Milan Innovation and Entrepreneurship Research Seminar Series (MInERS) – Third Lecture

MInERS is seminar series organized by a network of scholars located in Milan dedicated to promoting events, networking and research in the area of Innovation, Science and Entrepreneurship. As part of the YSI Hub Meeting, we promote participation in the DEMM – Seminar Series in Economics, scheduled for 10 June 2025, 16:30, at University of Milan – La Statale, Via Conservatorio, 7 – Room 5, Milan, MI 20122.

Keynote: Prof. Thomas Hellmann – Saïd Business School – University of Oxford. Thomas’s research focuses on entrepreneurial finance, entrepreneurship, innovation and public policy. Thomas holds a BA from the London School of Economics and a PhD from Stanford University, where he wrote his thesis under Professor Joseph Stiglitz (winner of the Nobel Prize in Economics, 2001). He previously was faculty at the Graduate School of Business (Stanford, USA), and at the Sauder School of Business (University of British Columbia, Canada). He also held visiting positions at Harvard Business School, Wharton, the Hoover Institution, INSEAD and the University of New South Wales.

Title: The Burden of University Equity Stakes for Spin-outs: Evidence from the UK

Abstract: This paper examines the impact of university spin-out ownership on subsequent fundraising success. The analysis is based on a formal theory and detailed data from UK spin-outs. Using an instrumental variable based on precedence set by prior spin-outs, we find that 10% higher university stakes reduce the likelihood of venture capital by 3% per year. The negative effect is concentrated in less science-intensive spin-outs, and in spin-outs where the founding team includes scientists transitioning to become entrepreneurs. A 10% larger university stake also decreases the rate at which spin-outs are formed by 5%.

Discussant: Nicola Redi – Managing Partner at Obloo Ventures. Nicola brings 20+ years experience in translating innovations into the market through venture capital investments and corporate R&D responsibilities. He is currently managing the first ever technology transfer fund focused on Industry 4.0 technologies. His venture capital past appointments include Chief Investment & Technology Officer of TTVenture and member of the investment committees of the French lifescience fund Technologie et Santé I (Sofimac Partners) and Atmos II renewable energy fund. Nicola also created and was appointed CEO of SeedLab, the first accelerator program for research based projects and companies.

A Q&A session is planned afterwards. Then, join us for the a complimentary aperitivo organized as a YSI Hub Meeting by MInERS at at Deep Milano (Via Galvano Fiamma, 5, 20129, Milano) from 18:30 post-seminar.

Please refer to our website for additional information

Who Should Participate?

We welcome expressions of interest from graduate students, postdoctoral researchers, early-career researchers, professors and professionals residing in Milan and its surrounding areas. Participants should have an interest in Science, Technology, Innovation and Entrepreneurship research.

YSI Hub Meeting Registration:

To express your interest in this initiative, please register in this link.

For organizational efficiency, registration is important: upon registration, you will receive an entry form to allow immediate access to the seminar premises on the day of the event. Please be aware that the complimentary aperitivo has limited space, available on a first-come, first-served basis, with registered seminar attendees receiving priority. To ensure your attendance, we highly recommend confirming your participation as early as possible. However, participation to the seminar remains possible also without registration and the aperitivo will be, in the worst case, at the participant’s cost.

For inquiries, please contact: behavior@youngscholarsinitiative.org

We look forward to your participation!

Key information:

Date: June 10th 2025

DEMM – Seminar Series in Economics – Time: 16h30 CET, University of Milan – La Statale, Via Conservatorio, 7 – Room 5, Milan,20122.

YSI Hub Meeting: 18h30 (post-seminar) at Deep Milano, Via Galvano Fiamma, 5, 20129 Milan.

MInERS Commitee:

Stefano Baruffaldi – Polytechnic University of Milan
Martina Iori – Catholic University of the Sacred Heart
Marco Guerzoni – University of Milan – Bicocca
Gabriele Pellegrino – Catholic University of the Sacred Heart
Felix Poege – Bocconi University
Anita Quas – University of Milan – Statale
Stefano Romito – University of Milan – Statale
Daniel Souza – Polytechnic University of Milan