The survival of academic spinoff companies: An empirical study of key determinants

The formation of university spinoff companies has been studied extensively, yet limited attention has been devoted to their survival. Consequently, little is known about spinoff’s later stage developments. Spinoff companies exist in university networks where they access resources through different types of actors. However, it remains unclear on which actors specifically these firms should focus their networking efforts, especially in relation to their success. It is also poorly understood how the regional economic environment affects spinoff survival. This article examines the core determinants of survival of academic spinoff companies. The article analyses a unique sample of 870 UK spinoff companies from 81 universities formed between 2002 and 2013. The results show that spinoff company survival is dependent on three core university network actors: investors, external entrepreneurs and technology transfer offices (TTOs). In addition, spinoff companies born into less industrially diversified regions enjoy greater probability of survival