Article: The creation of new technology-based firms at the Spanish public research institutions: an analysis of their financial statements Journal: International Journal of Innovation and Learning (IJIL) 2013 Vol.14 No.3/4 pp.405 - 421 Abstract: Recently, several studies have suggested that spin-off firms are not the most useful of the available pathways for transferring scientific knowledge from public research institutions to industry, even in the countries where the spin-off phenomenon is more extended. This paper carries out a descriptive analysis of the financial statements of 72 new technology-based firms created by the Spanish universities and the Spanish National Research Council between the years 1998 and 2006. We find that, although public research-based spin-offs show positive asset and employment growth rates, they tend to remain relatively small and fail to generate positive returns to their investors. Several directions for redesigning spin-off policy follow from this analysis. Inderscience Publishers - linking academia, business and industry through research

Title: The creation of new technology-based firms at the Spanish public research institutions: an analysis of their financial statements

Authors: David Rodeiro; Sara Fernández; Milagros Vivel; Maria Jesús Rodríguez

Addresses: Faculty of Economics and Business, University of Santiago de Compostela, 15.782-Santiago de Compostela, Spain ' Faculty of Economics and Business, University of Santiago de Compostela, 15.782-Santiago de Compostela, Spain ' Faculty of Economics and Business, University of Santiago de Compostela, 15.782-Santiago de Compostela, Spain ' Faculty of Economics and Business, University of Santiago de Compostela, 15.782-Santiago de Compostela, Spain

Abstract: Recently, several studies have suggested that spin-off firms are not the most useful of the available pathways for transferring scientific knowledge from public research institutions to industry, even in the countries where the spin-off phenomenon is more extended. This paper carries out a descriptive analysis of the financial statements of 72 new technology-based firms created by the Spanish universities and the Spanish National Research Council between the years 1998 and 2006. We find that, although public research-based spin-offs show positive asset and employment growth rates, they tend to remain relatively small and fail to generate positive returns to their investors. Several directions for redesigning spin-off policy follow from this analysis.

Keywords: spin-offs; new technology based firms; NTBFs; Spain; higher education; Spanish National Research Council; CSIC; size; balance sheet; income statements; return on assets; return on equity; job creation; public research institutions; financial statements; university research; knowledge transer; technology transfer; employment growth; spin-off policy.

DOI: 10.1504/IJIL.2013.056235

International Journal of Innovation and Learning, 2013 Vol.14 No.3/4, pp.405 - 421

Published online: 30 Sep 2013 *

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Title: The creation of new technology-based firms at the Spanish public research institutions: an analysis of their financial statements

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