Abstract
The model developed here explains the diverse exit strategies of academic ventures while these firms have different various stakeholder compositions and its distinctive development paths. I argue that venture survival and exit strategies are not strictly a function of economic performance but also depends on a firm's own threshold of performance. I apply the EVLN model to the study of academic venture survival, in which two thresholds of economic and social index are determined by the key stakeholders' ownership influence such as the leading academic entrepreneurs. Utilizing four case studies, I find the some supportive evidence for the model. The findings suggest that the reason why academic ventures' exit strategies may choose to continue or survive despite comparatively low economic performance.
