The Covid-19 pandemic, climate crises, and regulatory changes are only a few reasons for the growing public alertness regarding environmental and social problems. This has caused a shift in the mindset of companies and investors in terms of sustainability and the long-term impact of innovation. Thus, sustainable investments, particularly impact investments, have continued to grow in importance and momentum to shift the focus on rebuilding the economy more sustainable and future-oriented. The current state of research in this field indicates that most academic contributions are mainly about theoretical considerations and deal with various areas. There is no aggregated state of the art in academia with a focus point on impact investment for entrepreneurship. Yet, entrepreneurs are seen as key actors to drive sustainable innovation. Compared to the current growing impact investment practices and the necessity of a strategy to get financing, the topic is still relatively unexplored scientifically. In this research, a systematic literature review is conducted to further review, evaluate, and analyze the current research agenda on impact investment and show how it relates to entrepreneurship research. In particular, impact investment-related decision criteria, as well as challenges associated with this, will be presented. This contributes to the nascent literature on impact investing by documenting how impact investors stand in relation to entrepreneurial ventures and what measurement frameworks and models are already scientifically analyzed, which has practical implications for both impact investors and entrepreneurs.

Technological innovations are crucial for a country’s economic growth as they often have radical innovation potential. Although recognized as a key role in the innovation process, lots of technologies remain unexploited. University spin-offs (USOs) have the potential to transfer technologies into technological innovations. Often though, in universities there is a lack of consideration of potential implementation right from the start. The so-called fuzzyfront end (FFE) stage is crucial for successful innovation, as no commercialization can be achieved without the identification of a suitable application. This represents a critical hurdle, as of to date appropriate approaches for a successful systematic identification and validation of technology applications are missing. Furthermore, most investigating studies rely on data from spin-offs that are already operating successfully on the market and have therefore survived the critical initial stages of development, without highlighting the FFE of their process. This fact makes the pre-development activity of opportunity recognition appear to be a scientifically neglected topic. In this research a mixed-method approach is conducted to investigate the critical hurdles in the technology application selection (TAS) process of technologies, consisting of an extended literature review, completed by interviews with stakeholder involved in the USOs ecosystem. Striving to uncover the black box of the FFE, the study aims to specify and operationalize requirements for application identification of technologies. These findings are of relevance for researchers and practitioners which like to facilitate the exploration of potential technological innovation.

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