University spin-out companies and venture capital

Wright, Mike; Lockett, Andy; Clarysse, Bart; Binks, Martin

doi:10.1016/j.respol.2006.01.005

Cited by 399 publications

(308 citation statements)

References 35 publications

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“…Library House define USOs as start-ups dependent on the formal transfer of IP rights from the university (Lawton Smith and Ho, 2006;Wright et al, 2006), but the university still holds an equity stake. The population of 579 USOs in the United Kingdom founded during the period 1990 to 2007, the most active period in USO formation, was identified.…”

Section: Publicly Backed Equity Finance (Pbef) Some Usos Located Outmentioning

confidence: 99%

Formal Venture Capital Acquisition: Can Entrepreneurs Compensate for the Spatial Proximity Benefits of South East England and ‘Star’ Golden-Triangle Universities?

2012

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IntroductionDespite inconclusive evidence about the role of universities in local economic development (Rutten and Boekema, 2009), governments are encouraging them to become more entrepreneurial (Lawton Smith and Ho, 2006). Universities can commercialise research knowledge and intellectual property (IP) through developing university spinouts (USOs), to stimulate local economic development through multiplier effects. Those universities which are more successful at commercialising knowledge in the United Kingdom are generally more prestigious and resource rich, and possess better networks with external organisations (Huggins, 2008).`Star' universities such as Oxford, Cambridge, Imperial College, and University College London report the greatest research income, and largest numbers of USOs, patents, and licences (Lawton Smith, 2007).A major challenge faced by USOs in exploiting entrepreneurial opportunities is to mobilise resources (Druilhe and Garnsey, 2004). Formal venture capital (VC)

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Section: Publicly Backed Equity Finance (Pbef) Some Usos Located Outmentioning

confidence: 99%

Formal Venture Capital Acquisition: Can Entrepreneurs Compensate for the Spatial Proximity Benefits of South East England and ‘Star’ Golden-Triangle Universities?

2012

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“…Consequently, the common consensus is that if spin-offs receive support from their parent organisation, they can enjoy a competitive advantage. This support, however, does not sit comfortably with the equally clear evidence from [6] which shows limited success. Yet, little empirical research is conducted that analyses to what extent specific support activities are beneficial to university spin-offs.…”

Section: Supportive University Infrastructuresmentioning

confidence: 60%

“…Research by [6] on UK university spin-outs reveals that while universities are increasingly keen to create spin-out companies, far too few of these become successful businesses. The research reveals that universities seem to be focused on creating businesses rather than on creating wealth or successful start-ups.…”

Section: Introductionmentioning

confidence: 99%

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How university incubators may be overprotective and hindering the success of the young firm: Findings from a preliminary study

Trott

Scholten

Hartmann

2008

2008 IEEE International Engineering Management Conference

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Abstract-This paper investigates to what extent universityspin-offs benefit from their parent organization. Drawing from the resource based view and social capital theory we identify the support factors that may turn to interference with the spinoffs business goals. This study has a case study approach and data is collected among high-tech university spin-offs in the Netherlands. Preliminary findings provide insight in the extent to which support is valuable and when it can hamper the progress of the spin-off creation. Understanding the dynamics of the support can help improve the spin-off incubation programs.

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“…Providing convincing signals about the quality of an innovation project is costly and sometimes leads to market failure due to the "lemon problem" (Akerlof, 1970;Spence, 1973;Stiglitz, 2000). Nevertheless, access to financing is a key determinant of growth in any new technology-based firm (Wright et al, 2006). The debate over financing largely concerns understanding, evaluating, and improving the external funding environment confronting innovative startups in the absence of sufficient internally generated cash flows.…”

Section: Introductionmentioning

confidence: 99%