Do Exploration and Exploitation in University Research Drive Early-Stage Equity Financing of University Spin-Offs?

University spin-offs (USOs), firms created to commercialize university research, represent a key mechanism through which the Entrepreneurial University engages in technology transfer activities and contributes to society. To do so, USOs need to have access to early-stage equity financing required to turn research into marketable products and services. Yet, even if the core activities of the Entrepreneurial University are strictly intertwined with the development of USOs, we do not know much about the role played by research at university level in driving early-stage equity financing of USOs. To address this gap, we build on the imprinting perspective to design an explorative study on the relationship between university research patterns (exploration and exploitation, measured each through both inputs and outputs indicators) at USO’s founding and the early-stage equity financing of the USO. Based on a sample of 739 Italian USOs, our analyses reveal that the research indicators connected with the exploration (exploitation) research pattern yield overall positive (negative) effects on the likelihood of USOs to raise early stage-equity financing. These findings offer research contributions and practical implications for the Entrepreneurial University and academic entrepreneurship.