The role of venture capitalist to enhance the growth of Spanish and Italian university spin-offs

Social entrepreneurship orientation and performance in non-profit organizations

“…EO thereby conveys organizational behaviors that incorporate the attributes of innovation, proactivity, competitive aggressiveness, accepting risks and autonomy but also the attitudes held towards opportunities; with these behaviors associated with entrepreneurship despite the distinctive differences in their respective mutual relationships, and ensuring EO constitutes an excellent tool for the diagnosis, development and implementation of new combinations of resources for enhancing competitiveness and facilitating the entrance into new markets (Codogni et al, 2020). The EO concept subsequently expanded into several areas like, for example, sports (Hammerschmidt et al, 2020;Nuñez-Pomar et al, 2020;Pellegrini et al, 2020), family firms (Hernández-Perlines et al, 2019;Llanos-Contreras et al, 2020), gender (Goktan & Gupta, 2015;Santos et al, 2018), immigrant-owned businesses (José Rodríguez-Gutiérrez et al, 2020), its relation with organizational culture (Ling et al, 2020), university spin-offs (Jesús Rodríguez-Gulías et al, 2018;Migliori et al, 2019), nursing and health care (Lages et al, 2017;Marques et al, 2019) and the non-profit sector that plays a crucial role in the economy (Barrett et al, 2005;do Adro & Leitão, 2020;Morris et al, 2011;Nuñez-Pomar et al, 2020;Pearce et al, 2010). The growth in the non-profit sector, the demands from governments and society in general for higher levels of efficiency, and alongside changes in the global socioeconomic panorama led to non-profit organizations (NPOs) becoming increasingly entrepreneurial, especially as regards innovation and incorporating new business models (Morris et al, 2011;Pearce et al, 2010;Sullivan Mort et al, 2003).…”

Elements and Effects of the Corporate Governance on the Capital Structure in University Spin-Offs. Evidences from the Italian Context

“…Second, only three variables in the analysis of the effects of corporate governance and capital structure of USOs have been used. Future research in the topic might take advantage from the inclusion in the analysis of additional characteristics of the directors and shareholders, such as those related to their personal and social features, as well as further information related to the ownership structure of the USOs, such as the ownership concentration and the involvement of venture capital and private equity that plays a critical function in the development process of USOs (Rodríguez-Gulías et al, 2018;Bock et al, 2018). However, the paper provides new insights, although only partial, to the existing literature of USOs and corporate governance, integrating the current knowledge about the emerging impacts of corporate governance on the capital structure in USO, as well as providing some managerial implications for the financing dynamics and corporate governance mechanisms of this type of firms.…”

Is academic spin-off financing a matter of business and growth models? The Spanish case

“…Fourth, because some of the previous literature has used the Spanish university system to investigate ASOs, this work has developed findings extensible to countries with similar levels of experience (e.g. Rodr ıguez-Gul ıas et al, 2018;Di anez-Gonz alez et al, 2020). In this way, in addressing the Spanish case, this research also responds to calls to take into account the effect of the regional context on a firm's resources and its relationship with ASO growth (Rodr ıguez-Gul ıas et al, 2017).…”

“…demonstrate the importance of favouring the development of initiatives of external equity financing, specifically reinforcing the role of VC (Rodr ıguez-Gul ıas et al, 2018), due to its low profile in the financial structure of ASOs and its importance in terms of growth. Finally, the results of this study also have practical implications in the field of ASO investment, since it gives investors an overview of the diversity of existing ASOs and the relationship between the financing used and certain key milestones in the life of each type of ASO.…”