ABSTRACT

Academic spin-offs (ASOs) are typically technologically driven, and their expansion into foreign markets has become a priority for the generation of revenue, thereby recuperating the initial R&D and patent costs over a shorter time frame. However, the literature of how these firms internationalise and what sources they can rely on to obtain the financial resources remains very limited. Two main objectives are proposed in this paper: first, the analysis of whether those relationships that ASOs maintain with various agents to provide financial resources for internationalisation differ between ASOs that have internationalised and those that have not; and second, the study into whether those ASOs that internationalise by following different internationalisation patterns present differences in their agents that provide them with financial resources. From a sample of 173 Spanish ASOs, results of cluster analysis and post-hoc tests indicate that internationalised ASOs rely on financial agents different to those of domestic ASOs. We firstly conclude, that the most representative internationalisation pattern in ASOs is Born Global (BG), through the True Born Global (TBG) and Sporadic Born Global (SBG) sub-patterns. Second, the internationalisation patterns are supported by different financial agents, although governmental institutions and Venture Capital (VC) firms constitute the most relevant agents.

摘要

学术衍生品（ASO）通常是技术驱动的，它们向国外市场的扩张已成为创收的优先事项，从而在更短的时间内收回初始研发和专利成本。然而，有关这些公司如何国际化以及他们可以依靠哪些来源获得财务资源的文献仍然非常有限。本文提出了两个主要目标：第一，分析已国际化的 ASO 与未国际化的 ASO 之间为国际化提供财务资源而与不同代理人保持的关系是否存在差异；其次，研究采用不同国际化模式进行国际化的ASO在为其提供财务资源的代理人方面是否存在差异。以173家西班牙ASO为样本，聚类分析和事后检验的结果表明，国际化ASO对财务代理的依赖与国内ASO不同。我们首先得出结论，ASO 中最具代表性的国际化模式是天生全球化（BG），包括真正的天生全球化（TBG）和零星天生全球化（SBG）子模式。其次，国际化模式受到不同金融主体的支持，尽管政府机构和风险投资公司构成了最相关的主体。通过 True Born Global (TBG) 和 Sporadic Born Global (SBG) 子模式。其次，国际化模式受到不同金融主体的支持，尽管政府机构和风险投资公司构成了最相关的主体。通过 True Born Global (TBG) 和 Sporadic Born Global (SBG) 子模式。其次，国际化模式受到不同金融主体的支持，尽管政府机构和风险投资公司构成了最相关的主体。