How do Academic Spin-offs Attract VC Financing? Evidence from the Micro and Nanotechnology Sector in the UK
In this paper, we provide original empirical evidence, based on a sample of 255 new ventures operating in the micro and nanotechnology ( MNT) sector in the United Kingdom, on the ability of academic spin-offs to attract venture capital financing. We analyze whether venture capitalists have a bias against investing in academic spin-offs due to high levels of risk and monitoring costs. Our results suggest that this bias does not exist in the case of MNT, although spin-offs from universities with high institutional prestige have a significantly higher likelihood to receive VC financing as compared to other academic and non-academic start-ups.
Academic Spin-off Venture Capital Nanotechnology United Kingdom
Federico Munari Laura Toschi
University of Bologna,Italy
国际会议
Academy of Innovation and Entrepreneurship 2008(创新与创业国际学术会议)
北京
英文
481-486
2008-03-01（万方平台首次上网日期，不代表论文的发表时间）