The Determinant of University Spin-off Venturesthat Went Public in the Short Term: A qualitative comparative analysis for management resources

Abstract

We performed the qualitative comparative analysis to test which interaction among founding team characteristics and other management resources affect the short-term initial public offerings (IPOs). We used data from the Ministry of Economy, Trade and Industry (METI), 65 university-launched ventures with IPO. We found three causal pathways for achieving IPO rapidly from establishment. The first pathway is founded by experienced top management personnel and the filing of patent applications. The second pathway is a student-founded company with patent applications and university VC raised fund. And the third is a founding team of researchers and management personnel with university VC raised fund. This research contributed to imprinting theory by investigating the relationship of achieving IPO from establishment quickly and the combination of founding team and the other management resources of university-launched ventures in Japan. In addition, practical implications were presented for VCs and support organizations regarding the composition of the founding team and the nature of support for achieving IPO rapidly.