Effect of Venture Capital on the Growth of Information and Communication Technology University Spin-Offs-Reference-Cited by-同舟云学术

Effect of Venture Capital on the Growth of Information and Communication Technology University Spin-Offs

Published:2020 Issue: Volume: Page:82-105
ISSN:2327-5677
Container-title:Emerging Tools and Strategies for Financial Management
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Author:

Rodríguez-Gulías María Jesús¹,Fernández-López Sara²,Rodeiro-Pazos David²^ORCID,Faria Ana Paula³,Barbosa Natalia³

Affiliation:

1. Universidade da Coruña, Spain

2. Universidade de Santiago de Compostela, Spain

3. Universidade do Minho, Portugal

Abstract

The creation of university spin-off firms (USOs) to commercialize the academic research outputs contributes to the economic development of the regions. These firms are often resource-constrained, which may hamper their growth. However, the involvement of venture capital (VC) partners in their management can partly counterbalance their traditional lack of resources. Within the USOs created in Portugal and Spain, around one-third operate in the information and communication technology industry (ICT-USOs). This chapter aims to explore the effect of VC partners on the ICT-USOs' growth by using a sample of 127 Spanish and 176 Portuguese ICT-USOs over the period 2007–2013. The results show that the effect of VC on the ICT-USOs' growth depends not only on the country, but also on how firm growth is measured; whereas a weak positive effect on the sales growth is found, a negative one is obtained in the case of the employment growth.

Publisher

IGI Global

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