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<p>Academic spin-offs (ASOs) are key vehicles for commercializing university research, yet theoretical and empirical insights on their performance relative to new technology-based firms (NTBFs) remain inconclusive. Drawing on a novel, hand-collected dataset of ASOs and independent NTBFs across 99 regions in ten European countries, we examine differences in their growth outcomes and the moderating role of regional human capital. Using entropy balancing to facilitate causal inference, we find that ASOs outperform comparable NTBFs in both employment and sales growth. The employment growth “premium” for ASOs is especially pronounced in regions with higher shares of business graduates, but not with STEM graduates. Our findings provide evidence that ASOs outperform similar NTBFs, which is important given the social costs of academics leaving universities, and highlight the importance of regional labor markets in shaping these outcomes. The results have important implications for policy-makers, universities, and academic entrepreneurs.</p>

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Academic spin-offs versus new technology-based firms: growth differences and the role of regional human capital

  • 期刊论文

  • 发表日期：

    2026年7月4日

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  • Julia Mokhtar,
  • Mirjam Knockaert,
  • Tom Vanacker

摘要

Academic spin-offs (ASOs) are key vehicles for commercializing university research, yet theoretical and empirical insights on their performance relative to new technology-based firms (NTBFs) remain inconclusive. Drawing on a novel, hand-collected dataset of ASOs and independent NTBFs across 99 regions in ten European countries, we examine differences in their growth outcomes and the moderating role of regional human capital. Using entropy balancing to facilitate causal inference, we find that ASOs outperform comparable NTBFs in both employment and sales growth. The employment growth “premium” for ASOs is especially pronounced in regions with higher shares of business graduates, but not with STEM graduates. Our findings provide evidence that ASOs outperform similar NTBFs, which is important given the social costs of academics leaving universities, and highlight the importance of regional labor markets in shaping these outcomes. The results have important implications for policy-makers, universities, and academic entrepreneurs.