Analysis of the survival determinants of university spin-offs in a cross-national sample

Understanding the dynamics related to university survival is a critical point for scholars and policymakers, especially in the technology transfer process. Drawing on the population and organisational ecology perspectives and the resource-based view of the firm, this paper aims to investigate the survival determinants of university spin-offs (USOs). After applying event analysis techniques in a cross-national dataset of 1,275 Italian and Spanish USOs over the period 2005–2013, the findings show that firm size, firm age, industrial partners and firm efficiency positively influence the USOs’ survival, whereas patent activity decreases the USOs’ chances to survive. Additionally, a U-shaped relationship between financial leverage and the USOs’ survival emerges. Based on the emerging evidence, some policy and managerial implications are provided to help USOs to cross their ‘Valley of Death’.