Measuring the performance of Academic Spin-offs. Analysis of the optimal methods predicting ventures development

The performance measurement of academic spin-offs is a very crucial topic in the entrepreneurship studies due to the necessity of full understanding and evaluation of the development processes characterizing this kind of venture, aimed at improving the management and policy actions too. Based on a sample of 405 Italian spin-offs, this paper aims to identify and test the optimal methods for the measurement of academic spin-offs performance. The results reveal that the number of ventures created by university is the most adequate measure of academic spin-offs performance, followed by the asset evaluation, whereas profitability measures result inefficient. This evidence reflects the high-risk and start-up nature of academic spin-offs and the policy approaches to their management, poorly selective about the validity of business projects. This leads to the preference for indirect measures of performance, more closely related to the key actors in their development, such as universities.