ABSTRACT
Since university spin-out companies, consist of mainly new technology-based firms they can be regarded as a subset of NTBFs, the importance and characteristics of which were discussed in Chapter 3. Particularly noted were:
Their disproportionate share of innovations (Oakey et al., 1988; Rothwell and Dodgson, 1987);
The association between innovativeness and job creation (Piatier, 1981; De Melto et al., 1980; NBST, 1980);
Their high expenditure on R&D (Mustar, 1995);
Their propensity to grow more quickly than low-technology firms (Oakey and Rothwell, 1986; Morse, 1976; American Electronics Association, 1978; Rothwell and Zegfeld, 1981);
The high mortality rate of NTBFs (Ganguly, 1985);
The tendency for rapid growth to be confined to a small proportion of any group of NTBFs (Storey et al., 1987);
Problems related to growth and shortage of key personnel (Rothwell and Dodgson, op. cit);
The importance of external inputs (Oakey et al., op. cit.; Lowe and Rothwell, 1987; Roberts and Fusfeld, 1981);
Their importance in regional development (Vaessen and Wever, 1993; (Keeble, 1993; Kleinknecht and Poot, 1992; Segal Quince Wicksteed, 1986).
