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Laura Toschi is Associate Professor in Entrepreneurship and Innovation Management at the University of Bologna and Deputy Director of the Executive Master in Technology and Innovation Management at Bologna Business School. At UNIBO, she received her PhD in Management in 2009 and a Laurea in Management Engineering in 2004 (100/100 cum Laude). She has been visiting scholar at Boston University (2008), SPRU (2011), University of Queensland (2017), Queensland University of Technology (2020). Her main research interests are: environmental and social entrepreneurship, entrepreneurial finance and impact investing, sustainability transitions, innovation management, technology transfer. Her research outputs include publications in such journal as Research Policy, Ecological Economics, Journal of Business Venturing, Industrial and Corporate Change, Journal of Technology Transfer, International Small Business Journal and Technological Forecasting and Social Change.
In the last ten years, we have witnessed a proliferation of investors claiming blended value strategies, i.e., pursuing both economic and social returns in their investments. Aside from this rush for self-selecting in a blended value finance context, we still do not know to what extent the investors’ claims actually reflect investment decisions. Evidence suggests that, in some cases, such investors tend to maximize the social performance over the financial performance; in some others, the effect is reverted, but literature currently lacks studies aligning the analysis of the investment decisions with the investment portfolios. Yet, it is still unclear whether blended value investment decisions are enacted as a result of investors’ deliberate strategies and what influences this relationship. In this paper we tackle this issue, analyzing the extent to which investors’ finance firms pursuing goals aligned with their strategic aspirations. Specifically, adopting a Fractional Logistic Regression model, we test the effect of investors’ aspirations toward social impact on the extent to which their investees (i.e., the portfolio of firms in which they invest) pursue social returns. Results suggest the existence of a positive and significant investor–portfolio alignment effect (i.e., the higher the investors’ aspirations toward social impact, the higher the number of investees with higher social aspirations). Yet, this effect is influenced by contingencies at both investor and portfolio levels. Investors with strong aspirations toward social impact that: (i) invest in countries with high levels of social inequality, and (ii) are located in countries that support social progress and maximize, in their portfolios, the presence of businesses pursuing social impact. We discuss implications for future researchers, policymakers and practitioners.
Leonardo Boni; Laura Toschi; Riccardo Fini. Investors’ Aspirations toward Social Impact: A Portfolio-Based Analysis. Sustainability 2021, 13, 5293 .
AMA StyleLeonardo Boni, Laura Toschi, Riccardo Fini. Investors’ Aspirations toward Social Impact: A Portfolio-Based Analysis. Sustainability. 2021; 13 (9):5293.
Chicago/Turabian StyleLeonardo Boni; Laura Toschi; Riccardo Fini. 2021. "Investors’ Aspirations toward Social Impact: A Portfolio-Based Analysis." Sustainability 13, no. 9: 5293.
Sustainability Transitions (ST) is a complex phenomenon, encompassing environmental, societal and economic aspects. Its study requires a proper investigation, with the identification of a robust indicator and the definition of a suitable method of analysis. To identify the most informative geographical boundaries for analysing ST pathways, we consider the Carbon Emission Intensity (CEI) and estimate a four-level growth model to study its pattern over time for all the EU regions. We apply this model to a novel longitudinal dataset that covers CEI data of European regions at four different geographical scales (state, areas, regions, and provinces) over a nine-year timespan. This approach aims at supporting the decision-makers in developing more effective sustainability transitions policies across Europe, especially focusing on regions and overcoming the well-known “one-size fits all” approach.
Matteo Mura; Mariolina Longo; Laura Toschi; Sara Zanni; Franco Visani; Silvia Bianconcini. Multilevel-growth modelling for the study of sustainability transitions. MethodsX 2021, 8, 101359 .
AMA StyleMatteo Mura, Mariolina Longo, Laura Toschi, Sara Zanni, Franco Visani, Silvia Bianconcini. Multilevel-growth modelling for the study of sustainability transitions. MethodsX. 2021; 8 ():101359.
Chicago/Turabian StyleMatteo Mura; Mariolina Longo; Laura Toschi; Sara Zanni; Franco Visani; Silvia Bianconcini. 2021. "Multilevel-growth modelling for the study of sustainability transitions." MethodsX 8, no. : 101359.
Governments and public agencies are increasingly keen to support the translation of scientific discoveries into commercial and societal applications through science valorisation funding, as a way to enhance progress and inclusive growth. In this paper, we use grant-level data from the European Research Council Proof-of-Concept (PoC) programme, in order to assess the impact of public funding on a broad set of science valorisation outcomes, including licensing, spinoff formation, R&D collaborations, consulting and access to follow-on funding. We employ an instrumental variable approach to compare the valorisation outcomes of projects that obtained an ERC PoC grant to a group of projects that applied to the PoC scheme but were not funded. We find that the programme was effective in fostering the early valorisation of scientific discoveries by all measures of success that we employed. Overall, thus, our findings speak in favour of this type of policy instrument as a catalyst to accelerate the transition of scientific breakthroughs towards practical applications.
Federico Munari; Laura Toschi. The impact of public funding on science valorisation: an analysis of the ERC Proof-of-Concept Programme. Research Policy 2021, 50, 104211 .
AMA StyleFederico Munari, Laura Toschi. The impact of public funding on science valorisation: an analysis of the ERC Proof-of-Concept Programme. Research Policy. 2021; 50 (6):104211.
Chicago/Turabian StyleFederico Munari; Laura Toschi. 2021. "The impact of public funding on science valorisation: an analysis of the ERC Proof-of-Concept Programme." Research Policy 50, no. 6: 104211.
The journey towards sustainability has become paramount to industry, government and research. To date, the main contributions have proposed valuable theoretical models to study the transitions to sustainability. However, a quantitative examination of the phenomenon is still limited. In this paper, we exploit a multilevel-growth model to empirically explore the relevance of different geographical scales in studying sustainability transitions. By analysing a novel, 9-year longitudinal dataset that covers European carbon emission intensity data on four different scales (from specific districts to whole states), we show whether and how multiple geographical scales support the study of sustainability transition pathways. Drawing on our analysis, we contribute to the debate on economic geography, sustainability transition and carbon emission intensity, as well as discuss implications for sustainability policy, strategy and research.
Matteo Mura; Mariolina Longo; Laura Toschi; Sara Zanni; Franco Visani; Silvia Bianconcini. The role of geographical scales in sustainability transitions: An empirical investigation of the European industrial context. Ecological Economics 2021, 183, 106968 .
AMA StyleMatteo Mura, Mariolina Longo, Laura Toschi, Sara Zanni, Franco Visani, Silvia Bianconcini. The role of geographical scales in sustainability transitions: An empirical investigation of the European industrial context. Ecological Economics. 2021; 183 ():106968.
Chicago/Turabian StyleMatteo Mura; Mariolina Longo; Laura Toschi; Sara Zanni; Franco Visani; Silvia Bianconcini. 2021. "The role of geographical scales in sustainability transitions: An empirical investigation of the European industrial context." Ecological Economics 183, no. : 106968.
Universities show an increasing commitment to stimulate science- and technology-based entrepreneurship with the aim of contributing to societal and economic development. The provision of science and technology entrepreneurship education (STEE) and the operation of technology transfer offices (TTOs) share the objective of improving university capabilities and output in science-based entrepreneurship. The literature has addressed STEE initiatives and TTOs separately. This paper reports the first comprehensive study of TTO involvement in STEE. From a sample of 176 university TTOs across 28 European countries, we found that 71 percent of TTOs were involved in the provision of STEE. The extensive involvement in STEE indicates that TTOs play an active role in stimulating universities’ entrepreneurial capabilities beyond specific licensing and spin-off cases. We analyze how the characteristics of TTOs and universities potentially influence the scope of STEE involvement in terms of breadth of contents, target audiences and duration. We find that older, strategically autonomous TTOs that are located in universities attributing strong relevance to technology transfer activities are particularly active in STEE. The active role of TTOs in STEE has implications for understanding the entrepreneurship education ecosystem of universities and offers interesting opportunities for further research.
Daniela Bolzani; Federico Munari; Einar Rasmussen; Laura Toschi. Technology transfer offices as providers of science and technology entrepreneurship education. The Journal of Technology Transfer 2020, 46, 335 -365.
AMA StyleDaniela Bolzani, Federico Munari, Einar Rasmussen, Laura Toschi. Technology transfer offices as providers of science and technology entrepreneurship education. The Journal of Technology Transfer. 2020; 46 (2):335-365.
Chicago/Turabian StyleDaniela Bolzani; Federico Munari; Einar Rasmussen; Laura Toschi. 2020. "Technology transfer offices as providers of science and technology entrepreneurship education." The Journal of Technology Transfer 46, no. 2: 335-365.
Daniela Bolzani; Riccardo Fini; Simone Napolitano; Laura Toschi. Entrepreneurial Teams: An Input-Process-Outcome Framework. Foundations and Trends® in Entrepreneurship 2019, 15, 56 -258.
AMA StyleDaniela Bolzani, Riccardo Fini, Simone Napolitano, Laura Toschi. Entrepreneurial Teams: An Input-Process-Outcome Framework. Foundations and Trends® in Entrepreneurship. 2019; 15 (2):56-258.
Chicago/Turabian StyleDaniela Bolzani; Riccardo Fini; Simone Napolitano; Laura Toschi. 2019. "Entrepreneurial Teams: An Input-Process-Outcome Framework." Foundations and Trends® in Entrepreneurship 15, no. 2: 56-258.
Previous research has claimed that universities can enhance the effectiveness of knowledge transfer activities by establishing a clear strategic goal and aligning all their activities towards that direction. To shed new light on this issue, in this paper we explore the determinants of universities' strategic choices in the field of knowledge transfer (KT). We identify theoretically and empirically three university KT strategies: income-generation strategy, service-to-faculty strategy, and local development strategy. We then investigate the role of university-level factors that determine the strategic choice of universities, particularly focusing on university horizontal (generalist vs. specialist) and vertical (high vs. low prestige) diversity. The empirical analysis relies on a unique survey of 178 university TTO managers across European universities, combined with additional data sources. Our results show that generalist and low prestige universities mainly pursue the local development strategy, while specialist and high prestige ones are more oriented towards the income generation strategy. These findings are highly relevant for theory and practice of KT in academic insitutions, given the relevance that the university third mission has for economic and societal development.
Paola Giuri; Federico Munari; Alessandra Scandura; Laura Toschi. The strategic orientation of universities in knowledge transfer activities. Technological Forecasting and Social Change 2018, 138, 261 -278.
AMA StylePaola Giuri, Federico Munari, Alessandra Scandura, Laura Toschi. The strategic orientation of universities in knowledge transfer activities. Technological Forecasting and Social Change. 2018; 138 ():261-278.
Chicago/Turabian StylePaola Giuri; Federico Munari; Alessandra Scandura; Laura Toschi. 2018. "The strategic orientation of universities in knowledge transfer activities." Technological Forecasting and Social Change 138, no. : 261-278.
New ventures do not have access to the same financial resources as larger firms, for the presence of the so-called “funding gap”. Such a barrier can be particularly pronounced for university startups, given their knowledge- and technology-based nature. To address this market failure, universities (often in collaboration with public and/or private partners) have started to activate programs to support their startups. By presenting a set of best practices and case studies, the chapter describes three main areas of intervention in the area of capacity building for accessing finance: (i) raising awareness and competences to access external finance (i.e. training activities and commercialization bootcamps), (ii) supporting the validation and maturation of university technologies (i.e. proof-of-concept programmes and university accelerator programmes) and (iii) enhancing interactions and building partnership with investors (i.e. matchmaking events with investors, networks of different types of investors, formalized partnerships between universities and financial investors, and university seed funds).
Federico Munari; Laura Toschi. The Intersection Between Capacity Building and Finance. Sxi — Springer per l’Innovazione / Sxi — Springer for Innovation 2018, 105 -120.
AMA StyleFederico Munari, Laura Toschi. The Intersection Between Capacity Building and Finance. Sxi — Springer per l’Innovazione / Sxi — Springer for Innovation. 2018; ():105-120.
Chicago/Turabian StyleFederico Munari; Laura Toschi. 2018. "The Intersection Between Capacity Building and Finance." Sxi — Springer per l’Innovazione / Sxi — Springer for Innovation , no. : 105-120.
A growing stream of the academic literature has investigated the factors that hamper the participation of women researchers in patenting and commercialization activities; however, limited research has examined the policies that address these forms of the gender gap. In this paper, we explore whether the ownership arrangements of university patents and the presence of university-level support measures such as technology transfer offices and linkages with science and technology parks are positively associated with women’s involvement in academic patenting. We test our hypotheses on a sample of 2538 academic patents by Italian inventors in the period 1996–2007. The results of our analyses highlight a positive role of university policies in addressing the gender gap in technology transfer activities.
Paola Giuri; Rosa Grimaldi; Anna Kochenkova; Federico Munari; Laura Toschi. The effects of university-level policies on women’s participation in academic patenting in Italy. The Journal of Technology Transfer 2018, 45, 122 -150.
AMA StylePaola Giuri, Rosa Grimaldi, Anna Kochenkova, Federico Munari, Laura Toschi. The effects of university-level policies on women’s participation in academic patenting in Italy. The Journal of Technology Transfer. 2018; 45 (1):122-150.
Chicago/Turabian StylePaola Giuri; Rosa Grimaldi; Anna Kochenkova; Federico Munari; Laura Toschi. 2018. "The effects of university-level policies on women’s participation in academic patenting in Italy." The Journal of Technology Transfer 45, no. 1: 122-150.
Digital technologies and their applications are systematically altering established practices and making new ones emerge in different realms of society. Research in social sciences in general and management in particular is no exception, and several examples that span various fields are coming into the spotlight not only from scholarly communities but also the popular press. In this chapter, we focus on how management and entrepreneurship research can benefit from ICT technologies and data science protocols. First, we discuss recent trends in management and data science research to identify some commonalities. Second, we combine both perspectives and present some practical examples arising from several collaborative projects that address university–industry collaborations, the impact of technology-based activities, the measurement of scientific productivity, performance measurement, and business analytics. Implications for using data science in entrepreneurship and management research are discussed.
Riccardo Fini; Monica Bartolini; Stefano Benigni; Paolo Ciancarini; Angelo Di Iorio; Alan Johnson; Marcello Maria Mariani; Silvio Peroni; Francesco Poggi; Einar Rasmussen; Riccardo Silvi; Maurizio Sobrero; Laura Toschi. Collaborative Practices and Multidisciplinary Research: The Dialogue Between Entrepreneurship, Management, and Data Science. Industry 4.0 2018, 129 -152.
AMA StyleRiccardo Fini, Monica Bartolini, Stefano Benigni, Paolo Ciancarini, Angelo Di Iorio, Alan Johnson, Marcello Maria Mariani, Silvio Peroni, Francesco Poggi, Einar Rasmussen, Riccardo Silvi, Maurizio Sobrero, Laura Toschi. Collaborative Practices and Multidisciplinary Research: The Dialogue Between Entrepreneurship, Management, and Data Science. Industry 4.0. 2018; ():129-152.
Chicago/Turabian StyleRiccardo Fini; Monica Bartolini; Stefano Benigni; Paolo Ciancarini; Angelo Di Iorio; Alan Johnson; Marcello Maria Mariani; Silvio Peroni; Francesco Poggi; Einar Rasmussen; Riccardo Silvi; Maurizio Sobrero; Laura Toschi. 2018. "Collaborative Practices and Multidisciplinary Research: The Dialogue Between Entrepreneurship, Management, and Data Science." Industry 4.0 , no. : 129-152.
Federico Munari; Maurizio Sobrero; Laura Toschi. The university as a venture capitalist? Gap funding instruments for technology transfer. Technological Forecasting and Social Change 2018, 127, 70 -84.
AMA StyleFederico Munari, Maurizio Sobrero, Laura Toschi. The university as a venture capitalist? Gap funding instruments for technology transfer. Technological Forecasting and Social Change. 2018; 127 ():70-84.
Chicago/Turabian StyleFederico Munari; Maurizio Sobrero; Laura Toschi. 2018. "The university as a venture capitalist? Gap funding instruments for technology transfer." Technological Forecasting and Social Change 127, no. : 70-84.
This study analyses the characteristics of the proof-of-concept (POC) programmes initiated by university and public research organisations in Europe, as a mechanism to address funding gaps and improve the transfer of research-based inventions to markets. We contribute to the literature on investment readiness of new ventures and on financing technology transfer by assessing the structure of such funding instruments and identifying critical success factors for their design and implementation. The analyses rely on seven in-depth case studies of university-oriented POCs in Europe.
Federico Munari; Maurizio Sobrero; Laura Toschi. Financing technology transfer: assessment of university-oriented proof-of-concept programmes. Technology Analysis & Strategic Management 2016, 29, 233 -246.
AMA StyleFederico Munari, Maurizio Sobrero, Laura Toschi. Financing technology transfer: assessment of university-oriented proof-of-concept programmes. Technology Analysis & Strategic Management. 2016; 29 (2):233-246.
Chicago/Turabian StyleFederico Munari; Maurizio Sobrero; Laura Toschi. 2016. "Financing technology transfer: assessment of university-oriented proof-of-concept programmes." Technology Analysis & Strategic Management 29, no. 2: 233-246.
This article studies the extent to which corporate entrepreneurial intentions are enacted differently by academic and non-academic entrepreneurs. Using constructs from cognitive research and exploiting the theory of institutional logics, we observe that academic entrepreneurs, notwithstanding their engagement in entrepreneurship, still implement their corporate entrepreneurial intentions acting in accordance with the academic institutional environment to which they belong. Using a matched-pairs research design, our results show that academic entrepreneurs (compared to non-academic ones) leverage their awareness of technical competencies significantly more and their entrepreneurial self-efficacy and awareness of managerial skills considerably less. We discuss the theoretical and managerial implications related to how cognitive and institutional factors interact to foster entrepreneurial value in newly established firms.
Riccardo Fini; Laura Toschi. Academic logic and corporate entrepreneurial intentions: A study of the interaction between cognitive and institutional factors in new firms. International Small Business Journal: Researching Entrepreneurship 2016, 34, 637 -659.
AMA StyleRiccardo Fini, Laura Toschi. Academic logic and corporate entrepreneurial intentions: A study of the interaction between cognitive and institutional factors in new firms. International Small Business Journal: Researching Entrepreneurship. 2016; 34 (5):637-659.
Chicago/Turabian StyleRiccardo Fini; Laura Toschi. 2016. "Academic logic and corporate entrepreneurial intentions: A study of the interaction between cognitive and institutional factors in new firms." International Small Business Journal: Researching Entrepreneurship 34, no. 5: 637-659.
University–industry technology transfer (TT) has become increasingly institutionalized and is supported by numerous reforms and initiatives at the national, regional and university levels. Most countries have implemented a policy mix involving a range of instruments to support the commercialization of research. Still, there is no systematic evidence indicating why the mix of policy instruments differs between countries. This study offers a novel cross-national investigation of the policy mix emphasizing the level of centralization and decentralization of policy instruments. We map and analyze two specific types of public instruments aimed at addressing the so-called funding gap in TT: proof of concept programs (POCs) and university-oriented seed funds (USFs). Based on a survey across 21 European countries, we find that such instruments are widely used but are organized differently depending on the level of implementation of TT practices in the country and the specific type of instrument considered. More precisely, we find a U-shaped relationship between the use of centralized gap-funding instruments and the country’s implementation of TT practices. Moreover, the type of gap-funding instrument (POC or USF) moderates this relationship. We discuss the implications of our findings and suggest that the policy mix of gap-funding instruments evolve with the maturity of the national TT infrastructure.
Federico Munari; Einar Rasmussen; Laura Toschi; Elisa Villani. Determinants of the university technology transfer policy-mix: a cross-national analysis of gap-funding instruments. The Journal of Technology Transfer 2015, 41, 1377 -1405.
AMA StyleFederico Munari, Einar Rasmussen, Laura Toschi, Elisa Villani. Determinants of the university technology transfer policy-mix: a cross-national analysis of gap-funding instruments. The Journal of Technology Transfer. 2015; 41 (6):1377-1405.
Chicago/Turabian StyleFederico Munari; Einar Rasmussen; Laura Toschi; Elisa Villani. 2015. "Determinants of the university technology transfer policy-mix: a cross-national analysis of gap-funding instruments." The Journal of Technology Transfer 41, no. 6: 1377-1405.
Federico Munari; Laura Toschi. Assessing the impact of public venture capital programmes in the United Kingdom: Do regional characteristics matter? Journal of Business Venturing 2015, 30, 205 -226.
AMA StyleFederico Munari, Laura Toschi. Assessing the impact of public venture capital programmes in the United Kingdom: Do regional characteristics matter? Journal of Business Venturing. 2015; 30 (2):205-226.
Chicago/Turabian StyleFederico Munari; Laura Toschi. 2015. "Assessing the impact of public venture capital programmes in the United Kingdom: Do regional characteristics matter?" Journal of Business Venturing 30, no. 2: 205-226.
This work investigates the role of university and PRO-oriented seed funds (USFs)—VC funds with an explicit mission to make investments in academic spin-offs and support technology transfer—as instruments for addressing funding gaps and facilitating the commercialization of academic technologies. We first offer an overview of USFs in Europe, highlighting their heterogeneity and principal characteristics. Second, we exploit a unique data set of 1,497 start-ups (including 733 USF-backed start-ups and another 764 start-ups backed by other VC funds) to analyze how USF-backed companies perform in terms of exit rates, staging, and syndication levels when compared with non-USF-backed companies. Empirical evidence suggests that USF-backed companies perform better in staging and syndication but worse in exit rates. Moreover, our analyses show that, within the group of USF-backed companies, the ones that can attract more follow-on funding and investors are those financed by USFs that are internally managed by a universities/PROs and are linked to universities with high scientific rankings.
Federico Munari; Martina Pasquini; Laura Toschi. From the lab to the stock market? The characteristics and impact of university-oriented seed funds in Europe. The Journal of Technology Transfer 2014, 40, 948 -975.
AMA StyleFederico Munari, Martina Pasquini, Laura Toschi. From the lab to the stock market? The characteristics and impact of university-oriented seed funds in Europe. The Journal of Technology Transfer. 2014; 40 (6):948-975.
Chicago/Turabian StyleFederico Munari; Martina Pasquini; Laura Toschi. 2014. "From the lab to the stock market? The characteristics and impact of university-oriented seed funds in Europe." The Journal of Technology Transfer 40, no. 6: 948-975.
Federico Munari; Laura Toschi. Running ahead in the nanotechnology gold rush. Strategic patenting in emerging technologies. Technological Forecasting and Social Change 2014, 83, 194 -207.
AMA StyleFederico Munari, Laura Toschi. Running ahead in the nanotechnology gold rush. Strategic patenting in emerging technologies. Technological Forecasting and Social Change. 2014; 83 ():194-207.
Chicago/Turabian StyleFederico Munari; Laura Toschi. 2014. "Running ahead in the nanotechnology gold rush. Strategic patenting in emerging technologies." Technological Forecasting and Social Change 83, no. : 194-207.
This paper analyzes the importance given by Venture Capital firms (VCs) to the patent portfolios of start-up companies in their financing decisions. In particular, the contributions presented are twofold. First, we determine whether the amount of VC financing is associated with three elements related to technological portfolios: number of patent, patent scope and number of “core technology” patents (i.e., those patents related to core technological capabilities of the company). Second, we examine whether the relevance of patents for the financing decisions varies across different types of VC firms, depending on their industry specialization and affiliation. We provide empirical evidence from a sample of 332 VC-backed companies in the nanotechnology sector for the period 1985–2006. Our results confirm the importance of core technology patents in the VC investment decisions, especially for specialized VCs, when compared with generalist VCs. However, no differences are found between corporate and independent VCs.
Federico Munari; Laura Toschi. Do patents affect VC financing? Empirical evidence from the nanotechnology sector. International Entrepreneurship and Management Journal 2014, 11, 623 -644.
AMA StyleFederico Munari, Laura Toschi. Do patents affect VC financing? Empirical evidence from the nanotechnology sector. International Entrepreneurship and Management Journal. 2014; 11 (3):623-644.
Chicago/Turabian StyleFederico Munari; Laura Toschi. 2014. "Do patents affect VC financing? Empirical evidence from the nanotechnology sector." International Entrepreneurship and Management Journal 11, no. 3: 623-644.
Federico Munari; Raffaele Oriani; Maria Cristina Odasso; Laura Toschi. Patent-backed Finance. The Economic Valuation of Patents 2013, 1 .
AMA StyleFederico Munari, Raffaele Oriani, Maria Cristina Odasso, Laura Toschi. Patent-backed Finance. The Economic Valuation of Patents. 2013; ():1.
Chicago/Turabian StyleFederico Munari; Raffaele Oriani; Maria Cristina Odasso; Laura Toschi. 2013. "Patent-backed Finance." The Economic Valuation of Patents , no. : 1.
In this article, we analyze whether venture capital (VC) firms have a bias against investment in academic spin-offs based on empirical evidence from the micro- and nanotechnology sector in the UK. We also investigate the characteristics of academic spin-offs to capture the differences in their ability to attract VC funding. Finally, we examine whether the propensity to invest in such kinds of new ventures varies between private and public VC firms. The results of our regression analyses on a sample of 247 new ventures (123 academic spin-offs and 124 other companies) reject the presence of bias in this type of science-based business. They also highlight intellectual property rights, presence of academic–industrial collaborations, scientific reputation of the parent university and type of business model as important factors in the academic spin-off's ability to access VC financing. Furthermore, we show that private VCs devote a weaker attention than public VCs to the university‘s scientific reputation when deciding to finance academic spin-offs.
Federico Munari; Laura Toschi. Do venture capitalists have a bias against investment in academic spin-offs? Evidence from the micro- and nanotechnology sector in the UK. Industrial And Corporate Change 2010, 20, 397 -432.
AMA StyleFederico Munari, Laura Toschi. Do venture capitalists have a bias against investment in academic spin-offs? Evidence from the micro- and nanotechnology sector in the UK. Industrial And Corporate Change. 2010; 20 (2):397-432.
Chicago/Turabian StyleFederico Munari; Laura Toschi. 2010. "Do venture capitalists have a bias against investment in academic spin-offs? Evidence from the micro- and nanotechnology sector in the UK." Industrial And Corporate Change 20, no. 2: 397-432.