Which factors are perceived as obstacles for the growth of Italian academic spin-offs?

During the last decades, academic spin-offs have received increasing attention from both researchers and practitioners, mainly due to their ability to advance industrial application of scientific knowledge. In the past, scholars believed that these organisations were subjected to fast growth after their establishment. Only in the last decade, scholars realise that the fast-growing perspective hypothesised was an oversimplification, as the majority of high-tech academic spin-offs growth slowly or remain small in size for long time. The aim of our study is to investigate the reasons that inhibit the growth of established academic spin-offs, focusing on the Italian context. Through the implementation of the Delphi technique and of the fuzzy logic we derive new and relevant results, for scholars, spin-offs’ managers and policy-makers.