Comparing University Spin-Off performance Financial performance comparison between University Spin-Offs (USOs) and Deep-tech organizations in the Dutch ecosystem
Keywords
Loading...
Authors
Issue Date
2025-07-07
Language
en
Document type
Journal Title
Journal ISSN
Volume Title
Publisher
Title
ISSN
Volume
Issue
Startpage
Endpage
DOI
Abstract
University spin-offs (USOs) are known for they economic and social development, yet systematic comparisons with other high-technology start-ups remain underdeveloped. Using a database consisting of 1874 Dutch organizations this research aimed to analyse the difference between USOs and Deep-tech organizations (non-USO New Technology Based Firms) across four financial performance dimensions: survival, revenue growth, employee growth and IPO/M&A achievement. Mediation analysis tested whether founding team size, external funding, and innovativeness explained a performance difference. The results showed USO outperform Deep-tech organizations in terms of survival (14% more likely to survive) and employee growth (5.5% faster growth). These advantages are partially mediated by greater access to external funding (56% more external funding). The remaining difference in performance can potentially be explained by positive effects USOs experience as a result of the university support they receive. However, USOs are less likely to achieve an IPO or M&A compared to Deep-tech organizations, although this effect partially diminishes once funding disparities are accounted for (50% less likely to achieve an IPO/M&A). Founding management team size and number of patents did not significantly mediate performance. This research enables USO entrepreneurs and support programs to increase the success of USOs and guides external funding allocation as a result of the improved the understanding of financial performance per organization type.
Description
Citation
Supervisor
Faculty
Faculteit der Managementwetenschappen