University-affiliated Venture Capital funds: funding of University Spin-Off companies

Widding, Lars Øystein; Mathisen, Marius Tuft; Madsen, Øystein

doi:10.1504/ijttc.2009.024387

Cited by 15 publications

(4 citation statements)

References 27 publications

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“…In fact, in spite of the existence of VCs involved in regional EUEs, many USOs still lack the financial means to acquire the resources and develop the capabilities they need in order to fully exploit the commercial potential of their technologies (Harrison and Leitch, 2010). One of the reasons for this is that the nascent technology of USOs is characterized by uncertainty and information asymmetry (Widding et al, 2009), which makes it difficult for investors to evaluate the profitability of that technology. Additionally, previous research has shown that early-stage VC funds use also the business experience and the commitment of the entrepreneurial team as the main criterion when considering investment (Mueller et al, 2012).…”

Section: Uvcs As Knowledge Intermediariesmentioning

confidence: 99%

The emerging role of university spin-off companies in developing regional entrepreneurial university ecosystems: The case of Andalusia

Fuster

Meléndez

Lockett

et al. 2019

Technological Forecasting and Social Change

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To understand the role of University-focused Venture Capital firms (UVCs) in developing Entrepreneurial Universities. Design/methodology/approach We followed the approach of regional entrepreneurial university ecosystems and analysed interview data from twenty University Spin-Off companies (USOs) and knowledge intermediaries, including UVCs. Findings Based on regional, network, and knowledge spillover perspectives, our study reveals the emerging role of UVCs in sustaining dynamic relationships between universities and USOs in the ecosystem, thus developing the entrepreneurial nature. Research limitations/implications This is an exploratory study that investigates the different ways of approaching academic entrepreneurship promotion involving UVCs and other knowledge intermediaries. The sample can be considered small, so a larger number of observations coming from more regions and countries might improve the generalization of its results. Practical implications Policymakers should bear in mind that UVCs can have a proactive role at the centre of an entrepreneurial university ecosystem. The identification of the ongoing interactions Technological Forecasting & Social Change 2 between USOs and UVCs have a significant role in reconnecting USOs with Universities, thus providing further opportunities for university IP commercialisation. Originality/value We explain a long cycle or boomerang effect, as a metaphoricial way of explaining how USOs keep their relationships with universities, by using UVCs support as strategic tool, long after they have started, which thus sustains the entrepreneurial university ecosystem over time.

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Section: Uvcs As Knowledge Intermediariesmentioning

confidence: 99%

The emerging role of university spin-off companies in developing regional entrepreneurial university ecosystems: The case of Andalusia

Fuster

Meléndez

Lockett

et al. 2019

Technological Forecasting and Social Change

View full text Add to dashboard Cite

show abstract

“…Recent studies have addressed government financing policies (Wonglimpiyarat 2013), venture capital investment decision-making (Aouni, Colapinto, and La Torre 2013), the roles of venture capitalists in the development of new ventures (Paik and Woo 2013) and the contributions of an entrepreneur's social capital to the fundraising activities (Ozmel, Robinson, and Stuart 2013). However, it is recognized that early-stage fundraising continues to be a major challenge for university spin-offs to develop their inventions and knowledge into practical applications (Lindstrom and Olofsson 2001;Widding, Mathisen, and Madsen 2009). The imperfections of capital markets that arise from the uncertainty of investment returns, the asymmetric information between entrepreneurs and potential investors, and the lack of collateral create financial constraints and funding gaps for university spin-offs (Baldock 2015;Carpenter and Petersen 2002;Lehner, Grabmann, and Ennsgraber 2015).…”

Section: Introductionmentioning

confidence: 99%

Early-stage fundraising of university spin-offs: a study through demand-site perspectives

Huynh

2016

Venture Capital

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University spin-offs have increasingly received attention from academia, governments and policy-makers. However, there are only a limited number of studies within the university spin-off context which fully understand the contribution made by the founding team to fundraising, specifically how they use their social networks and capabilities. Employing resource-based theory and social networks approach, this paper examines whether a founding team exploits its social networks and capabilities to signal the value of a university spinoff. Capabilities are analysed through a set of constructs -technology, strategy, human capital, organizational viability and commercial resource -that have been derived from previous literature. The contribution made by social networks is evaluated using three dimensions -structure, governance and content -which form the construct of relationships within a network. Based on data from 181 university spin-offs in Spain, this paper empirically demonstrates that by exploiting social networks a founding team can improve its capabilities which, in turn, enhance its fundraising ability.

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“…Outro aspecto a ser destacado é que o acesso a este recurso deu-se mesmo quando a empresa não tinha resultados financeiros, isto é, não apresentava faturamento, sendo apontado como uma importante aposta. A relevância deste fato é reconhecida diante a discussão feita em Widding, Mathisen, & Madsen (2009), onde expõem que as empresas acadêmicas passam pela escassez de alternativas de financiamento nos estágios iniciais, devido a inconsistências de informações e resultados, imbuídas ainda em um ambiente de elevada incerteza.…”

Section: Apresentação E Discussão Dos Resultadosunclassified

Dinâmica do Sistema Nacional de Inovação via Spin-Off Acadêmica

Lauriano

Gava²,

Azevedo³

et al. 2022

REGEC

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A presente pesquisa destaca o desenvolvimento de uma nova tecnologia como expressão de mudança de paradigma tecnológico estabelecido por uma spin-off acadêmica vinculada a uma universidade pública brasileira, de maneira a analisar a estrutura funcional do sistema nacional de inovação. O objetivo da investigação foi identificar componentes, interações e funções que configuraram a infraestrutura institucional que caracterizou as condições sob as quais a spin-off se desenvolveu, de forma a viabilizar o desenvolvimento da nova tecnologia. O estudo constituiu-se sob a abordagem qualitativa, operacionalizado através de entrevistas semiestruturadas, tratadas baseado em análise de conteúdo. Verificou-se a articulação de diferentes atores e competências para viabilizar o desenvolvimento e transferência tecnológica universitária para o mercado. Entre tais atores, identificou-se a articulação de cinco domínios principais: Universidade, Agências de fomento, Atores políticos, Facilitadores e Mercado. Sendo determinadas funções, as de Regulamentação, Suporte, Infraestrutura, Financiamento e Comercialização, manifestadas como chaves para a geração da inovação.

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University-affiliated Venture Capital funds: funding of University Spin-Off companies

Cited by 15 publications

References 27 publications

The emerging role of university spin-off companies in developing regional entrepreneurial university ecosystems: The case of Andalusia

The emerging role of university spin-off companies in developing regional entrepreneurial university ecosystems: The case of Andalusia

Early-stage fundraising of university spin-offs: a study through demand-site perspectives

Dinâmica do Sistema Nacional de Inovação via Spin-Off Acadêmica

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