RT Journal Article
T1 Is academic spin-off financing a matter of business and growth models? The Spanish case
A1 Martínez-Martínez, Sofía Louise
A1 Cisneros-Ruiz, Ana José
A1 Ventura-Fernández, Rafael
A1 Cisneros-Ruiz, Ana José
A1 Diéguez-Soto, Julio
K1 Spin-off académicos
K1 Transferencia de tecnología
AB Purpose. This study investigates the relationship between the development of academic spinoffs (ASOs)and the type of financing involved, by considering three research questions: How do ASOs differ in termsof financing? To what extent and for what reasons do ASOs differ in their financing? How do businessand growth models dictate the selection of different sorts of financing arrangement?Design/Methodology/approach. The study employs a grounded-theory, qualitative approach based on39 Spanish ASOs.Findings. There is a heterogeneity of ASO financing, and the selection of financial resources is related tothe business and growth model of the ASO. Furthermore, there are some critical junctures for financingwithin each group of ASOs.Research limitations/implications. The study advances the understanding of the determinants of ASOs,specifically with respect to financing, business models, and growth orientation. The Spanish context usedhere may not permit the global generalisation of the results; nevertheless, this study is a response to callsto consider the effect of regional context on ASOs.Practical implications. Knowing the heterogeneity of ASOs in terms of financing and how business andgrowth models determines the selection of distinct financing sources help financial planning, investmentdecisions and the design of programs and policies, which can be relevant for both ASOs and theirstakeholders (investors, universities, and governments).Originality/value. This study provides a comprehensive view of ASO financing, confirming aheterogeneity, not only in terms of financing but also in some critical junctures that presage a changefrom one type of financing to another.
PB Emerald
YR 0021
FD 0021-11-24
LK https://hdl.handle.net/10630/44790
UL https://hdl.handle.net/10630/44790
LA eng
NO Martínez-Martínez, S. L., Ventura, R., Cisneros Ruiz, A. J., & Diéguez-Soto, J. (2022). Is academic spin-off financing a matter of business and growth models? The Spanish case. International Journal of Entrepreneurial Behavior & Research, 28(2), 386-411.
NO https://openpolicyfinder.jisc.ac.uk/id/publication/2724
NO This work was supported by the funding Cátedra Andalucía Emprende 2018-2020, received by the Government of Andalucía (Consejería de Economía, Conocimiento, Empresas y Universidad).
DS RIUMA. Repositorio Institucional de la Universidad de Málaga
RD 28 feb 2026