inexistent during the last stages of UBC development (Vohora et al., 2004).=> While UBC located at TRE need PUs support only during their first stages of development, UBC located outside TRE need to be supported by their PU during every stage of development.

July 2015104CHAPTER 4: Overcoming critical junctures in university-based companies. Evidence from CataloniaConclusion: Many of the UBC located outside TRE do not properly overcome the second critical juncture (entrepreneurial commitment) in their development process. => the inability to find and hire a suitable surrogate entrepreneur seems to be a great obstacle in the development process of UBC located outside TRE. This result differs from Vohora et al. (2004) who found that UBC located at TRE usually find and hire an external manager to champion the company into sustainable returns.

July 2015105CHAPTER 4: Overcoming critical junctures in university-based companies. Evidence from CataloniaConclusion: Resources and capabilities of firms founders are important factors influencing the UBC development process outside TRE. UBC founders industry experience and entrepreneurial capabilities may enhance firms probability of identifying an attractive business opportunity and hiring a suitable surrogate entrepreneur.

July 2015106CHAPTER 4: Overcoming critical junctures in university-based companies. Evidence from CataloniaConclusion: UBC managers capabilities to adapt the business model to markets needs is a key factor influencing the second part of the UBC development process outside TRE (gaining credibility at the markets and achieving sustainable returns).=> These findings are similar to the results of UBC studies from TRE (Vohora et al., 2004).

July 2015107CHAPTER 5: Founders human capital and the survival of university-based companiesProblem Statement, Objective & Contribution: We have found few studies focusing on UBC survival. Most of these studies are either descriptive (Lowe, 2002) or they try to understand whether the use of firm resources, such as networks or patents, increases the probability of UBC survival (Shane and Stuart, 2002; Nerkar and Shane, 2003). We have found no previous studies evaluating the relationship between founders human capital characteristics and UBC survival. => This study aims at covering this gap in the UBC literature.

July 2015108CHAPTER 5: Founders human capital and the survival of university-based companiesTheoretical Framework: We draw on Gimenos et al. (1997) Threshold Model of Entrepreneurial Exit (TMEE) to study the influence of founders human capital on the likelihood of UBC survival. Gimeno et al. (1997) argue that the drivers of firm survival are not only related to the absolute level of firm performance, but rather on the correct equilibrium between firm economic performance and the performance threshold requested by the entrepreneurs.

July 2015109CHAPTER 5: Founders human capital and the survival of university-based companiesTheoretical Framework: Organizations threshold of performance is thus the minimum level of economic performance required by shareholders to maintain their business in activity. It is determined by three dimensions or elements of the owners: 1) the opportunity costs of remaining in the business, 2) the psychic income deriving from entrepreneurship and 3) the costs of switching to an alternative occupation.

July 2015110CHAPTER 5: Founders human capital and the survival of university-based companies Conceptual Model:Entrepreneurial Human CapitalIndustry Human CapitalUniversity Human CapitalOpportunity CostPsychic IncomeSwitching CostsPerformance ThresholdUBC SURVIVALEconomic Performance++++/ -++----+

July 2015111CHAPTER 5: Founders human capital and the survival of university-based companies Research Hypotheses:Hypothesis 1: Entrepreneurial Human Capital of UBC founders is positively related to firm survival (Bates, 1990; Gimeno et al., 1997; Shepherd et al., 2000).Hypothesis 2: Industry Human Capital of UBC founders is negatively related to firm survival (Shrader and Siegel, 2007; Grilli, 2011).Hypothesis 3: University Human Capital of UBC founders is positively related to firm survival (Westhead and Storey, 1995; Ensley and Hmieleski, 2005; Colombo and Piva, 2012).

July 2015112CHAPTER 5: Founders human capital and the survival of university-based companiesMethodology: The database used for this study combines an exploratory study conducted between January 2008 and June 2008 with an integrative follow-up contribution released in May 2011. First step: a final validated questionnaire was sent to the entire population of Catalonian UBC on May 2008. Second step: a follow-up study was conducted 3 years later (May-June 2011) with the aim of monitoring the mortality rate of the companies studied in the first phase. SABI database was used in order the see the actual legal status of companies.

July 2015113CHAPTER 5: Founders human capital and the survival of university-based companiesDimensionVariableMeasurement SurvivalUBC SurvivalValue 1 if UBC is still operating by June 2011 and value 0 if UBC is closed by June 2011.Entrepreneurial Human CapitalEntrepreneurial EducationTaking value 1 if there is at least one member in the founding team with entrepreneurial education, 0 if not.Start-up ExperienceTaking value 1 if there is at least one member in founding team who has created a company prior to the current UBC, 0 if not.Industry Human CapitalIndustry ExperienceTaking value 1 if there is at least one member in founding team whose previous job was at a high tech company or if he/she has established a R&D collaboration contract with the parent university, 0 if not.University Human CapitalUniversity ExperienceTaking value 1 if there is at least one member in founding team whose previous job was that of either academic or doctoral/post-doctoral student at the parent university, 0 if not.Psychic Income (control)Entrepreneurial FamilyTaking value 1 if there is at least one member whose relatives owned or owns a business, 0 if not.Switching Costs (control)Team AgeAverage age of founding team.Other Control VariablesBio Tech Taking value 1 if UBC operates in the Biotechnology sector, 0 if not.ICTTaking value 1 if UBC operates in the ICT sector, 0 if not.UBC AgeNumber of years since firms foundation until June 2011.

July 2015114CHAPTER 5: Founders human capital and the survival of university-based companiesResults & Discussion:MeanS.D.1234567VIF1. UBC Survival a.825.38236-2. Entrepreneurial Education a.525.50253.060-1.343. Start-up Experience a.4375.49921-.022.168**-1.324. Industry Experience a.725.44933-.049.090.092-1.335. University Experience.4375.49921.080-.060-.109.142*-1.586. Entrepreneurial Family a.75.43575.063.114*.019.013-.032-1.117. Team Age b35.0657.3278.165.204.199.267*.300**-.050-1.34

a: Correlation has been assessed by using Kendall tau rank correlation coefficientb: Correlation has been assessed by using spearman correlation coefficient*: Significance level Academic UBC (ASO + ASU) present a lower risk than non-academic UBC (USO + USU). Having a piece of codified knowledge (technology) formally transferred from the PU to the firm increases the growth and profits potential of UBC.=> Spin-off UBC (ASO + USO) present a higher growth and profits potential than start-up UBC (ASU + USU). CONCLUSION

July 2015122 The number of PUs physical and human resources advocated to firm creation are not significant predictors of UBC creation rates outside TRE. On the other hand, PUs technological base and their involvement in R&D and venture financing networks increases the rate of UBC creation outside TRE. In the same line, PUs business development capabilities and start-up experience increases UBC creation rates outside TRE. The effect of university start-up resources and capabilities over UBC creation rates is conditioned by the institutional context of PU. CONCLUSION

July 2015123 Spanish UBC are generally located outside TRE. There are some significant differences between the UBC phenomenon at TRE and outside TRE: Relatively more start-up UBC (tacit knowledge informally transferred from PU to the firm) outside TRE than at TRE. In terms of UBC creation rates, more important than the quantity of university start-up resources available for new firm creation is the quality of those resources and the PUs favourable institutional context. The development process of UBC outside TRE seems to be shorter and less rigorous than for UBC located at TRE. PUs support is necessary all along UBC development process outside TRE. CONCLUSION

July 2015124THANK YOU VERY MUCH FOR YOUR ATTENTION

pmigliorini@hotmail.com