University spin-offs and their environment

Using nine university-level variables (including publications, patents, and spin-offs) and ten regional indicators, I show that the regional economy clearly differentiates Italian universities according to four distinct types, corresponding to four productivity levels. The typology stemming from multiple correspondence analysis suggests that a fertile context is important to successful universities; however, where the environment is extremely rich, individuals seem to strongly self-select at the beginning of their careers, thus dividing entrepreneurs from professors; hence university activities in these regions are lower. A categorical regression specifically exploring success in university spin-off creation tends to reject that publications and spin-offs are substitutes, and confirms several US findings, albeit in a significantly different environment.