Which variables predict the internationalization type of academic spin-offs?

This study aims to find out which variables predict the internationalization type of academic spin-offs. This topic has not yet received any attention in academic spin-offs' internationalization literature. We use a sample of Spanish spin-offs, with four dependent variables reflecting internationalization types and a large selection of independent variables reflecting various domains considered in the extant literature. Logistic regression is applied to outline marginal effects and prediction accuracies. The results show that academic spin-offs which are oriented towards international markets from the beginning of their activities and constantly pursue new international opportunities are more likely to internationalize fast and remain international for a longer time period than other firms. Being the first to introduce product or process innovations and co-operating with international government institutions, competitors, customers, and/or suppliers is also relatively useful for such internationalizers. The study also demonstrates that predicting if an academic spin-off will become a less active internationalizer results in a higher accuracy than forecasting if it will become a born global. Moreover, predicting if a firm will internationalize later results in a higher accuracy than forecasting if this will happen during the first three years since the spin-off's foundation.