The development, growth, and performance of university spin-offs: a critical review

The literature examining university spin-offs is expanding rapidly. While most studies have examined the antecedents of spin-off creation at universities, the impact of spin-offs commercializing university research cannot be properly assessed without considering how these firms develop, grow, and perform over time. This study provides a systematic review of a recent research stream addressing the development, growth, and performance of university spin-offs. By critically analyzing 105 research papers published since 2000, this paper makes two main contributions. First, we present a conceptual framework outlining the variety of outcomes used in the literature to assess the development, growth and performance of university spin-offs, as well as the determinants of these outcomes at different levels of analysis. Second, we critically assess gaps in the extant literature and discuss promising directions for future research. We conclude that the university spin-off phenomenon provides an excellent empirical context for conducting research that contributes to more general theoretical discussions related to entrepreneurship, innovation and management.