Publish and Flourish? Academic Goals and the Performance of Academic Spin-Offs

One key feature defining the nature of academic spin-off (ASO) is the pursuing of non-economic results relevant to the academic context. However, both the drivers and performance outcomes of such academic goals remain unexplored. To address this gap, we hypothesize that academic goals present both benefits and costs for these firms’ profitability (leading to an inverted U-shaped relationship), while they are positively related with publication performance. We also argue that the goal-performance relationship is moderated by academic ownership. Finally, we propose that the importance of academic goals is determined by ASO founders’ prior exposure to academia and entrepreneurship. We find overall support for our hypotheses on a representative and unique sample of 123 Italian ASOs, thereby contributing to literature on academic entrepreneurship.