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<p>University spin-offs (USOs) often face difficulties obtaining bank loans due to the perceived riskiness of their technologies. This study investigates the role of venture capitalists (VCs) and university ownership in facilitating bank debt for USOs, focusing on their impact on access to long-term financing. Using a fixed-effect panel data model on 1594 Italian USOs between 2012 and 2022, the findings indicate that VC support enhances access to bank loans, particularly long-term ones. Moreover, the presence of university equity ownership further strengthens the effect of VC support by serving as an additional positive signal to banks. The results highlight the synergistic role of VCs and universities in increasing the creditworthiness of spin-offs. This study contributes to entrepreneurial finance and academic entrepreneurship by showing that the combination of VC and university involvement significantly improves access to bank debt, thereby promoting the sustainable growth of university spin-offs.</p>

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The influence of venture capital and university ownership on spin-off’s bank loan access: a synergistic effect

  • 期刊论文

  • 发表日期：

    2025年1月23日

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  • Nicola Del Sarto,
  • Elisa Bocchialini,
  • Lorenzo Gai,
  • Federica Ielasi

摘要

University spin-offs (USOs) often face difficulties obtaining bank loans due to the perceived riskiness of their technologies. This study investigates the role of venture capitalists (VCs) and university ownership in facilitating bank debt for USOs, focusing on their impact on access to long-term financing. Using a fixed-effect panel data model on 1594 Italian USOs between 2012 and 2022, the findings indicate that VC support enhances access to bank loans, particularly long-term ones. Moreover, the presence of university equity ownership further strengthens the effect of VC support by serving as an additional positive signal to banks. The results highlight the synergistic role of VCs and universities in increasing the creditworthiness of spin-offs. This study contributes to entrepreneurial finance and academic entrepreneurship by showing that the combination of VC and university involvement significantly improves access to bank debt, thereby promoting the sustainable growth of university spin-offs.