The Emerging Effect of Meso and Macro Contexts in Partially Determining the Development of Academic Spin-Offs
Alessandro Lancione

Abstract
In view of the widespread expansion that the academic spin-offs (ASOs) phenomenon in Europe, the literature has shown considerable interest in the determinants regarding growth of this new form of business. In particular, several studies have highlighted how universities can play a key role in the development of ASOs. Furthermore, other research points out that factors deriving from the local context can also encourage the spread of ASOs. The paper aims to explore the joint effect of meso and macro context determinants on the ASOs success, both in terms of financial performance and quantity, on a regional level. Analyzing a sample of 405 ASOs extracted from Netval database in 2013, the research results show how the two entities observed have an impact on fostering ASOs success only in terms of companies generated, while their financial performance seems to be only marginally influenced by the mechanisms facilitating entrepreneurship, both within university and local context. This is likely due to the issues related to the high-tech start-up nature of ASOs and to the policies beyond their creation and development.

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