Academic spin-off's transfer speed--Analyzing the time from leaving university to venture

For academic spin-offs I analyze the length of the time period between the founder's leaving of academia and the establishment of her firm. A duration analysis reveals that a longer time-lag is caused by the necessity of assembling complementary skills, either by acquisition by a single founder or by searching for suitable team members. Furthermore, new ventures are established faster if there has been high-level technology transfer, if the founders have access to university infrastructure, or if they receive informal support by former colleagues.