Characteristics and outputs of university spin-offs in the United Kingdom

Research on the formal role of universities in stimulating regional economic development is relatively recent. However, the role of universities in contributing to regional technological and service variety is underresearched. In this study, we use a data set that has wide geographic coverage. The analysis provides a comprehensive understanding of the UK-wide contribution of university spin-offs (USOs) to the innovation capacity of their host regional economies. We argue that the survival and growth of USOs imply embeddedness in innovation ecosystems in a region. The findings show that the majority of firms in the sample are relatively young, small in size, and are still at the early stages of their life cycle. Hence, the products and services that are offered are fairly small in number. Nevertheless, their products/services based on university research have the potential for value capture by other firms thus implying contributions to a range of related and unrelated industry sectors within a region or beyond the local