Assessing the Performance of RBSOs. Survival through Slow Growth Patterns

In spite of the importance acknowledged by national and local governments to research-based spin offs (RBSOs) as a mechanism for technology transfer, the analysis of their performance don’t allow a unambiguous opinion of their actual role as drivers for local economic development. Several previous studies have demonstrated that RBSOs 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, focusing on the role of the so-called hybrid entrepreneurship as a basic feature affecting their ability to survive in spite of their low performance. This paper provide a detailed analysis of the RBSOs based in the Liguria Region, North West Italy, where the innovation ecosystem bears some interesting features. The region hosts a university with a reputable tradition in engineering and biomedical research, CNR departments, IIT departments, as well as a sound presence of medium and large technology-based firms, operating within Finmeccanica, one of the largest Italian industrial groups. However, these firms’ performances seem to follow the “low performance slow growth” general trend. By offering a detailed picture based on the analysis of the their performances, strategic resources and entrepreneurial profiles, our paper aims to provide evidence of this common trend and a deeper insight into this kind of ”low performance sustainability”. It also investigates the conditions under which these firms can survive but do not thrive.