PurposeThis study investigates the relationship between the development of academic spin-offs (ASOs) and the type of financing involved, by considering three research questions: How do ASOs differ in terms of financing? To what extent and for what reasons do ASOs differ in their financing? How do business and growth models dictate the selection of different sorts of financing arrangement?Design/methodology/approachThe study employs a grounded-theory, qualitative approach based on 39 Spanish ASOs.FindingsThere is a heterogeneity of ASO financing, and the selection of financial resources is related to the business and growth model of the ASO. Furthermore, there are some critical junctures for financing within each group of ASOs.Research limitations/implicationsThe study advances the understanding of the determinants of ASOs, specifically with respect to financing, business models and growth orientation. The Spanish context used here may not permit the global generalisation of the results; nevertheless, this study is a response to calls to consider the effect of regional context on ASOs.Practical implicationsKnowing the heterogeneity of ASOs in terms of financing and how business and growth models determines the selection of distinct financing sources help financial planning, investment decisions and the design of programmes and policies, which can be relevant for both ASOs and their stakeholders (investors, universities and governments).Originality/valueThis study provides a comprehensive view of ASO financing, confirming a heterogeneity, not only in terms of financing but also in some critical junctures that presage a change from one type of financing to another.

中文翻译：

---

学术衍生融资是否与商业和增长模式有关？西班牙案

目的本研究通过考虑三个研究问题，调查学术衍生产品 (ASO) 的发展与所涉及的融资类型之间的关系： ASO 在融资方面有何不同？ASO 在融资方面的差异程度和原因是什么？商业和增长模型如何决定选择不同类型的融资安排？设计/方法/方法本研究采用基于 39 个西班牙 ASO 的扎根理论、定性方法。发现 ASO 融资存在异质性，以及金融资源的选择与 ASO 的业务和增长模式有关。此外，在每组 ASO 中都有一些融资的关键时刻。研究局限性/影响该研究促进了对 ASO 决定因素的理解，特别是在融资、商业模式和增长方向方面。这里使用的西班牙语境可能不允许对结果进行全球推广；然而，这项研究是对考虑区域背景对 ASO 影响的呼吁的回应。实际意义了解 ASO 在融资方面的异质性以及业务和增长模式如何确定不同融资来源的选择有助于财务规划、投资决策和计划和政策的设计，这可能与 ASO 及其利益相关者（投资者、大学和政府）相关。原创性/价值本研究提供了 ASO 融资的全面视图，确认了不仅在融资方面而且在某些方面的异质性预示着从一种融资方式转变为另一种融资方式的关键时刻。