University spin-out companies face major impediment ofaccess to venture capital. Using a finance pecking order perspective, thisstudy examines the problems that university spin-out (USO) companies face whenseeking venture capital. Focus is on USOs that are expected to have growthprospects but...

Research-based spin-offs (RBSOs) have become an important aspect of the technology transfer process. Emanating from what is conventionally a non-commercial environment, RBSOs pose major challenges if they are to realise their potential to meet the objectives of their founders and the parent...

Various incubation strategies for spinning out companies used by European research institutes are examined.The paper focuses on two central issues: (1) a comparison of the goals and objectives of research institutions for creating new spinout ventures, and (2) the various incubation strategies...

Compares the relative importance of syndicationmotives across different types of venture capitalists. First, a discussion ofmotives for syndicating venture capital (VC) investments leads to theformulation of several hypotheses, two of which propose that the finance motiveis more important for...

This paper uses a large multi-country sample of venture capital firms to compare the approaches to investee valuation and sources of information used by venture capital investors in English, French and German legal systems as well as geographical regions. Different legal systems are...

Universities have two options when they formulate policies to develop new technology-based start-ups. One approach is to encourage faculty members to engage in this activity. Another avenue is to encourage surrogate (external) entrepreneurs to assume a leadership role. Based on a survey of...