University spin-off managers and the 'ideal' funding process

This article explores the university spin-off financing process through the experiences of the managers who act as surrogate entrepreneurs in these companies. Based on narrative interviews, managers' experiences of the financing process were analysed through a meta-micro-narrative approach. The findings highlight how managers' micro-narratives, based on local understandings of the values, roles and contributions of investors during different funding cycles, construct alternatives to the 'ideal' funding process represented by the meta-narrative. The findings contribute to the discussion of entrepreneurial and spin-off finance by illuminating the entrepreneurs' perspective.