Performance analysis of research spin-offs in the Spanish biotechnology industry☆

a r t i c l e i n f o This study examines whether the performance of biotechnology research spin-offs in Spain differs from non spin-off firms, using empirically-based fieldwork over a 5-year period and standard dichotomous regression analysis on 7-year data. Biotechnology research spin-offs in Spain are not necessarily located in core regions, are smaller in size and tend to grow faster in terms of turnover. Corporate groups seldom control them but venture capitalists have a greater tendency to acquire shareholdings in them. Compared to non spin-off firms, research spin-off firms face more serious and more numerous challenges and disadvantages. Only two advantages are apparent: their capacity to attract more venture capital and their ability to increase their turnover.