El riesgo de orientación en la inversión en spin-offs universitarias¿Existe? ¿Es posible identificarlo en los primeros años de vida?

  1. Julio Pombo Romero 1
  2. David Rodeiro Pazos 2
  3. María Jesús Rodríguez Gulías 1
  1. 1 Universidade da Coruña
    info

    Universidade da Coruña

    La Coruña, España

    ROR https://ror.org/01qckj285

  2. 2 Universidade de Santiago de Compostela
    info

    Universidade de Santiago de Compostela

    Santiago de Compostela, España

    ROR https://ror.org/030eybx10

Revista:
Management Letters / Cuadernos de Gestión

ISSN: 1131-6837

Ano de publicación: 2016

Volume: 16

Número: 2

Páxinas: 29-48

Tipo: Artigo

DOI: 10.5295/CDG.140514JP DIALNET GOOGLE SCHOLAR lock_openADDI editor

Outras publicacións en: Management Letters / Cuadernos de Gestión

Resumo

A number of studies are showing that companies created from universities (USO) have a relatively low growth rate in relation to other start-ups. This may be due to the fact that a significant proportion of USOs can be set up in order to give continuity to research projects on the basis of public aid rather than to commercialize research results in the market. The main objective of this work is to discuss whether it is possible or not to differentiate two types of USO regarding their orientation to the market. We also check the possibility of identifying this difference in the earlier stages of the spin-offs because it would affect the company ́s risk level from the investors’ perspective. In order to study this, we identified a sample of 20 spin-offs and recorded their economic information during their first 5 years of life. We also tracked the number and amount of public grants and subsidies obtained during this period. The hypothesis of the article was tested using cluster analysis. The results obtained indicate the existence of two different types of USO regarding a market orientated business model or one that is not. This difference cannot be identified from the financial statements of the USO in its earliest stages. These facts can originate “orientation risk” defined as the impossibility for the investor in USOs to identify, in its earlier stages, if the company will end up oriented to the market or not.

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Fonte de datos: Dialnet