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Purpose of the paper: Several previous studies have demonstrated that RBSOs, in the European context, show high survival but slow growth rates, identifying the key factors affecting these “low performance slow growth” patterns. Grounded on this mainstream, our paper aims at getting a better understanding of these patterns, by providing a detailed analysis of the RBSOs based in the Liguria Region, North West Italy, where the innovation ecosystem bears some interesting features. Methodology: The empirical study has been conducted through a quantitative analysis on research-based spin-off localized in Liguria and still active at December 31st, 2013. Results: Our study offers a detailed picture of RBSOs based in Liguria, through the analysis of their performances and development patterns, providing evidence of a common trend based on “low performance, slow growth” and formulating some hypothesis about the conditions under which these firms can survive but do not thrive. Research limits: At this stage of development of our research, we can provide a descriptive picture of the phenomenon under investigation, which perhaps is one of the major limits of our work. Implications: Our research has some practical implications, as it offers suggestions to policy makers as well as Technology Transfer Officers that could enhance the efficacy of policies devoted to sustain the development of spin-off companies. Originality of the paper: Our work offers a detailed and documented analysis of the “high-survival/low-profitability” development pattern, through the study of a specific population of research-based spin offs.

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