Key Factors of AS Performance in Emerging Central and Eastern European Countries: Evidence from Romania

Abstract

The concept of academic spin-off (AS) has witnessed an increase in attention due to its effectiveness in solving industry problems using core technology and knowledge from academia. Most studies based on US and western Europe experiences have presented the main key factors for academic spin-offs. The present study aims to address a literature gap regarding AS survival factor identification for central and eastern European countries, to relate resource groups with these key factors from a literature perspective, and to statistically investigate the long-term performance of academic spin-offs in Romania, an eastern European country that has only recently understood the opportunity academic spin-offs offer for national and regional development. Since EU programs are setting the scene for AS development, this research brings new insights for university strategic management to achieve sustainable regional growth by proposing a novelty spin-off key factor specific to central and eastern European countries: team competency in accessing government funds. Since these emerging economies face similar challenges regarding AS formation and development, statistical evidence from Romania is insightful and valuable. Data were collected on Romanian AS companies founded from 2006–2010, and eleven survival factors were investigated within a quantitative survey to understand which had a significant impact on AS performance. By using Pearson’s correlation matrix and a Cobb–Douglas nonlinear regression model, this study validated two research hypotheses that, in Romania, the quality of scientific support received from a university or research center during the development of a product and the competency of a team in accessing government funds were the most important factors having nonlinear influences on AS performance. Their positive and negative influences were furthermore discussed, and managerial implications were outlined.