Private Venture Capital’s Investment on University Spin-Offs: A Case Study of Tsinghua University Based on Triple Helix Model

University spin-offs is a key form of university-industry collaboration, while venture capitals play a critical role for the creation and growth of these spin-offs. However, research on investment from venture capitals towards university spin-offs is still scant, especially in emerging and transition economies where governments are transforming their roles. Thus the main purpose of this study is to investigate how private venture capitals’ investment willingness on university spin-offs are influenced by universities and governments under the Chinese context based on the triple helix model. Through an in-depth case study on the interactions of triple helix actors of Tsinghua University’s spin-offs, it is found that government and university developing an environment of marketization exert positive influences on the investment willingness of private venture capitals. Whilst financial direct financial support from universities usually has a negative influence. Some positive factors proposed by previous studies are found to have insignificant effects. In addition, we also found complex effects from both direct and indirect governmental venture capitals towards university spin-offs on the investment willingness of private venture capitals. The research is an attempt to investigate venture capitals’ investment willingness on university spin-offs under the Chinese context addressing the triple helix literature. The findings show both political inspirations and managerial implications for public sectors from emerging economies.