@article {bertoni_cherry-picking_2015,
	title = {Cherry-picking or frog-kissing? A theoretical analysis of how investors select entrepreneurial ventures in thin venture capital markets},
	journal = {Small Business Economics},
	year = {2015},
	pages = {1{\textendash}15},
	abstract = {<p>We propose a formal model that analyzes which entrepreneurial ventures actively seek and subsequently obtain venture capital (VC) financing in thin VC markets. The model shows that in thin VC markets, (1) VC investors will invest in companies in need (frog-kissing) rather than in best performers (cherry-picking), and (2) the best performing ventures will self-select out of the market for VC. These conclusions are in line with the results from the literature, which note that in Europe many entrepreneurial firms do not actively seek VC investment and that VC investors do not appear to possess the same cherry-picking ability that they have in the US.</p>
},
	keywords = {Entrepreneurship},
	issn = {0921-898X, 1573-0913},
	doi = {10.1007/s11187-015-9690-9},
	url = {http://link.springer.com/article/10.1007/s11187-015-9690-9},
	author = {Bertoni, Fabio and D{\textquoteright}Adda, Diego and Grilli, Luca}
}
@article {colombo_contribution_2009,
	title = {The contribution of university research to the growth of academic start-ups: an empirical analysis},
	journal = {The Journal of Technology Transfer},
	volume = {35},
	number = {1},
	year = {2010},
	month = {mar},
	pages = {113{\textendash}140},
	abstract = {<p>The aim of this paper is to analyze empirically under which circumstances the universities located in a geographical area contribute to the growth of a special category of local new technology-based firms (NTBFs), those established by academic personnel (academic start-ups, ASUs). We examine the effects of a series of characteristics of local universities on the growth rates of ASUs and we compare them with the effects of the same university characteristics on the growth of other (i.e., non-academic) NTBFs. In the empirical part of the paper, we estimate an augmented Gibrat law panel data model using a longitudinal dataset composed of 487 Italian NTBFs observed from 1994 to 2003. Out of these NTBFs 48 are ASUs. The results of the econometric estimates suggest that universities do influence the growth rates of local ASUs, while the effects on the growth rates of other NTBFs are negligible. In particular, the scientific quality of the research performed by universities has a positive effect on the growth rates of ASUs; conversely the commercial orientation of research has a negative effect. These results indicate that universities producing high-quality scientific research have a beneficial impact on the growth of local high-tech start-ups, but only if these firms are able to detect, absorb, and use this knowledge. In this perspective, a greater commercial orientation of university research leading to a reduction of the knowledge available for absorption by these companies, can be detrimental.</p>
},
	keywords = {Entrepreneurship, Technology Transfer},
	issn = {0892-9912, 1573-7047},
	doi = {10.1007/s10961-009-9111-9},
	url = {http://link.springer.com/article/10.1007/s10961-009-9111-9},
	author = {Colombo, Massimo G. and D{\textquoteright}Adda, Diego and Piva, Evila}
}
