Internal funding, debt and external equity: which of these effectively improve the growth of university spin-offs?
by Christian Corsi; Antonio Prencipe
International Journal of Entrepreneurial Venturing (IJEV), Vol. 10, No. 6, 2018

Abstract: The paper aims to explore the impact of different financing sources on the growth of university spin-offs (USOs). It hypothesises that both internal finance and debt finance have little to no positive effect on the growth of USOs. Whereas, equity finance is expected to have a stronger positive impact, especially in the form of private equity/venture capital. A panel sample of 621 Italian USOs was investigated over the 2004-2013 period. The results show a small positive impact from internal funding on USOs growth. Debt funding seems to have no impact, while external equity finance has a weak role, even when obtained from venture capital/private equity. The findings provide evidence that the USOs have financial constraints limiting their growth.

Online publication date: Wed, 03-Oct-2018

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