Assessing Higher Education Institutions' Readiness for Startup Development in the Philippines: Policies, Challenges, and Recommendations

Abstract

Objective: This research intends to identify and overcome obstacles in establishing spin-off companies in Philippine public colleges. The goal is to provide policies and guidelines to create a supportive environment for successful spin-off formation. Theoretical Framework: This study's theoretical framework is based on literature related to spin-off formation, innovation ecosystems, entrepreneurial culture, intellectual property management, industrial cooperation, and policy development. It combines international best practices and tailors them to fit the specific circumstances in the Philippines to provide a thorough insight into the issues and possible remedies. Method: This study used a case study research design, including a literature review, interviews with important stakeholders, and surveys done at Philippine state colleges. The literature analysis provides a theoretical basis, while interviews and surveys give insights into the obstacles encountered by academics and stakeholders engaged in spin-off generation. Results and Discussion: The challenges identified in spin-off company establishment encompass limited funding resources, complex regulatory procedures, insufficient entrepreneurial culture, inadequate industry collaboration, intellectual property management intricacies, and a lack of business expertise among researchers. Leveraging a meta-synthesis approach, this study derives strategies to address these challenges, involving intellectual property management reforms, entrepreneurial culture cultivation, enhanced industry collaboration, seed funding and incubation support, streamlined regulatory procedures, and continuous monitoring and evaluation. Research Implications: The proposed policy and guidelines outline actionable measures that underscore the significance of intellectual property protection, entrepreneurship education, industry engagement, financial support, regulatory facilitation, and robust evaluation mechanisms. By melding international insights with local imperatives, this research contributes to the dynamic evolution of the spin-off ecosystem in Philippine state universities. This endeavor not only paves the way for vibrant academic-industry partnerships but also amplifies the impact of research outcomes, propelling the nation towards a future characterized by innovation-led prosperity. Originality/Value: This research adds value by offering a comprehensive analysis of challenges in spin-off creation within Philippine state universities and proposing tailored policy and guidelines to address these challenges. By synthesizing global best practices and adapting them to local needs, this study contributes to the enhancement of the spin-off ecosystem, fostering innovation, entrepreneurship, and economic growth in the Philippines.