Abstract

It has become commonplace to consider start-ups originating from the science field usually referred to as academic spin-offs as drivers of innovation, productivity, and employment. However, only little is known about the process of spin-off creation (e.g., Goethner et al., 2009) and development (e.g., Mustar et al., 2006; Vohora et al., 2004). Specifically, there has not been sufficient empirical research directly comparing equivalently matched groups of academic spin-offs and non-academic start-ups in order to draw definitive conclusions on whether there are specific growth paths of firms spun off from scientific research (Ensley & Hmieleski, 2005). We aim to fill this gap in the literature and provide unique empirical evidence on the economic and innovative performance of academic spin-offs within the first three business years