Harnessing University Entrepreneurship for Economic Growth: Factors of Success Among University Spin-offs

University spin-offs are an important vehicle for knowledge dissemination and have the potential to generate jobs and economic growth. Despite their importance, little research exists on spin-off performance or impact, especially from the perspective of academic entrepreneurs. Using logit regression, this article makes a scholarly contribution by testing the relationship between spin-off success-defined here as technology commercialization-and multiple factors derived from the extant literature. Several significant variables are found to enable commercialization success within the sample, including venture capital, multiple and external licenses, outside management, joint ventures with other companies, previous faculty consulting experience, and-surprisingly-a negative relationship to post-spin-off services provided by universities. The results have important implications for public policy and management, supporting an overall "open innovation" approach to spin-off success.