The importance of management in the university spin-offs development. Organizational and financial analysis.

The number of university spin offs in the Spanish University System have increased in the last years. However, these companies still have to face financial and organizational problems, like the lack of management abilities of their founder members. Based on a panel of 72 spin offs created in Spain in the last decade, this paper analyzes the main problems of these companies, and proposes financial and organizational tools to solve some of them. As a result of this previous research, we describe, on the one hand, a series of applied initiatives in organizational design and human resources policies. On the other hand,from afinancial perspective, we propose the use of venture capital resource as potential financial instrument. This paper contributes to increase the data frame of university spin offs in Spain, and proposes new approaches to support the management abilities of entrepreneurs, through the proposal of applied organizational and financial tools. [ABSTRACT FROM AUTHOR]