Academic spinoffs as a value driver for intellectual capital: the case of the University of Pisa

Abstract

Purpose: The purpose of this paper is to discuss academic spinoffs (ASO) as an expression of the value creation of university technology transfer (TT) investments. More recently, scholars have emphasised intellectual capital (IC) importance, also for universities in obtaining competitive advantages and by creating value. Such spinoffs are key to regional development, as a primary aspect of universitiesâ\u80\u99 IC. Design/methodology/approach: The authors tested the aim through a sample of the University of Pisaâ\u80\u99s spinoffs. The authors measured the value the universityâ\u80\u99s third mission investment generates on the area by means of entrepreneurship through two different approaches. First, the authors defined a multiplier of the TT investment (university TT multiplier) and then explored the IC componentsâ\u80\u99 contributions to the ASOsâ\u80\u99 enterprise value (EV). Findings: The results show that the University of Pisa TT investments positively impact the local community through the spinoff system, both in economic terms and in IC. In the long term, these investments can enrich scientific humus and entrepreneurial mindsets. Research limitations/implications: This is an exploratory study of the University of Pisaâ\u80\u99s impacts on the local economy. The results are limited to the context of Pisa and to the TT policy. Another limitation is the subjectivity of the EV estimation. Practical implications: The results can have some practical implications. The large portfolio of university stakeholders (policymakers, families, students, companies, financiers, etc.) ask for information, especially on long-term results: in a simple way, the multiplier is able to communicate important feedbacks to support their decision-making process. Social implications: With the multiplier, the authors give a tool to measure the social enrichment. Originality/value: In the study, the authors propose a new tool to measure the impact of the investment in TT on the local community

Securing intellectual capital: an exploratory study in Australian universities

“…Due to its completeness and granularity, the present research utilizes Ramirez, Tejada, and Manzaneque's operationalization of IC (2016) as the basis for its conceptual framework. Borrowing from prior work (Meritum Project, 2002;Hudson, 1993;Stewart, 1997;Mouritsen et al, 2001), the three authors combine different nuances to produce the following definition of IC, which we complement with a fourth dimension, connectivity between components (Mariani et al, 2018) (Table I). Table I here Low, Samkin, and Li (2015), universities mainly disclose information about HC and SC, and less about RC.…”

Intellectual capital in education

“…Most importantly, the paper shows how the technology and knowledge developed by universities are transferred to communities, and how the benefits are multiplied rather than directly transferred. Through measurements of value and multipliers, Mariani et al (2018) demonstrate the relationship between investment in innovation and the enterprise value of academic spinoffs, which they use as a proxy for investment output and an expression of IC creation. The paper is innovative because it provides insights into how a university can create value for an economy and help build the IC of the communities in which the spinoffs exist.…”

A theory-driven model of the spin-off creation process: A Social Information Processing perspective

“…Academic Entrepreneurship is the founding of a firm, academic spin-offs, created to commercialize a patented invention or non-patented expertise (Shane, 2004), and is a widely accepted strategic tool for economic and social growth (Audretsch, 2012;Bolzani, Munari, Rasmussen & Toschi, 2020;Mariani, Carlesi & Scarfò, 2017). Indeed, academic spin-offs have a determinant impact on the area in which they operate, from both an economic and social perspective (Vincett, 2010;Zucker, Darby & Brewer 1994).…”

“…Indeed, academic spin-offs have a determinant impact on the area in which they operate, from both an economic and social perspective (Vincett, 2010;Zucker, Darby & Brewer 1994). They strengthen the impact of intellectual capital on local economic growth (Mariani et al, 2017). Furthermore, it has been demonstrated that entrepreneurial behaviour positively affects scientists' research performance (Van Looy, Ranga, Callaert, Debackere & Zimmerman, 2004).…”