Autore
Salvador, ElisaTitolo
l finanziamento delle imprese Spin-off. Un confronto fra Italia e Regno Unito.Periodico
CERIS-CNR. Working PaperAnno:
2006 - Fascicolo:
12 - Pagina iniziale:
1 - Pagina finale:
34This paper aims at examining the university spin-off firms context at present in place in Italy,
with particular attention to the relationship with the academic institutions and the problems of financing.
In the latest years, more and more attention is devoted to investigate the emergence of the university
spin-off phenomenon. There is an increasing focus on universities’ entrepreneurial orientation and their
ability to exploit and transfer scientific knowledge to the commercial sector. The present paper is based
on a series of interviews held during the period May-July 2005 in several university spin-off firms in
Milan, Bologna, Padova and Genova. The paper is divided in two parts. In the first one, after a theoretical
background on the spin-off literature, it follows a general description of the United Kingdom context
and the Italian university spin-off firms framework and their characteristics. The second part is focused
on an analysis of the spin-off firms interviewed. The results highlight positive and negative factors in
the relationship between university institutions and spin-off firms. Furthermore, the relationships with
banks and venture capitalists are investigated. The interviews highlighted a lack of competencies in the
financial sector and a general negative opinion on venture capital. Italian university spin-off firms have
difficulties in negotiating good conditions with banks and are afraid to trust in venture capitalists. Besides,
Italy doesn’t have an effective business angels network and it lacks seed capital. Therefore they
prefer to count on the classical three Fs, “family, friends and fools”, to raise capital for their business.
Notwithstanding, Italian university spin-off firms are characterised by a very high know-how background and a great desire of independence. In conclusion, Italy is just at the beginning in developing the university spin-off phenomenon. Most universities emanated spin-off regulations only in recent years.
There is significant potential for the Italian university spin-off firms to play a bigger, more enhanced role in the creation of new jobs in the future, and in supporting technology transfer.
Testo completo:
http://www.ceris.cnr.it/ceris/workingpaper/2006/WP_12_06_SALVADOR.pdfEsportazione dati in Refworks (solo per utenti abilitati)
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