University Graduates and New Green-Tech-Based Entrepreneurship: Evidence from Italian Regions

Universities serve as catalysts for knowledge creation across territories, promoting innovation and economic development through different channels. This paper investigates the role of university graduates as a location determinant of new green-tech-based firms (NGTBFs) across Italian NUTS-3 regions over the period 2011–2017. We examine whether universities, as providers of high-skilled human capital, affect the spatial distribution of new green ventures. Adopting a patent-based definition of NGTBFs and an econometric framework accounting for regional heterogeneity, we analyse the impact of university graduates on green firm creation. The results show that higher education fosters green entrepreneurship primarily through the channel of producing doctoral and STEM-oriented graduates, who serve as key drivers of NGTBF formation. Interestingly, the analysis reveals marked spatial heterogeneity across Italy’s North–South divide, with stronger associations of PhD and STEM graduates in Southern regions, where specialised human capital appears to compensate for weaker innovation systems. These findings deliver clear policy implications, suggesting that strategies aimed at promoting green entrepreneurship should prioritise advanced, STEM-oriented human capital and explicitly account for regional contexts, rather than relying on uniform higher education expansion approaches.