Are non-economic goals and financial performance friends or foes in hybrid ventures? A duality perspective on academic spin-offs

This study draws on the behavioral theory of the firm and a duality perspective to investigate the impact of founders' focus on academic goals on the financial performance of academic spin-offs (ASOs)—a specific type of hybrid venture. We theorize that such relationship follows an inverse U-shaped curve and is moderated by the degree of academic ownership. These hypotheses are tested using a sample of 179 Italian ASOs. Our findings indicate that when academic ownership is low, the relationship displays an inverted U-shape. Moreover, as academic ownership increases, the relationship flattens and eventually shifts to a U-shape. These results challenge the prevailing notion of inherent conflicts between economic and non-economic logics in hybrid ventures, demonstrating when focusing on non-economic (e.g., academic) goals enhances financial outcomes.