Income Flows and Market Orientation in Academic Spin-Offs: Empirical Evidences in Italy

This survey aims at tracing the income profile of 42 academic spin-offs, analysing their balance sheet and especially the Income statement. Academic spin-offs (ASOs) are an emerging trend in universities and research centres all over the world. They are considered like one of the most promising ways to transfer research results to the market place. A recent survey regarding 42 ASOs settled within the perimeter of the University of Genova (Italy) shows that they are characterised by low financial performance but high long-term survival. The reasons could be explained by the limits in their entrepreneurial orientation. To further validate these hypotheses the authors suggest a quantitative in-depth analysis of revenues in the Income statement, especially investigating about the weight of non-commercial incomes among the total. The research permits to trace different profiles about how these firms evolve in their relationship with the market, mirrored by their income mix. The quantitative, financial analysis confirms the hypothesis of different ASOs aims, not ever matching with the financial and economic goals of a business.