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<p>This paper examines causality in academic start-up failure through a 20-year longitudinal study at the Science and Technology Park of Crete. Our analysis challenges the assumption that funding shortages cause failure, demonstrating that funding problems reflect deeper structural deficiencies. We identify a perceptual evolution: early-stage academic ventures attribute failure to a lack of funding, while more mature firms and external stakeholders recognize this as symptomatic of more fundamental issues—inadequate team composition, academic-business tensions, limited market expertise, insufficient business readiness, and weak intellectual property strategies. The study reconceptualizes the relationship between funding and academic venture failure, revealing that successful academic ventures effectively transition from research-focused mindsets to business-oriented approaches, with important implications for university entrepreneurship policies.</p>

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Beyond Funding Shortages: A Longitudinal Analysis of Causal Shifts in Academic Start-Up Failure

  • 期刊论文

  • 发表日期：

    2025年6月6日

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  • George Papamichail,
  • Elias G. Carayannis

摘要

This paper examines causality in academic start-up failure through a 20-year longitudinal study at the Science and Technology Park of Crete. Our analysis challenges the assumption that funding shortages cause failure, demonstrating that funding problems reflect deeper structural deficiencies. We identify a perceptual evolution: early-stage academic ventures attribute failure to a lack of funding, while more mature firms and external stakeholders recognize this as symptomatic of more fundamental issues—inadequate team composition, academic-business tensions, limited market expertise, insufficient business readiness, and weak intellectual property strategies. The study reconceptualizes the relationship between funding and academic venture failure, revealing that successful academic ventures effectively transition from research-focused mindsets to business-oriented approaches, with important implications for university entrepreneurship policies.