Academic entrepreneurship: founding and governance determinants in university spin-off ventures

Academic research is generally seen as one of the most important goals of a university, but universities are being called upon simultaneously to assist in building a local entrepreneurial ecosystem and contributing to economic growth. Universities can be the source of startups based on academic research results and thereby influence a given industrial context. This paper investigates the impact of academic entrepreneurship on the economic performance of university spin-offs (USOs) and, in particular, how the composition of the founding team, the diversity of academic ownership, CEO duality, and the presence of women on the board of directors affect USO success. We study these relationships with a cross-sectional sample of 136 firms in southern Italy. Our findings highlight that governance and ownership can influence various indicators that are often used for measuring enterprise success in different ways and that, based on the specific success metrics, managers or policymakers should consider different aspects to better understand a USO’s potential for success.