University-based entrepreneurship: A synthesis of the literature

Since the early 1980s, universities in developed countries have greatly increased their entrepreneurial activities, including patenting and licensing; establishing incubators, science parks, and university spin-offs; investing equity in start-ups; and assisting regional economic development. We endeavor to make the following contributions: First, we conduct a comprehensive review of the university spin-off literature. The evaluation and synopsis of the literature will identify the determinants and consequences of university spin-off activity. Second, we develop a conceptual framework containing six major research streams that have emerged: (1) studies that focus on the individual and the personality of the individual as the key determinant of whether spin-off activity occurs; (2) organizational studies that seek to explain spin-off activity in terms of university resources, incentives, and structures; (3) sociocultural development studies that explain spin-off activity in terms of culture and the rewards within the university; (4) studies that explain spin-offs in terms of external environmental influences; (5) studies that examine the development and performance of spin-offs; and (6) studies that seek to measure the economic impact of spin-off activity. Although these research domains clearly overlap considerably, we employ them as a method of classification to facilitate a discussion of the literature. This chapter is organized in the following manner. The first section provides an overview of the existing spin-off definitions in the academic entrepreneurship literature. The second section reviews earlier research and outlines six distinct research streams we have identified in this literature. The third section builds on our review of the literature by presenting a theoretical framework for the determinants and consequences of spin-off activity.