Rethinking the Resources and Responsibilities of University Spin-Offs: Critical Factors in Times of Global Crisis
Nuria Toledano; Ana Gessa; Reyes Sanchez-Herrera
In recent years, the promotion of university spin-offs has become a measure adopted by many European universities to facilitate the commercialization of new technologies and knowledge that can lead to more sustainable economies and societies. However, the effectiveness of university-based companies has also been questioned, as many of them are resource-constrained, remain small in size and struggle to consolidate once they leave the university context. This paper addresses two main research questions: what are the critical factors inhibiting the consolidation, performance, and sustainable development of university spin-offs at a mid-range European university, and which critical factors need to be addressed the most thoroughly by the university&rsquo:s support programs in order to improve their efficiency? To answer these questions, we collected relevant information from a panel of experts and interviewed academic entrepreneurs from a public university in the South of Spain. The analytic hierarchy process was applied to identify and prioritize the critical factors and sub-factors encountered by the university-based companies. The results show that poor management is the biggest critical factor in the consolidation of the spin-offs. One implication, the findings of our study reveal, is the need for university administrators to improve support for university spin-offs in terms of managing the new business as opposed to prioritizing the difficulties associated with the launch. Another is the need to raise awareness among faculties of the importance of finding an appropriate balance between technical and managerial skills in order to improve the chances of entrepreneurial success.
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