Fifteen years of Academic Entrepreneurship in Italy: Evidence from the TASTE project. Riccardo Fini 18/2/2015 Porto Business School
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1 Fifteen years of Academic Entrepreneurship in Italy: Evidence from the TASTE project Riccardo Fini 18/2/2015 Porto Business School
2 Agenda TASTE project: overview TASTE project: results
3 TASTE project The Project: - TAking STock: External engagement by academics - www2.sa.unibo.it/taste - FP7-PEOPLE-CIG MARIE CURIE ( ) - Follow-up of Project IRIS ( ) Aim: - To systematically map entrepreneurship from Italian universities labs - To provide reliable data on how science-based entrepreneurship unfolds and generate wealth - To better understand the determinants of high-growth entrepreneurship
4 Definitions Academic entrepreneurship Creation of new a business based on university-developed knowledge Academic spin-off is a firm in which: (a) the university is a shareholder and/or (b) (at least) one of the founder is an academic (i.e., faculty member, researcher or PhD student) In Italy formally regulated by Law 297/1999 (Shane, 2004; Grimaldi et al., 2011; Fini et al., 2014)
5 Approach Multilevel- population-based approach: Population of (Italian): Universities (95) Academics ( 50,000) Spin-offs ( 1,100) Patents ( 1,000) University Students and Alumni ( 2,000,000) Time-span: Data sources (primary and secondary): Cineca, MiurNuclei, Infocamere Telemaco, Eurostat, EPO, Patiris, Ape-inv Lissoni, Abilitazioni MIUR, Linked-in Survey to: research offices, TTOs, spin-offs, entrepreneurs and students
6 Data structure Relational database 5 Domains 1. Institutional (i.e., Universita ) 2. Contextual (i.e., Contesto ) 3. Firm (i.e., Impresa ) 4. Individual (i.e., Individuo ) 5. Knowledge (i.e., Brevetti-Pubblicazioni ) 200 tables 3000 variables
7 Relationship diagram Institutional level (ID: 1) Contextual level (ID: 2) Firm level (ID: 3) Individual Level (ID: 4) Knowledge level (ID: 5)
8 Multilevel in nature
9 Institutional level (ID: 1)" Institutional level Data on: 94 MIUR Universities 4 Public Research Centers Time-variant data: Information on: - Employees (academics and technicians) - Departments and faculties (e.g., research performance, number of students) - Support mechanisms and policies (e.g., incubators and patent policy) - 23 tables Imperial College Business School
10 Contextual level (ID: 2)" Data on: 20 Italian Regions Time variant data: Contextual level Information on: -Regional munificence -Social capital -Credit availability -Infrastructural support 10 tables Imperial College Business School
11 Firm level (ID: 3) " Data on: 540 Academic Spin-offs (spun-off from the Italian Universities and Public Research Centers) 60 Private Firms (control sample) Time-variant data: Firm level Information on: -Firm performance and operations -Founders and top management teams 46 Tables Imperial College Business School
12 Individual Level (ID: 4)" Data on: a) Firms people: founders and 480 managers Time-variant data: Information on: -Career b) Population of Italian academics: academics Individual level Cross sectional data: 2008 Information on: Demographics Imperial College Business School 15 tables
13 Knowledge level (ID: 5) Data on: Patenting activity by Italian academics Time-variant data: Information on: -Technology -Patents and patent families 22 tables Knowledge level Imperial College Business School
14 Research team Unibo: Daniela Bolzani Riccardo Fini Rosa Grimaldi Gian Luca Marzocchi Maurizio Sobrero Externals: Tim Folta (Uconn) Enrico Forti (UCL) Antonio Giuliani (UIC) Einar Rasmussen (Bodo) Simone Santoni (Ucass) Mike Wright (ICL)
15 Outcomes Scientific Papers - Fini, Grimaldi, Sobrero, Factors fostering academics to start up new ventures: An assessment of Italian founders' incentives, Journal of Technology Transfer - Fini, Grimaldi, Santoni, Sobrero, Complements or substitutes? the role of universities and local context in supporting the creation of academic spin-offs, Research Policy - Fini, Grimaldi, Marzocchi, Sobrero The Determinants of Corporate Entrepreneurial Intention Within Small and Newly Established Firms, Entrepreneurship Theory and Practice - Baldini, Fini, Grimaldi, Sobrero, Organisational Change and the Institutionalisation of University Patenting Activity in Italy, Minerva - Bolzani D., Fini R., Grimaldi R., Sobrero M., University Spin-Offs and their impact: Longitudinal evidence from Italy, Journal of Industrial and Business Economics, - Fini, Toschi, Academic Logic and Corporate Entrepreneurial Intentions: A Study of the Interaction between Cognitive and Institutional Factors in New Firms, International Small Business Journal Technical Report - Bolzani, Fini, Grimaldi, Santoni, Sobrero Fifteen Years of Academic Entrepreneurship in Italy: Evidence from the Taste Project, Technical report
16 The TASTE Project: Some Evidence
17 Content Characteristics Shareholders and Equity Composition Innovation and Growth Strategies Performance
18 Year of Incorporation Operating companies: (152 innovative start-ups) Number of firms < Year Source: TASTE; N = 1,010
19 Localization Academic spin-offs Innovative start-ups North: 53.4% North: 58.7% Center: 20.9% Center: 22.3% South: 25.7% South: 19.0% Source: Ministero Sviluppo Economico 2014 and TASTE ; N = 1,010
20 University of affiliation Top-10 parent Universities Università degli Studi di BOLOGNA 67 Università degli Studi di PADOVA 58 Politecnico di TORINO 50 Politecnico di MILANO 40 SSUP S.Anna di PISA Università degli Studi di UDINE Università degli Studi di MILANO Università degli Studi di GENOVA Università degli Studi di TORINO Università degli Studi di PISA Number of founded firms Source: TASTE; N = 1,010
21 Shareholding composition 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1999 (72) 2000 (104) 2001 (129) 2002 (160) 2003 (214) 2004 (301) 2005 (371) 2006 (452) 2007 (544) 2008 (621) 2009 (691) 2010 (782) 2011 (837) 2012 (884) 2013 (863) Year (number of operating firms in parentheses) Individuals Public institutions Financial institutions Industry Average number of shareholders at foundation: 6 Average number of shareholders in 2013: 6 Source: TASTE; N = 1,010
22 Equity composition 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1999 (72) 2000 (104) 2001 (129) 2002 (160) 2003 (214) 2004 (301) 2005 (371) 2006 (452) 2007 (544) 2008 (621) 2009 (691) 2010 (782) 2011 (837) 2012 (884) 2013 (863) Year (number of operating firms in parentheses) Individuals Public institutions Financial institutions Industry Average equity at foundation: 52,000 Average equity in 2013: 100,000 Source: TASTE; N = 1,010
23 Entrepreneurial teams at foundation Gender 83% males Career 98% have academic experience 13% have professional experience in industry 5% have founded other companies Education 57% holds a Doctoral degree 3% holds a Master degree 40% holds a University degree Scientific productivity 84% have at least one scientific publication 18% are inventors of a patent
24 Patenting activities 229 spin-offs (22.7%) with at least one patent assigned By University (Top-10) Università degli Studi di BOLOGNA SSUP S.Anna di PISA Università degli Studi di MILANO Università degli Studi di PISA Università degli Studi di FERRARA Politecnico di TORINO Università degli Studi di PADOVA Politecnico di MILANO Università degli Studi di GENOVA Università degli Studi di FIRENZE Number of assigned patents Source: EPO, Espacenet and TASTE databases N = 1,010
25 Speed Internationalization Strategy - At foundation: 14% of companies - After 3 years since foundation: 57% of companies - After 5 years since foundation: 74% of companies 7% 6% Mode 11% 6% Place 7% 17% 44% 36% 40% 8% 18% Import Export Europe North America Partnership Licensing Central-South America Asia Middle East Africa Source: TASTE Survey 2013 (n = 123/354 RR = 35%)
26 Milestones Average Annual Revenue (K/ ) sale (ita) 1 employee 1 financing 1 collaboration (ita) 1 patent application 1 export 1 collaboration (abroad) 1 office (abroad) 0 0 (122) 1 (122) 2 (124) 3 (124) 4 (123) 5 (118) 6 (112) 7 (87) 8 (68) 9 (48) 10 (33) 11 (24) Years since foundation (number of operating firms in parentheses) 12 (17) 13 (12) 14 (1) Source: TASTE Survey 2013 (n = 123/354 RR = 35%)
27 Performance: Revenues per Year Total revenues (M/ ) (72) 2000 (104) (129) (160) (214) (301) (371) (452) (544) (621) (691) 2010 (837) (884) (863) Average annual revenue (K/ ) Revenues per year (number of operating firms in paretheses) Total revenues (M/Euro) Average revenue per company (K/Euro) Source: AIDA and TASTE; N = 1,100
28 Performance: Revenues since Establishment Annual revenues since establishment (M/ ) (801) (744) (663) (562) 5 (486) 6 (412) 7 (321) (262) 9 (186) (113) (66) (50) 13 (28) (4) 4,000 3,500 3,000 2,500 2,000 1,500 1, Annual revenues since establishment (K/ ) Years since establishment (number of operating firms in parentheses) Annual revenues since establishment (M/Euro) Annual average revenues - all firms Average annual revenues - lowest quartile (K/ ) Average annual revenues - median quartile (K/ ) Average annual revenues - highest quartile (K/ ) Source: AIDA and TASTE; N = 1,100
29 Performance: survivals/failures < Number of firms Year N. founded and survived N. founded and closed Failures per year Failures = 124 (12.3%) M&As = 12 (1.2%) Transformations = 11 (1.1%) Survivals = 863 (85.4%) Inactive in the last 3 years = 35 (4%)
30 To summarize Characteristics 1,010 spin-off ( ); 935 after Law 297/ years old on average 53% established in the North of Italy 79% operating in services Shareholders and Equity Composition Equity - at foundation: 52,000 - in 2013: 100,000 Decreasing role of industrial, financial and public partners Innovation and Internationalization Strategies 25% with at least one patent-assigned 57% of firms work abroad after 3 years since establishment Performance 12.3% of spin-offs failed; 1.2% merged/acquired; 1.1% transformed; Growing total revenues (2013: 184 M/ ) and Growing average revenues (2013: 200 K/ per company) + crisis 2008 Growing revenues up to 6 years since inception but different groups of firms
31 Conclusions Weaknesses 2 out of 10,000 registered companies are academic spin-offs Limited capitalization and turnover Decreasing relative capitalization by financial, public and industrial shareholders Very few M&A / IPOs Opportunities Relatively low failure rates High levels of human capital, presence of patent-related knowledge, international proactiveness Fast growing firms early stage milestones
32 Research pipeline What s next Fini, Folta, Grimaldi, 2014, Creating the Context for Entrepreneurship: Organizational Subunits as Determinants of New Venture Creation Santoni, Fini, Grimaldi, Wright, 2014, How Does Team Diversity Evolve? Exploring Adaptation and Perpetuation Perspectives in Entrepreneurial Team Change International collaborations TRIC project (ICL) PI: Markus Perkmann Norwegian Spin-off Project (Bodo) PI: Einar Rasmussen Grants and Financing Horizon 2020 ERC
33 Riccardo Fini
34 TASTE DB - Entry
35 TASTE DB - Revenues
36 TASTE DB - Revenues As of 31/12/2012: Entry, of which: with revenues >>0-213 failures with revenues (still) 0
37 Sector of activity Tourism 2% Commerce 1% Manufacturing 18% Services 79% Information and communication 22% Professional scientific and technical activities 55% Other 2%
38 Shareholders: total shareholders, by year Number of shareholders (72) 2000 (104) 2001 (129) 2002 (160) 2003 (214) 2004 (301) 2005 (371) 2006 (452) 2007 (544) 2008 (621) 2009 (691) Year (number of operating firms in parentheses) 2010 (782) 2011 (837) 2012 (884) 2013 (863) Individuals Public institutions Financial institutions Industry
39 Shareholders: total individual shareholders, by year Number of individuals (72) 2000 (104) 2001 (129) 2002 (160) 2003 (214) 2004 (301) 2005 (371) 2006 (452) 2007 (544) 2008 (621) 2009 (691) Year (number of operating firms in parentheses) 2010 (782) 2011 (837) 2012 (884) 2013 (863) Academic entrepreneurs Non-academic entrepreneurs
40 Shareholders: total financial shareholders, by year Number of partners Venture Capitalist Bank Financial bodies
41 Shareholders: total public shareholders, by year Number of partners Incubator Science/Tech Park Public Body Research Body University Public Research Centers
42 Shareholders: total industrial shareholders, by year (72) 2000 (104) 2001 (129) 2002 (160) 2003 (214) 2004 (301) 2005 (371) 2006 (452) 2007 (544) 2008 (621) 2009 (691) 2010 (782) 2011 (837) 2012 (884) 2013 (863)
43 Equity: total equity, by year Equity capital (M/ ) (72) 2000 (104) 2001 (129) 2002 (160) 2003 (214) 2004 (301) 2005 (371) 2006 (452) 2007 (544) 2008 (621) Year (number of operating firms in parentheses) 2009 (691) 2010 (782) 2011 (837) 2012 (884) 2013 (863) Individuals Public institutions Financial institutions Industry
44 Equity: equity from individual shareholders, by year 40 9 Total equity value (M/ ) Equity per individual (K/ ) (72) (104)(129)(160)(214)(301)(371)(452)(544)(621)(691)(782)(837)(884)(863) Year (number of operating firms in parentheses) - Equity value academic entrepreneurs (M/ ) Equity value non-academic academic entrepreneurs (M/ ) Average per academic entrepreneur (K/ ) Average per non-academic entrepreneur (K/ )
45 Equity: equity from financial shareholders, by year Equity value (M/ ) (72) 2000 (104) 2001 (129) 2002 (160) 2003 (214) 2004 (301) 2005 (371) 2006 (452) 2007 (544) 2008 (621) 2009 (691) 2010 (782) 2011 (837) 2012 (884) 2013 (863) Bank Financial bodies Average per Venture Capitalist (K/ ) Venture Capitalist Average per bank (K/ ) Average per financial body (K/ )
46 Innovation and growth strategies: patenting - entrepreneurs 282 spin-offs (27.9%) with a patent inventor among the entrepreneurs Top-10 Universities of affiliation Università degli Studi di PADOVA 19 SSUP S.Anna di PISA Politecnico di MILANO Università degli Studi di MILANO Università degli Studi di GENOVA Università degli Studi di BOLOGNA 14 Università degli Studi di UDINE Università degli Studi di TORINO Università degli Studi di FERRARA 10 Università degli Studi di ROMA "La Sapienza" Source: PATIRIS and TASTE; N = 1,100
47 Innovation and growth strategies: patenting - firms Firms assignees of 79 EPO patents Top-10 Universities of affiliation Università degli Studi di MILANO Università degli Studi di GENOVA Università degli Studi di FIRENZE Politecnico di BARI Università degli Studi di PISA Università degli Studi di BOLOGNA SSUP S.Anna di PISA Politecnico di MILANO Università degli Studi di PAVIA Università degli Studi di MODENA e REGGIO EMILIA Number of assigned EPO patents Source: PATIRIS and TASTE; N = 1,100
48 Innovation and growth strategies: University-company collaborations 13% 2% 9% 41% 35% 46% 47% 7% None collaboration Collaboration with Universities Collaboration with Universities & PRCs Research Consultancy Training Creation of infrastructures Participation to grant calls Source: TASTE survey 2013 (n = 123)
49 Frameworks Organizational theories - Institutional theory/logics (Greenwood et al., 2008) - Organizational design (Sorensen & Fasiotto, 2011) Psychosocial theories - Theory of the planned behavior (Ajzen, 1991) - Construal level theory (Liberman & Trope, 1998) - Opportunity recognition/creation (Alvarez & Barney, 2013) - Team diversity and evolution (Harrison & Klein, 2008) Technology management, entrepreneurship and policy making - a la Shane, Siegel, Martin, Link, Kenney, Feldman, Salter, Rasmussen, Delmar, Wiklund, Wright, Clarysse, Mustar, D Este, Autio.
50 Projects Project Iris: - Italian Research on Innovation Systems - (Patiris) - FIRB Financing PI: Maurizio Sobrero Project Taste: - TAking STock: External engagement by academics - www2.sa.unibo.it/taste - FP7-PEOPLE-CIG MARIE CURIE Financing PI: Riccardo Fini
51 Focus Focus on: Commercialization activities by academics spin-off, patenting, external collaborations University and local context support mechanisms: policies, TTOs, incubators Researchers careers and scientific productivity Student entrepreneurship
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