Heterogeneity in PhD entrepreneurship: strategic alignment of institutional, organisational, and individual factors

Much of the existing research on PhD entrepreneurship is focused on Academic Spin-Offs (ASOs) within the parent institution's formal intellectual property (IP) structure. Cross-level analysis of a survey administered to 23,500 PhD students in Italy shows the heterogeneity of PhD students' entrepreneurial activities, which, in addition to ASOs, include start-ups, corporate spin-offs and other types of businesses. We examine the types of drivers that matter most for different forms of PhD entrepreneurial ventures. Our findings reveal two forces at play: a technology-push model where PhD students rely on IP and support from the parent university, and a demand-led model that involves support from industry and sources of external finance. This study highlights the strategic alignment among the determinants of PhD entrepreneurship at the micro, meso and macro levels. These determinants include the individual PhD student's choices, the interactions with different stakeholders and reconciliation of the tensions represented by the organizational and institutional resources and infrastructures.PhD students' entrepreneurial activities are widespread and diverse. There is no single set of recommended models related to embarking on entrepreneurial activity. While it is often assumed that PhD students will become university academics or researchers in public or private institutions, entrepreneurship is prominent among PhDs and exhibits different characteristics. This paper explores the heterogeneity of PhD students' entrepreneurial pursuits in Italy based on extensive survey data. The findings reveal that the various types of PhD entrepreneurship exhibit distinct motivations, resources needs and university and business links. Consequently, there is no one-size-fits-all approach for potential entrepreneurs interested in launching an academic spin-offs, start-ups, or corporate spin-offs. The key finding from this study is that support for PhD entrepreneurial activity must be customized to the specific needs of the particular venture and the PhD student's characteristics.